WAR 1.29% $1.18 wam strategic value limited

I must be missing something because I don't understand how is...

  1. 382 Posts.
    lightbulb Created with Sketch. 93
    I must be missing something because I don't understand how is WAR charging a performance fee while the portfolio is still below the high water mark ($225M raised at IPO)?

    Anyone can shed some light for me?

    https://hotcopper.com.au/data/attachments/5961/5961020-780da6c8156eda8a8d89088a5534f24e.jpg

    https://hotcopper.com.au/data/attachments/5961/5961022-6ad51cb4d2660e13e78b5a2ecc11939d.jpg
    https://hotcopper.com.au/data/attachments/5961/5961024-d6b6bea5061be924133c6bcf4de814d4.jpg
 
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