The performance fee is not an oversight. All LICs/LITs with performance fees that actually have high-water marks (not all do!) reduce the high-water mark (each year) by, at minimum, the value of fees charged.
Some may be reducing it with other expenses too. It's impossible to tell because AFAIK, not a single LIC/LIT has ever published its actual calculation of its Management Fee or Performance Fee in its annual report (or elsewhere). Do you really think Wilson Asset Management will?
I cover this and dozens of other pitfalls of Closed End Funds on my site. Try reading it, it's free. You actually only need to read one post:
> CaptiveCapital: CaptiveCapital's 95 theses on why ASX Closed End Funds should be eliminated
Ann: Appendix 4D and Financial Report, page-6
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