I was a shareholder in Euroz and Ozgrowth for a number of years....

I was a shareholder in Euroz and Ozgrowth for a number of years. Dug back through my fairly incomplete notes and only found a couple of maybe useful references. First an annual report for OZG from 2008. I think the performance fee was 20% for returns above 10% for the year, can't remember if there was a high water mark but I don't recall one. Accordingly the fees did jump about from year. Also, Euroz was an equity holder in both managed funds so the mark-to-market flow through to profits of their investment created difficulties in estimating earnings.


Following is a a note from 2010 Westoz AR showing fees to related entities (Westoz Investment Management was a wholly owned subsidiary of Euroz).


I did also find some tracking of monthly fees that I estimated at the time which you might be able to project forward some data. It doesn't include performance fees but you could estimate from the NTA what annual performance fees might be for a few years at least.


Sorry for very incomplete nature of data. I was probably in the investments for 10 years or so. My overall conclusions were that Euroz is obviously WA-centric. This leads to a good year or 2 interspersed with long periods of low or no performance. I always felt that management took a lot out of the company at the expense of shareholders in the form of bonus's and equity dilution and there was a lot of management. My experience was that it could be OK if you got the macro right but it wasn't a long term compounder. Just my recollection, it's some time down the track now.