I can't think of a single other manager who uses performance figures before fees. in fact, I would love for you to tell me a single other manager who does this.
Even if I look at the most prominent LICs for fees, they all use after fee figures:
SEC, LSF, RF1, VG1, RG8, OPH...
I am genuinely interested to know which other manager still does this. It is definitely not the norm.
Ann: April 2024 Investment Update, page-43
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