I used revenue or earning to calculate fees because you pay...

I used revenue or earning to calculate fees because you pay someone to earn not to sit on your asset in a very simple term but real point I am making is that with every fund provide information that you see in Wilson's snapshot but what is missing and what royal commission to enforce is to provide more information as well.

You notice below, the share price, NTA per share, Dividend per share is provided but what is important and missing here is earning per share and fees per share (management & performance fees separated per share). Once that is provided then the MATHS will be easy.

Fees looks tiny if you use FUM/NTA for your calculation but it looks high if you use earning as a base.... and IMO you only pay someone if they are earning for you not just sitting on your asset and charge you for sitting.

Again, this is just not WAM as many other LIC in the same boat.

Again, only industry wide reform can address this type of issues but as an investor people should know that are they paying 1% fees on the earning or on their principal invested.. IMO.