sorry, I see what you’re saying. I thought with a variety of different managers that you’d expect 50% of them to receive performance fees purely by chance (ie half of their funds should put perform their relevant index).
I guess in their defence a 6% market correction in a given half year wouldn’t be expected - but clearly as you said they’ve forgotten the lesson from business school of under promise over deliver...
Ann: Earnings and guidance update, page-36
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