Completely right. The fund structure, as it stands, does not justify the fee structure, particularly the performance fees based on no hurdle.
Every person who has justified this fee, has used similar absolute return funds as an example of zero hurdle performance fees.
Here we have a manager buying and holding some of the most covered stocks in the world - with a long term view to holding.
The question now isn't just why am I paying some of the highest fees around - it's why don't I just buy and hold them myself and cut out the middle man.
I thought I was paying for strategies that, I myself, could not employ. I thought I was paying for an active manager employing a range of skills I am deficient in.
We are not getting that.
Ann: Investor Briefing Presentation, page-12
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Last
$1.82 |
Change
-0.015(0.82%) |
Mkt cap ! $550.9M | |||
| Open | High | Low | Value | Volume |
| $1.82 | $1.82 | $1.81 | $297.5K | 164.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 11500 | $1.82 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.82 | 31140 | 3 |
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| VG1 (ASX) Chart |