Ann: Net Tangible Asset Backing August 2023 with commentary, page-4

And yet, if the NTA (as calculated by TEK) rises by say 30% in the next year, they will pay fees (roughly) of:
$1.8m mgt fee
$6.5m performance fee
= $8.3m total fees
= 16% of the current market cap!

This would be paid regardless of what happens to the share price. And regardless of the fact that even if it rose 30% the nta would be about 34c before tax, which would be 35% less than what it was in October 2021. And this can keep going on forever. If the fund falls 30% and rises 30% every year, they would continue to rip out those sorts of performance fees, until the share price ends up at 0. Insane.