Ann: Placement and Entitlement Offer, page-4

I think it’s just being done because the fund has gone backwards since it listed 5 years ago, October 2018 at $2.5.

So less FUM on which to earn juicy base management fees at 1.5% plus gst and ludicrous 20% plus gst “performance fee’ on simply making any money. Inflation is > 7% and they get a “performance fee” for any positive return. A 5 year old child could put the funds in a CBA overnight saver account and earn 4%. Would you pay them 20% of the return?

if you had purchased shares in the Australian resources ETF in October 2018 when TGF was listed, you would be up approximately 50%. Over the same time, TGF is down 10%. it takes some incredible incompetence to loose money over the last 5 years in the resources market.

The purpose of the fund (as with many other funds) is to transfer wealth from investors to fund managers and brokers via egregious fees, not aligned to investors. If this was a super fund ASIC would have shut them down.

Investors could make money on TGF but need to be very nimble about timing trades. This is purely a fund to trade, not a fund to hold. Long term holders are the dumb money.

the brokers this time are the same brokers that listed the fund 5 years ago, so saying that we need more money to get more coverage from the same brokers is a stretch. A fund that has underperformed since inception doesn’t raise money with the purpose of saying…we have been terrible with your first $150m but if you give us another $100m all will be good.