Why accept a management fee as a % of a $440m portfolio when you can get a management fee as a % of a $600m portfolio?
Added bonus, is that they get to shift some wealth from existing unitholders to our "wholesale buddies" and all the out-of-view benefits that that entails.
If there are so many fantastic investment opportunities, why not shift the existing capital around to maximise returns to existing unit holders? 5.1% annualised return vs target 5% annualised return since inception. Big deal. And now the "responsible" entity goes and issues discounted units to external parties - which qualify for the July distribution - but participants in the UPP don't.
The ****ing greed never ends.
PCI Price at posting:
$1.14 Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)