i'm trying to get my head around the fees for the managers.Can...

i'm trying to get my head around the fees for the managers.

Can somebody correct me.

Annual management fees are 1% of total assets net of cash, or now about 4%??? of equity, rather than 5%?

They get a transaction fees. I assume they'll want 3%? of the transaction values. So bought $198m worth, - so fees are $6m?, and sold $155m - so fees there are about $4.5m.

So has this (say) $10m of fees been included in the presentation they gave? I can't find it. I assume that still needs to be subtracted.