TEK is uninvestable given the fee structure. They charge 20% on...

TEK is uninvestable given the fee structure. They charge 20% on any increase in NTA, and no matter if the previous NTA has decreased. Lets suppose the asset base is $100 m. And for each year over the next 10 years the NTA goes up 20% one year, and the back down by the same amount over the next year. After 10 years, the NTA will have done zero, yet TEK will have taken out $20 m in performance fees!
It is one of the most outrageous, egregious and rapacious fee structures i have ever seen. They don't even have to beat inflation, and they still take 20% of the increase above zero.
TEk has underperformed the All ordinaries accumulation index by 50% since listing at 22 cents on 16 Jan 2017. The reason it trades at a 44% discount to NTA is the fee structure means investors will over the long term not make money from investing in TEK, Any gains will get eaten up in fees going to the TEK management.