Correct, TEK and TOP are both borderline scams in the sense that...

Correct, TEK and TOP are both borderline scams in the sense that long term Investors are almost guaranteed to underperform while management are guaranteed to suck up egregious fees due to the fee structure.

I would argue TOP is even worse given it is a low turnover highly concentrated portfolio. So they are charging these same type of fees on a portfolio that you could almost replicate yourself in 10 mins. TEK are getting more placements and unlisted your av punter wouldn't get.... Even still, I agree, the fee structure makes uninvestable long term.

The most amazing thing to me is their reputation seems to somehow remain in tact amongst the industry and their peers despite their funds fee structure.