Sorry, Note 16 Anyway, their expenses were (all numbers in '000):
Accounting, audit and other professional costs 97 Directors’ fees and related expense 161 Basic Management Fee 1887 Performance Fee 4061 Other expenses 365 Service Agreement Fee 259 ------------------------------------------------- Total 6830
Net Assets Start of Year 88,460 Net Assets End of Year 145,581
I aint paying anyone that sort of money to buy BHP & RIO for me. Quite capable of doing it myself.
I'm not saying that these guys dont know what they're doing, its just that the discount acknowlwdges the fact that someone will cream off a certain percentage of the returns. It adds up over time. You've seen those 'Industry Super - no fee' ads, havent you ?
GMI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held