Investor presentation in Melbourne with HML team 23 March, page-14

27% is high, but it's worth noting the high water mark provisions: "That is, the Net Tangible Assets of the Company on the last business day of the quarter must exceed the previous high."

So rather than simply outperforming an index like most managers (when a loss can still count as outperformance if the index goes down), this guarantees that performance fees are only payable when you reach new highs.

You might be right about high risk, but that all comes down to his investment strategy and how well he covers himself if his predictions don't pan out as expected (or when predictions pan out but the market doesn't react in the expected way). The only way to judge that is on track record, and that's where we all need to make our individual choice of whether the risk/reward profile makes sense in our portfolio.

Thanks @PeteWisdom for the comprehensive update