no progress on website, page-4

The constant dumping @ 80c would evaporate immediately if fund managers did not allow their custodians to loan stock to others for that purpose.

I can never understand how a discounted custodian fee is attractive to a fund manager, when they know that the discount is achieved by the custodian earning replacement revenue from people who see destruction of value of others as the best way to make money. It makes it awfully hard for the fund manager to achieve performance targets.