Hutson's WC claims it only started extracting the fee since it paid back the 3c per unit which occured 12 December.
The wording of the constitution is: "0.7% per annum of the value of the total funds under management as determined with reference to the preceding month and the most recent audited accounts. This fee will be calculated and payable monthly in advance."
If Hutson's WC paid itself for 19 days of December and 31 days of January then the $137K is 0.7% of $178.6M
If Hutson's WC only paid itself for January (i.e. one twelfth of a year) then the $137K is 0.7% of $234.86M
So it looks like Hutson's WC is helping itself to 0.7% of the Total Assets (i.e. not Net Assets) prior to that 3rd one cent distribution.
What's really scary is that Hutson's WC has racked up nearly $11M of debt on our behalf (i.e. short term borrowings) in the second half of last year. That'll boost the 'Total Funds' that Hutson can use to skim its cut, right?
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Hutson's WC claims it only started extracting the fee since it...
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