[EDITED]

I think the concern about fees is fair to raise, @ArrowTrades @Jarrahman but the comparison may not fully capture how the fee structure works. The 1.75% p.a. management fee (plus GST) is based on NAV, not statutory profit. The 17.5% performance fee applies only to realized gains above an 8% hurdle, with a high-water mark ensuring managers aren’t rewarded for prior losses.

It’s also worth noting that BTI’s reported profit includes unrealized gains, meaning the "30% of profits" claim may not fully capture the timing of fee payments. Performance fees are only charged on realized gains, but if those gains were realized in a prior period, the fees might not correspond to the current period’s profit. This can create a mismatch where fees appear disproportionately high in some periods, even though they are tied to gains made over a longer timeframe. While fees are still a meaningful cost, they should be assessed relative to long-term NAV performance rather than any single period’s reported results, which can fluctuate depending on the timing of realizations.