$TOP annual report out and the clown show rolls on... In the past 5 years the fund is down $163k and Management have been paid $22.7 million.

$TOP H1 results out today...

Investors in the fund have now collectively made just 14.9m in the past 5.5 years, for which management have been paid 27.3m

The Clown show continues

The annual $TOP confession out today...

In the past 5 years, Investors in this POS LIC are up $2.3m while Managers have collected $23.5m in fees. Yep nothing wrong with this dodgy fee structure at all!

I have been warning people for years about the rip off $TOP ever since the moment I laid eyes on it. For some insight into how the fee structure works. Look at the recent numbers from todays report. 

In 2020 Investors lost 49.7mil
Management fees 2.3m

2021 Investors made 30.1mil

Management fees 8.2 mil

(2 years) Investors lost -19.6mil $TOP collected 10.5 mil in fees!

There are a lot of tricks in The fund manager space, but this is next level and this thing is designed to take your money.  A long only fund with concentrated positions and low turnover charging 1.65% + 20% performance with no bench mark and no requirement to make up previous losses from poor perfomnace!

The last 4 years Investors 8.2m - Managers 21.3m

Last 6 years since it began Investors 51.8m - Managers 34.5m