Quote Originally Posted by kiwico View Post
When it comes to the fees and return of capital, a holder is effectively being charged 1.25% of gross asset value (reduced by 0.10% for every 1% of under performance relative to the change in the NZ 90 Day Bank Bill Index with a floor of 0.75%) to be paid their own capital back as a "dividend".

No thank you.
Fund returned 213% return over 13 years according to KFL - so compounding return of 6% pa.

NZ50 performed 266% over the same period - so compounding return of 7.75% pa.

Difference = 1.75% pa.

You don't have to be a Warren Buffett to know that someone pocketed that 1.75% difference - without adding one iota of added value in the investing cycle!