Just had a quick look into ALF.. Anyone picked up on the fact...

Just had a quick look into ALF.. Anyone picked up on the fact that it doesn't appear to have a high watermark? So as of July 1st each year it resets.

In other words no matter how badly or how long it underperforms he does't have to make any of it up. Then if he jags a good run in the current year he will collect all performance fees, This thing is well and truley structured to look after the manager thats for sure.