Ann: Weekly NAV Estimate, page-10

Everyone seems to be focusing on URF but Dixon Advisory has a history of such behaviour, URF is just the most significant in terms of scale and a complete fee gouging exercise to the detriment of their very own clients.  There's a reason why there is very little investors in URF outside their own client base!

Such behaviour has been been going on for over a decade when they used to sell client's out of quality blue chip investment and advise they invest in illiquid LICs, all for a tidy 4% placement fee!  Post this, they then created their own LICs and fund structures in order to milk to cow even more - the majority (if not all) have significantly under performed their respective benchmarks.  

Blind Freddy can see they have cut their URF management fees because of their serious under performance and the fact the fund can no longer afford to pay them.  Further, part of the proceeds from the Notes have been used to pay URF distributions.  What does this remind you of? Raising capital, to pay distributions... 

They should be facing the Royal Commission alongside the rest of these highly conflicted "advisory" firms.