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Barney I looked around but cant be sure on the performance fee.

I think its the increase in company size adjusted for dividends and stuff like that

The thing is, as you can see in the video, this company can only get so big before they'll have to do buy backs or return money to shareholders. They simply can't get too big in size of they'll own too much of the companies they invest in.

So to make a decent living- Bill and his team can go manage another company at 1% and if its large cap they can manage Billions and make big $$$, or they can stick with Contango at 1&1/4%. On that basis I think its entirely reasonable that they are incentivised through a performance fee and not in everyday fees.

The perf fee is 15% of the NTA(?) growth less what the All Ords did.

I wonder if shareholders took this to another manager if they'd say "okay, we'll need 8 people to manage these 1500 companies in microcaps land, and the size can't get over say $450million, and we need to do this full time"....do you think they'd do it for 1.25%, or would they quote 3%?

Personally, the higher the amount paid the happier I will probably be.

As for the future, does anyone have a crystal ball?

(DYOR of course)