It's interesting because reading about the loyalty units I did...

It's interesting because reading about the loyalty units I did learn more about their fees. E.g. apart from the 1.35% an additional 10% fee kicks in for all gains once they are greater than a specified amount, and there is also mention of a "high water mark" applied to fees but I need to go back and research further to ensure I understand all this.

With the fund having raised around $1.5 billion just the 1.35% represents $20 million p/a to Magellan but they have added a few cherries on top for themselves.

Bottom line I'll be trailing this with a stop when the loyalty units get dished out if she gets sold down I'll be out.