Signifiant Drop in Performace Fees from $42 M to $5M, page-19

No I meant a rate cut in Australia, a cut on Tuesday would push this up to $24 by virtue of the currency effects. I still expect at least one hike in the US before the years end too, and feel that was indicated at the last fed meeting. And YES, I, and many others would be trading this stock for currency exposure. To pretend currency exposure doesn't exist is idiotic.

And again, the mega caps have nothing to do with potential returns. Are you honestly prepared to suggest there is no potential for Apple, Microsoft, Alphabet and Ebay to make 20-30% returns over the next 12 months? Forget the fact that you are talking big numbers, and simply look at the valuations, balance sheets and earnings growth. To say that this funds historical returns are purely down to a 30% decrease in the AUD to USD is equally idiotic.

Not sure why you picked NDQ or IXJ either, neither are particularly good companies and certainly are not risk free. Personally for a retail investor I would take Australian food stocks with China exposure over any managed fund out there, but for the average investor and institution MFG provides an easy hands free solution. The strong track record and likely continuation of depreciation of the AUD will keep investors coming in.