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Would you ever use open-ended funds for property exposure?
The Biotech Growth Trust PLC seeks capital appreciation through investment in the worldwide biotechnology industry, principally by investing in emerging biotechnology companies. Performance is measured against its benchmark index, the NASDAQ Biotechnology Index (sterling adjusted).
All prices in Pence Sterling (GBX) unless otherwise specified.
Price total return performance figures are calculated using closing mid prices and with net income (dividends) reinvested.
NAV total return performance figures are calculated using fully diluted (where applicable) daily estimated NAV figures from Thomson Financial Datastream and with gross income (dividends) reinvested.
Can't abour performance
1. It is the return on investment which counts. 2. Yes the fairness of clawing back performance fees in underperforming years seems indisputable at first. But in practice would it be viable? To be paying refunds to investors in already weak times could put dangerous strain on the company finances. And if such tunds were held back in good years ready for distribution in leaner years that would have a negative impact on investor returns in the good years.3.I don't much like performance fees either. But if they succeed in adding to the incentive to produce outstanding research they may be justified. IF.
If they want more people to invest with them, they should abolish their performance fee, for a start.
I'm happy to pay a performance fee provided it can be clawed back in the event of underperformance within 5 years or so.
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