Titanic fees

[UncleEbenezer]

Titan results out today. A mix of gains and losses, averaging out to a reasonable return - given that UK small companies has not been one of the sectors to benefit (in pound terms) from the crash of the pound. But basic profit is down from £15m to £14m, or in percentage terms (after £100m fundraise) down from 7% to 4%.

Return to shareholders duly depressed by those vast fees: 7.8p underlying uplift reduced to 4.1p: ouch! At least they're up-front about it, presenting the figures in a table:

Pence per ordinary share

NAV at 31 October 2015 	                102.7
Valuation uplift                         7.8*
Fund running expenses 	                (2.5)
Performance fee 	                (1.1)
NAV at 31 October 2016 before dividends	106.9

That's £3.4 million performance fee, for a very average performance. On top of generous running costs.

[scotia]

with fees like this, and such a modest uplift, perhaps the managers' working hours are distracted by wondering how they can spend their fortunes.
Its one year performance is looking very undistinguished. Maybe far too much money looking for poorer homes - but not to worry if you are still collecting increasing whoppers of fees.