Management fee of 1.5% is somewhat higher relative to peers....

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    Management fee of 1.5% is somewhat higher relative to peers. Average for global long/short managed funds is 1.4% p.a. L/S global LICs is lower, 1.2% p.a.

    Performance fee with no hurdle (i.e. benchmark or absolute return hurdle) is rubbish. Presence of a high water mark at least is a positive.
 
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