Survey: Would you like MB to manage your super? (iPhone fixed)

Another day, another financial planning or trading scandal it seems. Commonwealth Bank, Macquarie, Westpac, ANZ, National Australia Bank, none of our largest institutions appear immune.

There is an inherent problem. While investment is usually done using knowledgeable, regulated and (for the most part) intelligent fund managers, the problem comes when you insert a sales person in between the investor and the fund manager, call them a “financial adviser” to add a thin veneer of respectability, incentivise them to rake in as much money as possible by paying them on a commission, and then finally allow the sales person to make financial decisions on behalf of the investor, charging as much as (or more than) than the fund manager doing the actual investing.

We think there might be a better way: MB investment management.

The key characteristics of the fund we are looking to implement are

  1. Run by reputable, experienced investors.
  2. Full transparency – shares are all held in your name, you get the franking credits, capital gains benefits and you can see exactly what you own at the click of a mouse.
  3. No pigs at the trough. We want to cut out the layers of financial planners, dealer groups and asset consultants and the like.
  4. Run as a low risk, “sleep at night” fund. Diversified between bonds, cash, Aussie shares and international shares, it’s not looking to take massive positions but rather “lean-in” to investment themes. For instance, if you are on the downward leg of the largest commodity price boom in the last 150 years then Australian investors need the protection of more international shares and a larger bond holding.
  5. Assets blended to your individual risk profile and life position – while the needs of the 25 year old investor and a 75 year investor are different, the differences are not so great that you need to pay a financial adviser 1% to add your age and risk profile into a calculator. We can do that with a range of risk/reward allocations that are free.

It is important to note that this fund would implement the MB view of the world but be separate from it. That is, MB would tip in the themes but an investment manager (that we choose) would implement them. So there would be a clear division between the fund and editorial, and it would compromise neither. In fact, MB investment management has the potential to boost the blog spectacularly as it and the fund grow together, better resourcing both.

So, please fill in our survey and be honest! Thanks in advance.

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David Llewellyn-Smith
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Comments

  1. I can’t see the end of the survey on my phone – part of q8 is cut off and anything that might be below it. Can’t submit.

      • Is this fixed yet? (however page did reload as my account details flashed up briefly, was this an automatic submission? Should I redo?)

      • OK, I see a lower comment that it’s fixed but it doesn’t seem to be for me, no submit button after question 8. Using latest Firefox for Android (5.1.1 incl March security patches). Macrobusiness added to Ghostery whitelist. Also page appeared to automatically reload while writing this comment, I had refilled the form to see if a submission button appeared (it didn’t) maybe was that an automatic submission?

      • Iphone fix is showing an extra half line, top half of letters in bullet point 3 of question 8, but still no submit button (Android)

  2. You can start a hedge fund from British Virgin Islands for $10,000USD, and why not a bank with zero capital while you’re at it – you know for crypto-currency/fiat/gold trading, all connected to your own credit card issuance. They’re giving money away don’t you know, if you’re a banker that is. Anyone want a joint venture? I specialise in emerging technologies. Ah the good old days, with bank accounts denominated in gold, and now we can include the next generation blockchain bitcoins. With a hedge fund directly investing in emerging techs. ausboerboel at gmail. com

  3. (Sorry. Lodged my ‘cons’ in the survey instead of here.
    For those that won’t know, Gareth Morgan gave this a go in NZ and after 5 years of hair-pulling, gave it away. But good luck all the same!

    Morgan is an outspoken critic on portfolio investment management in New Zealand. (He) started a KiwiSaver scheme in 2006….the fund includes …$650m of KiwiSaver funds. “Too much of my time has been taken up with non-core activities. I simply wanted to deal with investment strategy.”
    http://www.stuff.co.nz/business/money/6279959/Gareth-Morgan-GMI-sale-to-benefit-charity)

      • Ronin8317MEMBER

        No matter what you do, don’t write the investment platform on WordPress. There is too much security flaws.
        You can reduce the administration burden if you do a super fund that is like an ‘Crowd Funded Venture Capital Fund’. Instead of managing people’s entire superannuation, look for a high tech Australian startup that needs a few million dollars in fund, and then crowd fund it using people’s superannuation once you establish the business case. The administration burden is vastly reduced since you don’t have to implement a trading platform : you just record people’s share of the venture and send everyone a quarterly report. If it succeed, it will become a viable investment model for Australian high tech ventures.
        Just stay away from apps. It’s a graveyard. Find something in a niche market with a hard to reproduce physical product with export capabilities.

      • Seconded on the not using wordpress advice. Also, you’ll have to consider the cost of complying with SuperStream, another idiotic tech spec chosen by the ATO (ebMS3/AS4, basically SOAP v2). If you’re interested, I might be able to help out a little here with some advice.

      • Today's Empire Tomorrow's Ashes

        Good god, WP not fit for purpose for a custom platform

        You could EASILY write the homepage/sales pages on WordPress. It’s trivial to secure WordPress, really.

        For example, a paid Wordfence license locks down most threats.

        As well as not using sh%tty plugins like Rev Slider.

  4. integrity, trust, credence, … none of these are real issues when people decide where to invest super (otherwise almost none of the existing funds would have any customers)
    People know that they cannot trust large often international funds but it’s all about size, people think that when they invest in large fund … there will be more supervision, internal over individuals dealing with your money (e.g. none would risk reputation for few million dollars) as well as government oversight. Ultimately if fraud happens in large fund large population would be affected so they expect government to act and even provide compensation

    that’s why smaller funds regularly outperform large once for much smaller fees and still struggle for customers

  5. Making super work at the retail level is mostly admin/the platform. There are existing platforms for people to implement their own asset allocation – maybe you just charge a flat fee for the advice ?

  6. I can’t see the end of the survey, I’ll fill it out when I get to work. As soon as I read the headline my initial thoughts were “Fuck Yes”, although I’m a whipper snapper.

  7. There was a problem with your submission.

    Sorry, but this form is no longer accepting submissions.

  8. haroldusMEMBER

    for super wouldn’t we be just putting in max 30k/35k a year?
    so we’d transfer our current super balance and then to the maximum of the salary sacrifice level pa?

    i am very interested in an MB ETF

    • +1

      MB ETF!

      if people want you to manage their super monies they should self manage and get your ETF. You don’t want the admin burden

    • I too would love MB ETF.

      I dont like the idea somewhere posted above about putting all the money in a tech startup. Having worked for a startup, and reading a lot of startup news, I am extremely cynical about most of them. They also carry potential time bombs. 1 security compromise on the wrong thing and it all goes to hell, and many many businesses underestimate security. Even ones in the IT security industry. Because its expensive and produces nothing.

  9. I would be interested if you are able to create a fund and get it on some of the major retail platforms. Having insurance through super is important.

  10. Super numbers for me are a bit low as I’ve only been in the workforce a couple of years, I also don’t really have any idea what the eventual balance would look like so have just guessed. Keen though.

    Additionally, because of my low balance (and low cost given my age) at the moment one of the features I like in my current fund is set and forget life/TPD insurance. Would there be the opportunity to offer this or is it just too much work?

  11. I admire the intent, and will watch this with interest. But it’s not clear to me how you propose making this offering different, other than taking out adviser fees. This is material, but it does beg the question of how you guys get paid.

    “reputable, experienced investors” – who? Blogger bios show no evidence of “real” money management. Chris Becker walks the talk, but his is a very singular, specific trading strategy which appears to fundamentally dismisses long term, structural market risk premia and defines the “long term” as a few weeks.

    Full transparency – not a unique proposition, now very common.

    Third party fund managers – come at a cost (which is probably no different to any other platform), and aren’t these the guys that are subject to the constant criticism of Becker et al?

    You’re talking about “a fund” (ie singular), but tailoring for the differing needs of 25yo vs 75yo. How?

    Don’t get me wrong, I’m massively supportive of a proposition which is low cost and largely asset allocation (beta) based – in my opinion that goes a long way to winning the long game. But how much thought have you guys really given to this?

    • To my mind, their value proposition is essentially the same as an independent advisor, asset or risk consultant, i.e. investment strategy advice based on an investment philosophy/approach and analysis of macro factors and current market dynamics/pricing.

      And that value proposition is almost entirely built on (perception of) reputation and experience. It does not necessarily have to be experience on the implementation side (as an investment manager/trader), but there has to be some form as an analyst and portfolio constructor, on which MB would base its reputation.

      Regardless, the advice has to take into account the costs and structural issues around implementing. To my mind, the solution can’t cost any more than 0.40% all up (including investment fees) to compete, which is going to require mucho MB member funds to make it viable/worthwhile.

    • I tend to agree with you here bejome. There isn’t a value proposition being presented here as yet. Maybe there is already a far reaching mandate / plan in the MB staffers back pocket, but what would they offer that a good adviser can’t? We need to hear some differentiation, and also a long term track record with respect to investing (not trading).

      Leaving aside conflicted remuneration and the ease of getting a piece of paper which says you can give advice, one of the biggest problems in the advice industry is that the Australian consumer is totally ignorant with respect to even the simplest aspects of their financial affairs. This asymmetry makes it easy for scumbags to prey on “clients”. Consumers need to be educated. It is their first line of defense.

      “sales person in between the investor and the fund manager, call them a “financial adviser” to add a thin veneer of respectability”

      There are good advisers or consultants out there – very good actually, its just that most consumers can’t identify what makes them so. A good adviser will add value all along the financial planning chain from,

      – sophisticated tax planning and structuring personally and for business
      – mortgage and loan structuring for maximum current and future tax deductibility
      – cash flow planning / analysis
      – some even offer buyers advocacy for property, even in a limited sense.
      – superannuation, with sophisticated investment strategies and allocations selected by an in house actual investment professional whose role in the business is not to advise clients, or outsourced if they run a managed accounts service, rubber stamped by an investment committee.
      – gearing and investment advice
      – personal insurances to protect your financial plan and business
      – estate planning and business succession planning

      Some good advisers offer this all under one roof. Yes you will pay for it, but if you are paying for real value it will be worth it. Most clients seeing advisers don’t tend to negotiate either. Fees are flexible. An adviser will get them down to “their” bare min if you know how to ask them in order to get your business.

      A few problems come from upfront insurance commissions, which incentivise advisers to “churn” their insurance books. This is already going to end, making it a flat fee. The other problems arise from kickbacks on financial products or product providers. A lot of this is also ending.

  12. Serious question: Can I extract a portion (say 50%) of my industry fund balance and hand to another fund to manage?

    Variation on the above: Can I extract a portion of my fund balance, hand to SMSF and keep some of that in shiny pet rocks in my own safety deposit box?

    • Yes – provided it stays in the superannuation environment (i.e. another complying super fund).

      Yes – provided you have an SMSF and it complies with trustees’ obligations eg. sole purpose, arms length, consistent with investment strategy etc.

    • “keep some of that in shiny pet rocks in my own safety deposit box?”

      Personally, and this is not advice, I’d go for the paper at the Perth mint. It is convertible to the physical and their is set delivery times. It would also be cheaper, as there is not storage costs and it get’s around any sole purpose issues, like you visiting your deposit box and playing with your pet rocks. I should mention it is State Govt. guaranteed as well.

    • Yes – quite doable. I have the majority of my super in a personal SMSF (only 1 person so corporate trustee) and a balance of 5K+ in a super fund as they provide a bunch of insurance (due to tie up with company i work for, min balance requirement is 5K). The SMSF buys physical. I have a vault in which the physical sits. So actual balance of SMSF is quite low, think 15K or so, for running costs only. Compliance is handled by a full service SMSF only accountant. Each year I go to the vault, which offers a valuation service for the physical and this goes to the SMSF accountant. Net costs: ASIC 600/yr, SMSF specialist: 1600/yr.

      Couple of notes:
      1. Fixed cost is 2k/yr give or take. This is offset by the fact that I put money in (through super).
      2. Impossible to loose money. I buy physical and hold, so as I do not sell, hence cannot realise loss if any negative MTM movement. Keep in mind I’m taking a punt that over a 30 yr period physical will go up in real .
      3. My belief is super will go the way of the dodo as the welfare states of our time die in a inflationary fireball at some point in the next 30-40 years. I just turned 30, so i can make this bet. Having physical in a biometric accessed vault is my guard against such issues/confiscation.
      4. I work in finance, so am naturally long markets. Hence super is hedged the other way. Think of my expected earning capacity over lifetime as a portfolio.
      5. I think of physical as IP in terms of how to value it. Under the right market narrative, it is enormously valuable. Outside the right market narrative, it is of some (limited) value, but unlikely to loose vast amounts over a 30-40 year period. Yes, this involved timing, but I think the world is going to hell in a hand basket, so…

  13. Thanassis Veggos

    This is all too stressful and I hate it 🙁
    Sometimes I wish I was some Union guy back in the 90’s and just enjoy being looked after LOL
    Or just a boomer on defined benefits. Or a civil servant in Canberra… sh1t I’d take civil servant in Greece right now

    To the question: I have next to no idea about any of the questions above. 3 years ago I looked at a statement from my superfund, I realised that they basically lost me money that year, stressed me out, and I havent looked at another one since.

    Maybe I just need a holiday

    • ” I realised that they basically lost me money that year, stressed me out, and I havent looked at another one since.”

      Unless you are 60 – 65 and about to retire you shouldn’t care if your fund loses you money in any given year.

      • Thanassis Veggos

        I don’t really care anyway because I’ve written it off in my mind. I don’t believe in long term private investing, I think in the space of 30-40 years of work there will be at least 1 or 2 financial macro disasters that will wipe out or seriously damage any private fund, if I don’t wipe it out myself with some stupid decision in the meantime. 40 years is a very long time.

        I only believe in the old commie concept that only the society as a whole can guarantee eachother’s well being at old age. Anything else is just a crap shoot, might work out but I can’t count on it.

    • Don’t read the sky high life insurance fees on your super that you implicitly opted into. You will get no sleep.

      Baby boomers had it easy, life insurance brokers only bothered them at their doorstep! Now it’s been written into legislation that you implicitly opt into a life insurance plan as part of your super unless you hold the prior knowledge to ask that you opt-out.

      This especially hits young people who have to move job to job and accrue misplaced super (super funds never file super as lost, even when their letters get returned).

  14. Good luck with your venture

    I tried to establish a viable business plan for a SMA offering using external platform for the superannuation regulation, execution and admin.

    The compliance bill was totally out of control.

    Worse, there was a requirement that an amount of every dollar raised be kept on deposit with the regulator – totally ruined the economics. This was running vanilla AUD/ASX investments with no derivatives – try anything ‘risky’ and you can forget about getting a license to run retail money.

    Was looking at a A$100m FUM kickoff.

    I will be very interested in how you are looking to structure this vehicle.

    Admin, super, risk profiling, management, execution, custody etc.

    There is a reason Australia has a ‘top heavy’ funds management offering.

      • It’s funds management. The market is a trillion dollars plus. I understand we are talking about a specific fund launching in this instance. 88888 is simply giving the MB crew some homework.

    • Exactly. Scale is the key here. I’m talking billions not millions.. Good luck though.

  15. Today's Empire Tomorrow's Ashes

    Insurance?

    Physical metals?

    Ethical – solar, etc e.g. the new Zinc Bromide gel batterys (Thomas Maschmeyer’s spinoff)

    • Insurance? Of course! A generous $60k life insurance policy at a cost of $750 pa. No need for health checks, unless you get smart and want to do your own policy. What is the coverage? Let’s worry about that when you die, meanwhile we’ll keep the policy details hidden away nice and safe incase your family starts looking for it after your funeral.

      Is this legit? It’s all written into super legislation so don’t worry about it.

      You want to opt out? You can’t opt out this is legislation…okay you can opt out since you’ve taken it to the ombudsman.

  16. The main question i have (and please don’t take this the wrong way) is what value added would MB bring to the table in terms of investing? There are many options for people to invest in low cost ETFs both domestically and internationally. There’s a lot of competition out there in this space..

    • The true value imo is offering investments that line up with what MB analysis/predictions/opinion etc. Rather than take a safe option, I think myself and others might prefer a higher risk investment. Perhaps a contrarian fund to one of the regular sparing partners!

  17. Cannot finishing fill out the survey. Blocked by some Wuffoo ad and links to other MB stories. On Google Chrome on an IMAC.

  18. An alternative model would be to just provide MB’s view on what would be the best asset allocation based on their opinions and on the investor’s risk preference and life circumstances. Then use external parties such as esuperfund and assist the user to manage their broker account, such as interactive brokers, on the allocation. Recommend which etfs to invest (out of a limited ones) and percentage of allocation. Basically a fee for service and maybe another fee for regular updates and change, akin to an investment newsletter but designed for superannuation. Though probably not suitable for those who don’t want to manage their super at all (not even logging in and change asset allocations).

  19. The Cynical AdviserMEMBER

    Can we give a rest to planner bashing. FYI, FSR in 2003 meant there was full disclosure of all fees and commissions which should have ended the debate then. We now have a regime for planners that ensures forests of trees are cut down every time a piece of advice is given. You are going to operating in the nirvana space which is “here is my product, come and buy it if you will”, that requires no statement of advice and risk profiling and goal setting expectations etc. Good luck, just don’t bash planners in the process.

    • What grates me is that a real estate agent or broker, or real estate adviser can basically say anything they like no matter how outrageous. I think the same regime (or similar) that applies to individuals giving financial planning advice should also apply to the charlatans in the RE industry.

      ASIC are also a pack of crabs. They will come down hard on an adviser for forgetting to give a client an FSG they won’t even read (or understand if they do), and they don’t bother with the real criminals and when they do, they are too lenient!

      Like i mentioned earlier in this piece there are plenty of good advisers out there – most won’t be linked to a bank.

    • Cynical, JC, I hear you guys. As an independent adviser working fee for service in the SMSF space, the regulations we need to comply with make giving advice to smaller clients nonviable.

      We have subscribed to the philosophy espoused by MB here by always using direct equities/ ETF’s and listed funds; we don’t believe in asking clients to pay us as well as a Fund Manager. In this regard it helps that we have our own Licence and don’t have to sell ‘Product’ (Managed Funds).

      There are more and more advisers moving to this model in the independent space and there are low cost platforms now coming on line (30 basis points and lower as FUM increases) to facilitate this. Until about three years ago we did the admin ourselves for each client (divi statements, etc); we were the mailing house because platforms started at 70-90 basis points plus any managed fund fees. Throw in an adviser fee and you can guarantee under-performance!

      Is there a market? Yes there certainly is a niche market. But there are advisers filling this space and they are growing due to the ban on the old passive commission structure. Our dealer group still receives some of these older commissions from the dealer group’s previous owner’s clients twelve years later! We have never met those clients yet those commissions still flow in!! In contrast all our clients pay a monthly fee for service that they can discontinue and terminate at anytime.

      The model requires client trust and interaction …… not a Fund Manager attitude of give us your money to invest. I would say stick to your knitting and continue to be an independent and dependable source of quality analysis.

      • The Cynical AdviserMEMBER

        It’s interesting that MB want to flog a product, and are bagging the advisers who would most likely sell it! If they think they will get traction outside the advice market I think they will be slightly disappointed. Good luck to them if they do. If they decide they need adviser support, welcome to our world boys!…..rating houses, BDM’s, compliance, roadshows…….. I have to go now, U/12’s footy training to take care of!

      • “We have subscribed to the philosophy espoused by MB here by always using direct equities/ ETF’s and listed funds; we don’t believe in asking clients to pay us as well as a Fund Manager. In this regard it helps that we have our own Licence and don’t have to sell ‘Product’ (Managed Funds).”

        managing assets is a different role to managing relationships. Admittedly an adviser can do both, but that’s more time.

        I’ll also admit it’s a lucrative aspect for advisers to get paid, but if your model works without spending that time, then there’s nothing wrong with it.

        “There are more and more advisers moving to this model in the independent space and there are low cost platforms now coming on line (30 basis points and lower as FUM increases) to facilitate this”

        30 bps and offering direct shares and/or ETF’s ? (is this 30bps rack-rate and first tier ? or aggregated over higher fum, as well as practice discount for FUM?

        Who offers this? Super at the same price?

      • RP: CommSec Adviser Services : 30 basis points up to $250k, 25 bp >250k<500k, 20 bp between $500k and $1M and 15 bp between $1M-$1.5M…. no cost for individual client FUM over $1.5M !!

        You set the adviser fee on top of this. Not available for use without an adviser. A client who exits our relationship will have to find another adviser to continue using the service. The platform is really a back office for the share administration with some basic (and improving) reporting. We still use our reporting format that is easy to read and understand.

      • Well we use that too, for the discount trading part.

        My impression was that the boosted service (portflio) was essentially the trading account that takes in an InvestmentLink feed.

        Does it do aggregated tax reporting? I don’t think it has the custodial service to be super does it?

        Hold it through one of those $300 p.a. eSMSF accounts perhaps ?

      • – Yes does tax reporting. The tax report on the non ‘portfolio services’ platform is not always accurate. The portfolio services platform report is Kosher.
        -Yes will need to run Super through an SMSF. Most of our clients come to us with an existing SMSF in place and numerous complicated and expensive managed funds within.

        It can be expensive running an SMSF …but definitely cheaper than an SMSF And Managed Funds And Adviser Fees!

  20. Like the idea. Good that you are giving it a go. Some people here said you have not thought things through, but many people have got funds management business off the ground so I don’t think it is rocket science. Yes, it is hard work to get the details right, but it can be done like so many other boutique funds out there. Also remember that technology is always changing, what would be difficult or costly to do 5 years ago may not be the case now.

    I only invest with boutique fund managers. All of them have some sort of track record before I hand over my money. And this is the issue here, lack of track record. It may be necessary to start a fund first with your own money, money from family and friends, show a track record of 1 to 2 years, then launch it to the public with some numbers to back it up. Until then, I will stay on the sideline to watch for a track record.

    Good luck.

  21. I think, investment fund managed by MB that can be invested by both SMSF and personally, that should work…

  22. Have you guys thought of emulating Motley Fools “Million Dollar Portfolio” – https://www.fool.com.au/order/nm60090315md/

    This would be (preferably) a real (your) money portfolio with email alerts and portfolio sizing for each purchase / short. I know this would only work for those of us with SMSFs ( although it would also allow those without SMSF to trade outside super) , but all you then would need to do was charge an annual fee for the alerts and membership site without having to create an actual platform. FYI, I think MF charge about $1000 pa for this membership. I would definitely pay to have part of my portfolios both within and outside super being guided by your alerts/ contrarian approach.
    PS a really good guide on shorting for newbies would also be appreciated.

    • Sounds very similar to the Macro Investor newsletter/subscription trialed here a couple of years back… mind you I think that was only a theoretical portfolio/trades rather than real.

      • innocent bystanderMEMBER

        macro investor wasn’t a trial, it was real. and died.
        so if that is a guide to their investment advice track record, it doesn’t auger well?

  23. Hi MB. As with any investment decision, I would ask for the achievable returns and also your returns record before committing. You have absolute faith from me in terms of the economic research and views you provide every day on this great site. That faith holds you in good stead to extend our relationship, and a sense of your investing history and achievable returns (if relatively attractive compared to existing funds) will make the sell easy for me!

  24. the fund should hold both long and short positions as it sees fit

    happy to pay more admin fees for the payoff

  25. “Run by reputable, experienced investors.”

    How is this qualified?

    “Full transparency – shares are all held in your name, you get the franking credits, capital gains benefits and you can see exactly what you own at the click of a mouse.”

    This sounds as if it’s a Wrap platform. Running a badge or propriety software?

    “No pigs at the trough. We want to cut out the layers of financial planners, dealer groups and asset consultants and the like.”

    Planners talk to clients to understand what they want.

    Dealers groups admittedly push product, but it’s a competitive space, are you going to eliminate competition amongst products?

    Asset consultants, well they pick investments. If they are not segregated from say advisers, then you’re talking about vertically integrating many personnel under one umbrella.

    People are still getting paid, and I don’t think you want your relationship managers spending time also picking stocks.

    “Run as a low risk, “sleep at night” fund. Diversified between bonds, cash, Aussie shares and international shares, it’s not looking to take massive positions but rather “lean-in” to investment themes.”

    tactical asset allocation? With mandates?

    “For instance, if you are on the downward leg of the largest commodity price boom in the last 150 years then Australian investors need the protection of more international shares and a larger bond holding.”

    All managers other than index managers work within mandates.

    “Assets blended to your individual risk profile and life position – while the needs of the 25 year old investor and a 75 year investor are different, the differences are not so great that you need to pay a financial adviser 1% to add your age and risk profile into a calculator. We can do that with a range of risk/reward allocations that are free.”

    Is this Robo-advice?

  26. I think there could be a market for this. The Industry funds are still very fee heavy for conservative options (cash/bonds), especially when you think of the size of the funds under management. And there is the overwhelming perception of snouts at the trough in both corporate and industry funds (just a different colour collar on the snout).

    I’d like to see low fee, low gimmick, options in the market.

  27. I would like to point out that the comments I make will not be used in the investment decisions of the fund. Thank you.