I see today that the Performance Fee received after a couple of months of this Financial Year(to 26-8-05) for the Retail Fund has risen to 0.88%. Figure for the whole of last Financial Year was 0.74%. Although the Financial Year has a way to go yet, this is certainly looking much better for the Company and shareholders. Personally I like Performance Fees. It has the Company, Shareholders and yes......Unitholders...... all pulling in the same direction. Why Unitholders? Well.....the Company may wind up generating some very acceptable returns to the Unitholders but unless the Company is profitable, it may not be in a position to keep on doing this. I must admit, as a Unitholder, and even more strangely as a 'consumer', it has crossed my mind a couple of times in the past that I wished that NavraInvest had been showing a slightly better profit return at that particular point in time even though there has been some perfectly acceptable reasons put forward as to why this has been a bit harder in the first couple of years. This is a little akin to me wandering into Woolworths to buy my groceries and thinking that I'd like them to be making a nice profit as well as provide my groceries because I like their store/groceries/service. You don't normally do it do you? But, if you thought that because Woolworth's was a bit more profitable today, you may get a better 'return' by way of cheaper groceries, then all of a sudden you have everyone thinking/pulling in the same direction. I think this is a really 'healthy' environment for Shareholders, the Company and Unitholders to be in. It means 'Performance' rewards eveyone and Win-Win situations are the order of the day. Therefore as a Unitholder, I hope to see NavraInvest get a nice healthy Performance Fee at the end of this Financial Year. Why? I like their groceries!