Laurence Hulse

There's no minimum investment.

There's no sort of hurdle.

The minimum investment is the share price and having a retail investment platform, you know, Rathbones, Kalanish Capital, GPIM.

They're all wealth managers that have now disclosed a greater than 5% stake.

We had some seed money from my mothership, their clients, Dalgate Wealth, who are a specialist boutique private client business.

And then the rest really was high net worth, sophisticated investors that I had met along the way in my career and really convinced to back something slightly entrepreneurial, slightly different, and then promised to thank them with our performance, which we've so far just managed to do.

they are trending down on costs and costs are input and the output is best performance.

I think it's well documented on this show amongst many others, some of the struggles of active management and one of them has been performance.

And one of, I talked about interest rates and spotting a gap in the market to quit my job and do this.

Another thing I became aware of, and this isn't a criticism, it was an observation,

As Gresham House grew, it became a big business itself and we were starting to look after various funds across the team and it was becoming a bit thinly spread.

we i want to be solely focused on this and make it a life's work and to do that requires you know full time and overtime of myself the manager lead manager and the founder but also the investment committee which we'll have to talk about later we need to build out the team over time to dilute key man risk and add resource and this is a sort of specialist high-end product and is and is priced accordingly that will rule out a large

swathe of investor, but the reality is this strategy can never be big enough to attract large swathes of investor.

So a couple of points there.

This fund can't get bigger and bigger.

Realistically, it will never be bigger than 200, maybe in the fullness of time, 250 million, adjusting for inflation and asset price growth.

So again, to that point around keeping the team aligned, fully resourced, fully costed, it forms what effectively becomes a bonus pot for the team and the investment committee on our performance.

The hurdle is six subject to a high watermark.

It also resets every year.

If you think some performance fees are what called a compounding hurdle.