The way it's worded is very confusing to me. Kind of seems like they're trying to hide the fact that they underperform. I imagine once they take out their perfo

The way it's worded is very confusing to me. Kind of seems like they're trying to hide the fact that they underperform. I imagine once they take out their performance fees (usually 2% per year plus 20% when they exceed the benchmark) those gains aren't as impressive.