Summary: Australian Closed End Funds (CEFs) are virtually all destined to underperform cheap index funds in the long run. Hence, it is no surprise that almost all mislead investors about their achieved or expected performance. The sheer audacity may surprise, though. In this post, I'll select several funds which prominently advertise performance figures that are miles from the reality. From outright wealth destroyers (TGF), to self-serving, unverifiable figures of unlisted versions (OPH, CDO), to rewriting 17yrs of poor performance (CDM), and the effect of crushing Total Expense Ratios (NAC).

Active funds can't be trusted to provide accurate performance figures and expectations


- To start, I've selected 5 example Closed End Funds (CEFs) with prominent misleading returns.
- Please Contact me with other notable examples.
- The Wilson Asset Management funds need a whole post on their own. (e.g. See WAX).


1. Tribea Global Natural Resources (TGF)

ASX Listing: Oct 2018

Advertised Target Return: 15-20% p.a. after all expenses

Actual Total Shareholder Return since inception-6.21% p.a.

Q: Is almost 5 years of negative 6.21% p.a. returns enough for Tribeca to revise its outlandish 15-20% p.a. target returns?

30 Nov 2018 to 18 Aug 2023

2. Ophir High Conviction Fund (OPH)

ASX Listing: Dec 2018

Advertised Return: 13.6% p.a. after fees since self-serving "inception"

Actual Total Shareholder Return since ASX inception7.43% p.a.

Q: When is Ophir going to stop misleading investors about the achieved returns since OPH's ASX inception? And while they're fixing things, quit the DRP ripoff too!

31 Dec 2018 to 18 Aug 2023

3. Cadence Capital Limited (CDM)

ASX Listing: Dec 2006

Advertised Return10.3% p.a. after fees since inception

Actual Total Shareholder Return since inception: 4.63% p.a.

Q: Is Cadence Capital ever going to fire the "intern" who turned 17yrs of 4.63% TSR into 10.3% "net performance"?

31 Dec 2006 to 18 Aug 2023

4. Cadence Opportunities Fund (CDO)

ASX Listing: Nov 2021

Advertised Return: 27.5% p.a. "gross performance" since self-serving "inception"

Actual Total Shareholder Return since ASX inception: -15.77% p.a.

Q: Does Cadence have any shame keeping 27.5% p.a. as its headline return given the disastrous negative 15.77% return since ASX inception?

19 Nov 2021 to 18 Aug 2023

5. Naos Ex-50 Opportunities Company (NAC)

ASX Listing: Nov 2014

Advertised Return: 11.24% p.a. "portfolio performance" since inception

Actual Total Shareholder Return since inception: 5.37% p.a.

Q: When will Naos Asset Management figure out the only key figure to highlight is the 7% Total Expense Ratio (TER) that will continue to eviscerate performance?

30 Nov 2014 to 18 Aug 2023


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