Are there any performance or ongoing fees
none that I'm aware of. the fees are pretty clear
If you buy the fund on market, would you avoid the entry and exit fees (since you are trading peer to peer, rather than with the fund?
yes
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I think the interests of investor and fund manager would be more closely aligned if the entry and exits fees were around the cost of the administration involved (and slippage caused by entries and exits), and the fund manager made money if they invested well.
I'm never a fan of percentage based fees on capital that are not linked to investment returns.