You had me worried there. I think you are referring to the fact that the fund jumps from 221.7m to 293.4m when the benchmark performance is 8%. this looks at first glance like a performance of well in excess of 8%. But the key is that the question states that there is an external cashflow in that quarter. So its (221.7m + 50m)(1.08) which comes out OK. It took me a while but I knew that it could not have survived for a few exam seasons without someone spotting that. Cheers
