MicroEquities- Fund Manager IPO, page-30

The level of Performance Fees generated by Microequities in the Historical Periods has fluctuated based on the performance of the Funds. In FY17 (and in particular, in 1H17) significant Performance Fees were earned by the Deep Value Fund in the month of August 2016 as many of the investments in the Fund reported profit results in excess of market expectations, leading to share price appreciation for many of the investments. In the months of December 2016 and June 2017, Microequities derived significant Performance Fees from Close-ended Funds as a result of takeover activity or sell downs in the shareholdings held by the Close-ended Funds. The decline in Performance Fees between 1H17 and 1H18 was due to the non-recurrence of the same level of Performance Fees for Open-ended Funds and a lower level of Performance Fees from Close-ended Funds in 1H18 compared with 1H17 due to lower distributions to Investors in these Funds.

I guess if they can replicate performance which seems to indicate is a non-recurrence?