I actually think it's a good thing for charities to spend more on fundraising than they do - it's a harmful metric to judge them by. Here's a discussion of that: https://www.ted.com/talks/dan_pallotta_the_way_we_think_abou...

However, IIRC all the fundraising and admin costs are covered by separate donors so that any additional donations go to nets. AMF doesn't have much of a fundraising operation as it gets its funding through GiveWell and Good Ventures primarily.