The text of the perk says :
[quote]"Magazine is refunded if all shots fired are precision kills".[/quote]
... but it doesn't work at all on snipers that only have 3 rounds in the mag. Even if all 3 shots are precision kills, the magazine is not refunded.
This is a pretty terrible perk anwyay, but it doesn't even work properly. I'd suggest not fixing it and just removing it from the game and giving us a better perk instead.
More info here: https://www.reddit.com/r/DestinyTheGame/comments/5j8v96/perfectionist_on_event_horizon_is_broken_bug/
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Smallbore also doesnt it reduce the mag size on it