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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Overview
Performance
Portfolio
ESG
Dividends
Charges
Gearing
Research
Announcements
Management
Documents
Invest
Charges
1.75
Ongoing charge plus performance fee (%)
3.22
Ongoing charge date
31/03/2023
Management agreement
A monthly management fee of GBP 10,000 (inclusive of VAT, if any) until the company's NAV equals GBP 60 million or higher (NAV threshold). Once the NAV Threshold has been met, Harwood will be entitled to a management fee of 1/12th of an amount equal to 1% of the NAV before deduction of that month's Investment Management Fee and before deduction of any accrued Performance Fees. Harwood will also be entitled to a performance fee equal to 10% of outperformance over the higher of a 6% p.a. total return hurdle and the high watermark. The 6% p.a. compounding weekly and the performance fee will be calculated annually.
Performance fee
Yes
Performance fee rate
10
Performance fee details
Harwood gets 10% of outperformance over the higher of a 6% p.a. total return hurdle and high watermark. 6% p.a. compounds weekly. If the avg NAV exceeds GBP100m, it’s capped at 3% of the NAV. Performance fees above the 3% cap won’t be paid and will be deferred into the next performance fee period; If the avg NAV exceeds GBP100m, the fee will be limited so that the combined management and performance fees doesn’t exceed 3% of the NAV. Performance fees exceeding the cap won’t be deferred or payable.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
