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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
Research
Announcements
Management
Documents
Invest
Charges
Ongoing charge plus performance fee (%)
2.5
Ongoing charge date
31/12/2022
Management agreement
The Manager receives a fee, paid quarterly in arrears, of 2.25% p.a. of the NAV. The Manager is also entitled to an arrangement fee, payable by each portfolio company, of approximately 2% on each investment made. The Manager will receive an incentive fee in the event that returns exceed minimum target levels per Share. The fee will amount in aggregate to a maximum of 20% of the excess return achieved by the company over the target levels. The Management agreement may be terminated by either party on 12 months notice.
Performance fee
Yes
Performance fee rate
20
Performance fee details
The hurdle for the manager to receive a 20% share of the excess return achieved was set to a total return of GBX6.5 p.a.. Any shortfall not reached in one year would need to be made up in subsequent years. Performance fees will not exceed 3.5% of NAV of the Company at the year end.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
