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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
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Charges
2.52
Ongoing charge plus performance fee (%)
2.64
Ongoing charge date
31/12/2023
Management agreement
The Manager is paid an annual fee equal to 2% of the NAV of the Company, payable quarterly in arrears. Contract is terminable on 12 months notice. Under the current incentive arrangement, if the net asset value per share at the end of a financial period, when added to the aggregate dividends per share (both revenue and capital) paid to that date, exceeds GBP1 (increased at the rate of RPI plus 2% p.a. uncompounded from the date of first admission to the Official List of the relevant class of share), then the Manager will be entitled to an incentive fee equal to 15 % of such excess.
Performance fee
Yes
Performance fee rate
15
Performance fee details
The performance incentive fees equals to 15% of the amount by which the NAV and aggregate dividends exceed GBX100 per share as increased by the hurdle and the hurdle be amended to RPI plus 2% p.a. (uncompounded) from the date of first admission to the Official List of the relevant class of share. Any such amount would be reduced by previous performance incentive fees paid.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
