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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
Ongoing charge plus performance fee (%)
2.5
Ongoing charge date
31/03/2023
Management agreement
The Manager provides investment management, secretarial and administrative services to the Company. The Management agreement can be terminated by either party on 12 months’ notice. The Manager is paid an annual fee equal to 1.9% of the NAV of the Company, and an annual secretarial and administrative fee of GBP 54,000 increased annually by RPI. These fees are payable quarterly in arrears. Total annual expenses, including the management fee, are limited to 2.5% of the NAV. The Manager will receive an amount equal to 20% of the returns achieved in excess of the hurdle.
Performance fee
Yes
Performance fee rate
20
Performance fee details
The Manager will receive an amount equal to 20% of the returns achieved in excess of the hurdle. If the hurdle is missed in any year, then it will continue to compound until the next year that the hurdle is exceeded. At the current rate of RPI, the hurdle would be equivalent to 4.4% p.a..
Data provided by Morningstar.
Company documents provided by FE fundinfo.
