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Charges

Ongoing charge (%)
1.67
Ongoing charge plus performance fee (%)
1.95
Ongoing charge date
31/12/2018
Download the AIC ongoing charge methodology
Management agreement
The Manager is entitled to an annual management fee of 1.25% of the adjusted closing NAV, excluding cash and cash equivalents, and 0.1% on cash and cash equivalents. This fee is payable quarterly in advance.The Manager is also entitled to a performance fee calculated by taking an amount equal to 12.5% of the amount by which, at the end of any accounting period, the NAV per Ordinary Share exceeds the greater of (i) the Hurdle NAV per Ordinary share; and (ii) the High Watermark. The performance fee is calculated quarterly and is payable upon realisation of individual investments.
Performance fee
Yes
Performance fee rate
12.5
Performance fee details
The Manager is entitled to a performance fee equal to 12.5% of the amount by which, the NAV per Ord exceeds the greater of (i) the Hurdle NAV per Ord; and (ii) the High Watermark, and multiplying such amount by the weighted average number of Ord in issue for the relevant period. The performance fee is calculated quarterly. No performance fee becomes payable unless the Hurdle NAV per Ordinary Share of 6% over the Bank of England base rate is exceeded for the relevant period.

A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.

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