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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Charges
2.12
Ongoing charge plus performance fee (%)
2.19
Ongoing charge date
31/03/2023
Management agreement
The current AIA Agreement calculates the adviser fee payable by the Company to the Investment Adviser on 31 March and 30 September. The Adviser Fee payable is calculated as 2% p.a. of the NAV of the Company. The fee is payable quarterly in advance. The Incentive Payment in any financial year will be subject to a cap if the excess of dividends paid over the Dividend Hurdle is greater than the sum of the excess of the Total Return over the Total Return Hurdle divided by 1.2. An incentive payment equals to 20% of the amount by which dividends paid in the relevant accounting period exceed GBX4 per Ord once cumulative dividends per Share of GBX10 have been paid. The maximum fee payable in any 12 month period cannot exceed an amount which would represent 25% or more of the NAV or market cap of the Company.
Performance fee
Yes
Performance fee rate
20
Performance fee details
The Fund Manager will receive an incentive payment equal to 20% of the amount by which dividends paid in the relevant accounting period exceed GBX4 per Ord (increased in line with RPI) once cumulative dividends of GBX10 per Ord have been paid.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
