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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Charges
2.49
Ongoing charge date
31/03/2024
Management agreement
Management fee 1.75% p.a. of NAV. Performance fee is 10% of excess cumulative realised gains if certain performance hurdles are achieved. The performance hurdles are: Cumulative realized investment gains exceed cumulative realized investment losses since inception. Positive total return to shareholders, comprising NAV per share and dividends per share, over a rolling five-year period. Total return for the preceding year increases by at least 4.5% from the NAV per share at the end of the previous year. Contract terminable on 1 year's notice.
Performance fee
Yes
Performance fee rate
10
Performance fee details
The company charges a performance fee of 20% on excess cumulative realised gains, calculated as realised gains minus realised losses from portfolio disposals. This fee is only payable if three conditions are met: cumulative realised gains exceed losses since inception, total return (NAV plus dividends) is positive over a rolling five-year period, and total return has increased by at least 4.5% over the previous year’s NAV.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
