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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Overview
Performance
Portfolio
ESG
Dividends
Charges
Research
Announcements
Management
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Invest
Charges
Ongoing charge plus performance fee (%)
2.2
Ongoing charge date
30/06/2023
Management agreement
The Manager is paid an annual fee equal to 1.75% of the NAV of the Company plus GBP 50,000 p.a. for administrative and secretarial services. Total normal running costs, including the management fee, are limited to 3% of the NAV. The Manager is entitled to an arrangement fee, payable by each portfolio company in which the Company invests, in the region of 2% on each investment made, and also monitoring fees where the Manager has a representative on the portfolio board of Company. The Company will pay an incentive fee to the Manager of an amount equal to 20% of such excess return that is calculated for each financial year. The management agreement can be terminated by either party on 12 months notice and is subject to earlier termination in the event of certain breaches or on the insolvency of either party.
Performance fee
Yes
Performance fee rate
20
Performance fee details
Incentive fee 20% p.a. of the amount by which the actual growth in NAV exceeds the target growth in NAV of not less than the RBSs base rate plus 2%.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
