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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 (%)
2.2
Ongoing charge date
31/12/2023
Management agreement
The annual management fee is an amount equal to 2.0% of NAV, excluding cash balances above GBP 20m which are charged at a reduced rate of 1.0%. The Manager will receive a performance fee equal to 20% of the amount by which the cash proceeds received by the Company exceed the Investment Growth Hurdle.
Performance fee
Yes
Performance fee rate
20
Performance fee details
Performance fee: 20% of the amount by which the cash proceeds received by the company exceed the Investment Growth Hurdle. The IGH requires that the cash return received in respect of all investments in the relevant investee company is greater than the cost of those investments increased annually by 4% plus RPI (on a compound basis). The Total NAV Return Hurdle requires that the NAV TR of the Ords fund across the three year period following the exit of the relevant investment must be at least 100p per Ord.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
