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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
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Management
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Invest
Charges
2.75
Ongoing charge plus performance fee (%)
2.75
Ongoing charge date
31/03/2023
Management agreement
The Manager will receive an annual management fee of 2.0% of the NAV of the fund. The Manager has been appointed initial period of 3 years. Its appointment can be terminated by not less than twelve months notice, which can be given at any time after the second anniversary of its appointment. An annual performance incentive fee may be payable, calculated as an amount equivalent to 20% of the excess of a Target rate. Payment of a fee is also conditional upon the average NAV per share for each such year equalling or exceeding the average Base NAV per share for the same year.
Performance fee
Yes
Performance fee rate
20
Performance fee details
The performance incentive fee payable is calculated as an amount equivalent to 20% of the excess of a Target rate comprising:- i) an annual dividend target (indexed each year for RPI), and ii) a requirement that any cumulative shortfalls below the annual dividend target must be made up in later years. Any excess is not carried forward, whether a fee is payable for that year or not. Any performance fee will be payable annually.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
