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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Charges
2.37
Ongoing charge plus performance fee (%)
2.37
Ongoing charge date
31/03/2023
Management agreement
The manager is entitled to receive a basic annual management fee equivalent to 2.06% of net assets, calculated half-yearly as at 31 March and 30 September. The manager is entitled to receive an annual performance related management fee equivalent to 15% of the total return in excess of a formula-driven hurdle rate. The agreement may be terminated at any time by not less than twelve months notice being given by either party.
Performance fee
Yes
Performance fee rate
15
Performance fee details
This performance fee will become payable when the total return exceeds the specified minimum hurdle rate. The hurdle rate will be a composite rate comprising (a) 7% on average investments and (b) the higher of (i) base rate and (ii) 3% on average cash and near-cash investments during the year, so that any excess of cash or near-cash investments over 25% of total investments will be subject to the higher rate of 7%. The performance-related fee in each financial year will be equivalent to 15% of the amount.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
