Ongoing charge plus performance fee (%)
Ongoing charge date
Management agreement
The annual management fee is 0.45% on the first GBP 500m and 0.35% on the remaining total assets less current liabilities, excluding the property portfolio, calculated on a quarterly basis. The Investment Management Agreement is terminable on not less than six months notice. The Property Management Agreement is terminable on three months’ notice. The annual fee is 0.5% of the value of the property portfolio, subject to a minimum quarterly fee of GBP6,250.
Performance fee

A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.

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