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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Charges
2.99
Ongoing charge plus performance fee (%)
2.99
Ongoing charge date
31/12/2023
Management agreement
Seneca is entitled to an annual management fee of 2% of the weighted net asset value of the B share pool and is also entitled to an annual fee of GBP 9,000 (plus VAT, if applicable) in relation to management accounting services. These fees are payable quarterly in arrears. The investment manager is also due a performance related incentive fee in respect of the performance of the B share portfolio of an amount equal to 20% of the shareholder proceeds arising, subject to a performance hurdle of 5% p.a..
Performance fee
Yes
Performance fee rate
20
Performance fee details
The Fee will be an amount equal to 20% of the Shareholder Proceeds arising in respect of any Performance Period, provided that the payment of such a fee shall also be conditional upon (i) a return being generated on the share for New B Shareholders in respect of that period of more than 5% p.a. and (ii) that such a return calculated for the period from the date of the IMA to the end of the relevant Performance Period exceeds 5% p.a..
Data provided by Morningstar.
Company documents provided by FE fundinfo.
