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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Charges
9.92
Ongoing charge plus performance fee (%)
9.92
Ongoing charge date
31/03/2023
Management agreement
The Manager receives an annual fee of 1.35% of the NAV plus an annual administration fee of GBP 45,000. The manager will also receive arrangement fees of up to 1% of NAV p.a. in excess of GBP 10m. The agreement may be terminated by either side giving not less than 12 months notice in writing. No Performance Incentive will be payable until Shareholders receive Shareholder Proceeds of at least GBX100 per Share and achieve a tax-free Compound Return of at least 7% p.a. The maximum Performance Incentive is limited to an amount equivalent to 1.25% of NAV p.a. (the Cap).
Performance fee
Yes
Performance fee rate
1.25
Performance fee details
No Performance fee will be payable until Shareholders receive Shareholder Proceeds of at least GBX100 per Share and achieve a tax-free Compound Return of at least 7% p.a. The maximum fee is limited to an amount equivalent to 1.25% of NAV p.a. (the Cap). If, in any accounting period of the relevant Company, the Performance Incentive payable is less than the Cap then the shortfall shall be aggregated to the Cap in respect of the following accounting period and so on until fully utilised.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
