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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Charges
2.24
Ongoing charge plus performance fee (%)
2.24
Ongoing charge date
31/03/2023
Management agreement
The Manager receives an annual fee of 2.5% of the NAV. The annual running costs are capped at 3.0% of NA. Performance fee is being set at 20% of dividends paid when total returns are above the Hurdle, with effect from 2021 onwards. For the Hurdle to be met, the shares must have a total return in excess of GBP 1 for the years ended 31-Mar-18, 31-Mar-19 and 31-Mar-20. For subsequent years, the total return hurdle increases by 3p p.a. such that for the year ended 31-Mar-21 the Total Return hurdle will be GBP 1.03, for the year ended 31-Mar-22 the hurdle will be GBP 1.06, for the year ended 31-Mar-23 the hurdle will be GBP 1.09 etc.
Performance fee
Yes
Performance fee rate
20
Performance fee details
The fee is being set at 20% of dividends paid when total returns are above the Hurdle, with effect from 2021 onwards. For the Hurdle to be met, the shares must have a total return (based on audited year end results) in excess of GBP 1 for the years ended 31-Mar-18, 31-Mar-19 and 31-Mar-20. For subsequent years, the Total Return hurdle increases by 3p p.a. such that for the year ended 31-Mar-21 the Total Return hurdle will be GBP1.03, for the year ended 31-Mar-22 the hurdle will be GBP 1.06 etc.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
