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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Overview
Performance
Portfolio
Dividends
Charges
Gearing
Research
Announcements
Management
Documents
Invest
Charges
2.06
Ongoing charge date
31/03/2024
Management agreement
Under the Investment Management Agreement (IMA), the Investment Manager is entitled to two types of fees. The first is a fixed retainer fee of 0.9 per cent of the average market capitalization of the Company during the relevant month, payable monthly in cash. The second is a success fee based on the value realized from the sale of assets in the portfolio, calculated by comparing the gross sale value (minus direct costs such as professional and legal fees) to the carrying value of the investments. For equity investments, the carrying value is determined by the most recent third-party reviewed asset-level NAV, while for debt investments, it is based on drawn amounts, including repayments made since September 30, 2023. The success fee is determined using the 'Percentage Value Achieved,' which is derived from the comparison of sale value to carrying value. Both the retainer fee and success fee together make up the total compensation ('Fee') for the Investment Manager.
Performance fee
No
Data provided by Morningstar.
Company documents provided by FE fundinfo.
