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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
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Charges
2.04
Ongoing charge plus performance fee (%)
2.04
Ongoing charge date
31/12/2023
Management agreement
The management fee is payable is at the rate 1/12 of 1.0%. per month of the NAV. If the NAV is reduced to less than GBP50 M the monthly management fee shall be subject to a minimum amount. Therefore, the monthly management fee shall be the higher of 1/12 of 1.0%. per month of the NAV and: • for the first year (the first to 12th month) following the NAV first being reduced to less than GBP50 M: 1/12 of GBP 500,000 per month; • for the second year (the 13th to 24th month) following the NAV first being reduced to less than GBP50 M: 1/12 of GBP350,000 per month; and • for the third year (the 25th to 36th month) following the NAV first being reduced to less than GBP50 M: 1/12 of GBP200,000 per month.
Performance fee
Yes
Performance fee rate
20
Performance fee details
The fee will be equal to the lower of (i) in each case as at the end of the Calculation Period, an amount equal to (a) Adjusted NAV minus the Adjusted Hurdle Value, minus (b) the aggregate of all Performance Fees paid to the Manager in respect of all previous Calculation Periods; and (ii) the amount by which (a) 15% of the total increase in the Adjusted NAV since the NAV as at 2017/4/30 exceeds (b) the aggregate of all Performance Fees paid to the Manager in respect of all previous Calculation Periods.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
