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Martin Currie cuts fees on A-rated manager’s trust
by Robert St George on Oct 10, 2013 at 10:16
Citing the impact of the retail distribution review, the trust’s chairman Patrick Gifford confirmed that from 1 January 2014 the annual fee would be reduced from 1% to 0.75% on the fund’s first £150 million of net assets and to 0.6% beyond £150 million. Its ongoing charges are currently 1.4%.
In the six months to 31 August 2013, the fund’s net asset value declined by 6.7% compared with a 5.6% drop in the MSCI AC Asia Pacific index over the same period.
One of the principal detractors from the performance was a holding in Australian gold miner Newcrest, which lost two-thirds of their value over the past year due to a combination of production disappointments, the falling gold price and several asset writedowns.
Despite this, Pacific Trust recorded a 30% increase in revenues through the half-year to 4.8p per share. Its board has therefore declared an interim dividend of 2.5p per share; no interim dividend was paid in 2012, and its full-year distribution was 5.5p.
‘We believe that, as income has become a more significant part of total return, shareholders will appreciate this smoothing of payouts,’ commented Gifford.
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by Alex Steger on Dec 11, 2013 at 10:19