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Performance fee dropped on BlackRock income trust

Performance fee dropped on BlackRock income trust

The BlackRock Income & Growth Investment Trust has become the latest closed-ended fund to cease charging a performance fee.

The trust had imposed a 15% performance fee, but from 1 July it will charge only 0.6% of market capitalisation per year.

‘The board is mindful of the impact of the retail distribution review on fund charges and the desire to make these charges as simple and transparent as possible,’ commented trust chair Jonathan Cartwright.

No performance fee was accrued for the year ended 31 October 2013, but one of £38,000 was paid in the previous year.

Managed by Adam Avigdori (pictured) and Mark Wharrier, the trust returned 4.1% on a net asset value basis during the six months ended 30 April 2014 compared with 2.7% from the FTSE All Share index.

Since the end of that reporting period, its net asset value has risen by a further 1.2% while the index has gained 0.7%.

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Adam Avigdori
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69/78 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 39.60%
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7/96 in Equity - UK Equity Income (Performance over 1 year) Average Total Return: 16.30%
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