Wealth Manager - the site for professional investment managers
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UK & developed market funds with large discounts.
The manager is appointed under a contract subject to twelve months notice and is entitled to remuneration comprising a basic fee and, in certain circumstances, a performance fee. The basic fee is calculated at a monthly rate of one-twelfth of one per cent of the Companys Adjusted Market Capitalisation. This is the aggregate closing mid market price of the Companys Ords at the end of the relevant month or part month, adjusted as necessary to take account of any purchasing by the Company of its own shares during the previous two years. The performance fee is 10% of the outperformance, provided that the NAV per share has increased since the end of the last period in respect of which a performance fee was payable. A cap of 2% of net assets applies to the total performance fee. For its administrative and secretarial services Cavendish Administration Ltd is appointed under a contract subject to 180 days notice and receives a fee at an annual rate of GBP 76,680 (excluding VAT).