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Total Returns on £1000 over
Discrete performance % over
Discrete performance over
Management fee will be 0.4% p.a., payable monthly in arrears, of net assets managed by the Manager (with debenture stock valued at market value). Investments made in third party collectives on strategic grounds will be charged at a reduced rate of 0.25% per annum of the month end market value of those investments. The Company has amended the proportion of the management fees allocated to Capital Reserve from 70% to 75% with effect from 01-May-10. A performance fee may be payable annually, equal to 10% of the value of any outperformance in the year by the net assets of the Benchmark. There is a maximum absolute cap on the level of fees (including both the management fee and the performance fee) that the Manager can earn in any one year of 1% of average month-end net assets. Performance above this cap will be carried forward to the subsequent period for inclusion in the calculation of performance in that period. The management agreement is terminable on six months' notice given by either party.