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Total Returns on £1000 over
Discrete performance % over
Discrete performance over
The Manager provides investment management, marketing and general administrative services to the Company for a quarterly management fee payable in arrears equal to 0.20% of the funds under management. The Manager is also eligible for a performance-related management fee, charged through the capital account, of 5% of any annual outperformance by the net asset value (NAV) per share of target performance, defined as a margin of 2% over the Russell 2000 Index (in both cases converted to sterling). If the NAV per ordinary share performance (adjusted to exclude the relevant performance-related fee) exceeds the target, the performance-related fee is payable on the excess. If the NAV per ordinary share underperforms the Russell 2000 Index by 2% or more, the underperformance will be carried forward and no further performance-related fee will be payable until the NAV per ordinary share has both recovered the accumulated underperformance and exceeded the target performance for the year. The maximum performance-related fee which may be payable in respect of any year is 0.7% of gross assets. The management agreement may be terminated upon six months' notice given by either party.