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Total Returns on £1000 over
Discrete performance % over
Discrete performance over
Management fee payable quarterly in advance, of 0.5% p.a. of gross assets under management less current liabilities other than loans or other debt for investment purposes treated as current liabilities. The cap on total fees is 1.0%. Performance is measured using the net asset value total return per ordinary share relative to the benchmark equivalent. In the event that the aggregate portfolio performance is greater than the benchmark performance over the financial year, a performance fee of 15% of the difference will be payable. 1.0% will be deducted from any relative outperformance before any performance fee can be paid. Any unrewarded outperformance above the cap may be carried forward for a maximum of three years but may only be used to offset any underperformance. It cannot in itself earn a performance fee.