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Total Returns on £1000 over
Discrete performance % over
Discrete performance over
The Manager is entitled to a management fee payable monthly at 0.9% p.a. of the Company's NAV. The Investment Manager is entitled to an annual performance fee calculated as follows: The portfolio consists of two pools: quoted and unquoted. The fee on the quoted pool is 10% of relative outperformance above the pound sterling adjusted NASDAQ Biotech Index (£ NBI) plus a 0.5% hurdle. The fee on the unquoted pool is 20% of net realised gains, taking into account any unrealised losses but not unrealised gains. The payment of the performance fee is subject to the following limits: the maximum performance fee in any one year is 2% of the net assets as at the financial year end for the relevant period (the Performance Fee Cap). This Performance Fee Cap will be split pro-rata between the quoted and unquoted pool. Any performance fee that is earned in excess of the Performance Fee Cap in any performance period is carried forward and, in the case of the quoted pool proportion, used to offset future underperformance of the quoted portfolio for the current financial period plus two preceding periods. On termination of the Investment Manager other than for cause, any unpaid performance fees will become payable, subject to a cap of 4% of net assets for the performance period in which the Investment Manager's appointment is terminated. This will allow the Investment Manager to be paid any historic fees that were previously deferred. The performance fee will no longer be subject to a high water mark on the quoted portfolio. If after accounting for any carried forward underperformance and adding back any carried forward performance fees in a particular period, the current period's performance is still negative, no performance fee will be payable in that period. The Management Agreement is terminable by either party on 12 months' notice.