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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, with a high water mark. The payment of the performance fee is subject to the following limits: - the maximum performance fee in any one year is 3% of average net assets during the year, with any excess held over and adjusted up or down according to the performance of the share price over the period between the end of the period in which it is earned and the period in which it becomes payable, - the performance fee for any period may not cause the NAV of the Company to drop below the NAV on the first day of the relevant period - a fund high water mark, initially set at close of business on 31-Aug-11, will be reset whenever a performance fee is paid. It will also be reset upwards or downwards for share buy backs or fund raisings or any other movement associated with a change of capital. The Management Agreement is terminable by either party on 12 months' notice.