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Total Returns on £1000 over
Discrete performance % over
Discrete performance over
Management fee equal to 0.5% of Adjusted Net Assets (reducing to 0.45% for Adjusted Net Assets over £ 150m and up to £ 250m, and reducing further to 0.40% for Adjusted Net Assets over £ 250m ). Contract terminable on 12 months' notice. A performance fee will only be payable to the extent that performance exceeds the total return on the benchmark index plus 2% in any measurement period. Any performance fee payable will equal the time weighted average number of Ords in issue during the period multiplied by 15% of the amount by which the increase in the NAV (plus any dividend payable) exceeds the greater of three high water marks, i) the NAV on the last business day of the previous performance period; ii) the NAV on the last day of a period in respect of which a performance fee was last paid; and iii) 100p. The total amount of management fee payable together with any performance fee payable in respect of one accounting period is limited to 2% of the Net Assets of the Company on the relevant calculation date.