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To seek to maximise total returns by investing primarily in mid and small cap UK equities, whilst limiting correlation with the UK equity market.
No investment management or performance fees will be payable directly by the Company to the Manager or the Investment Manager. Holders of each class of Shares will indirectly bear the Company's pro rata share of the fees charged and expenses borne at the level of the relevant Underlying Fund. Investment Manager will receive (a) an investment management fee equal to 1/12 of 1.75% per month of the aggregate NAV of the class of shares in the UK Emerging Companies Hedge Fund held by the Company payable monthly in arrears and (b) subject to a high watermark, a performance fee equal to 20% of the appreciation in the NAV per share of each share held by the Company in the UK Emerging Companies Hedge Fund during each calendar year. Fees payable to the Sub-Administrator and Custodian and other ongoing operational expenses, ongoing fees and expenses payable by the Company are estimated to be 0.50% p.a. of the Company's NAV (if the NAV of the Company is GBP50m) and will comprise items including: (1) fees payable to the Sub-Administrator (in respect of the services of both the Sub-Administrator and the Custodian), estimated to be GBP50,000 p.a.; (2) fees payable to the Auditor, estimated to be GBP13,500 p.a.; and (3) other operational expenses, estimated to be GBP187,000 p.a.. The performance fee in respect of each share held by the company will be equal to 20% of the appreciation in the NAV per share during that calculation period above the base NAV of such share.