Wealth Manager - the site for professional investment managers
Virtual Portfolio | Print page
Total Returns on £1000 over
Discrete performance % over
Discrete performance over
Under the terms of the Management Agreement, the management fee is charged at the rate of 1.0% per annum of the Company's total assets less current liabilities. From 1 May 2015 the Company has agreed that the management fee will be reduced to the extent necessary to ensure that the Company's ongoing charges ratio does not exceed 2%. The fee is calculated and paid monthly in arrears. Investments made by the Company in investment funds on which the Manager or a member of its group earns a fee are excluded from the calculation and therefore attract no management fee. In addition, the Manager is entitled to receive a performance fee equivalent to 10% of any outperformance of the Company's NAV per Ordinary Share (on a total return basis) over the Company's benchmark index, the MSCI Brazil 10/40 Index (in sterling terms), with net dividends reinvested. A performance fee measurement period ends, and restarts, at a financial year end when outperformance of the Company's benchmark has been achieved and a performance fee earned. That is, the period may be more than one year. The performance fee that can be paid to the Manager in any one year is capped at 1.0% of the Company's average monthly total assets less current liabilities, and in a year when the company produces a negative absolute net asset value total return per share yet outperformed the benchmark in relative terms, this amount will be accrued but not paid. Any amount earned in excess of this cap will be carried forward and will be offset against any underperformance in future years.