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A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.
Overview
Performance
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ESG
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Gearing
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Charges
Ongoing charge date
30/06/2024
Management agreement
Management fee at: 1.30% of net assets, levied on the first USD 1000m of net assets; 1.00% of net assets, levied on net assets between USD 1,000m and USD 1,500 m; 0.75% of net assets, levied on net assets between USD 1,500 m and USD 2,000 m; and 0.50% of net assets, levied on net assets above USD 2,000m.
Performance fee
Yes
Performance fee rate
10
Performance fee details
The incentive fee is 10% of any increase in NAV above an 10% per annum hurdle rate, with the cap on incentive fees paid out in any year at 1.5% of weighted average of month-end net assets. Excess fees are still carried forward, but can be clawed back if NAV declines after the year end. The Investment manager must use 25% of any incentive fee paid to buy VOF shares via open market purchases, subject to a minimum holding period of 5 years.
Data provided by Morningstar.
Company documents provided by FE fundinfo.
