Fees & Charges

Management and administration
Details of the management, administration, monitoring, arrangement and performance fees charged by Gresham House Asset Management Limited (“the Manager” or “Gresham House”) and co-investment arrangements are shown in the “Report of the Directors” section of the Company’s Annual Report and Accounts which are available in the “Report and Accounts” section on this web site. A summary of the fees and charges is shown below.

Annual running costs
Annual running costs, including fees payable to Gresham House, Directors’ fees, professional fees and the costs incurred by each Company in the ordinary course of business (but excluding any performance fees payable to the Manager and irrecoverable VAT), are capped at 3.5 per cent of the Company’s net assets, any excess being met by Gresham House by way of reduction in future management fees.
The Manager is paid an annual management fee equivalent to 2.0 per cent of the Company’s net assets which is paid quarterly in arrears.
The ongoing charges ratio as at 30 September 2019 was 2.2 per cent (2018: 2.2 per cent). This percentage is stated with reference to the average total shareholder funds over the last financial year.

Performance fees
performance fee will not be payable to the Manager until the total return on shareholders’ funds exceeds an annual threshold of the higher of 4 percent or base rate plus 2 per cent calculated on a compound basis.  To the extent that the total return exceeds the threshold over the relevant period then a performance fee of 10 percent of the excess will be paid to the Manager.  The amount of any performance fee which is paid in an accounting period shall be capped at 5 per cent of shareholder’s funds for that period.
A performance fee was last paid in the 2018 financial year.

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