For full details and examples please refer to the prospectus. A performance fee is paid (if due) once provision has been made for all other fees and expenses of the fund.
The performance fee accrues daily and is included in the daily calculation of the NAV. The performance fee crystallises at the end of each performance period (annually) and is paid to the Investment Manager annually in arrears.
There is no maximum monetary cap on the amount that may be charged in respect of the performance fee as this is determined by the rate of growth of the fund.
Performance Fee Calculation Methodology
The fund pays a performance fee of 20% where the NAV is higher than both the High Water Mark and the Hurdle Rate. The Hurdle Rate for the fund is the greater of zero and the appreciation of the MSCI All Countries Asia Pacific (ex Japan) Index. The appreciation of the MSCI All Countries Asia Pacific (ex Japan) Index is calculated annually with reference to the fund’s financial year.
The performance fee accrual will never fall below zero.
The cumulative performance fee accrued from the beginning of the performance period will be included in the calculation of the NAV of each share class on that day. In addition the Hurdle Rate will be calculated by reference to the currency of the Class.
The Auditor of the fund will audit the calculations of any performance fee accrued or paid out as part of their annual audit.