Costs

No real growth, no performance fee.
    
In constructing the Fund great importance has been attached to offering a product for which the investor's costs are as far as possible related to the growth in value obtained by the investor.

The only fixed costs are therefore the Fund’s annual management and administration fee of 1.15%.

There is a performance fee based on growth in value. The fee is payable only if the Fund’s growth exceeds the 3-month money market rate (at present 4.9% p.a.). The performance fee is calculated four times a year as 20% of the total growth in value and is, of course, payable only once in respect of the same growth in value (high watermark principle).

In other words, no real growth, no performance fee.