Details of the Trust’s fees & charges and how they are calculated
|Annualised management fee||0.75%|
|Ongoing charges - 12 months to 30 June 2023||1.26%|
|Management fee - 12 months to 30 June 2023||1.01%|
Under the terms of the management arrangement, the Trust pays an annualised management fee equal to 0.75% of the Trust's total assets. This fee is calculated and payable quarterly in advance. The fee is charged 70% to capital reserves and 30% to the revenue account.
The Trust does not pay a performance fee.
For the 12 months to 30 June 2023, the Trust's management fee was 1.01%. This is the total cost of the management fee for the period, expressed as a percentage of the average total net assets over the period.
For the 12 months to 30 June 2023, the Trust's Ongoing Charges figure was 1.26%. This figure is normally calculated on an annual basis for periods ending on 30 June.
The definition of Ongoing Charges, per The Association of Investment Companies (AIC), is "A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company". The Trust's Ongoing Charges figure is calculated per the AIC's guidelines and states the total cost of the management fee and other operating expenses, expressed as a percentage of the average published Ordinary Shareholders' net asset value (NAV) over the period.
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