In addition, the Investment Advisor is entitled to receive a performance fee, payable out of the assets attributable to the relevant Class.
The performance fee will be calculated, accrued and crystallised on each Valuation Date in the respective Class as described below and paid out monthly in arrears.
Performance Fee will be calculated as follows: at the end of the calendar year for which Performance Fee is to be calculated, the Performance Fee (net of fees) for each Share will be equal to a maximum of 15% of the appreciation of the Net Asset Value per Share as at the end of such calendar year (when the Net Asset Value exceeds the all-time highest end-of-year Net Asset Value per Share, Net of Performance Fee (“High Watermark”)), after deduction of 7% (“Hurdle Rate”). The Net Asset Value per Share at the beginning of the calculation period may be lower than the High Watermark of the respective Share Class.
The definitions and calculations are as follows
The Performance Fee is calculated from the absolute return of the net asset value multiplied by the number of the respective shares in issue from year to year.
The Investment Manager and/or the Sub-Investment Manager may be entitled to a performance fee (the "Performance Fee") of a maximum of 15% of a reference amount as determined hereinafter.
A Performance Fee may be paid to the Investment Manager on a yearly basis in the case of a positive Relative Performance (as defined hereinafter) of the relevant Class, subject to a High-Water Mark provision (as defined hereinafter) and a “hurdle rate” of 7% p.a..
The Performance Fee is calculated and accrued at each Net Asset Value calculation on the basis of the Net Asset Value determined on each Valuation Day.
The Relative Performance is defined as the annual return of the relevant Class, after deduction of fees and expenses attributable to the Class, excluding Performance Fee ("Relative Performance").
The High-Water Mark is defined as the highest Net Asset Value per Share at year end for the relevant Class since its launch ("High-Water Mark").
A performance fee will only be paid where:
In such instances, the Performance Fee is computed as 15% of the difference between the current Net Asset Value per share and the highest between the High-Water Mark and the NAV at the beginning of the year plus “hurdle rate” of 7% p.a. multiplied by the current number of Shares related to the Share Class.
|NAV at beginning of the year||100||EUR|
|NAV including hurdle rate*||107||EUR|
|NAV at the end of the year||110||EUR|
* NAV to be beaten at year end.
Performance Fee amount:
15% *(110 EUR – 108 EUR) *current number of shares outstanding
Should the investor redeem shares before the end of the year, a Performance Fee shall also be computed mutatis mutandis and paid to the Investment Manager at year end.
More specifically, a performance fee will only be payable where:
In such instances, the performance fee is computed as 15% of the difference between the current Net Asset Value per share and the highest between the High-Water Mark and the NAV at the beginning of the year plus “hurdle rate” of 7% p.a. (pro rata temporis) multiplied by the current number of shares redeemed.