Management fee

Management fee is paid partly in the form of a fixed remuneration, partly in the form of a profit-sharing remuneration.

The fixed compensation amounts to 1.6 percent per year. The compensation is taken out of the portfolio monthly in arrears.

Profit sharing amounts to 20 percent of the fund’s increase in value in addition to the average return on 3-month treasury bills after the “high watermark”. High watermark means that the fund only pays a performance-based fee after any underperformance from previous periods has been compensated. The performance fee is calculated monthly and taken out of the portfolio at the end of each calendar month. The variable compensation is charged after deductions for the management fee and permitted costs.

Brokerage, clearing fees and other transaction costs attributable to the fund’s investments are paid on an ongoing basis by the fund.