Portfolio Fund Management has finalised the charging structure on its technology fund of funds. The ...
Portfolio Fund Management has finalised the charging structure on its technology fund of funds.
The product has an initial charge of 5% and an annual management fee of 1.5% plus an estimated extra annual fee of 0.15% to cover trustee, audit, regulation and registration fees. Portfolio said that the maximum total annual charge will be 2%. Those investing before 1 May will get a bonus of 1% in extra units. The minimum investment is £1,000 lump sum or £100 per month and the fund is Isable. IFA commission is 3% initial and 0.5% renewal.
The technology fund of funds will have holdings in around 10 funds, with between 50% to 60% in four or five core funds such as Henderson Global Technology and Scottish Equitable Technology. The remainder of the portfolio will be in 'satellite' holdings in funds concentrating on areas such as the internet or healthcare. The full list of unit trusts and Oeics for the fund has yet to be finalised.
The fund will be run for Portfolio by investment boutique IMS by research director Paul Kim and managing director Richard Timberlake. IMS was set up last year by Timberlake who was previously a director of Portfolio.The move comes amid a rash of technology fund launches this year from groups including Jupiter, Gartmore and Henry Cooke Investment Funds.
All-day event on 24 April
Consequences could be more severe than in stress tests
AFH has six segregated mandate funds
Variable operating expenses