Henderson Technology investment trust has changed its benchmark and fee structure, writes James Thor...
Henderson Technology investment trust has changed its benchmark and fee structure, writes James Thorneley.
The board of the £669m trust has been criticised over the past year because of the structure of the performance fee.
It is equivalent to 15% of the outperformance of the diluted NAV, compared to the FTSE World index, the trust's old benchmark. For the year to 31 March the trust's NAV rose by 138.1%, compared to the modest rise in the FTSE World Index of 14.4%, providing Hendersons with a fee of £48.6m.
The fee structure was to be reviewed next year but owing to the degree of outperformance, the board has decided to introduce a new structure now.
The performance fee will now be equivalent to 10% of the outperformance of the NAV relative to a composite index of 50% Pacific SE Technology, 15% Morgan Stanley, Eurotec 7.5% Techmark, 7.5% Euro NM, 15% Datastream Asian Electronics and 5% Jasdaq.
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