i Capital China Fund Fees & Charges
Fees | What you pay
Subscription Fee | Nil
Switching fee^ (% of switching out amount) | 5% for switching out of Units held for 1 year or less; Nil for switching out of Units held for more than 1 year ^ For the avoidance of doubt, the switching fee will be charged for switching between classes of the fund and switching between funds of the i Capital Master Fund that are authorised by the SFC (if any).
Redemption fee (% of redemption amount) | 5% for Units held for 1 year or less; Nil for Units held for more than 1 year
Ongoing Fees | Annual rate (as a % of the fund’s Net Asset Value)
Management fee | 1.5% (150 basis points)**
Trustee fee | Up to 0.15% (15 basis points)**, subject to a minimum monthly fee of USD5,000
Custodian fee | Up to 0.0275% (2.75 basis points)
Performance fee | 10% (1000 basis points) of the outperformance of the Net Asset Value per Unit during a performance period over the High Water Mark. Outperformance means the amount by which the increase in Net Asset Value per Unit during the relevant performance period exceeds the High Water Mark.
High Water Mark is the higher of (i) the initial subscription price and (ii) the Net Asset Value per Unit as at the end of the performance period in respect of which a performance fee was last paid. Where a performance fee is payable for a performance period, the Net Asset Value per Unit on the last Valuation Day of that performance period will be set as the High Water Mark for the next performance period.
Performance fee accrues on each Valuation Day if the Net Asset Value per value exceeds the High Water Mark. On each Valuation Day, the performance fee accrual made (if any) on the previous Valuation Day will be reversed and a new performance fee accrual will be calculated. If the Net Asset Value per Unit is lower than or equal to the High Water Mark, any performance fee accrual will be reversed and no performance fee will be accrued.
For details and illustrative examples of the performance fee calculation, please refer to “Performance Fee” in Appendix 1 of the Explanatory Memorandum.
Other fees | You may have to pay other fees when dealing in the Units of the Sub-Fund.
** The fees and charges may also be increased up to the maximum level as specified in the Explanatory Memorandum by giving at least one month’s prior notice to investors. Please refer to the Explanatory Memorandum for further details.
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