Initial Charge

This is sometimes referred to as the entry charge. It is the maximum that might be taken out of your money before it is invested.

Courtiers Asset Management Limited (CAML) does not currently apply an initial charge for all new investments.

Ongoing Charges Figure (OCF)

These are the annual operating expenses of running the fund and are deducted from the assets of the fund. Each fund will apply an ongoing charge, which is used to pay the costs of running the fund. The types of expenses contained within the ongoing charges can include:

• registration fees, regulatory fees
• custody and other fund administration costs
• costs of independent oversight functions such as auditors and legal fee
• fees paid to the Authorised Corporate Director (“ACD”) known as the annual management charge or AMC (see below)

The ongoing charges for each fund and share class vary, and can be found in the relevant Key Investor Information Document.

Annual Management Charge (AMC)

This is the fee paid to CAML as the ACD of the fund for managing the funds and is included in the ongoing charges figure. It covers investment management services such as research analysis and portfolio management. The AMC is calculated and accrued daily, based on the value of the fund’s net assets reflected in the daily value of the fund.

Portfolio Transaction Costs

Funds incur broker commission and transfer taxes (UK Stamp Duty Reserve Tax or SDRT in the UK) as a necessary part of buying and selling the fund’s underlying investments. SDRT is not charged on open ended investment companies (OEICs) transactions after 31 March 2014.

In case of shares, broker commissions and transfer taxes are paid by the fund on each transaction. In addition there is a dealing spread; this is the difference between the buying and selling prices of the underlying investments. Dealing spreads vary depending on the investment, transaction value and market sentiment.

Unlike shares, other types of investments such as bonds, derivatives, collective investment schemes, have no separately identifiable transaction costs; these costs form part of the dealing spread.

Performance Fee

This is taken from a fund under specific conditions e.g. if the fund manager outperforms or beats a performance target.

No performance fee is charged on any of our funds.

Exit Charge

This is sometimes referred to as the redemption charge.  It is taken when you redeem your shares in a fund.

Courtiers Asset Management Limited (CAML) do not currently apply an exit charge for any of the Courtiers funds.

Pricing Policy

We operate a single pricing methodology. This means that the price of a share for buying and selling is determined by reference to a particular valuation point each day.

CAML deals on a forward pricing basis, calculated at the next valuation point (22:00 daily) after receipt of a request for a purchase or sale.

We reserve the right to charge a “dilution levy” to protect investors from the costs of buying or selling investments as a result of other large investors joining or leaving the fund.

Based on the current level of transactions in the firm, the estimated rate of any dilution levy is expected to be 0.5%. On this basis the CAML as the ACD does not expect to require a dilution levy in normal circumstances

For more information on each fund’s charges please refer to the relevant Key Investor Information Document (KIID) this can be found in the fund information section of our website.

For details of costs and charges, distribution strategy and target market applicable to Courtiers funds, please refer to the European MiFID Template (EMT) version 1.0, 2017, published in the regulatory disclosure section of our website.

We recommend investors seek advice from a qualified financial adviser before investing in any of CAML’s range of funds.

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