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Ascension
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== Fund fees == === Overview === Expected annualised fee: 2.2% This is the expected total fee of the fund, averaged across a 5 year hold period. This figure is an estimate only and below we set out the actual fees payable. Please note this figure does not include performance fees (as they are not guaranteed to be payable). === Breakdown === '''Initial fee: 5%''' This fee is a one-off fee that is deducted upon investment into Ascension. It is not charged on an ongoing or annual basis. '''Annual management charge: 1.2%''' This fee is the fund’s annual management charge, payable each year to the fund manager for making and managing investments. After the 5th year, no annual management charge is payable. '''Exit transaction fee: 0.25%''' Before any investment proceeds are returned to an investor, for each investment made in the fund this transaction fee is charged. This fee covers custodian and administration costs. '''Performance fee (on total return between 1.3-2.3x): 20%''' Ascension takes a performance fee of 20% on any capital returned in excess of 1.3x your invested capital. This means if you invested £100 and the fund returns £200, Ascension will take a £14 performance fee, making your net return £186. Ascension’s performance fee is subject to you first having received back 1.1x your invested capital before any fee is payable. '''Performance fee (on total return over 2.3x): 30%''' Ascension takes a performance fee of 30% on any capital returned in excess of 2.3x your invested capital. This means if you invested £100 and the fund returns £300, Ascension will take a £41 performance fee (£20 from £130-230 and £21 from £230-300), making your net return £259. Ascension’s performance fee is subject to you first having received back 1.1x your invested capital before any fee is payable. The Expected Annualised Fee set out above is intended as a fee estimate only. Further receives an initial commission (2.5%) and a trail commission (0.0%) on funds processed for the fund manager. Commission is paid by the fund manager, so there is no additional charge to you. The fund manager charges fees of up to 5% at investment to investee companies.
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