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SKAGEN intends to change the fee model for SKAGEN Global to the benefit of unitholders by extending the reset frequency for calculating performance fees. The proposal would mean that the fund's A and B share classes must recover any underperformance over a longer period before a variable fee is charged.

SKAGEN Global A and B currently have fixed management fees of 1.0% and 0.8%, respectively, which will remain unchanged under the new model. Both share classes also include a variable 10% fee on any outperformance versus the MSCI All Country World Index which is charged annually and reset on 1st January each year.

The proposed change would see the current annual reset for the fund's A and B share classes increased so that underperformance in any given year that is not recovered subsequently must be carried forward for up to five years prior to resetting.

Alignment with new guidelines and client interests

The changes would align SKAGEN Global's fee model with new guidelines from the European Securities and Markets Authority (ESMA)¹ that Finanstilsynet, Norway's Financial Supervisory Authority, has adopted and come into effect for existing funds from 1st January 2022. ESMA anticipates that the new approach will benefit all stakeholders and particularly clients, as well as improving standardisation across Europe.

SKAGEN also believes that extending the performance fee reference period to five years would further align our longer-term interests with clients' and match their recommended investment horizon in our equity funds.  

Next steps

It is intended that the new fee model, which is subject to approval by unitholders and Finanstilsynet, will become effective on 1st January 2022. SKAGEN Global's other share classes and fund structures are unaffected.

An invitation to the unitholder meeting on 27th October 2021 to approve the changes will be sent to SKAGEN Global A and B unitholders which contains further information.

Read more:

Notice of unitholder meeting, SKAGEN Global A

Notice of unitholder meeting, SKAGEN Global B

 

Footnote:
¹ ESMA Guidelines on performance fees in UCITs and certain types of AIFs, April 2020

 

L'historique des rendements ne constitue aucunement une garantie quant aux rendements futurs. Les rendements futurs dépendront, entre autres, de l'évolution des marchés, de la compétence des gérants du fonds, du profil de risque du fonds et des frais de gestion. Le rendement est susceptible de devenir négatif en cas de fluctuations défavorables sur les cours de valeurs.

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