To seek capital growth over the long-term through a focused, global portfolio consisting principally of equities, or related instruments, of natural resources companies. The company invests predominantly in unlisted companies (i.e. those companies that have not yet made an IPO) but also in listed securities (including special situations opportunities and less liquid securities) with a view to making attractive investment returns through uplifts in value resulting from development of the investee companies' projects and through exploiting value inherent in market inefficiencies and pricing anomalies.
Management fee is 1/12th of 1.75% p.a. of Market Cap, paid monthly. The amount of the performance fee is 15% of the total increase in the NAV, if the Hurdle has been met, at the end of the relevant performance period. Contract terminable on notice period of 12 months.
The Board introduced a capital returns policy whereby, subject to applicable laws and regulations, it will allocate cash for distributions to shareholders. The amount to be distributed will be calculated following publication of the audited financial statements for each year and will be no less than 15% of the aggregate net realised cash gains (after deducting losses) in that financial year. The Board will retain discretion for determining the most appropriate manner to make such distribution which may include share buybacks, tender offers and dividend payments