The Company is organised as a feeder fund that invests all of its assets (net of short-term working capital requirements) directly in Brevan Howard Master Fund Limited, a hedge fund in the form of a Cayman Islands open-ended investment company, which has as its investment objective the generation of consistent long-term appreciation through active leveraged trading and investment on a global basis.
Management fee equals to 1.5% p.a. of the NAV of each class of Shares. Performance of 20% of the appreciation in the NAV per share of that class during that calculation period which is above the base NAV. Agreement may be terminated on notice period of 24 months.
The Master Fund has not previously paid dividends to its investors. This does not prevent the Directors of the Company from declaring a dividend in the future. The Company may pay dividends in respect of any income that it receives or is deemed to receive for UK tax purposes so that it would qualify as an investment trust if it were UK tax-resident.