To provide long-term total return through a flexible investment policy that permits it to make investments predominantly in infrastructure, utility and related sectors, mainly in emerging markets. May also invest in businesses which supply services to, or otherwise support, the infrastructure, utility and related sectors. Focuses on the under-developed and developing markets of Asia, Latin America, Emerging Europe and Africa but has the flexibility to invest in markets worldwide. Generally, seeks to invest in emerging market countries where the Directors believe that there are attributes such as political stability, economic development, an acceptable legal framework and an encouraging attitude to foreign investment.
Management fee 0.65% of NAV. Performance fee equal to 15% of the amount of the higher of i the post-tax yield on the FTSE Actuaries Government Securities UK Gilt 5 to 10 years Index, plus inflation on the RPIX basis, plus 2% and ii 8%. The maximum amount of a performance fee is 1.85% of the average NAV of the Company.
The dividends have been declared and paid as four interim dividends in order to maintain quarterly payments (in September, December, March and June) as the Board and its Investment Managers believe, from discussions with shareholders, that the timely and regular payment of dividends is valued by the shareholders of the company.