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Kames drops performance fee for absolute return fund

David Pringle
David Pringle

Kames Capital will waive the performance fee of the Kames UK equity absolute return fund from April 2 until the end of the year before halving the charge applied.

The £66.7m fund, which is managed by David Griffiths and David Pringle, incurs a performance fee when it outperforms the Bank of England’s base rate.

The performance fee currently stands at 20 per cent of the outperformance over the base rate. After the waiver period ends on January 1, 2013 this will be reduced to 10 per cent of the outperformance.

Kames launched the fund in February 2010. In the year to February 29 it returned 4.71 per cent – while the base rate sat at a historic low of 0.5 per cent. and the IMA absolute return sector’s median was 0.52 per cent.

Kames head of retail sales Steve Kenny says: “The fund has got off to an excellent start over its first two years and we believe this incentive will help to continue that momentum.”

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