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We permit the publication of our auditors’ report, provided the report is published in full only and is accompanied by the full financial statements to which our auditors’ report relates, and is only published on an access-controlled page on your website https://www.hermes-investment.com, to enable users to verify that an auditors’ report by independent accountants has been commissioned by the directors and issued. Such permission to publish is given by us without accepting or assuming any responsibility or liability to any third party users save where we have agreed terms with them in writing.

Our consent is given on condition that before any third party accesses our auditors’ report via the webpage they first document their agreement to the following terms of access to our report via a click-through webpage with an 'I accept' button. The terms to be included on your website are as follows:

I accept and agree for and on behalf of myself and the Trust I represent (each a "recipient") that:

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Capacity Management

Home / Capacity Management

Capacity Management

Hermes takes a responsible and prudent approach to managing the capacity of our strategies. We seek to protect our clients’ interests from two key perspectives by ensuring, to the best extent possible, that:

(i) We can continue to maximise the potential to deliver sustainable, risk adjusted alpha by actively managing capacity so that our strategies’ portfolio characteristics can be maintained; and

(ii) We can continue to meet our liquidity commitments to investors and the FCA’s good practice guidance for liquidity.

Capacity management is therefore key to safeguarding optimal investor outcomes. To assist us in these efforts, we may look to introduce Capacity Management Measures (the “Measures”) when we have concerns about the size of assets managed under a particular strategy.

The Measures include restricting investment from new investors and imposing a Maximum Subsequent Subscription Amount (i.e. a limit on the maximum amount a Shareholder can subscribe in a Share Class of a fund), amongst other measures.

The following current capacity management measures are in place:

Hermes Investment Funds plc

Hermes Asia ex-Japan Equity Fund
This fund is open to investment from both existing shareholders and new investors.

Please be advised that a Maximum Subsequent Subscription Amount is currently in place on this fund, which will be adjusted depending on the amount of capacity in the Fund and updated on this page without written notice.

The Maximum Subsequent Subscription Amount for the Dealing Days from Friday 19 August 2016 until advised otherwise is:

USD 50,000,000
GBP 38,440,000
EUR 44,370,000
CHF 48,155,000
SGD 67,255,000

The base currency of the Hermes Asia Ex-Japan Equity Fund is USD. Foreign currency equivalent limits have been calculated using the WM/Reuters 12 noon rate as at 17 August 2016 and rounded to the nearest 5000. If these foreign exchange rates move greater than 10% (in either direction) from the rate confirmed as at 17 August 2016, the foreign currency equivalent limits will be updated on this web page only.