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:
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.