Understanding our administration fees

We charge annual fees for the administration of your investments on our local and offshore platforms and in our offshore endowment. We calculate the annual administration fee percentages applicable to each of your investment accounts based on the market value across all local platform, offshore platform and offshore endowment investments linked to your investor number (referred to as “your total investment value”).

Below we unpack the tiered fees applicable to your local platform, offshore platform and offshore endowment investments and explain under what circumstances we charge a flat fee.

Local platform investments

For your local platform investments, we calculate the annual administration fee percentages (excluding VAT) by applying the following fee tiers to your total investment value:

• A maximum of 0.5% on the first R1m
• 0.2% on the next R2m
• 0.1% on the next R7m
• 0.075% on the balance above R10m

For any investments in Allan Gray unit trusts, the annual administration fee percentage (excluding VAT) will be a flat fee of 0.2%.

Offshore investments

For your offshore investments, we calculate the annual administration fee percentages (excluding VAT) by applying the following fee tiers to your total investment value (in US dollars):

• 0.5% on the first US$200 000
• 0.2% on the next US$800 000
• 0.1% on the balance above US$1m

For investments in certain Allan Gray and Orbis unit trusts, the annual administration fee percentage (excluding VAT) is calculated by applying the following fee tiers to your total investment value (in US dollars):

• 0.3% on the first US$600 000
• 0.2% on the next US$400 000
• 0.1% on the balance above US$1m

For any investments in the Allan Gray Money Market Fund, the annual administration fee percentage (excluding VAT) will be a flat fee of 0.2%.

Flat administration fee

If your total investment value is less than R50 000, the annual administration fee percentages described above will be replaced by a flat annual administration fee percentage of 1% (excluding VAT).

How does this all work?

Graphic 1 below illustrates how our administration fee tiers would be applied for a client who has local platform, offshore platform (“AGOS”) and offshore endowment (“AGON”) investments.