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So index funds outperformed active funds on average","page_number":7,"box":{"x":172,"y":492,"width":662,"height":14}},{"id":"defcbce3-716d-4c61-8f5d-012828fdaede","block_type":"box","text":"by 24%.","page_number":7,"box":{"x":172,"y":511,"width":76,"height":15}},{"id":"0062a278-9e45-4a52-afc1-d17be363c7e8","block_type":"box","text":"Moreover, whilst AUM in index funds is now >60%, in terms of","page_number":7,"box":{"x":173,"y":550,"width":661,"height":13}},{"id":"9515649f-26f7-4cd2-ac01-02cf23f27b3b","block_type":"box","text":"volume of trades, active fund managers are an even smaller minority","page_number":7,"box":{"x":171,"y":569,"width":663,"height":14}},{"id":"04bec6ac-a82b-42a5-a1b0-00063ab91dc5","block_type":"box","text":"than this implies. According to Cboe Global Markets, having been","page_number":7,"box":{"x":171,"y":588,"width":663,"height":15}},{"id":"f4fad871-fc8c-4397-9ffa-85ee5f927957","block_type":"box","text":"80% of trades in the 1990s, active funds share of trades is no","page_number":7,"box":{"x":172,"y":608,"width":582,"height":13}},{"id":"4d9fe89d-7189-441a-b81f-d4a76bac65f1","block_type":"box","text":"w down","page_number":7,"box":{"x":755,"y":608,"width":79,"height":11}},{"id":"b0e8ccfd-f10e-4cc5-9b75-920dfd8c8fb2","block_type":"box","text":"to just 10%. The trading activity which drives prices is now driven not","page_number":7,"box":{"x":171,"y":627,"width":663,"height":14}},{"id":"189eeb50-f2e6-447c-9297-9c1991128ccc","block_type":"box","text":"by active fund management decisions but by the momentum","page_number":7,"box":{"x":172,"y":646,"width":662,"height":15}},{"id":"9d7bb479-856f-43ed-8678-1c9d5fb74468","block_type":"box","text":"feedback loop of funds moving from active to passive and","page_number":7,"box":{"x":171,"y":666,"width":663,"height":14}},{"id":"11c0e5d5-17af-48fb-8f0c-79face8a1aab","block_type":"box","text":"reweighting within passive funds.","page_number":7,"box":{"x":172,"y":685,"width":325,"height":14}},{"id":"31a3d8a5-c7e1-4790-89f1-f038330137c8","block_type":"box","text":"I have read comments about these arguments which suggest that","page_number":7,"box":{"x":173,"y":723,"width":661,"height":15}},{"id":"178bcadc-2002-4548-9808-8cba6bcc0ce0","block_type":"box","text":"this explanation for what is happening is incorrect. However, the","page_number":7,"box":{"x":171,"y":743,"width":663,"height":14}},{"id":"a38ee267-4b4d-4f22-9803-3eb594efb061","block_type":"box","text":"performance of momentum based investment is clear as this","page_number":7,"box":{"x":172,"y":762,"width":662,"height":14}},{"id":"4a671b44-263f-49b2-8c3a-f6b7b82a8346","block_type":"box","text":"Bloomberg chart illustrates:","page_number":7,"box":{"x":173,"y":781,"width":261,"height":15}},{"id":"919ce5b3-2dbf-4895-9bb7-85fa1c27a667","block_type":"box","text":"6","page_number":7,"box":{"x":496,"y":962,"width":7,"height":8}},{"id":"4afd2f89-46cc-4c6f-b994-891822f58349","block_type":"box","text":"It is at a 30 year high and more extreme than in late 1999 just before","page_number":8,"box":{"x":173,"y":396,"width":661,"height":15}},{"id":"19229402-f29f-4e21-83a6-b2d409345a22","block_type":"box","text":"the Dotcom bubble burst. 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Asked about the rule chang","page_number":8,"box":{"x":172,"y":551,"width":543,"height":14}},{"id":"60ca8119-75e0-4319-bd2d-5c01d3082061","block_type":"box","text":"es allowing","page_number":8,"box":{"x":717,"y":551,"width":117,"height":14}},{"id":"9f589f62-b6d9-439d-8d9b-682277d49ce5","block_type":"box","text":"SpaceX to be included into indices more quickly than usual (to","page_number":8,"box":{"x":172,"y":570,"width":662,"height":14}},{"id":"bd07e31f-a82c-4ba6-b614-01cb7b116413","block_type":"box","text":"accommodate the June 2026 SpaceX IPO, major indices relaxed","page_number":8,"box":{"x":172,"y":589,"width":662,"height":14}},{"id":"69a5ac11-287e-483b-b98a-1c70a9cc17cb","block_type":"box","text":"their inclusion criteria with the Nasdaq","page_number":8,"box":{"x":171,"y":609,"width":379,"height":14}},{"id":"24a5b331-9d7e-41f5-b890-d6d6c6d5069a","block_type":"box","text":"-","page_number":8,"box":{"x":553,"y":615,"width":5,"height":1}},{"id":"aeaf36e9-4852-448e-87a1-27473624e066","block_type":"box","text":"100 eliminating its 3","page_number":8,"box":{"x":562,"y":609,"width":197,"height":14}},{"id":"24248ccf-8b35-4c97-b28f-86b2f1874d70","block_type":"box","text":"-","page_number":8,"box":{"x":761,"y":615,"width":6,"height":1}},{"id":"42332cdf-8f07-47b9-a92b-d508c6f17ea0","block_type":"box","text":"month","page_number":8,"box":{"x":769,"y":609,"width":65,"height":11}},{"id":"77110a67-00b9-41d5-a741-beca90a63f03","block_type":"box","text":"seasoning period","page_number":8,"box":{"x":172,"y":628,"width":174,"height":14}},{"id":"fe12023b-5cfc-4391-9263-b05c71eba966","block_type":"box","text":"—","page_number":8,"box":{"x":349,"y":634,"width":27,"height":5}},{"id":"f785ac9d-07af-40d2-b436-0c2bfff3d2d7","block_type":"box","text":"meaning the stock has to be trade","page_number":8,"box":{"x":380,"y":628,"width":342,"height":14}},{"id":"7575544e-5daf-4175-a9aa-fc9c07d8676e","block_type":"box","text":"d for three","page_number":8,"box":{"x":724,"y":628,"width":110,"height":11}},{"id":"02ebe66f-5d91-412d-a53d-52230f6151fc","block_type":"box","text":"months prior to inclusion","page_number":8,"box":{"x":172,"y":647,"width":242,"height":14}},{"id":"e8937f8f-51a2-4fa5-8636-046f44523f44","block_type":"box","text":"—","page_number":8,"box":{"x":415,"y":654,"width":28,"height":4}},{"id":"65b8807f-e7b9-478b-a84b-483385b1ff13","block_type":"box","text":"and its 10% float requirements so that it","page_number":8,"box":{"x":444,"y":647,"width":390,"height":14}},{"id":"2be46f50-110b-4451-98b4-8db37bb79a54","block_type":"box","text":"could be included despite having less than 10% freely tradeable)","page_number":8,"box":{"x":172,"y":666,"width":662,"height":15}},{"id":"3bec15e8-309f-47af-b3b2-2058c34e78c8","block_type":"box","text":"Booth said, ‘I think you’re hitting on a bigger problem. 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[Index providers] are","page_number":8,"box":{"x":172,"y":763,"width":662,"height":14}},{"id":"e09a59b9-fe62-4c73-8528-34c17137333f","block_type":"box","text":"sensible people, but they’","page_number":8,"box":{"x":172,"y":782,"width":259,"height":14}},{"id":"d87d1920-ddb9-4ddc-95a5-137a2f760b4d","block_type":"box","text":"re not fiduciaries looking out after me.","page_number":8,"box":{"x":434,"y":782,"width":400,"height":14}},{"id":"83282e26-4cfa-406d-b101-402a6b5becb1","block_type":"box","text":"They’re looking out after them… It doesn’t make them bad, but","page_number":8,"box":{"x":171,"y":801,"width":663,"height":15}},{"id":"d4120df3-ab89-4783-a44b-2ce4ab44ac70","block_type":"box","text":"people need to realise what’s going on.’","page_number":8,"box":{"x":172,"y":820,"width":381,"height":15}},{"id":"3d083260-8b1d-4fff-b698-5cd0860825e0","block_type":"box","text":"What we are surely seeing is that index funds, like other financial","page_number":8,"box":{"x":171,"y":859,"width":663,"height":14}},{"id":"92190da1-08ae-4ae3-8171-7718b68053a0","block_type":"box","text":"innovations, start with a good rationale but inevitably end up being","page_number":8,"box":{"x":172,"y":878,"width":662,"height":15}},{"id":"d4ce742f-7232-4f26-b083-d7f6a924c4e3","block_type":"box","text":"taken to extremes, ultimately with dire consequences. The","page_number":8,"box":{"x":171,"y":897,"width":663,"height":15}},{"id":"c632000b-ced0-4551-a130-50f40466c276","block_type":"box","text":"7","page_number":8,"box":{"x":496,"y":962,"width":7,"height":8}},{"id":"a8acc011-8c34-4439-ac81-f5140c33ee73","block_type":"box","text":"development of credit derivatives in the 1990s and the subsequent","page_number":9,"box":{"x":172,"y":68,"width":662,"height":14}},{"id":"3323931c-243a-4319-a540-676a266786d7","block_type":"box","text":"Great Financial Crisis of 2007","page_number":9,"box":{"x":172,"y":88,"width":286,"height":11}},{"id":"c68e3954-778b-46cf-93a8-444358c63745","block_type":"box","text":"–","page_number":9,"box":{"x":459,"y":94,"width":12,"height":1}},{"id":"c4940019-7903-4d6c-88b1-5ce8b09bf97f","block_type":"box","text":"08 are a recent illustration of this.","page_number":9,"box":{"x":472,"y":88,"width":319,"height":11}},{"id":"31fd1256-6117-4aa5-b66c-5dcf9b8d5cb0","block_type":"box","text":"With regard to what the headlong dash from active to index funds is","page_number":9,"box":{"x":171,"y":126,"width":663,"height":15}},{"id":"8cc2e090-8849-4138-8596-4f06a656d59f","block_type":"box","text":"doing I rest my case, for now at least.","page_number":9,"box":{"x":172,"y":145,"width":359,"height":15}},{"id":"d6cf0d0b-738d-4b53-872d-f7be7b748f14","block_type":"box","text":"It is important to state at this point that we remain firmly of the view","page_number":9,"box":{"x":173,"y":184,"width":661,"height":14}},{"id":"b32e4f81-08ba-4ad6-9655-a3b0b51a7703","block_type":"box","text":"that owning a group of stocks which have better fundamental","page_number":9,"box":{"x":171,"y":203,"width":663,"height":15}},{"id":"f052764f-6ec9-49b7-8312-f43801d7de27","block_type":"box","text":"characteristics than the index (better and more defensible returns on","page_number":9,"box":{"x":172,"y":222,"width":662,"height":15}},{"id":"29ea33d9-c03d-4ef0-98d0-ea23e5ca484b","block_type":"box","text":"capital employed plus a source of growth into which t","page_number":9,"box":{"x":172,"y":242,"width":500,"height":14}},{"id":"e379cb82-4b18-46cd-a1e6-10df07c8bede","block_type":"box","text":"o deploy at least","page_number":9,"box":{"x":673,"y":242,"width":161,"height":14}},{"id":"91c4ca2e-9f5e-442f-9292-9044233be618","block_type":"box","text":"part of the cash generated) at a reasonable valuation will produce a","page_number":9,"box":{"x":172,"y":261,"width":662,"height":14}},{"id":"efec342b-05f5-49c4-8b40-115fc31d8166","block_type":"box","text":"superior investment return to the market over the long term, and","page_number":9,"box":{"x":172,"y":280,"width":662,"height":15}},{"id":"01c9f639-363a-443f-b0a9-d8f7e91d8941","block_type":"box","text":"particularly so if volatility is taken into account.","page_number":9,"box":{"x":172,"y":299,"width":444,"height":15}},{"id":"a91f94ba-d405-42ac-87b2-d516942f2b5f","block_type":"box","text":"Every day we seem to be presented with examples of what the rise","page_number":9,"box":{"x":173,"y":338,"width":661,"height":14}},{"id":"12b58228-fe32-4925-bd18-093b45f621f2","block_type":"box","text":"of passive investment is doing to the market in terms of volatility. 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rate:","page_number":53,"box":{"x":73,"y":353,"width":445,"height":11}},{"id":"465af9ec-8a7e-442f-9de0-514720edbf14","block_type":"box","text":"Tier","page_number":53,"box":{"x":73,"y":380,"width":29,"height":9}},{"id":"db70058c-889f-4496-bc35-e7adcfc65e3c","block_type":"box","text":"Rate","page_number":53,"box":{"x":716,"y":380,"width":32,"height":9}},{"id":"9b945db9-9b06-47fa-beb2-ad4a84f484cc","block_type":"box","text":"Net asset value up to EUR 2 billion","page_number":53,"box":{"x":72,"y":393,"width":238,"height":11}},{"id":"afe364cb-f018-41ee-8b60-f77956618a07","block_type":"box","text":"0.0200%","page_number":53,"box":{"x":716,"y":393,"width":59,"height":9}},{"id":"17f4dbe1-4a31-46b4-be81-e0188ec197ca","block_type":"box","text":"Net asset value over EUR 2 billion and up to EUR 10 billion","page_number":53,"box":{"x":72,"y":406,"width":408,"height":11}},{"id":"eeff0450-e5dc-4de2-86f4-5c5f5ea85bbb","block_type":"box","text":"0.0150%","page_number":53,"box":{"x":716,"y":406,"width":59,"height":9}},{"id":"33d4aadb-eba2-48f2-a8d3-9bfe29dae127","block_type":"box","text":"Net asset value over EUR 10 billion","page_number":53,"box":{"x":72,"y":419,"width":243,"height":8}},{"id":"0d5d79f9-5ac0-4bab-a2d7-7704abbcd434","block_type":"box","text":"0.0100%","page_number":53,"box":{"x":716,"y":419,"width":59,"height":9}},{"id":"81c79c6a-a42a-4f19-b123-e377176b8531","block_type":"box","text":"A minimum monthly fee of EUR 5,000 applies if the basis point fee for the SICAV does not reach the minimum fee applicable.","page_number":53,"box":{"x":72,"y":442,"width":853,"height":10}},{"id":"8c00b598-1f20-44ac-9cb8-5816ffad2cbe","block_type":"box","text":"(b)","page_number":53,"box":{"x":73,"y":468,"width":19,"height":10}},{"id":"9c44873d-6631-4b9b-8b03-fd7c46c6c214","block_type":"box","text":"Administration Fees","page_number":53,"box":{"x":102,"y":468,"width":146,"height":8}},{"id":"2edd66d6-c0ce-4a9b-8cae-d1774028f53c","block_type":"box","text":"Northern Trust Global Services SE has been appointed as administrator (the “Administrator”) pursuant to the Central","page_number":53,"box":{"x":72,"y":493,"width":859,"height":11}},{"id":"1b326f41-59d9-40a7-972f-ebfc6c6168dc","block_type":"box","text":"Administration Agreement. The Administrator provides the services of central administration agent, domiciliary and corporate","page_number":53,"box":{"x":72,"y":507,"width":859,"height":11}},{"id":"1a89e079-a52f-4cd0-9eea-a5b765a7e469","block_type":"box","text":"agent, registrar and transfer agent to the SICAV.","page_number":53,"box":{"x":73,"y":521,"width":320,"height":11}},{"id":"29d5c1b4-a33d-4929-929c-3f8146710e75","block_type":"box","text":"The SICAV pays to the Administrator out of the assets of the Sub-Funds an annual fee, accrued as of each valuation day and","page_number":53,"box":{"x":73,"y":547,"width":858,"height":11}},{"id":"99c3ae72-21b8-45e7-86e6-47d72b8cbc6a","block_type":"box","text":"payable monthly in arrears, for the fund administration duties.","page_number":53,"box":{"x":72,"y":562,"width":416,"height":10}},{"id":"06fb7366-77a6-48ca-8fb7-9814a13020d5","block_type":"box","text":"The annual rates applied at umbrella level are as specified in the following table:","page_number":53,"box":{"x":73,"y":588,"width":539,"height":11}},{"id":"ff617172-bc23-455a-8b15-4cef84776186","block_type":"box","text":"Tier","page_number":53,"box":{"x":73,"y":615,"width":29,"height":8}},{"id":"717570f6-a972-4e0d-b325-330bbc03f803","block_type":"box","text":"Rate","page_number":53,"box":{"x":716,"y":615,"width":32,"height":8}},{"id":"55e27360-f846-48af-9afb-d9ad686e2d4f","block_type":"box","text":"EUR 0 - EUR 500 million","page_number":53,"box":{"x":72,"y":628,"width":176,"height":8}},{"id":"1b09fd65-ce87-432c-a739-babe390b1246","block_type":"box","text":"0.0300%","page_number":53,"box":{"x":716,"y":628,"width":59,"height":8}},{"id":"e0410ad8-dcb2-4bda-b513-a1d5ae492a46","block_type":"box","text":"EUR 500 million - EUR 750 million","page_number":53,"box":{"x":72,"y":641,"width":245,"height":8}},{"id":"16afb148-0069-418d-8472-d30cc95afb61","block_type":"box","text":"0.0200%","page_number":53,"box":{"x":716,"y":641,"width":59,"height":8}},{"id":"c4ab0a7c-0cae-4bc9-a37a-c3b751fa6fa0","block_type":"box","text":"EUR 750 million - EUR 1,500 million","page_number":53,"box":{"x":72,"y":654,"width":258,"height":10}},{"id":"ea147c19-a711-4103-a604-d183f58f7e19","block_type":"box","text":"0.0100%","page_number":53,"box":{"x":716,"y":654,"width":59,"height":8}},{"id":"70c66e20-96d0-4e7b-a265-b34932ac6539","block_type":"box","text":"EUR 1,500 million - EUR 6,500 million","page_number":53,"box":{"x":72,"y":667,"width":271,"height":10}},{"id":"35874832-2ac4-4d85-a17e-8522602ed75a","block_type":"box","text":"0.0075%","page_number":53,"box":{"x":716,"y":667,"width":59,"height":8}},{"id":"6904ba0e-069a-44ea-9bc1-3b0a32ac82c0","block_type":"box","text":"EUR 6,500 million - EUR 16,500 million","page_number":53,"box":{"x":72,"y":680,"width":279,"height":10}},{"id":"4d3976f6-f8bd-4739-8f34-cd661af93f34","block_type":"box","text":"0.0050%","page_number":53,"box":{"x":716,"y":680,"width":59,"height":8}},{"id":"865377a0-b8e0-4f99-b860-70bd72beacb8","block_type":"box","text":"Above EUR 16,500 million","page_number":53,"box":{"x":72,"y":693,"width":186,"height":10}},{"id":"85251e44-fb38-4a02-8532-6dbfbb4a6306","block_type":"box","text":"0.0025%","page_number":53,"box":{"x":716,"y":693,"width":59,"height":8}},{"id":"c1b074f6-33eb-4ad2-a786-32adfc441d66","block_type":"box","text":"There is an additional charge of EUR 1,000 per annum for each share class, the first two share classes in each Sub-Fund being","page_number":53,"box":{"x":73,"y":715,"width":854,"height":11}},{"id":"d4283260-e088-4b45-9ee1-47f7dd38176f","block_type":"box","text":"free of charge.","page_number":53,"box":{"x":73,"y":730,"width":95,"height":10}},{"id":"aaa7f02a-7acc-4c32-92e1-0fb3478b3ff0","block_type":"box","text":"The Administrator is also entitled to a fee of EUR 9,000 per annum at umbrella level for acting as the domiciliary agent.","page_number":53,"box":{"x":73,"y":756,"width":806,"height":10}},{"id":"3d968656-69d2-4260-9a5b-7447fcb62b3a","block_type":"box","text":"The SICAV also pays to the Administrator the following fees for the transfer agency services:","page_number":53,"box":{"x":73,"y":782,"width":626,"height":11}},{"id":"dc1d636e-22c2-460e-abe9-ad33d23b448d","block_type":"box","text":"Service","page_number":53,"box":{"x":73,"y":809,"width":51,"height":8}},{"id":"1f1f6b53-194a-4ecd-ada6-32cbb174b1f6","block_type":"box","text":"Fee","page_number":53,"box":{"x":636,"y":809,"width":24,"height":8}},{"id":"17ebea53-c74e-4062-98f2-4696b4d30946","block_type":"box","text":"Fund maintenance 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5/automated","page_number":53,"box":{"x":636,"y":848,"width":242,"height":10}},{"id":"a3ac4a34-6a24-4485-bd16-05c38f0cdf28","block_type":"box","text":"transaction","page_number":53,"box":{"x":636,"y":862,"width":73,"height":8}},{"id":"27cf3b5a-eee0-4428-b2b2-16da8bcb50be","block_type":"box","text":"Fund distribution fee per Sub-Fund up to 2 share classes","page_number":53,"box":{"x":72,"y":875,"width":378,"height":11}},{"id":"d24c60eb-3b0a-4603-b484-3bb0645040ff","block_type":"box","text":"EUR 500/distribution/Sub-Fund","page_number":53,"box":{"x":636,"y":875,"width":216,"height":8}},{"id":"8a162f5c-693a-4c67-bedc-a4645e6b930b","block_type":"box","text":"Investor Servicing Support from Northern Trust Asia during Asia time zone","page_number":53,"box":{"x":72,"y":888,"width":507,"height":11}},{"id":"c8fca03f-838b-42e1-9090-45d303fb03d0","block_type":"box","text":"EUR 85,000 p.a.","page_number":53,"box":{"x":636,"y":888,"width":111,"height":11}},{"id":"dc21348b-62b2-4c5b-afc1-d88e319009f6","block_type":"box","text":"For the period ended 30 June 2026","page_number":53,"box":{"x":376,"y":93,"width":247,"height":11}},{"id":"e66a123b-31ca-41ea-9f87-778bf057fa08","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":53,"box":{"x":337,"y":125,"width":325,"height":10}},{"id":"11f0b78a-3741-43b7-9d53-82c0cfac941c","block_type":"box","text":"53","page_number":54,"box":{"x":491,"y":948,"width":15,"height":9}},{"id":"f515a07b-9f78-4f3f-8b41-56d36186e675","block_type":"box","text":"Fundsmith SICAV","page_number":54,"box":{"x":434,"y":60,"width":132,"height":9}},{"id":"e70ea72c-44b7-4b0a-99cd-7d4b5415a506","block_type":"box","text":"Semi-Annual Report and Unaudited Financial 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The Depositary is entrusted with the safekeeping of the SICAV’s assets.","page_number":54,"box":{"x":72,"y":217,"width":641,"height":11}},{"id":"95ad6fc1-9d83-4ca1-9409-5aa91bdd0cfc","block_type":"box","text":"The Depositary has delegated to sub-delegates the responsibility for the safekeeping of the SICAV’s financial instruments and","page_number":54,"box":{"x":73,"y":243,"width":858,"height":11}},{"id":"b5162454-8331-4cc6-9061-1f898ecaaadd","block_type":"box","text":"cash.","page_number":54,"box":{"x":73,"y":258,"width":32,"height":8}},{"id":"22dcfe98-b7db-40ad-a199-1b65f2884c27","block_type":"box","text":"The SICAV pays to the Depositary out of the assets of the Sub-Funds an annual fee, accrued as of each valuation day and payable","page_number":54,"box":{"x":73,"y":284,"width":858,"height":11}},{"id":"c83ecb6e-6708-4e47-be05-8946b0658fd8","block_type":"box","text":"monthly in arrears, for depositary duties.","page_number":54,"box":{"x":72,"y":298,"width":278,"height":11}},{"id":"c1451f0c-4acb-4720-83f2-2789e5b23917","block_type":"box","text":"The annual rates applied at umbrella level are as specified in the following table:","page_number":54,"box":{"x":73,"y":324,"width":545,"height":11}},{"id":"d71ff267-1433-4c9f-ba6a-26046438358a","block_type":"box","text":"Total net assets","page_number":54,"box":{"x":73,"y":351,"width":107,"height":9}},{"id":"0a89b74f-8e0d-4dc2-a8b4-b1460423e406","block_type":"box","text":"Rate","page_number":54,"box":{"x":716,"y":351,"width":32,"height":9}},{"id":"45f50267-5dd3-4782-b473-5ac4c1358a9c","block_type":"box","text":"EUR 0 - EUR 1 billion","page_number":54,"box":{"x":72,"y":364,"width":154,"height":9}},{"id":"9d68ce35-28c4-4b74-b23e-53fa28a7787c","block_type":"box","text":"0.0100%","page_number":54,"box":{"x":716,"y":364,"width":59,"height":9}},{"id":"53a441ef-2c31-46ba-ac3c-e31dc906e100","block_type":"box","text":"EUR 1 billion - EUR 3 billion","page_number":54,"box":{"x":72,"y":377,"width":203,"height":9}},{"id":"3b5625e0-a563-4e04-913e-491122416525","block_type":"box","text":"0.0090%","page_number":54,"box":{"x":716,"y":377,"width":59,"height":9}},{"id":"23405e68-810f-4ea6-8e8c-9aaa0c02431e","block_type":"box","text":"EUR 3 billion - EUR 5 billion","page_number":54,"box":{"x":72,"y":390,"width":203,"height":9}},{"id":"f24a1515-31f3-447b-a93e-4c999c999bd2","block_type":"box","text":"0.0080%","page_number":54,"box":{"x":716,"y":390,"width":59,"height":9}},{"id":"bcf901fd-882a-48ac-a742-e9394266f757","block_type":"box","text":"EUR 5 billion - EUR 10 billion","page_number":54,"box":{"x":72,"y":403,"width":211,"height":9}},{"id":"e12e3ade-6c71-481a-8b00-41deccbfec42","block_type":"box","text":"0.0070%","page_number":54,"box":{"x":716,"y":403,"width":59,"height":9}},{"id":"75407ed8-5b84-491a-baaf-61b6a8ffa344","block_type":"box","text":"EUR 10 billion - EUR 20 billion","page_number":54,"box":{"x":72,"y":416,"width":219,"height":9}},{"id":"4c6e08c5-dd7c-4fbb-a080-eec5f6ab126f","block_type":"box","text":"0.0060%","page_number":54,"box":{"x":716,"y":416,"width":59,"height":9}},{"id":"ad43c3c0-eff2-460d-9775-be49be96f94c","block_type":"box","text":"Over EUR 20 billion","page_number":54,"box":{"x":73,"y":429,"width":139,"height":9}},{"id":"dd7375f3-28d1-4a77-bf91-1ccaae708d4a","block_type":"box","text":"0.0050%","page_number":54,"box":{"x":716,"y":429,"width":59,"height":9}},{"id":"013d561d-dfd6-419f-b6c1-c4a2e8fb0dd8","block_type":"box","text":"The Depositary is also entitled to remuneration for its custody services and other ancillary services. The fees paid for custody","page_number":54,"box":{"x":73,"y":452,"width":858,"height":10}},{"id":"42dbbe30-9193-4953-8ccc-7cfd758c8ee5","block_type":"box","text":"services include safekeeping fees for each holding in the portfolios and transaction fees based on the country in which the","page_number":54,"box":{"x":73,"y":466,"width":858,"height":11}},{"id":"3d8a18ba-436b-4c29-a8bf-e1e0edc41b7b","block_type":"box","text":"holding is listed.","page_number":54,"box":{"x":72,"y":480,"width":110,"height":11}},{"id":"3e426026-ddf3-4674-a68a-47fe78ab25c9","block_type":"box","text":"(d)","page_number":54,"box":{"x":73,"y":506,"width":19,"height":11}},{"id":"c6885fbe-531d-4520-88ed-7ffa80d6f206","block_type":"box","text":"Directors’ Fees","page_number":54,"box":{"x":103,"y":506,"width":106,"height":9}},{"id":"b8f8d59b-5507-4254-8fbe-b6a3d871d163","block_type":"box","text":"Mr. Garry Pieters and Ms. Sheenagh Joy Gordon-Hart receive, as compensation for their services as Independent Directors, an","page_number":54,"box":{"x":72,"y":531,"width":859,"height":11}},{"id":"f83de5ac-67e4-458b-9da2-dcbbfc86e5e2","block_type":"box","text":"annual fee of EUR 40,000 each, subject to approval by the general meeting of Shareholders of the SICAV. 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