Quiet year for iimia trust

Japan exposure hits returns as iimia investment trust unable to charge performance fee

Nick Greenwood's iimia investment trust failed to earn its performance fee for the 12 months to 30 April after what the manager describes as a quiet year. Following a 39% Nav gain over the previous 12 months, the fund of investment trusts produced growth of 5.5% to end April, against 4.5% from the MSCI World index. As the Libor plus 2% benchmark increased by 6.7% over the period, Greenwood and team have only taken the basic 0.5% management charge and no performance fee. Looking over the period in question, Greenwood said he reacted to the market setback in early 2007 by building convicti...