Important Information
This page is for information only and does not constitute financial advice or a personal recommendation to invest. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and may fall as well as rise.
Please click below to download the Fund Charges and Costs document. Please see below for further information.
WAY Fund Managers Limited (WFM) actively promotes the understanding of the nature of charges, costs and transparency, which is in line with Investment Association (IA) recommended practice. When investors use funds to invest in financial markets they are charged for the operation of those funds
For WFM's UK UCITS (Undertaking for Collective Investment in Transferable Securities) Schemes, all such fund charges are disclosed in a standard format in the Key Investor Information Documents (KIID) and additional information can be found in the Supplementary Information Documents (SID) and the full Prospectuses. In respect of Non-UCITS Retail Schemes (NURS), such disclosures are made within the NURS Key Investor Information documents (NURS-Kii) and additional information can be found in the Supplementary information Documents (SID) and the full Prospectuses.
In common with other types of investments in financial markets, funds incur costs as a necessary part of buying and selling underlying investments in order to achieve their investment objectives. These transaction costs affect a fund's investors in different ways depending on whether they are joining, leaving or continuing with their investment in a fund. Below we explain what these charges may be, and which charges are applicable to our funds or where further details can be found. In all cases fund-specific charges and policies can always be found in the relevant fund Prospectus.
If you hold an investment directly with WAY Fund Managers we will provide you with an 'Annual Costs and Charges Summary' of the specific costs and charges that have been applied to the funds held within your account for the previous calendar year. If you hold one of our funds with an investment platform or 'fund supermarket', your chosen provider will supply that information.
Adviser charges are not directly incurred by a fund but may be deducted from your account if the investor has asked us to pay them to their financial adviser. Any adviser charge paid by WFM will also be shown on the 'Annual Costs and Charges Summary'.
This is a separate contractual arrangement made between the investor and their financial adviser. WFM is happy to facilitate the payment of the initial and/or ongoing adviser charge where the investor has agreed this with their financial adviser, but WFM has no influence over the amount that the investor has agreed to pay. Please contact your financial adviser for more information about this.
This is the maximum charge that might be taken from your money before it is invested. For example, if you invest £1,000, an entry charge/ initial charge of 5% (which is based on the net asset value price of a fund) means that £952.38 of your money is used to buy shares/ units in your chosen fund. The Initial Charge for some funds operated by WFM are based on the Investor's gross investment. In these cases, a 5% initial charge would equate to a net investment of £950 in respect of a £1,000 investment. The charge is used to cover the costs of setting up your investment. Details of any entry charge/ initial charge are provided in the NURS-Kii for NURS and in the Key Investor Information Document (KIID) for UK UCITS Schemes.
This is a charge that may be taken when you sell your investment instead of or in addition to an initial charge in order to cover our costs. Whilst the majority of our funds have the power to levy exit charges, none of the funds currently does so. Such charges can only be applied to investments made into a fund following the introduction of the charge (i.e. investments made prior to introduction will not be affected). Details regarding our policy can be found in the relevant fund's Prospectus.
This is a separate contractual arrangement made between the investor and their financial adviser. WFM is happy to facilitate the payment of the initial and/or ongoing adviser charge where the investor has agreed this with their financial adviser, but WFM has no influence over the amount that the investor has agreed to pay. Please contact your financial adviser for more information about this.
This figure will be shown as a percentage of the value of all individual share classes, and it is normally based on actual charges for the previous accounting period. For a new or relatively new fund, OCFs can be a reasonable estimate of the expected future expenses, based on an assumed fund size. The OCF covers all aspects of operating a fund during the year, including fees paid for investment management, administration and the independent oversight functions. It excludes performance fees and certain portfolio transaction costs. Where applicable, performance fees will be shown separately. Where a fund invests in other collective investment schemes, the figure includes the impact of net charges made in those underlying funds (the so called 'synthetic' charge). The term Ongoing Charges Figure (OCF) has replaced Total Expense Ratio (TER), which in the past was used to describe these same charges.
For WFM's UK UCITS (Undertaking for Collective Investment in Transferable Securities) Schemes, all such fund charges are disclosed in a standard format in the Key Investor Information Documents (KIID) and additional information can be found in the Supplementary Information Documents (SID) and the full Prospectuses. In respect of Non-UCITS Retail Schemes (NURS), such disclosures are made within the NURS Key Investor Information documents (NURS-Kii) and additional information can be found in the Supplementary information Documents (SID) and the full Prospectuses.
If you hold an investment directly with WAY Fund Managers we will provide you with an 'Annual Costs and Charges Summary' of the specific costs and charges that have been applied to the funds held within your account for the previous calendar year. If you hold one of our funds with an investment platform or 'fund supermarket', your chosen provider will supply that information.
A fund's annual management charge (AMC) is a charge levied against the fund by WAY Fund Managers Limited and it is used to pay for a variety of expenses related to the day-to-day operation of the fund. Whilst quoted separately, the AMC is included within the OCF.
Most of the WFM funds do not have a performance fee. However, where a performance fee is applied, brief details are given in the Key Investor Information Document (KIID) or NURS-Kii for the affected fund. Full details of how the performance fee would be calculated can also be found in the affected fund's Prospectus.
For WFM's UK UCITS (Undertaking for Collective Investment in Transferable Securities) Schemes, all such fund charges are disclosed in a standard format in the Key Investor Information Documents (KIID) and additional information can be found in the Supplementary Information Documents (SID) and the full Prospectuses. In respect of Non-UCITS Retail Schemes (NURS), such disclosures are made within the NURS Key Investor Information documents (NURS-Kii) and additional information can be found in the Supplementary information Documents (SID) and the full Prospectuses.
Portfolio transaction costs vary dependent on the types of investment in which a fund invests, and also the frequency of transactions. Funds incur broker commissions and transfer taxes (Stamp Duty in the UK) as a necessary part of buying and selling a fund's underlying investments in order to achieve their objective.
In the case of shares, broker commissions and transfer taxes/ stamp duty are paid by a fund on each transaction. In addition, there is a dealing spread between the buying and selling prices of the underlying investments. Dealing spread is the difference between the prices at which the underlying investments are bought and sold in the market. Other types of investments traded on an exchange (such as bonds, money market instruments, derivatives) may have separately identifiable transaction costs or such costs may form part of the dealing spreads. Dealing spreads vary considerably depending on the transaction value and market sentiment. Comparing portfolio transaction costs for a range of funds may give a false impression of the relative costs of investing in them for the following reasons:
Transaction costs do not necessarily reduce returns. The net impact of dealing is the combination of the effectiveness of the Investment Manager's investment decisions in improving returns and the associated costs of investment.
Historic transaction costs are not an effective indicator of future impact on performance.
Transaction costs for buying and selling investments due to other investors joining or leaving a fund may be recovered from those investors for large trades. Please see the full Prospectus for further information.
Transaction costs vary from country to country.
Transaction costs vary depending on the types of investment in which a fund invests.
As the Investment Manager's investment decisions are not predictable, transaction costs are also not predictable.
SDRT is a tax paid on the purchase of chargeable securities by the fund, such as stocks, shares, and certain loan capital. SDRT is usually charged at a rate of 0.5% of what was paid for the asset. SDRT may l be incurred by Investors subject to "in specie redemptions", in relation to a fund's underlying assets which are subject to SDRT. In specie redemptions are explained in more detail in fund prospectuses.
We operate a single pricing methodology for all of our funds and reserve the right to charge a dilution levy or apply a dilution adjustment (swinging single price) to protect your investment from the costs of buying and selling investments that result from large investors joining or leaving a fund.
The amount of any such dilution levy/adjustment is calculated by reference to the estimated costs of dealing in the underlying investments, including any dealing spread, broker commissions and transfer taxes/ stamp duty. When we impose a dilution levy on a particular investor or group investors, this is deducted from the proceeds (in the case of a redemption),or added to the cost (in the case of a purchase) and this is paid into the affected fund and helps protect your investment from the costs of the resultant transactions. A dilution adjustment (or swinging single price) means that the price of shares is adjusted. Therefore, if it is applied to a redemption of units/ shares, the price paid will be below the single price and, in respect of a purchase, the price will be above the single price. In the case of dilution levy, the details will be shown on contract notes issued in respect of the affected transactions. For further details regarding dilution levies or dilution adjustments, please see the relevant fund's Prospectus.
WAY Fund Managers does not provide financial or investment advice. Nothing in this site is intended to be financial advice or a personal recommendation to invest; if you require this, please contact your usual financial adviser.
The scheme documentation that we provide contains important information regarding our funds, including charges, tax and fund specific risk warnings. WAY Fund Managers Limited takes all reasonable care in compiling the information on its website however, errors or omissions in the information may occur from time to time which are not within our reasonable control whilst some information is accurate only on the date that such information is supplied, such as fund fact sheets and prices, etc. No liability is accepted for any errors or omissions, and we would advise you to confirm the accuracy of any information with us before seeking to rely on such information.
Some of the information in this website is based on own views and opinions, which are subject to change without prior notice.
Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and may fall as well as rise. When investors sell their investment, they may get back less than the amount originally invested.
*Investor Warning*
ELITEFUNDS & ELITEFUNDS.CO
Please be aware that ELITEFUNDS or ELITEFUNDS.CO are not connected to WAY Fund Managers Limited, our associates, or any fund that we currently or may have managed in the past.
If you have been approached to invest with ELITEFUNDS or ELITEFUNDS.CO please contact the Financial Conduct Authority (FCA) and report a scam via the following link: Financial Conduct Authority
