The Cayman-based, Irish Stock Exchange-listed fund has a 1.5% annual management charge plus a 20% performance fee based on a high watermark. There are two share classes, a hedged dollar class and a yen class. The hedging is done externally. The minimum investment level is $1m or ´100m.
Leverage can go up to 300% but it is expected to average around the 100% to 150% level.
Stewart, who is head of Japanese equities, has been an investment manager with Gartmore since 1991 and on the Japanese