Investment management costs
Investment management costs reflect fees paid to investment managers and specialist investment consultants, as well as the costs of the First State Super investment team.
Performance related costs
Performance fee arrangements are in place with a number of external investment managers. Performance-related costs reflect the performance fees incurred in relation to these managers for the year ending 30 June 2019.
Transaction costs include brokerage, clearing fees, stamp duty, commissions, buy/sell spreads and due diligence costs.
Other fees and costs
Other fees and costs includes fees paid to the custodian to hold the assets of the fund, amounts paid to accounting/ audit and tax specialists, costs associated with the fund's securities lending program and the 0.04% trustee charge in relation to the pre-mixed investment options (i.e. the High Growth, Growth, Diversified SRI, Balanced Growth and Conservative Growth investment options), as well as costs associated with the use of over-the-counter (OTC) derivatives.
Total investment fees
Total investment fees reflect the total of investment management costs, performance – related costs, explicit transaction costs and other fees and costs.