The Ironbark tree is renowned for its strength and durability, which we believe is reflected in the features of our investment portfolio

Corporate expense ratio (MER)

INVESTMENT

The investment management agreement with KFM provides for the payment of an investment management fee of 0.4% per annum from 1 July 2015. Commencing 1 July 2014 performance has been measured by reference to the one year interest swap rate plus 6%. This aligns with current interest rates and approximates to 9% per annum. The investment return includes the benefit of franking credits received in the calculation. The performance fee benchmark has been reset and applied for the 2015 financial year. A highwater mark applies within each 3 year reset period.

ADMINISTRATION

The Board estimates the MER for FY2016 will be less than 1%.