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 of the value of the portfolio.

Performance is measured by reference to the one year interest swap rate plus 6%. Performance fees are payable at a rate of 15% for outperformance by the investment portfolio above this benchmark. The investment return includes the benefit of franking credits received in the calculation. A highwater mark applies within each 3 year reset period.

ADMINISTRATION

The Board estimates the MER for FY2022 will continue to be less than 1%.