Findlay Park's flagship US fund to reduce fees

The £5.3bn Findlay Park American fund is set to cut performance and exit fees as it shifts to a total return benchmark index.

The Findlay Park board is proposing to scrap the American fund’s current blended benchmark in favour of the Russell 1000 Net 30% Total Return index, to better reflect the portfolio’s ability to produce income. The new benchmark also captures more of the mid-cap stocks in which the fund invests, though Findlay Park is to remove the reference to ‘smaller and mid-cap’ companies from the fund’s investment objective to provide greater flexibility. The board has proposed cutting performance fees on both the American and Latin American funds from 15% to 10%. The performance fee hurdle for th...