An automatic disinvestment will be triggered on the day that the fees are calculated, which is either 10th calendar day or the next working day if this falls on a bank holiday or weekend. The total fee amount will be sold down from the largest holding, with a 10% buffer to allow for market movements. When the sell order executes, the fee is taken.

Where a sell down is required, uninvested cash will not be used to pay the fee due at all and funds will be sold-down to pay for the entire amount of the fee that is due.