The reduction took effect from 1 June 2023 and set out that Devon is entitled to 0.8% per annum on net assets up to £1bn, 0.7% on net assets between £1bn and £1.25bn, and 0.6% on net assets over £1.25bn.
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Previously, Devon's management fees were 0.9% per annum on net assets up to £1bn and 0.8% on net assets after that threshold.
EOT chair Matthew Dobbs said a continuation vote will be put to shareholders at the trust's annual general meeting on 15 November, as required under the Articles of Association for the trust, where every three years shareholders need to vote on a continuation resolution.
EOT's board has urged shareholders to vote in favour of continuation of the trust.
Annual results
In the trust's results for the year to 31 March 2023, EOT reported increases to its net asset value total return (3.3%) and share price total return (5%), however it underperformed against the MSCI Europe benchmark, which made 6.9% returns over the period.
The trust has underperformed its benchmark in the last five years, according to data from Devon Equity Management. According to data from the Association of Investment Companies, the trust is currently trading at a 9.97% discount.
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EOT's discount has widened in recent years, Dobbs acknowledged, but said this "partly reflected broader trends across the investment management sector", as well as EOT's underperformance.
"Despite the disappointing performance relative to our benchmark over recent periods, the board is entirely confident in our core investment case," Dobbs added.
"The investment manager embraces a high conviction approach, selecting companies which they believe are differentiated and have the balance sheet strength, cash flows and exposure to enable them to flourish in a range of economic scenarios and provide superior returns to our investors over the medium term."