Application of the guidelines to funds with multiple portfolio managers

[ESMA 34-43-392 UCITS Q&A, Section 11, 5a] No. Based on paragraph 37 of the guidelines, performance fees: should be paid only where positive performance has been accrued during the performance reference period; could be paid in case the fund has overperformed the reference benchmark but had a negative performance. The above also applies in case of delegation by the authorised management company to different delegated portfolio managers. Therefore, in case of a global underperformance of the fund, performance fees should not be paid to those delegated portfolio managers who have overperformed.