How should costs be calculated at recommended holding period?

Costs are calculated in two distinct ways.

First, the reduction in yield is determined; this represents the difference between the gross and net return of the moderate scenario.

Second, when calculating total costs, it’s recommended to use a methodology based on the proportion of the Net Asset Value (NAV). This means that for each annual return under the moderate scenario, every individual cost component is calculated proportionally to the NAV. Entry fees are applied at the start of the investment period, and exit fees at the end.