Will the actual costs incurred by an investor always match the costs disclosed in the PRIIP KID?

Not necessarily. Costs are ex-ante estimations based on the last available annual accounts (ongoing charges), three-year averages (transaction costs) or 5-year averages (performance scenarios). Actual costs can differ due to higher/lower transaction fees, different performance fees, or early redemption compared to the Recommended Holding Period. The costs displayed in the KID disclosed are always based on backward looking models.FITZ Partners, a member of the RiskConcile group, offers clients detailed actual cost data. For further information, please refer to www.fitzpartners.com.