westbrooke
yield plus

• Investors seeking stable, quarterly high-yield income flows
• Investors seeking an investment with hard currency returns
• Medium-term investment horizon * 
• Low-risk profile with capital preservation focus

*No lock in period applies. 6- or 12-month redemption notice can be given at the end of June and December annually.

• Investors can choose between a 6-month notice period or a 12-month notice period (there is a discount applicable on fees for share classes with a 12-month notice period)
• Notice can be placed either 180 or 365 days before a redemption date. Redemptions occur on 01 July or 01 January

Westbrooke Yield Plus charges two types of fees, namely an annual asset management fee and a performance-based incentive

• Annual fees:
  • The annual fees range between 1.25% – 1.50% depending on the share class selected
  • Fees are based on the prevailing fund NAV, and are accrued quarterly
• Performance incentive:
  • The performance incentives range between 10.00% – 12.50% and are charged above a hurdle rate (the Bank of England base rate (“BOE”)) per annum, with catch-up

• Direct investors: GBP 100,000
• Platform investors: GBP 25,000

• The distribution share classes distribute the income in the Fund quarterly post finalisation of the fund NAV (March, June, September and December)
• The accumulating share classes do not distribute income, but rather capitalise

• Investors need to qualify as an “Expert Investor” to invest into the Fund
• Financial Advisors are generally deemed to be Expert Investors

• This depends on the individual circumstance of each investor, and we encourage investors to seek tax advice
• Investors subscribe for shares into an open-ended, Jersey-domiciled Expert Fund
• Fund investors receive quarterly dividends (distribution share class), or a lump sum via an increased NAV on exit (accumulation share class)

• The Fund accepts new investments on a quarterly basis, at the end of March, June, September, and December each year
• Investors should not wait until the last day of each period to apply and should notify the Westbrooke team of their intention to invest at least 15 days prior to month end to allow for adequate time to complete the required subscription form and KYC process

• The liquidity of the underlying loans is managed by the team, to ensure that if an investor places notice, that there is actual liquidity in place to redeem shares
• The Fund operates on a 180-day or a 365-day notice liquidity system which provides the investment team with adequate notice to generate cash for investor redemptions as and when they fall due
• Liquidity can be generated through one or a combination of: (1) allowing shorter-dated loans to be repaid, (2) cash management and (3) the use of our liquidity facility. Although there are “gating” provisions, it is the intention that these would only be used in exceptional circumstances
• All transactions written in the Fund are assessed against the Fund’s upcoming redemption profile to ensure that the liquidity risk is appropriately managed, and that any asset / liability mismatch is reduced to the extent possible. The impact of this is that the Fund generally has a 18-24 month weighted average duration, which matched to the initial Fund lock-up period

Direct

• Clients can request a subscription form from the Westbrooke Distribution team for completion and submission with the relevant KYC documentation; or
• Clients can place a trade directly on a platform using the ISIN codes provided

Wealth manager-led investments

• Wealth managers can request a subscription form from the Westbrooke Distribution team for their client’s completion and submission with the relevant KYC documentation; or
• Wealth managers can place a trade directly on a platform using the ISIN codes available above on behalf of their client

Please contact us if your preferred platform or custodian does not fall in the above-mentioned list. We will work to make Westbrooke Yield Plus accessible to you via your preferred provider.

• South African investors can externalise their cash by utilising their Single Discretionary Allowance or Foreign Direct Investment Allowance.
• In the event that you have exceeded your offshore allowance, or you would prefer to access the Fund in South Africa Rands (ZAR), we will assist you to access Westbrooke Yield Plus via your preferred asset swap provider.

Westbrooke shareholders and management are significant investors in the Fund, which creates strong financial alignment to our investors

• The majority of the loans in the Fund comprise senior, short-term, real estate-backed lending against physical real estate i.e. the primary security comprises real estate in the UK
  • The Fund will not lend against developments or greenfield projects
  • The Fund will not lend against vacant land
• The balance of the Fund typically comprises corporate cashflow lends:
  • Under these transactions, the primary security typically comprises the cashflows of the business, as opposed to a tangible property asset
  • In addition, the Fund often takes additional security as appropriate i.e. personal sureties, external security etc.