As of next month, the trust will only charge a management fee. This will remain unchanged at an annual rate of 1 per cent on assets of up to £800 million and 0.75 per cent on assets above that level.

“The board believes that the company's fee arrangements are now the most competitive in its immediate peer group of global emerging equity investment trusts, but it will continue to monitor developments in the investment trust and open ended funds universe,” the company said in an announcement on the London Stock Exchange.

The £875 million trust, which focuses on capital growth from emerging markets worldwide, is run by portfolio manager Austin Forey. It currently charges a performance fee of 10 per cent of excess net asset value return over the performance of its benchmark, the MSCI Emerging Markets Index.