Key Information Document

PRIIPs Regulation Key Information Document

Under the EU’s Packaged Retail and Insurance-based Investment Products (‘PRIIPs’) Regulation, M&FI is required to produce a Key Information Document (‘KID’) setting out prescribed information regarding its ordinary shares.

The performance and costs disclosures contained in the KID and the methods by which they are calculated are strictly prescribed by the PRIIPs Regulation and differ from the ways in which M&FI presents its own financial information. It may therefore be helpful to investors to understand these differences:

  • Performance – the KID presents stress, unfavourable, moderate and favourable performance scenarios which are derived from historic share prices with dividends reinvested (known as ‘Total Shareholder Return’). M&FI measures its actual performance by its net asset value per share total return (‘NAVTR’). Further information on M&FI’s NAVTR can be found in the quarterly NAV Updates available on this website.
  • Costs – the KID presents a table of costs which incorporates items not applicable to M&FI since M&FI does not charge entry/exit fees, portfolio transaction costs, nor portfolio management fees to cover salaries, research and other running costs.  We have therefore estimated the average trading cost of buying shares on Aim.  Please speak to your broker for a more accurate figure as these are not M&FI costs.
  • VaR – Will be updated regularly.
  • The purpose of a KID is to provide retail investors with standardised illustrations of theoretical risk and returns to enable the comparison of different investment products available across a very wide range of financial sectors. In the case of investment trust companies, these illustrations are based on daily share price total returns over the previous five years, which are then projected forward over various time periods and adjusted for risk. Equity markets have however experienced a period high returns and low volatility in recent years, which under the KID’s prescribed methodology could lead to projections which are potentially over-optimistic. We would therefore remind investors that past performance is not a reliable guide to future returns.

We believe that M&FI’s NAVTR remains the most appropriate measure of our investment strategy and how we manage our portfolio focused on quoted and unquoted equities and funds, and we will therefore continue to report our actual performance on this basis, in addition to publishing a KID.

Mineral & Financial Key Information Document.

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