Miton’s managing director Gervais Williams (pictured), placed an initial charge on his fund last November when it was £182m in size.

Since then, the fund has continued to accumulate assets and now stands at £355m, despite the charge of 3 per cent. 

However, Miton has now removed this and said the fund has capacity for another £60m of investment from new and existing investors. Once this level has been reached, it will reimpose the initial charge.

A spokesperson for Miton said the charge had previously been imposed to control the rate of inflows and enable Williams to preserve performance on the fund, which has a significant weighting to small- and micro-cap stocks.

The fund has returned 5.8 per cent over the year to 20 November versus a sector average of 4.6 per cent, according to FE.