Not being familiar with the fund identified, but on having a quick read, I notice that the charges for the first year of investment would be in the region of 4.38% (3% Initial Charge plus the TER of 1.38%) There are more than likely other charges applicable to the fund such as the B12-B-1 fee which is normally charged for fund advertising etc. Unable to see the charges for exiting the fund.
Have you considered looking at any ETFs in the same category, which do not have Initial charges and much lower expenses. All these charges mount up to a significant slice off the top line in all investment funds rather than ETFs.