Fees and Compensation — Form ADV Part 2A (3/27/2026)
[Brochure]
Item 5 – Fees and Compensation
All fees are subject to negotiation.
The specific manner in which fees are charged is established in the client’s investment management
agreement with AFA. AFA intends generally to bill its fees on a quarterly basis, but the client may elect
to be billed in advance or arrears each calendar quarter. Fees may be prorated for each capital
contribution and withdrawal made during the applicable calendar quarter (with the exception of de
minimis contributions and withdrawals). Accounts initiated or terminated during a calendar quarter will
be charged a prorated fee.
Upon termination of any account, any prepaid, unearned fees will be promptly refunded and any
earned, unpaid fees will be due and payable. The client has the right to terminate any agreement
without penalty within the number of business days that are specified in the investment management
agreement with the client. AFA’s fees are exclusive of brokerage commissions, transaction fees, and
other management-related costs and expenses, which shall be incurred by the client. The client may
incur certain charges imposed by custodians, brokers, third-party investment research providers, and
other third parties, such as fees charged by managers, custodial fees, deferred sales charges, odd-lot
differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on
brokerage accounts and securities transactions. Such charges, fees, and commissions are exclusive of
and in addition to AFA’s fees.
Account Minimums and Types of Clients — Form ADV Part 2A (3/27/2026)
[Brochure]
Item 7 – Types of Clients
As a registered investment adviser, AFA intends to provide portfolio management services to
institutional clients and asset managers. AFA does not manage accounts for any individuals.
CONDITIONS FOR MANAGING ACCOUNTS
AFA does not have established account minimums.