Fees and Compensation — Form ADV Part 2A (6/29/2020)
[Brochure]
Item 5. Fees and Compensation
The Firm currently advises five private funds: ADG Systematic Macro Master Fund Limited; ADG Systematic
Macro Fund Limited; ADG Systematic Macro Enhanced Risk Fund; ADG Systematic Macro ERISA Fund;
and ADG Systematic Macro UCITS Fund (the “Funds”). Each of the Funds has a management fee and a
performance fee component, the specifics of which vary based on the share class or class of interest (“Share
Class”) of the Funds and are fully described in applicable governing and offering documents for each of the
Funds.
ADG receives from the Funds a management fee that is payable monthly in arrears. The administrator of
the Funds will, on the last business day of each calendar month, calculate the management fee payable in
respect of that calendar month. Such fee will be invoiced to the Funds and payable within 14 calendar days
after receipt of notification of the management fee from the administrator.
The Firm also provides advisory services to SMAs, including an investment company. These clients may
be charged a management fee and a performance fee. The fees are subject to negotiation and are fully
described in the respective investment management agreement for each account.
Certain employees of ADG and its affiliates have investments in the Funds and pay management and
performance fees at a discounted rate, or do not pay any management or performance fees.
In addition to the management and performance fees described above, the Funds will bear additional fees
including but not limited to fees relating to (i) all transactions carried out on their behalf; and (ii) their
operations and administration including, without limitation, (a) the charges and expenses of legal advisers
and auditors, (b) all taxes and corporate fees payable to governments or agencies, (c) directors’ fees and
expenses, (d) interest on borrowings, (e) expenses incurred by the manager in connection with the provision
of its investment services, (f) communication expenses with respect to investor services and investor
meetings and preparing, printing, distributing financial and other reports, proxy forms, prospectuses and
similar documents, (g) the cost of insurance (if any) for the benefit of the directors, (h) litigation and
indemnification expenses and extraordinary expenses not incurred in the ordinary course of business, and
(i) all other organizational and operating expenses.
More detailed information about the fees and expenses described above is set forth in the applicable
governing and offering documents for each of the Funds and in the investment management agreements
for the SMAs.
Account Minimums and Types of Clients — Form ADV Part 2A (6/29/2020)
[Brochure]
Item 7. Types of Clients
As described above, ADG provides discretionary investment advisory services to the Funds and to SMAs.
Investors in the Funds are generally required to make a minimum initial investment which varies based on
the Share Class of each fund, with subsequent minimum increments also based on the Share Class. The
directors of the Funds reserve the right to waive the minimum initial investment amounts as well as the
subsequent minimum increments.
U.S. investors in the Funds are typically limited to persons who are “qualified purchasers” as that term is
defined in the Investment Company Act of 1940, and “accredited investors” as that term is defined in SEC
Rule 501(a) under the Securities Act of 1933.
SMA clients are typically limited to institutions and other professional investors. The minimum initial
investment amount to establish an SMA is $20 million. The Firm reserves the right to waive the minimum
initial investment amount at its discretion.