Item 5: Fees and Compensation
Separately Managed Accounts
The base management fee charged on separately managed accounts is based on a percentage of assets
under management. Fees are billed quarterly in arrears and are calculated as described in your advisory
agreement. Fees will be prorated based on the number of days service is provided during the initial billing
period for any account opened at any time other than the beginning of the billing period. If advisory services
are commenced in the middle of the billing period, then the prorated fee for that billing period will be billed in
arrears at the end of that billing period. In addition, AltraVue will prorate (based on actual days and a 365-
day year) your fee if, during any calendar quarter, your net deposit or withdrawals significantly differs, in our
sole determination, from the valuation of the preceding quarter's Account.
Below is our maximum fee schedule. Actual fees charged may differ and are documented within the client
agreement, where applicable.
Maximum Fee Schedule (Annualized):
• 0.50% annually (.125% quarterly) on all assets under management
Fees for the Separately Managed Account strategy are based on the fee schedule as indicated above, in
addition to a performance fee. Please refer to Item 6 below for a complete description of this arrangement.
The minimum account size is $10 million, which may be waived at our discretion.
Other Fees and Expenses
The fees you pay to us will not include the fees or expenses charged by your broker/dealer/custodian, or
other third parties, including the SEC, exchanges, etc. Typically, all fees for transactions are disclosed on
the confirmation of transactions from your custodian. Additional fees you can expect to pay include, but are
not limited to:
• Custodial Fees
• Exchange Fees
• Transaction fees
• Mutual fund and ETF Fees (as described in each fund’s prospectus)
• Odd-lot differentials, if any
• Transfer taxes
• Wire transfer fees
• Taxes
• Other related costs and expenses
Please refer to Item 12 – Brokerage Practices for additional information related to custodial fees and
expenses.
Termination
Separate account management services may be terminated by either party (e.g., AltraVue or you) by giving
thirty days written notice. We will prorate the final fee payment based on the number of days advisory
services are provided during the final period. The final fee will be based on the aggregate fair market value
of the assets held in the Account when termination notice is received.
Fees for Pooled Investment Vehicles
For AltraVue Fund I, LP Class A Limited Partnership Interests (“Fund interests”), AltraVue Capital, LLC
receives management fees as compensation for performing advisory services to the Fund. The
management fee, with respect to each Class A Limited Partner holding Class A Interests, is payable
monthly in arrears and is equal to 0.042% (or approximately 0.5% on an annualized basis) of the Class A
Limited Partner’s capital account balance as of the last business day of each month, adjusted for
contributions and withdrawals made during the month, and are deducted from the capital account of each
Limited Partner.
At the sole discretion of the General Partner, and without the consent of the other Fund investors, fees may
be waived or reduced for certain Limited Partners, including for Limited Partners that are principals,
employees or affiliates and/or for certain large or other investors the General Partner deems to be
strategic.
In the case of a termination of AltraVue Capital’s investment management agreement with the Fund prior to
the end of a calendar quarter, the management fees for such period would be pro-rated to the date of such
termination with any excess payment refunded to the Fund and credited to the Limited Partners capital
account. In addition, the Limited Partners are subject to an incentive allocation which is allocated to the
capital account of the General Partner of the Fund. Please refer to Item 6 below for an explanation of this
fee.
The minimum subscription amount for Class A Interests is $1,000,000. Initial capital contributions may be
made on the last day of each calendar month, or at such other time with the consent of the General Partner,
in its discretion. Limited Partners may make additional capital contributions to the Fund for Class A
interests on the first business day of each calendar month, or at other times with the consent of the General
Partner, in minimum amounts of $100,000.
Fees for the Institutional Pooled Vehicle are based on our fee schedule as indicated above, in addition to an
incentive allocation. Please refer to Item 6 for additional information.
Other Fees
In addition to the management fee, the Fund will be responsible for reasonable costs and expenses of the
Fund (i) accounting, bookkeeping, tax and auditing fees and expenses; (ii) legal fees and expenses,
including, but not limited to, fees and expenses incurred in connection with any offering of the Fund’s
interests, Fund contracts and investments; (iii) all fees and disbursements of the Fund’s, the general
partner’s and its attorneys, consultants and other third parties performing work benefiting the Fund or
otherwise in connection with the Fund’s investment activities; (iv) all trading expenses and transaction costs,
including, but not limited to, brokerage commissions, clearing and settlement charges, interest on loans and
debit balances, margin interest, broker service fees and other clearing and custodial expenses; (v) such
research and portfolio management expenses as the general partner or AltraVue deems appropriate, which
includes, costs of research reports, data feeds and databases, news wires and quotation services, periodical
subscription fees and costs of software (including risk control) utilized by the general partner or AltraVue in
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