Item 5: Fees and Compensation
The fees applicable to each Fund are set forth in detail in the corresponding Offering Documents. A brief
summary of such expected fees is provided below.
Management Fee
Ananym is paid a management fee (“Management Fee”) per month of the net asset value of the Funds.
The Management Fee is calculated and paid in advance within 10 days of the first day of each fiscal quarter.
The Management Fee ranges from 1.00-1.50% per annum.
The Firm, in its sole discretion, may waive, reduce or calculate differently the Management Fee for any
Investor of a Fund.
Performance Compensation
The Firm or its affiliates may also be entitled to a performance based compensation. Ananym’s
performance based compensation, or “Incentive Allocation”, will be (a) for the Long-Only Feeder
Funds (i) 10.0% for a series of Fund Shares corresponding to Founders Class Interests and (ii) 15.0% for
a series of Fund Shares corresponding to Standard Class Interests and (b) for the Flagship Feeder Funds (i)
15.0% for a series of Fund Shares corresponding to Founders Class Interests and Standard Class A Interests
and (ii) 17.5% for a series of Fund Shares corresponding to Standard Class B Interests.
The Firm or its affiliates, in their sole discretion, may waive, reduce or calculate differently the Incentive
Allocation for any investor of a Fund.
Payment of Fees
Fees and compensation paid to Ananym or its affiliates by the Funds are generally deducted from the assets
of such Clients. As discussed above, Management Fees are generally deducted on a quarterly basis and
Performance Compensation is generally deducted on an annual basis.
Additional Fees and Expenses
The Funds bear all of their operating expenses and their pro rata share of the operating expenses of the
Funds and all trading vehicles, including subsidiaries, intermediate funds and/or special purpose vehicles
through which the Funds invest or intend to invest (collectively, the “Fund Expenses”), including such
costs incurred at or prior to the formation of the Funds and prior to their launch, which expenses include,
without limitation, (a) Organizational and Offering Expenses; (b) expenses associated with all investments
and transactions considered, evaluated and/or consummated by the Funds, or any such trading vehicles,
including subsidiaries, intermediate funds and/or special purpose vehicles, as well as overall consideration
and evaluation of such entities’ portfolio, including, without limitation, those expenses incurred before
launch, including, without limitation, expenses associated with sourcing, negotiating, investigating,
researching, financing and structuring of investments and potential investments, whether or not
consummated, including, without limitation, data and research on-boarding, ingestion, aggregation and
analysis, third-party research, data, analytics, modeling, risk, structuring, pricing, execution and other
third-party information, technology, hardware, software or other technology systems, including, without
limitation, installation and maintenance, software and service fees (including, without limitation, the
expenses with respect to data, data feeds, subscriptions, expert networks, political intelligence providers
and reports); (c) fees and expenses related to activist campaigns (including those for research, consultants
, experts, investment bankers, proxy solicitors, legal counsel, public relations firms, forensic and other
analyses and investigations, proxy contests, solicitations and tender offers, and compensation,
indemnification and other expenses of any nominees proposed by Ananym as directors or executives of
DOC ID - 47705277.4
Ananym Capital Management LP Form ADV Part 2A Brochure
subject companies); (d) the costs of research-related computer hardware and software expenses,
including, without limitation, Bloomberg terminals and subscriptions and other market information
systems, as well as the costs of research management systems and corporate access tracking systems; (e)
the costs of Ananym’s portfolio management system and any other software used for accounting and/or
monitoring of the portfolio, including, without limitation, subscriptions relating to, among other things,
trading and order management systems and services, as well as other information technology and cyber-
security related costs of Ananym; (f) expenses associated with holding, financing, monitoring, hedging,
maintaining and disposing of all Fund investments and all transaction and other costs associated therewith,
including, without limitation, expenses associated with proxy research and voting services; (g) travel and
related expenses associated with investments and potential investments (provided that airfare expenses
will not exceed the cost of first-class airfare and accommodation expenses will not exceed standard
business accommodation rates); (h) professional fees associated with investments and potential
investments, including, without limitation, consulting (including related to activist campaigns or
otherwise), due diligence, accounting, valuation, financial, legal and other advisory fees and expenses; (i)
transaction fees, brokerage commissions, custodial fees, clearing and settlement charges and similar fees
and expenses associated with the acquisition, disposition and settling of Fund investments and potential
investments, including, without limitation, fees, expenses and commissions paid in connection with
outsourced trading; (j) expenses associated with legal and regulatory filings of the Funds, or such trading
vehicles, including subsidiaries, intermediate funds and/or special purpose vehicles, in the United States,
the Cayman Islands, or in any other jurisdiction, including, without limitation, pursuant to Sections 13
and 16 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as the
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