Item 5 - Fees and Compensation
Anomaly’s investment advisory fees are collected in accordance with each Fund’s governing
documents, which set forth in detail the fee structure relevant to each Fund. Investors should
review all fees charged by Anomaly and related entities to fully understand the total amount of
fees paid by a Fund and, indirectly, by Investors.
Management fees and performance fees vary depending on the class of the Fund. Such fees
have been and may in the future be waived, reduced, or calculated differently with respect to
certain Investors, including, without limitation, Investors who subscribed early to the Funds,
Investors that are officers, directors, members, partners, or employees of Anomaly, members of
the immediate families of such persons and trusts or other entities for their benefit, in each case
in Anomaly’s sole discretion.
Anomaly’s fee schedule is omitted as this brochure is only provided to qualified purchasers as
defined in section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (the
“Investment Company Act”).
In addition to Anomaly’s and/or the General Partner’s fees and allocations, Investors bear
indirectly the fees and expenses charged to the Funds. Those fees vary, but typically include the
following non-exhaustive list:
• organizational and offering expenses, including all costs and expenses incurred in
connection with the formation and the offering and sale of interests, including, but not
limited to, legal and accounting fees and expenses, registration fees, filing fees (including
services to track filing and/or notification obligations) and all costs and expenses incurred
in connection with the preparation of offering and organizational documents, marketing
and similar materials, and negotiating and entering into contracts with service providers;
• expenses associated with all investments and transactions considered, evaluated, or
consummated by the Funds, as well as overall consideration and evaluation of the Fund’s
portfolio, including, without limitation, those expenses incurred before the initial closing
of the Funds, 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 onboarding, ingestion, aggregation and analysis and third-party research,
data, analytics, modeling, risk, structuring, pricing, execution and other third-party
information 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);
• 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;
• the costs of any 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;
• expenses associated with holding, financing, monitoring, hedging, maintaining, and
disposing of all investments and all transaction and other costs associated therewith,
including, without limitation, expenses associated with proxy research and voting
services;
• travel and related expenses associated with investments and potential investments;
• professional fees associated with investments and potential investments, including,
without limitation, consulting, due diligence, accounting, valuation, financial, legal, and
other advisory fees and expenses;
• transaction fees, brokerage commissions, custodial fees, clearing and settlement charges
and similar fees and expenses associated with the acquisition, disposition and settling of
investments and potential investments, including, without limitation, in connection with
outsourced trading;
• expenses associated with legal and regulatory filings of the Funds or the Adviser;
• administrative, custodial, appraisal, valuation, legal, regulatory, compliance, consulting,
advisory and similar fees, and expenses associated with the Funds’ operations,
investments, and transactions, including, without limitation, fees and expenses of the
independent Fund administrator, middle- and back-office costs of the Adviser generally
attributable to the Funds, the costs of client relationship management systems, costs
related to vetting expert network consultants and expert network chaperoning, and costs
related to vetting research providers;
• expenses incurred in connection with responding to regulatory requests or inquiries;
• broken-deal, failed transaction, break-up and similar fees, costs, and expenses (if any);
• costs and expenses of leverage or any other borrowings of the Funds, including, without
limitation, interest charges and fees;
• expenses incurred in the collection of monies owed to the Funds;
• auditing and accounting expenses including, without limitation, expenses associated with
the preparation of financial statements, tax returns and Schedules K-1 and the fees and
expenses of the auditor;
• any entity-level taxes, fees, or other governmental charges;
• costs and expenses associated with Investor communications and reports and the delivery
thereof to Investors;
• the costs of service providers or software to measure or monitor risk metrics, to aggregate
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