Fees and Compensation — Form ADV Part 2A (2/12/2019)
[Brochure]
Item 5. Fees and Compensation
The Adviser charges each Fund an investment management fee based on the value of the Fund's assets
under management in an amount equal to 0.50% Investment management fees are charged each
quarter in advance based on the total market value of the assets in the Funds (including net unrealized
appreciation or depreciation of investments) on the first day of the quarter. The management fee will be
prorated and charged at the time of investment if investments are made during the quarter.
The Adviser may also be paid a performance-based allocation, which is compensation that is based on a
share of capital gains on or capital appreciation of the assets of each Fund. This compensation rate is
10%. Performance-based compensation is subject to a preferred rate of return equal to the annual
interest rate payable as of January 1 each year on the most recently issued five-year U.S. Treasury Note.
The Adviser may waive or modify the management fee and/or the performance-based allocation for
Investors that are employees or affiliates of the Adviser, relatives of such persons, and for certain large or
strategic investors.
The Funds will bear other expenses in addition to the management fee and the performance-based
allocation, including legal, audit and accounting expenses (including third party accounting services);
investment expenses such as commissions, research fees and expenses (including research-related
travel); interest on margin accounts and other indebtedness; borrowing charges on securities sold short;
custodial fees; administrator fees and expenses; directors' fees and expenses and any other expenses
reasonably related to the purchase, sale or transmittal of Fund assets. Please refer to Item 12 of this
Brochure for a discussion of the Adviser's brokerage practices.
Account Minimums and Types of Clients — Form ADV Part 2A (2/12/2019)
[Brochure]
Item 7. Types of Clients
The Adviser’s clients consist of the Funds. The initial subscription minimums are disclosed in the offering
memorandum for the pooled investment vehicle.