Capital Fund Management Sa

Item 5. Fees and Compensation
A. Compensation for Advisory Services
Our fees are established by the investment advisory agreements we enter into with each of our clients who are
private funds and which are disclosed in the offering materials of each fund. We generally receive a management
fee calculated at a rate per annum of net assets under management and a performance-based compensation
equal to a portion of the increase in net asset value of the client’s account adjusted for carry forward profit/loss,
and subscriptions and withdrawals. Our fees are generally non-negotiable, but in limited instances we may vary

                                                                                    ADV Part 2A Brochure
                                                                                 Effective as of December 31, 2025

our fees depending upon a variety of factors, including investing early in or seeding a new strategy, the size of
an account or the overall relationship with the client or investor.

B. Billing of Compensation for Advisory Services
The administrator for each private fund client handles the calculation of our advisory services fee and we must
confirm such fees before payment. After such confirmation, we may instruct a custodian holding an account of
the relevant private fund client to pay us our fee. We may charge different fees to different classes of shares or
series of interests. The private funds accrue management fees weekly or monthly in arrears with a monthly
payment cycle. Funds managed in accordance with our Stratus program accrue performance-based
compensation monthly and pay us performance-based compensation annually as of the last Valuation Day of
October of each calendar year. Concerning investments in Discus, performance-based compensation is payable
annually as of the last Valuation Day of September of each calendar year. The performance-based compensation
of private funds following one of the CFM IS programs are accrued at each valuation date of the respective fund
and crystallize on an annual basis. All performance-based compensation is paid in arrears.

C. Other Expenses
The offering documents of each private fund that we advise set forth transaction costs, financing and other
expenses charged to such funds. Generally, the private funds pay all of their own ongoing fees, costs and
expenses including, but not limited to, all transaction costs (including exchange fees, regulatory fees,
commissions, spreads, clearing fees, real-time data costs, platform fees, connectivity fees, license fees and other
execution related fees and charges), all financing expenses (including costs related to servicing of assets, class
action charges, proxy voting charges, financing, dividend expenses, stock loan fees and other position related
expenses) as well as other expenses (including administration, audit, custody, director, secretarial, legal,
indemnification, governmental, registration, licensing, listing, insurance, initial organisation and offering
expenses, cost of data, data processing charges, and any other expenses being incurred at the level of a fund).
To the maximum extent possible, expenses are charged at the level of the master funds; however certain
expenses may be paid by the Firm and passed through to a client.
Further, clients that are feeder funds feeding into a master fund will also bear their pro rata share of any expenses
of the master fund in which they invest as these are included in the change in net assets of the respective master
fund. The Firm generally pays the initial organizational expenses of the private funds that it advises and does not
expect to recover such costs. The Firm may, however, be reimbursed for approved out of pocket expenses. For
private funds, the investment advisor of the respective fund has agreed to compensate ordinary other expenses
charged above a set cap; this cap depends on each program and does not exceed 50 bps of leveraged equity
per annum.
Generally and where applicable, managed accounts also pay their own ongoing fees, financing expenses and
other expenses as described above.
The prime brokers, executing brokers, any custodians and other counterparties to our clients will receive such
fees, rates and commissions as may be agreed with the clients from time to time. Our policies and practices with
regard to the selection of brokers are discussed below under Item 12 “Brokerage Practices”.
In order to optimize the quality of execution, we have spent considerable resources on developing systems and
technology for executing our clients’ trades through direct market access. In certain derivatives markets, the Firm
executes trades directly on markets as an exchange member or market participant. No brokerage commission
is payable to us on such trades when they are passed to an execution venue directly without the use of a broker.

D. Advance payment of fees
We do not collect any fees in advance. We charge fees weekly, monthly, quarterly or annually in arrears.

E. Compensation for the sale of securities or other investment products
We do not receive any compensation for the sale of any securities or other investment products to clients.

                                                                                      ADV Part 2A Brochure
                                                                                   Effective as of December 31, 2025

Item 7. Types of Clients
The Firm only provides securities investment advice to private funds that are open to sophisticated institutional
investors. All US investors having an investment in a private fund client must be accredited investors, as defined
in SEC Regulation D, and qualified purchasers, as defined in the Investment Companies Act of 1940. The
investors in the client funds are generally institutional investors such as pension funds, funds of funds, private
funds, insurance companies, private banks and other significant financial services providers. A small share of
investors in client funds are family offices, high net worth individuals or other qualified individuals. Most individual
investors in our private funds are employees. From the beginning of 2016, the Firm started to also offer account
management for ERISA plans.
The minimum investment in Stratus, Discus, CFM Cumulus, CFM IST, CFM ISTEC and CFM SGM is generally
set at US$1m. The minimum investment in PAC-US is set at US$5m. We do not currently offer managed
accounts following Stratus. The minimum account size for accepting managed accounts following Discus is set
at approximately US$200m. The minimum account size for accepting managed accounts following one of the
other CFM strategies is set at approximately US$100m.