Fees and Compensation — Form ADV Part 2A (6/17/2024)
[Brochure]
Item 5. Fees and Compensation
The Adviser’s fee schedule is as follows:
Small Cap Value Equity
Separate Accounts: $5 million minimum
First $10 MM: 1.00%
Next $15 MM: 0.90%
Next $25 MM: 0.85%
Balances over $50 MM: 0.75%
SMID Cap Value Equity
Separate Accounts: $5 million minimum
First $10 MM: 1.00%
Next $15 MM: 0.85%
Next $25 MM: 0.80%
Balances over $50 MM: 0.70%
Investment management fees are negotiable for the above styles, depending on the size and scope
of the account and the nature of contemplated investments. The Adviser may waive fees for current
or former employees. Annual fees are payable either monthly or quarterly, in arrears unless
negotiated differently, based on the account’s average daily values, net asset value as of the
account as of the last day of the preceding quarter, or on month end or average monthly account
values, if so agreed. Clients should understand that the Adviser may utilize its own valuation of
each portfolio for fee calculation purposes as outlined in detail in each investment management
agreement. Such values may not agree with valuations issued by the client's custodian. Valuations
will be the sum of the cash and net market value of the securities in the account. Accounts opened
or closed during a calendar quarter will have the fee pro-rated for that period.
Each client is required to execute an investment management agreement which governs the
management of the account. On termination, any pre-paid, unearned portion of the Adviser’s fee
will be refunded to the client. The termination of the agreement will not affect the Adviser’s right
to be paid any earned but unpaid fee. The Adviser generally does not deduct the investment
management fee from a client account. Rather, the Adviser bills the client.
In addition to paying investment management fees, client accounts may be subject to other
investment expenses such as custodial charges, brokerage fees, commissions and related costs,
interest expenses, taxes, duties and other governmental charges, transfer and registration fees or
similar expenses.
Account Minimums and Types of Clients — Form ADV Part 2A (6/17/2024)
[Brochure]
Item 7. Types of Clients
The Adviser offers investment advisory services to public and private institutions, corporations,
public and private pension plans, investment companies, foundations and endowments, mutual
funds, collective investment trusts, and high net worth individuals. Cardinal generally requires a
minimum of $5 million to open a separately managed account. On certain investment platforms,
our minimum account size can be less than $5 million. At its discretion, the Adviser may waive
this minimum account size. Cardinal also offers model portfolios to Unified Managed Account
(UMA) funds and program sponsors on a non-discretionary basis.