Item 5 - Fees and Compensation
Duet provides investment management services to (i) Funds primarily organized outside of the United
States, (ii) Delaware feeders to master funds organized in the Cayman Islands and (iii) Managed
accounts primarily based in Europe and the Cayman Islands. Each such mandate is on a discretionary
basis in accordance with each Fund's respective investment objectives and guidelines, as set forth in
the relevant Fund’s offering documents. A brief summary of those fees is provided below.
Management Fees
Investors in Funds managed by Duet will be subject to management fees. The management fee
payable by Funds to Duet is between 1 and 2 per cent for Duet’s actively managed funds and 1.25
per cent for index tracker products.
The specific manner in which fees are charged by Duet is established in each Fund’s investment
management agreement with us and is generally calculated as a percentage of the annualised net
asset value of each class of shares in the Fund. We will generally bill our fees on a quarterly basis,
for most Funds quarterly in advance with an adjustment at the end of each quarter as per the offering
documents of the relevant Fund. Each Fund will have appointed a third-party Administrator who is
responsible for the fund accounting and transfer agency services. The Administrator is responsible
for payment of investment management fees to Duet. The Funds will be open for investment on a
monthly basis. For Funds where the management fee is payable quarterly, management fees shall
be prorated for each investment and withdrawal made during the applicable calendar quarter (with
the exception of de minimis contributions and withdrawals). Accounts initiated or terminated during a
calendar quarter will be charged a prorated fee. Upon termination of any account, any earned, unpaid
fees will be due and payable. Employees (and family members) of Duet or Duet managed Funds may
be exempted for management fees.
There are some circumstances in which an investor in a Fund may be reimbursed by Duet for fees
which they have already paid by the Fund in respect of the investor pursuant to a Side Letter as set
out above.
Duet reserves the right to waive or impose different fees or otherwise modify the fee arrangements of
an existing investor with the consent of such investor. In addition, each Fund reserves the right to
impose different fees on future investors.
The management fees are fully described in the relevant Fund’s offering documents.
Other fees and Expenses
The Funds will incur further costs and expenses in addition to our fees which may include (i) fees of
directors of the Fund, (ii) fees of administration and transfer agency services, (iii) fees related to
custody and safekeeping of the Fund’s assets, (iv) broker transaction commissions, (v) costs
associated with borrowing or trading on margin, (vi) fees for professional services such as legal, audit
and accounting, (vii) fees paid for consulting, and valuation services related to specific investments,
(viii) fees for regulatory filings, (ix) insurance premiums, (x) taxes and duties, and (xi) bank charges,
wire transfers and other fees on brokerage accounts and securities transactions.
Item 12 describes the factors that we consider in selecting or recommending broker-dealers for Fund
transactions and determining the reasonableness of their compensation (e.g., commissions).
Form ADV Part 2A
To the extent a Fund’s assets are invested in third-party mutual funds, other types of funds, or other
collective investment schemes (an “Underlying Fund”), the Fund will be subject to other fees and
charges as a shareholder in the Underlying Fund which is in addition to the fees paid to us. Those will
include fees and charges imposed on shareholders of the Underlying Fund and borne indirectly by
investor in the Fund, as disclosed in the Fund’s or the Underlying Fund’s prospectus. All Fund shares
(including all money market Fund shares in which a Fund’s assets may be temporarily invested) bear
a management fee charged to the Fund by the Underlying Fund’s investment adviser, as well as other
internal fees and charges. In addition, some funds also impose on shareholders other fees and
charges, such as sales loads, purchase or redemption fees, transfer taxes, and wire transfer and
electronic fees.
Such charges, fees and commissions are exclusive of and in addition to our fee, and we shall not
receive any portion of these commissions, fees, and other costs described in the preceding
paragraph. Redemption fees and lock-up periods may apply as per the relevant Fund’s offering
documents.
Form ADV Part 2A