ITEM 5: FEES AND COMPENSATION
FEE DESCRIPTION AND SCHEDULE
Generally, Eldred Rock will be compensated for its services through the receipt of management fees. Eldred Rock will
modify or waive management fees in certain instances that Eldred Rock deems appropriate, in its sole and absolute
discretion. Please note fees may be waived or reduced for Eldred Rock employees, principals, partners, affiliates, and
their families.
ELDRED ROCK PARTNERS, LLC | Form ADV Part 2A | v03.2026
PRIVATE FUND
As compensation for investment advisory services rendered to the Partnership, Eldred Rock will receive an annual
management fee payable according to the terms of the Governing Documents. Management fees paid by the
Partnership are indirectly borne by the limited partners in the Partnership. The precise amount, and the manner and
calculation, of the management fee for each Class of the Partnership is established and is set forth in such Class’ limited
liability agreement (or analogous organizational document) and/or other documentation received by each limited
partner prior to investment in such Class of the Partnership. Fees may differ from one Class of the Partnership to
another, as well as among limited partners in the same Class of the Partnership.
Pursuant to the terms of the Governing Documents, a Partnership’s General Partner is authorized in its sole discretion to
agree with a Limited Partner to waive or modify the application of any provision of the Governing Documents with
respect to such Limited Partner. Any such waiver or modification may be evidenced by a “side letter” or other
document. Such side letter or similar agreement with a Limited Partner, would have the effect of establishing rights
(including economic rights) under, or altering or supplementing the terms of, the Governing Documents. The terms of
such side letters may differ from the Governing Documents relative to various provisions including but not limited to the
management fees, performance allocations, and withdrawal rights. In addition, Eldred Rock, its affiliates, and employees
may invest in or alongside the Partnership, and in connection with such investments, the management fee, performance
allocation, or other performance-based fees may be modified, substantially reduced, or waived.
Investors should refer to the Partnership’s Governing Documents for more detailed information regarding how Eldred
Rock is compensated for its advisory services. The information contained herein is a summary only and is qualified in
its entirety by such documents.
SEPARATELY MANAGED ACCOUNTS
Generally, clients will pay an investment management fee at an annual rate of 0.35% of the fair market value of the
assets under management and will be assessed and paid quarterly in arrears at the rate of one fourth the annual
management fee. The management fee is calculated for each quarter based on the monthly average value of the
managed assets, which is calculated as (i) the sum of the fair market value of the managed assets, including any cash or
cash equivalents, as reported by the custodian(s) at the close of market on the last trading day of each month, divided by
(ii) three. Fees for partial periods will be assessed pro-rata.
Investment management fees are negotiable based upon the complexity of the situation, communication requirements,
potential future business, and other applicable factors. Fees including rates, calculation methodologies, and the timing
of payments will be described in detail in the Investment Advisory Agreement executed by the parties. Eldred Rock may
group multiple accounts of a client (or group of related clients) together for fee billing purposes.
Clients receiving the same service from Eldred Rock may be paying different fees. Clients should be aware that the
services offered may cost a client more or less than purchasing the services separately from other advisors or broker-
dealers. Some clients will pay more or less than other clients depending, for example, on the account inception date,
number (or value) of related accounts, the total assets under management by Eldred Rock, and fee negotiation or fee
waivers, if any.
SUB-ADVISORY SERVICES
The fees for sub-advisory services are agreed upon by the unaffiliated registered investment adviser and Eldred Rock. The
agreement will state the manner, amount, and timing of Eldred Rock’s compensation. Generally, compensation will be
based upon the value of the assets sub-advised. Such fees will be higher or lower than those paid by Eldred Rock clients
who are not in such arrangements. Generally, the investment management fee for sub-advisory services is an annual
rate of 0.35% of the fair market value of the assets under management and will be assessed and paid quarterly in arrears
at the rate of one fourth the annual management fee. The management fee is calculated for each quarter based on the
monthly average value of the managed assets, which is calculated as (i) the sum of the fair market value of the managed
ELDRED ROCK PARTNERS, LLC | Form ADV Part 2A | v03.2026
assets, including any cash or cash equivalents, as reported by the custodian(s) at the close of market on the last trading
day of each month, divided by (ii) three. Fees for partial periods will be assessed pro-rata. The provisions for the
termination of investment management are stated in the agreement between the unaffiliated registered investment
adviser and Eldred Rock.
MODEL PROVIDER SERVICES
The fees for model provider services are agreed upon by the unaffiliated registered investment adviser and Eldred Rock.
The agreement will state the manner, amount, and timing of Eldred Rock’s compensation. Generally, compensation will
be based upon the value of the assets to which the models are being applied. Such fees will be higher or lower than
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