ITEM 5 ‐ FEES AND COMPENSATION
Fees for Investment Management Services
For performing its financial planning and investment services, Enviso charges an asset based advisory fee
(“Advisory Fee”). In addition to the Advisory Fee, Enviso charges a fee for administrative services,
including providing clients with online consolidated reporting of their assets via Black Diamond software.
Fees can be negotiated upon agreement between Enviso and the client, which can result in a client
paying a fee which is less than the highest annual fee reflected below, and/or more or less than the fees
paid by other Enviso Capital clients. Negotiating factors include the amount of assets under
Enviso Capital, LLC 9 Form ADV Part 2 Disclosure Brochure
management, the portfolio strategy selected, and the number of accounts opened by the client. Enviso
also reserves the right to change or waive at our sole discretion, our Advisory Fees with respect to any
account, including, but not limited to accounts for employees and/or family members.
Our current annual Advisory Fees are based upon a percentage of a client’s investable assets according
to the following schedule:
1.25% for amounts up to $999,999;
1.00% for amounts up to $2,499,999
0.90% for amounts up to $4,999,999
0.80% for amounts up to $9,999,999 and
0.70% for amounts above $10,000,000
The Advisory Fees are calculated quarterly in advance and are based on the fair market value of the
client's account as of the close of business on the last business day of the preceding calendar quarter.
Lower fees for comparable services may be available from other sources. If a client opens an account
during a quarter, the Advisory Fees will be prorated for assets held for a partial quarter based on the
number of days that the account was open during the quarter. In the event that Enviso Capital’s
services are terminated during a quarter, the annual Advisory Fee shall be prorated through the date of
termination as defined in the Client Agreement and any pre‐paid unearned fees will be promptly
refunded to the client.
Advisory fees will be charged on assets that are managed or advised on by Enviso Capital. Please note
that the fees charged by mutual funds, Unaffiliated Private Funds, the Firm’s affiliated private funds, and
TPAMs are exclusive of, and in addition to, Enviso Capital’s Advisory Fee. Please see further below in
this Item 5 for additional information.
For the administrative services provided to clients by Enviso Capital, including online consolidated asset
reporting, we charge 0.45% of account assets annually.
Fees Charged by Proprietary Private Funds
Enviso Capital serves as the investment adviser to and charges management fees from the HD Fund and
the GPTH Note. Currently for both the HD Fund and the GPTH Note, Enviso Capital has decided to
accrue the investment advisory fees until such time in the future that it determines is appropriate to
collect on the accrued and outstanding fees. Neither Enviso Capital nor Enviso Equity, LLC are charging
performance fees to these two private funds at this time.
Enviso Capital also charges and collects an administration fee from the HD Fund. All management and
administration fees are fully outlined in the respective fund’s offering documents, which are provided to
all investors.
As mentioned in Item 4 above, there are times when Enviso Capital recommends that certain qualifying
clients invest in the HD Fund and/or the GPTH Note. Since Enviso Capital serves as the investment
adviser to these private funds, we charge a fee for such services. This creates a conflict of interest
because Enviso has the potential to receive fees from both a client and these proprietary private funds,
Enviso Capital, LLC 10 Form ADV Part 2 Disclosure Brochure
covering the same assets. To mitigate this conflict, Enviso Capital does not charge separate Advisory
Fees on the clients’ assets invested in HD Fund and/or the GPTH Note.
The owners of Enviso, LLC, some of which are also clients of the firm, benefit from any profits of Enviso
Capital and/or Enviso Equity, LLC,. This compensation creates a conflict of interest, which can affect the
ability of Enviso Capital to provide clients with unbiased, objective recommendations pertaining to
investments in the proprietary private funds. In addition, the owners of Enviso, LLC are relatives and
close friends of Mr. Bowers, Mr. LaBerge and Mr. Seward. Most of the owners are clients of Enviso
Capital and some are investors in the proprietary private funds (HD Fund and GPTH Note). This
relationship also creates a conflict of interest due to the fact that as owners, they will receive profits of
the firm which is a benefit not available to other non‐owner clients and investors. Enviso Capital strives
at all times to make recommendations that are in the best interest of clients. To address these conflicts
we are providing disclosures via this Form ADV Part 2A and also strongly encourage each client and
investor in our proprietary private funds to evaluate and discuss these conflicts with Enviso Capital and
to review all factors, including the conflicts of interest noted above and elsewhere in this document and
the respective fund’s offering documents. Please also refer to Item 10 below for further disclosures
pertaining to the Firm’s ownership and affiliations.
Fees Charged by TPAMS
For those clients where Enviso Capital is utilizing a TPAM, separate fees will be charged to each client by
each respective TPAM. These fees are in addition to the Advisory Fees and administrative fees charged
by Enviso Capital and are outlined in each TPAM’s Form ADV Part 2A Disclosure Brochure, which will be
...