Item 5: Fees and Compensation
At the beginning of each fiscal quarter Fox Point generally charges the Flagship Funds a
management fee (the “Management Fee”) at the annual rate of 1.5% of the portion of the
net asset value attributable to the investors in the Flagship Funds. Net asset value includes net
realized and unrealized profits and losses. Fees are deducted from the Funds by instructing
each such Fund’s custodian. The Gulf Currencies Fund is not assessed a management fee. For
further details, investors and prospective investors are asked to review each Fund’s respective
offering documents.
The Funds shall bear each of their own expenses, as applicable, including but not limited to
the Management Fees, incentive fees, fees and expenses of the administrator, directors’ fees
and expenses, fees and expenses associated with holding of the management shares in trust,
investment expenses (i.e., expenses related to the investment of assets, including, without
limitation, trading expenses including, without limitation, outsourced execution functions,
brokerage commissions, custody fees, interest and other borrowing charges, professional and
legal expenses relating to particular investments and other expenses reasonably related to the
investment decision and monitoring process), bank services fees, withholding and transfer fees,
taxes, insurance premiums, legal expenses, regulatory expenses including filing or registration
fees incurred by the Funds in compliance with the rules of any self-regulatory organization or
any Cayman Islands or U.S. federal, state or local laws, the costs of brokerage services and
research (including, without limitation, news, quotation, statistics and pricing services;
hardware, software, databases and other technical and telecommunications services and
equipment used in the investment management and order management process; and
consulting fees and travel expenses in connection with investigating and monitoring potential
and existing investments), accounting, audit (including custody audits) and tax preparation
expenses, other expenses associated with the operation of the Funds and all extraordinary
expenses. Fox Point is entitled to use “soft” or commission dollars generated by the Funds to
pay certain expenses which would otherwise be payable by Fox Point. For further detail on
the Firm’s brokerage practices refer to Item 12 of this Brochure.
If Fox Point incurs any of the expenses mentioned above for the account of the Funds, then it
will allocate such expenses among the Funds in proportion to the size of the investment made
by each in the activity or entity to which the expense relates, or in such other manner as it
considers fair and reasonable.
Fox Point Capital Management LLC Form ADV Part 2A
Fox Point shall bear operating expenses in connection with performing investment
management services under the advisory agreements (e.g., compensation of its investment
personnel and secretarial, clerical and other personnel, including benefits and related taxes,
office space and utilities and telephone and certain computer equipment).