Item 5 – Fees and Compensation
Standard Fee Schedule
Friess Associates, LLC is compensated for its investment advisory services through payments of
fees made by our clients. Friess’ standard annual fee for a separately managed portfolio is one
percent of the portfolio value, payable quarterly. Notwithstanding this fee schedule, Friess
retains discretion over the fees that it charges to its clients, as well as any changes in its fee
schedules. Fees may be negotiated in Friess’ sole discretion considering Friess’ assets under
management within a specific investment strategy, or a client’s special circumstances, such as
asset levels, service requirements or other factors.
Fees are generally billed quarterly, in arrears, and are prorated to the date of termination if the
client terminates its relationship with Friess. The quarterly fee is typically based on the portfolio
market value at the beginning of the quarter, adjusted on a prorata basis for cash additions or
withdrawals during the quarter, and is payable at the end of the quarter. Fees are also prorated at
the inception of the investment advisory agreement to cover only the period the assets were
under management during the quarter. Friess does not directly deduct its fees from client
accounts.
Under certain of its investment management agreements, Friess may offer a “most-favored-
nation” type clause with regard to its annual fee. When applicable, the clause provides that, if at
any time while the agreement is in effect, Friess enters into an agreement with a non-affiliated
client to advise a portfolio of substantially similar assets for a lesser fee, Friess shall extend the
lesser fee to the client with the “most-favored-nation” clause in its agreement. For those
agreements that contain “most favored nation” clauses, Friess considers the terms “substantially
similar assets,” “similar portfolios,” and “similar assets” to refer to the amount of assets in the
portfolio being advised, the type of vehicle (e.g., mutual fund, pooled vehicle or separately
managed portfolio) and to the investment strategy (e.g., market capitalization focus,
concentration, etc.) being employed in the management of that portfolio.
Fees for Specialized Accounts and Sub-Advisory Services
Mutual Funds Advised by Friess Associates, LLC
Friess is the adviser to the Friess Brandywine Fund, Friess Brandywine Blue Fund and Friess
Small Cap Growth Fund each a series, or mutual fund of the Managed Portfolio Series, a
Delaware statutory trust registered as an open-end management investment company.
Information concerning the Funds, including a description of the services provided, applicable
fees and risks, is contained in each Fund’s prospectus, which can be found at
www.friessfunds.com.
Private Pooled Investment Vehicles Sub-Advised by Friess Associates
Friess is a sub-adviser to the Greenwich Friess Long/Short Fund, LP (the “LP”). The LP is a
private fund and has not been registered under the Securities Act of 1933 nor registered under the
Investment Company Act of 1940. Accordingly, limited partnership investment interests of the
LP are offered exclusively to investors satisfying the applicable eligibility and suitability
requirements in private placement transactions within the United States. No offers to sell the LP
are made by the descriptions in this Brochure. Information on investing in the LP, including a
description of the services provided, applicable fees and risks, is contained in the LP’s offering
memorandum.
Additional Fees and Expenses Payable by Clients
Fees paid to Friess are exclusive of brokerage commissions, transaction fees, service provider
fees, and other related costs and expenses that will be incurred by the client. Execution of client
transactions typically requires payment of brokerage commissions by clients. “Item 12 –
Brokerage Practices” further describes the factors that Friess considers in selecting or
recommending broker-dealers for the execution of transactions and determining the
reasonableness of their compensation (e.g., commissions). In addition, clients may incur certain
charges imposed by custodians, broker-dealers, third-party investment consultants and other third
parties. At times, Friess may invest client’s assets in mutual funds, including cash management
vehicles like money market funds or similar short-term investment funds sponsored by a client’s
custodian. To the extent that a client’s assets are invested in these vehicles, the clients will also
typically pay fees as described in each vehicle’s offering documents (e.g., prospectus or offering
memorandum). Such charges, fees and commissions are exclusive of, and in addition to, Friess’
fee.