Fees and Compensation — Form ADV Part 2A (3/27/2021)
[Brochure]
Item 5 Fees and Compensation
Registrant's clients, the limited partnerships, pay Registrant an advisory fee of 1.5% - 2% per annum of
the partnerships' average monthly total net assets. Clients pay this fee on a quarterly basis, in the
amount of .375% - 0.50% per quarter, at the end of each calendar quarter. The advisory fee may be
waived for any of Registrant's principals or employees who are limited partners. Registrant, as General
Partner, also receives a special allocation of 10% - 20% of the cumulative increase in net profit
annually allocated to each limited partner's capital account, including net realized and unrealized
capital gains and net dividend and interest income. The 10% - 20% special allocation fee is in addition
to the 1.5% - 2% annual advisory fee. Limited partner net losses in any year must be recouped before
the Registrant may receive the special allocation fee. The special allocation fee may not be made with
respect to any limited partner who has not been a member of a partnership for at least one year. Fees
are deducted from client accounts. The exact rate charged to the limited partnerships will be based on
the limited partnership subscription and offering documents. Please see the offering documents for the
specific fees charged to the private funds.
The advisory and special allocation fees are not negotiable. Registrant believes its fees and
compensation are competitive with fees and compensation paid to other investment advisors for
comparable services; however, comparable services may be available from other sources for lower
fees and compensation than those charged by Registrant.
Registrant's annual fees and special allocation fees for its investment advisory services are separate
and distinct from additional fees charged by Registrant's affiliated investment advisors or other client
limited partnerships.
In all cases Registrant will determine in good faith that the commissions and fees charged in
connection with transactions are reasonable in relation to the value of the brokerage, research and
other services provided by that broker, viewed in terms of either the specific transaction or Registrant's
overall responsibilities to the portfolios over which Registrant exercises investment authority.
Registrant will regularly review the commission rates paid by its advisory client partnerships to
determine that they are competitive with commissions paid by clients of investment advisors that
provide services similar to Registrant's. Nevertheless, Registrant's clients may be able to obtain more
favorable brokerage commission rates elsewhere particularly when one considers the advisory fees
being paid to Registrant.