Fees and Compensation — Form ADV Part 2A (7/31/2023)
[Brochure]
Item 5 - Fees and Compensation
Management Fee - Funds and the Sub-funds
The annual management fee, accrued and payable monthly in arrears, is calculated on the proportion of the Net
Asset Value (“NAV”) of the Sub-funds attributable to the relevant share class. The Manager of the Funds and Sub-
funds (“Manager”), Bridge Fund Management Limited, shall also be entitled to be repaid of its administration
expenses out of the assets of the Sub-funds attributable to the share class. The Manager discharges the advisory fees
of the Fund and the Sub-funds out of its own management fee. The expenses are payable out of the assets of the
Funds and Sub-funds.
Management Fee - Managed Account Client
The client in the Managed Account is generally charged a fee consisting of an asset based “management fee”.
Fees are agreed with the client in the IMA. Unless otherwise indicated in the IMA, the management fees are paid
monthly in arrears after the last day of each month based on the net market value of t h e Managed Account as
of the last business day of each month. The Firm invoices the client for any fees incurred.
Gavekal Capital Limited Form ADV Part 2A
Item 6 - Profit Share Distribution
Performance Fee
Gavekal does not charge performance fees for the Sub-funds that have US investors, are marketed to US investors
or may be marketed to US investors, as set out Item 5 above. None of the Firm’s other funds charge any
performance fee.
Managed Account
Currently, Gavekal charges performance fees on two of its managed account clients.
Gavekal Capital Limited Form ADV Part 2A
Account Minimums and Types of Clients — Form ADV Part 2A (7/31/2023)
[Brochure]
Item 7 - Types of Clients
Funds and Sub-funds
Gavekal manages the assets of each of the following:
Funds and Sub-funds Type of Fund
Gavekal UCITS Fund Irish UCITS open-ended umbrella unit trust
Gavekal Asian Opportunities UCITS Sub-fund of Gavekal UCITS Fund
Fund
Gavekal China Onshore RMB Bond Sub-fund of Gavekal UCITS Fund
Fund
Gavekal China Fixed Income Fund Sub-fund of Gavekal UCITS Fund
Gavekal Multi-Fund PLC Irish UCITS open-ended umbrella fund
Gavekal Global Equities UCITS Fund Sub-fund of Gavekal Multi-Fund PLC
Exchange Listed Funds Trust Open-end Management Investment Company
The Sub-funds have minimum subscription and minimum subsequent subscription amount requirements, in
accordance with the respective offering documents. Gavekal has the right to accept an initial investment of a lesser
amount than required, provided that the minimum initial investment amount shall not be, at any time, less than the
applicable local regulatory requirements. Gavekal also has the right to accept additional investments of lesser than
required amounts. Investors may redeem their investments in the Sub-funds in accordance with the terms stipulated
in their respective offering documents.
Managed Account
Gavekal currently manages two managed accounts for two institutional clients and one separately managed account
in the form of Cayman Islands Funds.
Types of Investments
The Sub-funds invest their assets in equity, fixed income and derivative securities, as stipulated in their respective
offering documents.
The Managed Accounts invest its assets in fixed income securities denominated in Chinese Renminbi (“RMB”), Hong
Kong Dollars (“HKD”), Singapore Dollars (“SGD”), Hong Kong Delivered Chinese Renminbi, and US Dollars
(“USD”) as well as equities of the Asia-Pacific region.
The ETC Gavekal Asian Government Bond ETF (AGOV) invests in government bonds of Asian countries.
Gavekal Capital Limited Form ADV Part 2A