Fees and Compensation — Form ADV Part 2A (3/30/2026)
[Brochure]
Item 5 – Fees and Compensation
A. Compensation for Advisory Services
Advisory Fees
Currently, HSUS assesses fees for advisory services based upon an annual percentage of the
net asset value of the Client’s account. The typical advisory fee rate is approximately 0.40% to
0.50% of the net asset value of the Client’s account per annum. Advisory fees are negotiable
based on a number of factors, including but not limited to the size of the Client account, the
complexity of the investment strategy, and other Client-specific operational requirements.
The investment management fee payable by the Private Fund at the end of each month shall
equal to a percentage of Class NAV per annum for each Class of Units. Please review the
offering documents associated with the Private Fund for additional detail related to fees and
expenses associated with the Private Fund.
B. Payment for Fees Incurred
HSUS will send invoices to Separately Managed Accounts and RIC clients on a quarterly basis
to facilitate the payment of advisory fees.
Investment management fees paid by the Private Funds are paid monthly in arrears.
C. Other Fees and Expenses
Clients will also incur custodial fees, brokerage and other transaction costs which are in
addition to HSUS’s advisory fee. Refer to Item 12 below for more information.
In addition, the Private Fund will incur organizational and operational expenses such as
legal and accounting expenses that will be borne by the investors in the Private Fund.
Please review the offering documents associated with the Private Fund for additional detail
related to fees and expenses associated with the Private Fund.
D. Payment of Fees In Advance
HSUS does not charge advisory fees in advance.
E. Compensation for Sale of Securities and Other Investment Products
Neither HSUS nor any of HSUS’s supervised persons accepts compensation for the sale of
securities or other investment products.
Account Minimums and Types of Clients — Form ADV Part 2A (3/30/2026)
[Brochure]
Item 7 – Types of Clients
HSUS provides discretionary investment advice to separate accounts, an unregistered
private partnership and as a sub- adviser to registered investment companies. Separate
account clients may include pension plans, endowments, foundations, corporate and
business entities, trusts, and high net worth individuals. The minimum account size is
typically $5,000,000.00 in assets under management for each separate account and may
be reduced or waived at the sole discretion of HSUS.
All investors in the Private Fund must be "qualified purchasers" as defined by Regulation
D of the Securities Act of 1933 and meet other eligibility requirements as set forth in the
applicable Private Fund's governing documents.