Fees and Compensation — Form ADV Part 2A (6/8/2026)
[Brochure]
Item 5: Fees and Compensation, we, or our affiliate, KP Convexity, receive performance-based fees
or allocations related to performance for certain fund investments made by the Firm's clients that
invest in affiliated investment fund vehicles as described in Item 10: Other Financial Industry
Activities and Affiliations. These payments are subject to Section 205(a)(1) of the Advisers Act, in
accordance with the available exemptions thereunder, including the exemption set forth in Advisers
Act Rule 205-3, which requires that performance-based fees only be charged to “qualified clients”
(as such term is defined in Rule 205-3).
These fund investments create a conflict of interest because the additional compensation we receive
provides an incentive for us to direct qualifying clients to invest in such fund investments based on
our potential to receive a performance-based fee separate from and in addition to the asset-based fee
we charge clients for managing their accounts, when another strategy or investment that does not pay
a performance-based fee would be more appropriate. In addition, performance-based compensation
provides us with an incentive to recommend a particular investment, when a lower risk investment
that does not have a performance-based fee would be more appropriate.
We address this conflict by (1) analyzing whether a product is appropriate for a client without regard
to whether we, or an affiliate, earn additional compensation for the transaction, (2) ensuring that
alternative investments (including affiliated investment fund vehicles) are suitable for each client, (3)
ensuring that these investments are long-term investments for which the Firm generally does not
receive an ongoing management fee, (4) assessing if the terms of the affiliated investment vehicles
are reasonable in comparison to other similarly structured third-party investment alternatives, and
(5) providing clients with clear disclosure as to how the performance-based fee is calculated.
Account Minimums and Types of Clients — Form ADV Part 2A (6/8/2026)
[Brochure]
Item 7. Types of Clients
We provide services to the following types of clients:
• Individuals, including high net worth individuals
• Pension and corporate retirement plans
• Trusts, estates, and charitable organizations
• Corporations or other business entities
• Family offices
Minimum Account Size and Account Opening Requirements
Core Portfolio Strategies Program. The minimum account size is $50,000, but in some cases, we
are willing to accept a lower minimum.
Standalone Tactical Program. The minimum account size is $150,000, but in some cases, we are
willing to accept a lower minimum.
We have full discretion to allow or not allow exceptions for minimum account size requirements.