Fees and Compensation — Form ADV Part 2A (6/2/2025)
[Brochure]
Item 5 Fees and Compensation
Clients pay to LIM a fixed management fee (the “Management Fee”), payable monthly or quarterly in arrears, ranging
from 0.15% - 1% per annum of the month-end total asset value of a managed account, including the market value of
securities, cash, and accrued income, as reported by a third-party custodian. Fees are billed by LIM on a quarterly
basis, in arrears, and paid by clients directly. All fees are subject to negotiation, and existing and future clients may
have differing fee arrangements.
Clients will also bear underlying investment costs, including brokerage and sub-adviser fees as well as other
transaction costs, as part of the implementation of LIM’s investment strategy as discussed in Item 12. LIM does not
participate in wrap fee programs. Employees of LIM may receive compensation that is partially related to income
derived by Ledger Investing and its affiliates, which may include income from services provided to LIM’s clients or
in connection with transactions in which LIM’s clients may participate.
Item 6 Side-by-Side Management
The Adviser does not charge performance-based fees or participate in side-by-side management.
Account Minimums and Types of Clients — Form ADV Part 2A (6/2/2025)
[Brochure]
Item 7 Types of Clients
LIM’s clients include segregated accounts (sometimes referred to as a cell or a segregated portfolio) established to
provide reinsurance to an insurer in exchange for a share of the insurer’s premiums pursuant to the terms and
conditions of a reinsurance agreement and trust agreement. These segregated accounts are commonly set up by a
Bermuda segregated accounts company or a Cayman Islands segregated portfolio company for the benefit of an
underlying investor. As part of what is referred to as a collateralized reinsurance transaction, these segregated
accounts serve as the reinsurer and as the grantor of trust accounts in which insurance premium and investor capital
are deposited as collateral in support of the transaction.