Item 5 - Fees and Compensation
Pooled Investment Vehicles
Lofoten serves as the investment manager to the below pooled investment vehicles:
• EI Sturdza Strategic Europe Value Fund and the EI Sturdza Strategic Global Quality Fund
(“the Sturdza funds”)
Lofoten further serves as the investment advisor to the below pooled investment vehicles:
• Lofoten Funds UCITS ICAV, formerly Blenheim Funds UCITS ICAV (Irish UCITS)
(“Lofoten UCITS”) (Dormant and to be liquidated)
• Manavest Europe Selection Equity Fund (“Manavest fund”)
Collectively, all the pooled investment vehicles above may be referred to as “the Funds”.
Fees relating to the each of the Funds are deducted as detailed in the Confidential Private Offering
Memoranda of each fund.
The Sturdza funds fees, comprising management fee and a performance fee based on high
watermark, are charged on a monthly basis in arrears and deducted from client’s account. The
Manavest fund fees are accrued monthly and deducted quarterly in arrears. There are no
performance fees for the Manavest fund.
As the Lofoten UCITS fund is currently dormant, no fees are charged in this fund.
The Firm reserves the right to negotiate fees. Some investors pay more or less than others
depending on certain factors, including but not limited to, the type and size of the account.
Clients will pay other expenses in addition to the fees paid to Lofoten. For example, clients may
pay costs such as brokerage commissions, transaction fees, custodial fees, transfer taxes, wire
transfer fees and electronic fund fees, and other fees and taxes charged to security transactions
which are unrelated to the fees collected by Lofoten.
The Funds shall bear all of their operating and administrative costs, which may include (but are
not limited to): i) administration fees and expenses, including company secretarial fees; ii) charges
and expenses of external legal counsel and auditor; iii) issue or transfer taxes or stamp duties
chargeable in connection with any securities transactions; iv) costs of all transactions carried out
by it or on its behalf, including analytical expenses and other costs linked to the selection,
monitoring and realisation of actual and potential investments including investment related travel
expenses; v) any taxes, fees or other charges levied against the Fund and payable to
governments or agencies, including professional advisory fees, regulatory fees and auditing fees;
vi) Directors' fees and expenses; vii) interest on borrowings; viii) communication expenses with
respect to investor services and all expenses of meetings of Shareholders and of preparing,
printing and distributing financial and other reports, proxy forms, offering and similar documents
(including documentation updates); ix) insurance (if any); x) litigation and indemnification
expenses; and xi) The costs and expenses associated with the marketing and promotion of units.
Separately Managed Accounts
Lofoten serves as the investment advisor to two separately managed account clients (“SMA
Clients”). SMA Clients pay fees as agreed in the relevant investment management agreement.
Clients are typically invoiced on a quarterly basis in arrears.
SMA Clients will bear their own operating expenses as set forth in the relevant investment
advisory agreement, including custodial fees and commissions for transactions.
For more information on the Firm’s brokerage practices, please refer to Item 12 in this brochure.