Item 5: Fees and Compensation
The fees applicable to each of the Funds are set forth in detail in the corresponding Offering
Documents. A brief summary of such fees is provided below.
Management Fees and Performance Fees
The fees charged to investors consist of an annual management fee as a percentage of net
assets, payable monthly in arrears, and an annual performance fee based upon a percentage
of the amount by which the net asset value, as of the end of each calendar year, exceeds the
high-water mark during the calendar year. The fees are as follows:
The Management Fee ranges from 0.90% to 1.75% dependent on share class.
The Performance Fee charged is 20%.
The Investment Manager, in its sole discretion, may waive or modify the Management Fee for
any Investor.
No Management Fee or Performance Fee is charged to share classes exclusively offered to or
for the benefit of the Firm and its affiliates and certain of their respective employees and
members.
Other Types of Fees or Expenses
Maniyar is authorized to incur and pay in the name and on behalf of the Funds all expenses
which they deem necessary or advisable.
Maniyar Capital Advisors UK Ltd.
The Firm is responsible for and shall pay, or cause to be paid, all of their own ordinary
administrative and overhead expenses, including, without limitation, all costs and expenses
related to rent, furniture, fixtures, equipment, office supplies, clerical expenses and all
salaries, bonuses and benefits paid to, or on behalf of, personnel of the Firm.
Maniyar Eagle Fund Ltd
MEF pays all operating, transaction and investment expenses of the Fund. In addition, the
Fund pays all of its organisational expenses and pays all expenses in connection with any re-
organisation of the Fund.
Maniyar Macro Funds
MMT pays all operating, transaction and investment expenses of the Maniyar Macro Funds.
In addition, the Maniyar Macro Funds paid all of their respective organisational expenses
including all expenses in connection with any re-organisation of such entities.
Operating Expenses
Operating expenses include, without limitation, administration (including the fees of the
Administrator and negotiation of the Administration Agreement), depositary services
(including the fees of the Depo-Lite and negotiation of the Depositary Services Agreement
where applicable), external valuation services (including the fees of the External Valuer and
negotiation of the External Valuer Agreement), legal and regulatory compliance, including, but
not limited to all costs relating to the negotiation, renegotiation and appointment of prime
brokers, accounting, auditing, escrow, recordkeeping, technology, clerical expenses, expenses
incurred in connection with board of director meetings and periodic events held for Investors
in the Funds, directors’ fees and reimbursable expenses (including travel expenses incurred
by directors for Fund related matters), insurance costs, expenses for administrative services,
printing and duplication expenses, mailing costs, filing fees, taxes and expenses for
preparation of reports prepared by external consultants and auditors, and other operating
expenses. Such expenses also include expenses relating to risk management, technology, data
management, market data and pricing/valuation. The Funds also pay certain costs associated
with third party computer and data centres and co-location facilities, including the costs of
communications systems, computing equipment, data and other costs related to generating
information that the Firm utilises to identify trading opportunities and certain other
infrastructure costs. Such costs include costs relating to back-up facilities or services. The Firm
generally allocates to the Funds certain third-party costs and expenses in connection with the
purchase, implementation and maintenance of third-party software, systems and platforms
used by the Firm in furtherance of the administration and operation of the Funds and in order
to ensure compliance by the Funds with applicable rules and regulations. The operating
expenses allocated to the Funds include, without limitation, costs related to certain
compliance and regulatory filings and obligations of the Funds, such as position reporting and
the preparation of Form PF, Form CPO-PQR and AIFMD Annex IV transparency reporting. The
Funds also pay the expenses incurred in connection with the Continuing Offering of shares or
interests in the Funds, including, without limitation, costs related to registering or making such
securities available for sale in certain jurisdictions, costs related to specific jurisdictional or
position reporting related to any or all investors, negotiation of side letters, and costs related
to the preparation and printing of constituent documentation, offering memoranda,
promotional material, and contracts. The Funds are also obligated to pay any extraordinary
expenses, including without limitation, the expenses incurred in connection with any non-
recurring litigation. Expenses on a pro rata basis may rise or fall substantially if the Net Assets
of the Funds change.
Investment expenses include, without limitation, execution, give-up, brokerage, floor,
exchange and clearing fees and commissions, other transaction costs and expenses, custody
expenses, taxes, bank and broker-dealer service fees, interest on margin accounts, consulting
fees and legal fees relating to investments (including legal fees related to performing due
diligence, communicating and negotiating with issuers and other stakeholders, documenting
investments and dispositions, and otherwise protecting or enhancing the value of
investments). Brokerage commissions, margin interest, exchange transaction fees, and other
transaction costs and fees are subject to change from time to time as mutually agreed
between the Firm and the applicable broker, dealer or counterparty. In addition, interest
...