Item 5 Fees and Compensation
A. We receive a management fee which is based on the percentage of a client’s assets under management. In
addition, we may receive a performance fee, crystallised annually or upon withdrawal from the fund. The
performance fee is calculated according to the increase in the value per share of an investment.
We or an affiliate are entitled to a performance fee or performance allocation only if the cumulative profits
which we achieve for a client exceed the prior highest amount of cumulative profits achieved for such
client.
The rate of the management fee ranges from between 0% to 2% annually and the rate of the performance
fee or performance allocation is between 15% and 20%. The rate of the management fee and performance
fee or performance allocation may be negotiable.
The Adviser may waive or modify the management fee and/or the performance fee or performance
allocation for investors in particular share classes, that are staff members or affiliates of the Adviser,
relatives of such persons, and for certain large or strategic investors.
Full details of the fees can be viewed in the relevant Investment Pool’s offering documentation.
Each fund is detailed below more specifically:
Markham Rae 1
a) Class A shares (first USD 70m only)
Management Fees: Accrued daily at 75 bps of NAV, and payable monthly in arrears
Performance Fees: Accrued monthly at 15%, and crystallised annually
Currency: USD
b) Class B shares (next USD 35m only)
Management Fees: Accrued daily at 1% of the NAV, payable monthly in arrears
Performance Fees: accrued monthly at 15%, and crystallised annually
Currency: USD
c) Class C shares (next USD 35m only)
Management Fees: Accrued daily at 1.25% of the NAV, payable monthly in arrears
Performance Fees: accrued monthly at 15%, and crystallised annually
Currency: USD
d) Class D Shares
Management Fees: Accrued daily at 1.5% of the NAV, payable monthly in arrears
Performance Fees: Accrued monthly at 15%, crystallised annually.
Currency: USD
ADV II 2018
e) Class E Shares
Management Fees: Accrued daily at 1.5% of the NAV, payable monthly in arrears
Performance Fees: Accrued monthly at 15%, crystallised annually.
Currency: GBP
Ashenden Trend Plus Fund
The current share class has the following fees:
Management Fees are Zero. Performance Fees at 20%, subject to a high water mark, which is calculated as
the adjusted NAV of a series of Fund Shares in excess of its prior high NAV
There are no AIFM charges to the AIF.
Ovington Fund
The current share class has the following fees:
Management Fees are 1.5%. Performance Fees at 15%, subject to a high water mark, which is calculated as
the adjusted NAV of a series of Fund Shares in excess of its prior high NAV
There are no AIFM charges to the AIF.
B. Fees are accrued and are deducted from fund’s invested assets periodically. Time scales vary by
Investment Pool and for further details, please refer to the relevant Investment Pool’s offering
documentation.
C. The Investment Pools will bear other fees and expenses in addition to the management fee and the
performance fee or performance allocation. These are set out in the relevant Investment Pool’s offering
documentation and may include:
i. organisational, initial offering and on-going offering fees and expenses
ii. legal, accountancy and audit fees and expenses
iii. administration and depositary (where relevant) fees and expenses
iv. brokerage commissions, give-up fees and transactional fees and expenses
v. exchange fees
vi. regulatory fees and charges, including the cost of any filings
vii. all taxes and corporate fees payable to governments or agencies, including but not limited to transfer
taxes
viii. directors’ fees (if any) and expenses
ix. incidental administrative charges
x. indemnification payments and other extraordinary fees and expenses
ADV II 2018
Please refer to Item 12 of this Brochure for further discussion of our brokerage arrangements.
D. We do not require our fund clients to pay any fees in advance for our advisory services. Arrangements for
segregated managed accounts may differ and may be negotiated on a case by case basis. If any segregated
managed accounts pay fees in advance, should that account close, then any fees owing would be repaid to
the client. For detailed fee information please refer to the relevant Investment Pool’s offering
documentation.
E. We do not, nor do our supervised persons accept compensation from third parties in connection with the
sale of securities.