Fees and Compensation — Form ADV Part 2A (3/31/2026)
[Brochure]
Item 5 Fees and Compensation
Registered Investment Companies. The Adviser provides sub-advisory services to the Financial
Services Fund pursuant to a sub-advisory agreement between the Adviser and Curi Capital, LLC (“Curi
Capital”), an investment adviser registered with the SEC, which is the adviser to the Financial Services
Fund.
The Adviser (as the sub-adviser) receives an advisory fee, payable monthly, equal to a percentage of
the Financial Services Fund’s average daily net asset value.
The Financial Services Fund bears its own expenses including investment expenses, custody, transfer
agent, administration, legal, accounting and other expenses, as more fully described in the prospectus
of the Financial Services Fund.
Separately Managed Accounts and Portfolio of a Private Fund. The Adviser provides sub-advisory
services to certain separately managed accounts of ELCO and a portfolio of a private fund advised by
HCA pursuant to a sub-advisory agreement between the Adviser and ELCO and the Adviser and HCA,
which is the adviser to such accounts.
Fees generally are not negotiable. The Adviser may, however, in its sole discretion, waive all or any
portion of the advisory fees and/or performance-based compensation with respect to any investor or
client.
Hedge Fund. The Adviser provides sub-advisory services to the Mendon Master Hedge Fund. The
Fund pays the Investment Manager (Mendon) a quarterly management fee and, annually, an incentive
fee.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2026)
[Brochure]
Item 7 Types of Clients
The Adviser provides investment advice, as a sub-advisor, to registered investment funds, certain
separately managed accounts advised by ELCO, and a portfolio of a private fund advised by HCA ,
and a Hedge Fund. Please see Item 4 (Advisory Business) above.
Investors in the Master Hedge Fund and the Financial Services Fund must be accredited investors and
qualified purchasers as those terms are defined in the federal securities laws. The Adviser requires a
minimum contribution of $2,500 in the Financial Services Fund and $100,000 in the Master Hedge
Fund.