Fees and Compensation — Form ADV Part 2A (3/31/2017)
[Brochure]
Item 5. Fees and Compensation
Asset-Based Compensation
The Advisor generally charges each client an investment management fee of up to 1.5% (per annum)
based on the value of the client’s assets under management. Investment management fees are charged
each quarter in advance on the first day of the quarter. Under certain circumstances, a client may be
charged investment management fees in arrears. If a new client account is established during a quarter
or a client makes an addition to its account during a quarter, the investment management fee will be
charged as of the effective date of the investment management agreement or the date of the additional
contribution based on the value of the assets as of the applicable date and will be prorated for the
number of months remaining in the quarter. These fees are negotiable and may be waived for related
parties of the Advisor.
Performance-Based Compensation
The Advisor will receive performance-based compensation. The performance-based compensation is
generally up to 20% based on a share of capital gains on or capital appreciation of the assets of a client.
These fees are negotiable and may be waived for related parties.
The Advisor deducts the investment management fee from client accounts by instructing the client’s
custodian.
In addition to paying investment management fees and, if applicable, performance-based
compensation, client accounts will also be subject to other investment expenses such as custodial
charges, brokerage fees, commissions and related costs; interest expenses; taxes, duties and other
governmental charges; transfer and registration fees or similar expenses; costs associated with foreign
exchange transactions; other portfolio expenses; and costs, expenses and fees (including, investment
advisory and other fees charged by investment advisors with, or funds in, which the client’s account
invests) associated with products or services that may be necessary or incidental to such investments or
accounts. Client assets are invested in a master-feeder structure. Feeder funds bear a pro rata share of
the expenses associated with the related master fund. As referenced above, clients will incur brokerage
and other transaction costs. Please refer to Item 12 of this Firm Brochure for a discussion of the
Advisor’s brokerage practices.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2017)
[Brochure]
Item 7. Types of Clients
The Advisor’s clients consist of private pooled investment vehicles. With respect to such clients, any
initial and additional subscription minimums are disclosed in the offering memorandum for the pooled
investment vehicle.