Item 5 – Fees and Compensation
Fees for Advisory Services
Poplar Forest’s fee schedules are outlined below. The fee schedule will vary depending on the type
of client, investment strategy, and the amount of assets to be managed. Poplar Forest reserves the
right to negotiate fees. Poplar Forest believes the total cost of ownership is an important
consideration for clients. As a result, Poplar Forest may choose, in its sole discretion, at any time
and from time to time, to waive, reduce or defer all or any portion of its investment advisory fee
with respect to a Contrarian Value Equity account, Contrarian Value Balanced account, and/or any
Private Wealth Management account.
Mutual Funds
Clients for whom a mutual fund is an appropriate investment, and who choose to invest in one or
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more of the Poplar Forest mutual funds, should review the Prospectus and Summary Prospectus
carefully for information on the investment objectives, management fees, expenses, and investment
risks.
Limited Partnership
Clients for whom a pooled investment vehicle is an appropriate investment, and who choose to
invest in the Poplar Forest Fund L.P. (“PFF”), should review the limited partnership agreement
carefully for information on the partnership’s investment objectives, management fees, expenses,
and investment risks.
Separate Accounts
Contrarian Value Equity Strategy
0.80% on the first $25 million
0.70% on the next $75 million
0.60% thereafter
Contrarian Value Balanced Strategy
0.70% on the first $25 million
0.60% on the next $75 million
0.50% thereafter
Subadvisory Relationships
From time to time, Poplar Forest is engaged as a subadviser by advisers serving institutional
investors. In addition, Poplar Forest serves as a subadviser to certain mutual funds or other
collective investment vehicles. Fees for these services are negotiated separately with each adviser.
Private Wealth Management (“PWM”) Accounts
1.00% on the first $3 million
0.90% on the next $1 million
0.80% on the next $1 million
0.75% thereafter
The minimum PWM fee is $10,000 per year (which may be modified based on individual client
circumstances). PWM fees may also be negotiated separately with each client based on the size of
the account as well as other factors. To the extent Poplar Forest determines that it is appropriate for
a PWM Account to invest in any of the Poplar Forest mutual funds or PFF, the PWM Account is
not assessed a separate PWM management fee based on those assets. An investment in one of the
Poplar Forest mutual funds or PFF will, however, incur management and other fees imposed by the
particular fund, which may be more than the PWM management fee.
Model Portfolios
Poplar Forest does not determine the fee which investors pay to the UMA and wrap program
sponsors. Rather, Poplar Forest negotiates a fee with each UMA or wrap sponsor for its services
and generally receives a portion of the fees charged by the program sponsor. Fees for model
portfolio relationships also vary depending on several factors including, but not limited to, size and
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nature of the account/relationship, the strategy utilized and the operational/client service
requirements.
Payment of Fees
Depending on the specific terms of a client’s written agreement with Poplar Forest, fees for advisory
services are generally based on assets under management on the last day of the quarter; fees are
usually paid quarterly in arrears; and fees are generally withdrawn directly from a client’s account.
Poplar Forest client accounts may reflect different or alternative arrangements.
Contracts for advisory services are terminable, after appropriate notice, as outlined in the agreement
between Poplar Forest and its client. Fees will be pro-rated accordingly. In those instances where
fees were charged in advance and services were not rendered or were terminated before completion,
those unearned fees would be refunded on a pro rata basis.
Other Fees and Expenses
None of the fees outlined above, other than for accounts which are part of a wrap program, include
brokerage commissions, transaction costs, and custodial fees. Please see Brokerage Practices - Item
12 for additional information.
Third Party Payments
Poplar Forest does not accept any compensation from third parties for the sale of securities or other
investment products.