ITEM 5 - FEES AND COMPENSATION
A. Advisory Fees and Compensation
The fees applicable to each Fund are set forth in detail in each Fund’s relevant
Confidential Memorandum or similar documents, any applicable supplement thereto and/or the
Fund’s governing documents. Sabre’s compensation may differ among and within Clients based
upon multiple factors including, without limitation, the complexity of the investment vehicle,
account size and other terms of the Client’s share classes.
Although a brief summary of certain Fund fees is provided below, please note that such
brief summary is not a substitute for the detailed terms provided in each Fund’s applicable
Confidential Memorandum, any supplement thereto and/or governing documents. Fund
investors/prospective investors are thus strongly urged to closely review such documents for
information with respect to management fee and performance compensation terms.
1. Management Fees: Any management fees paid by Clients are set forth in detail
in each Fund’s relevant Confidential Memorandum, any applicable supplement thereto and/or the
Fund’s governing documents. Such management fees may differ among and within Clients.
Thus, although the following is a summary of management fees that investors in the TTU Fund
will generally bear, it is not an exhaustive or complete list with respect to all Clients. Investors
and prospective investors should therefore review the relevant Fund’s definitive documents
carefully because such documents, and not this Brochure summary, describe the management
fees an investor in a particular Fund or class thereof may bear.
The TTU Fund pays Sabre a management fee equal to 1/12 of 1 percent per month of the
TTU Fund’s total trading assets (before deduction of that month’s management fee and before
deduction for any accrued incentive fee) (the “Management Fee”). The Management Fee is
calculated and paid monthly in arrears as soon as is reasonably practicable after the calculation is
complete. Sabre may waive or reduce Management Fees in respect of individual investors. No
such waiver or reduction will entitle any other investor to a waiver or reduction.
2. Incentive Fees: Any incentive compensation paid by Clients is set forth in detail
in each Fund’s relevant Confidential Memorandum, any applicable supplement thereto and/or the
Fund’s governing documents. Such incentive fees may differ among and within Clients. Thus,
although the following is a summary of incentive fees that investors in the TTU Fund will
generally bear, it is not an exhaustive or complete list with respect to all Clients. Investors and
prospective investors should therefore review the relevant Fund’s definitive documents carefully
because such documents, and not this Brochure summary, describe the incentive fees an investor
in a particular Fund or class thereof may bear.
The TTU Fund pays Sabre a quarterly incentive fee equal to 15 percent of the increase in
the total trading assets value of the TTU Fund prior to incentive fees and payable quarterly (the
“Incentive Fee”). The Incentive Fee is calculated by reference to and payable only on increases
in the TTU Fund’s total trading assets in excess of an annual hurdle rate of 5% (i.e., [no
performance fee shall be payable until the TTU Fund’s total trading asset value is 5% greater
than the value as of December 31 of the prior calendar year). In the event that the TTU Fund
Confidential – Submitted to SEC 28 June 2018 page 7
experiences trading losses in any quarter, any Incentive Fees paid in respect of previous quarters
shall be retained but no further Incentive Fees shall be payable until the TTU Fund achieves a
higher quarter-end total trading asset value than the annual hurdle rate. Sabre may waive or
rebate Incentive Fees in respect of individual investors. No such waiver or rebate will entitle any
other investor to a waiver or rebate.
B. Deduction of Fees
Management Fees and Incentive Fees paid to Sabre by the TTU Fund are generally
deducted by the TTU Fund’s administrators from the assets of the TTU Fund.
C. Additional Fees and Expenses
The expenses paid by Clients are set forth in detail in each Fund’s relevant Confidential
Memorandum, any applicable supplement thereto and/or the Fund’s governing documents. Such
expenses may differ among and within Clients. Thus, although the following is a summary of
expenses investors in the TTU Fund will generally bear, it is not an exhaustive or complete list
with respect to all Clients. Investors and prospective investors should therefore review the
relevant Fund’s definitive documents carefully because such documents, and not this Brochure
summary, describe the expenses an investor in a particular Fund or class thereof may bear.
Sabre will be responsible for its own expenses with respect to its services to the TTU
Fund, including the fees and expenses of any sub-investment adviser appointed by Sabre, or any
person to whom Sabre’s functions and duties are delegated. The TTU Fund will reimburse Sabre
for any pre-approved legal fees and expenses incurred by Sabre in connection with its services
and such other expenses as are agreed upon in writing between the TTU Fund and Sabre. The
TTU Fund shall bear its own expenses which may include, without limitation, investment-related
expenses (e.g., brokerage commissions, expenses relating to short sales, clearing and settlement
charges, custodial fees, bank service fees and interest expenses) and other trading-related
expenses; investment-related research; professional fees (including, without limitation, expenses
of consultants and experts); administrative expenses; accounting expenses; operating expenses
(e.g., trade clearance and settlement, corporate action processing, trade confirmation, pricing
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