Sage Advisors LLC

Item 5 – Fees and Compensation
It is critical that investors and prospective investors refer to each Fund’s Governing Documents for a complete
understanding of how Sage is compensated by each Fund for its advisory services, of the fees and expenses
investors may pay, how those fees and expenses are deducted from investors’ assets, and of investors’
withdrawal and redemption rights. The information contained in this Brochure is a summary only and is qualified
in its entirety by the applicable Governing Documents.
Management Fee
The amount and structure of the management fee, incentive fee and/or allocation and manner in which such
fees are charged to each Fund varies from fund to fund (in some instances considerably) and is set forth in the
Governing Documents. In certain cases, investors receive fee reductions of all or a portion of the management
fee (and/or incentive fee or allocation) attributable to an investor’s interest in the pooled investment vehicle, or
invest fee free in pooled investment vehicles and pay negotiated fees outside of the pooled investment vehicle,
which may be based on a separate fee schedule agreed upon by Sage and/or its affiliates and the applicable
investor.
The Hampshire Funds, Algonquin Funds, Permit Funds, ARGI Funds, CVPE, JWM and WCF Funds pay Sage
(or a designated affiliate) an admin / management fee quarterly as described in each of the Funds’ Governing
Documents. The sub-advised Fund pay management fees pursuant to their arrangement with Sage.
To the extent any Fund or Sage terminates such Fund’s investment advisory agreement with Sage during a
quarter, Sage will return to the Fund any prepaid, unearned fees (determined on a pro rata basis, based on the
number of days elapsed during the applicable quarter), and any earned, unpaid fees will be due and payable by
the Fund.
To avoid having an advisory client of Sage’s affiliate Cerity Partners paying Cerity Partners and its affiliates
multiple fees on the same assets invested with Cerity Partners and its affiliates, Sage or Cerity Partners and its
affiliates reserve the right to waive (and may waive for future advisory clients) its management fees with respect
to the portion of such client’s assets: (i) that are invested in one or more of the Funds (ii) with respect to which
Cerity Partners or Sage (as applicable) separately receives an asset-based investment advisory fee.
Notwithstanding any of the foregoing, Cerity Partners client assets that are invested in a Fund will be subject to,
and bear, their share of any management and performance-based fees charged to the Fund by Portfolio
Managers in addition to any management fees they pay Cerity Partners or Sage.
Where Sage or its designee values illiquid or hard-to-value investments, it will do so in accordance with Sage’s
valuation policies, under the oversight of the CP Valuation Committee. Clients should be aware that private
investment valuations involve significant judgment and uncertainty. There can be no assurance that any
valuation accurately reflects the price at which an arm's-length buyer or seller would transact. These valuations
affect the reported NAV of a client's account and may serve as the basis for investor subscriptions and
redemptions, as well as the calculation of management fees and, where applicable, performance-based
compensation. This represents a conflict of interest, and Sage seeks to mitigate it through oversight by the CP
Valuation Committee where applicable and, otherwise appropriate, through reliance on information provided by
a fund sponsor, manager, administrator or other parties.

                                                                 Sage Advisors, LLC Form ADV Part 2A – March 31, 2026

Sage and its affiliates in their discretion may reduce, waive, or calculate differently all or any portion of any fees
(including carried interest) for employees or affiliates of Sage, relatives of such employees and certain strategic
investors.
Sage may receive direct or indirect compensation for services it or its affiliates provide to its clients, affiliates or
non-affiliated third parties. Cerity Partners is the sole owner of Sage. Sage provides administrative services to
certain unaffiliated funds that Cerity Partners’ clients are invested in. The compensation Sage receives for the
provision of such services is based upon a portion of the management fees paid by Cerity Partners’ clients to
the affiliated funds. These amounts received by an affiliate of Sage are in addition to those fees and other
expenses which are directly paid by these clients to Cerity Partners and its affiliates and present a conflict of
interest of which clients or prospective clients should be aware.
Additional Fees and Expenses
Hampshire, Algonquin, Permit Funds, CVPE, JWM and WCF Funds and other designated funds will bear all of
its Administrative Expenses, as defined in each of the Fund’s Governing Documents. The General Partner will
bear the Administrative Expenses to the extent that such expenses in any fiscal year exceed the expense cap
as defined in an applicable Fund’s Governing Documents.
Subject to the terms set forth in the Governing documents and pursuant to certain administrative management
agreements, Cerity Partners is reimbursed by the applicable Hampshire, Algonquin, CVPE, Permit, ARGI Funds,
JWM and WCF Funds from such Funds’ management fee for the cost of salaries, office space, computer, tax,
accounting, and other professional and administrative services that Cerity Partners provides to the unaffiliated
general partners of the Algonquin, Permit and CVPE Funds.
Each Fund also bears, directly or indirectly, all other investment, operating and business related expenses
(irrespective of whether such expenses are incurred in connection with the services such Fund receives from
Sage or a Portfolio Manager), which include, but are not limited to, interest expenses, brokerage commissions,
...

Item 7 – Types of Clients
As noted in the Advisory Business section (Item 4) of this Brochure, Sage provides investment advisory services
exclusively to the Funds, and each has a different investment objective and strategy, as set forth in their
applicable Governing Documents.
Interests in each of the Funds are offered (or were offered, during a Fund’s applicable offering period) to qualified
investors in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as
amended (the “Securities Act”).
Investors in the Funds must meet certain eligibility requirements. Specifically, interests in the Funds are generally
offered only to U.S. persons (as defined in Regulation S under the Securities Act), who are “accredited investors”
and “qualified clients” for the purposes of Regulation D under the Securities Act and, for investments in certain
of the Funds, “qualified purchasers” as defined in Section 2(a)(51) of the U.S. Investment Company Act of 1940,
as amended. Investors in the Funds are typically high net worth individuals and a significant proportion of
investors in the Funds are investment advisory clients of Cerity Partners. The Funds are not registered under
the Investment Company Act of 1940, as amended (the “Investment Company Act”), in reliance upon one or
more exclusions from the definition of “investment company” therein.
The minimum initial investment for the Funds are described in their respective Governing Documents.