Item 5. Fees and Compensation
Our fees and compensation are described in our clients’ Governing Documents.
The Funds
The Funds pay us a quarterly management fee of 0.375% (1.5% on an annualized basis), which would be
subject to reduction for certain classes upon the Funds meeting certain asset thresholds. Management
fees are paid in advance. Once paid, the management fee is non-refundable. We have waived and may,
in our discretion, in the future waive or reduce our management fee for certain investors without notice
to, or the consent of, other investors. We do not currently intend to offer reduced or waived management
fees to any investor, other than the Managing Partners, our employees, our affiliates, and family members
or entities for the benefit of family members thereof.
Sage Rock GP, our affiliate, is also entitled to receive performance-based allocations from the Funds, as
further described in Item 6 – Performance-Based Fees and Side-By-Side Management. Separately
Managed Accounts
Sage Rock Capital Management LP Form ADV Part 2A
Our compensation schedule with respect to each Separately Managed Account is contained in the sub-
advisory advisory agreement relating to such account. Each Separately Managed Account pays us an
asset-based fee, which is paid quarterly in arrears. Such fees are neither invoiced nor debited, but are
paid to us directly by each Separately Managed Account in accordance with sub-advisory agreement
relating to such account.
Our compensation schedule with respect to any future client account will be contained in the Governing
Documents relating to such account.
Expenses, Generally
The Funds will generally be obligated to pay certain expenses pertaining to them, which are described in
detail in their respective investment advisory agreements. As applicable, these expenses may include,
without limitation, clients’ operating expenses, including expenses related to the offering of their
interests, filings, investor reporting costs, administration and audit expenses, any and all fees for research
(including on-line news and quotation services, Bloomberg service, etc.) and due diligence, research
materials and research-related travel, due diligence-related travel, trading systems and software, risk
management systems and software, portfolio management systems, order management
systems, interest on margin accounts, legal, accounting and professional fees, consulting fees, insurance
costs, borrowing charges on securities sold short, custodial fees, trustees fees, brokerage commissions,
bank service fees, interest on loans and debit balances, our fees and expenses incurred in connection with
preparing and filing reports relating to clients’ trading activities (including under investment advisory laws,
such as Form PF) any taxes applicable to clients on account of their operations and/or investments, and
any and all expenses related to the management and operation of clients as well as the purchase, sale or
transmittal of assets, as we determine in our discretion.
The Separately Managed Accounts will bear their pro rata portion of costs related to their transactions,
including interest on margin accounts and brokerage commissions. To the extent that the Separately
Managed Accounts benefit from any items paid for by the Funds, we or the Separately Managed Accounts
(and not the Funds) will bear the Separately Managed Accounts’ equitable portion of such expense.
The expenses that would be charged to future clients would be determined on a case-by-case basis.
Certain investors in the Funds would also be subject to withdrawal fees if withdrawals are made prior to
the satisfaction of agreed-upon holding periods.
From time to time, we allocate a portion of certain clients’ capital to money market funds or exchange-
traded funds. In addition to the fees and expenses discussed above, clients will indirectly incur similar
fees and expenses if we invest their capital in such funds, as these funds in turn pay similar fees and
expenses to their investment managers and other service providers.
For a more detailed discussion of brokerage and transaction costs, see Item 12 – Brokerage Practices.
Sage Rock Capital Management LP Form ADV Part 2A