Item 5 Fees and Compensation
The Funds currently offer multiple investment classes. The fees and compensation to
Steadfast are described in the advisory contracts with its clients.
With respect to American Steadfast, L.P. and Steadfast International Ltd., the classes that
have greater restrictions on withdrawal/redemption terms are subject to the lowest
management fees and incentive allocations. Capital contributed to the Funds at different
points in time may be subject to different liquidity and economic terms.
Management fees payable to Steadfast, if any, are described in detail in the Funds’
respective Confidential Private Placement Memoranda. The terms of such management
fees with respect to the Funds include, for example: (i) they are generally paid quarterly in
advance, (ii) generally, once paid, management fees are not refundable, except that they
are prorated for less than full calendar quarters and appropriately adjusted for purchases or
redemptions, and (iii) they are generally deducted directly from the Funds.
Each Fund bears all fees and expenses related to its investing and trading activities,
including, for example, fees to consultants, if any, and other direct operational and/or
administrative expenses such as professional fees (including, without limitation,
administrator, audit, accounting, tax and legal fees, including legal fees incurred in
connection with negotiating and preparing side letter agreements with certain investors,
fees and expenses associated with Customer Relationship Management software (including
the legal and compliance expenses associated therewith) and fees and expenses of
outsourced service providers that provide services related to accounting, reporting,
development, fund operations and general compliance). Such fees and expenses include,
without limitation, brokerage commissions, brokerage transaction cost analytics, expenses
relating to short sales (including, without limitation, fees in connection with borrowing and
margin), clearing and settlement charges, custodial fees, bank service fees and interest
expenses, broken deal expenses, insurance expenses (including, without limitation,
directors and officers and errors and omissions insurance for the personnel of Steadfast, its
affiliates and directors of the Funds), investor reporting costs, beneficial ownership and
short filing reporting costs, and position limit monitoring costs (including, without
limitation, software to track such reporting and position limit obligations), legal and other
expenses relating to the Funds’ investing activities, compliance with applicable securities
laws and regulations and/or the rules of applicable self-regulatory organizations (including,
without limitation, expenses incurred in connection with compliance consultants (including
for the review and approval of expert network requests and chaperoning of expert network
calls) applicable tax reporting laws and regulations and compliance with U.S. and non-U.S.
anti-money laundering regimes), regulatory filings, if applicable in accordance with a
Fund’s Confidential Private Placement Memorandum, required to be made by Steadfast
and/or its affiliates in connection with managing the Funds (e.g., Form PF, Form 13H and
Form CPO-PQR), intellectual property rights (including trademark filings and enforcement
of trademark rights) or any litigation or regulatory investigation instituted against the
Funds, Steadfast or any of their affiliates (including any settlement costs related thereto),
due diligence of trading counterparties and custodians (including, without limitation,
consultants advising on best execution) if applicable in accordance with a Fund’s
Confidential Private Placement Memorandum, blue sky fees, fees and expenses associated
with research and research-related materials (including, without limitation, research-
related travel, computerized financial and research databases (such as Bloomberg), market
data, news and quotation services, due diligence of research providers and other research-
related products and services), artificial intelligence applications (including subscriptions
Steadfast Capital Management LP Form ADV: Part 2A Page 5
to platforms as well as fees and expenses of building proprietary artificial intelligence
applications (whether in house, with outsourced providers or combination of both)),
valuation-related expenses, the cost (including, without limitation, any related consulting,
hardware, software development and support and maintenance expenses) of trade
execution and management systems, risk and portfolio accounting and other portfolio
systems, integration and data transfer connectivity costs to and from third party systems,
director fees and costs associated with directors meetings, fees and expenses incurred in
connection with any advisory board of a Fund (to the extent a Fund has an advisory board),
compensation (which may include fees or performance-based compensation) of advisors,
consultants and finders or other professionals relating to (or for the benefit of) portfolio
companies or prospective portfolio companies in which a Fund may invest (whether or not
completed) or hold a position, fees to individuals that serve as a representative of Steadfast
on boards of directors, and other expenses which Steadfast reasonably determines to be
related to the investment or disposition of the Fund’s assets and/or to the offer and sale of
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