ITEM 5: FEES AND COMPENSATION
Clarius enters into a written advisory services agreement (“Agreement”) with each of its clients. The Agreement contains
the Advisory Fee arrangement which typically includes a Wealth Management Fee and a Family Office Retainer Fee. Wealth
Management Fees are based on a percentage of assets under management and Family Office Retainer Fees are based on
the scope and complexity of other investment advisory, family office, and personal accounting services. Either party may
cancel the Agreement without penalty upon thirty days’ written notice.
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Wealth Management Fees for liquid securities are calculated from the average daily balance of the portfolio during the
prior quarter, based on values provided by the account custodian which include cash, cash equivalents and accrued interest
unless otherwise stated in the Advisory Fee arrangement. Wealth Management Fees that apply to illiquid holdings, such as
private limited partnerships, are also calculated based on the average daily balance during the prior quarter. The valuation
of these investments is based on the most recent value provided by the partnership, which includes the value of
contributions to the partnership less distributions made as of the valuation date. The valuations from private partnerships
are typically delayed by at least one quarter. Additional information on Clarius’ valuation practices is provided in the
Agreement.
At the inception of an advisory relationship, Clarius will charge a Wealth Management Fee calculated from the initial
portfolio value and prorated through the remainder of the then-current quarter. Family Office Retainer Fees will be
similarly prorated.
Clarius’ annual Wealth Management Fee schedule is as follows:
• 0.90% on the first $5,000,000
• 0.60% on the next $10,000,000
• 0.50% on the next $10,000,000
• 0.40% on the next $25,000,000
• 0.30% on the next $50,000,000
• 0.20% on balances exceeding $100,000,000
Fees identified in this schedule are based on the total value of accounts in the client’s portfolio as managed and/or
reported on by Clarius.
When determining a given client’s asset base for fee billing purposes, Clarius will consider all accounts managed by the Firm
that belong to certain familial relations of the client, which is typically referred to as “householding”. Specifically, Clarius
has discretion to aggregate the value of a client’s account(s) with the total values of all managed accounts within the
client’s lineal family; this may include accounts belonging to the client’s spouse or partner, custodial accounts for minor
children, the client’s extended family members such as parents and adult children, any trust assets where the trustees,
trustors and current beneficiaries are family members, and any wholly owned entities such as limited partnerships
(collectively, a “household”).
Family Office Retainer Fees range from $10,000 per year to more than $200,000 per year, depending on the scope and
complexity of the services provided by Clarius.
Clarius can propose and clients can negotiate a flat, rather than graduated, rate on the value of the portfolio or a flat annual
fee for a comprehensive engagement. Clarius has clients with fees that are different (both higher and lower) than those
shown above and reserves the right to negotiate fees for accounts depending on the size and type of account, the
investments in the account, and the services required. Clarius also reserves the right to waive fees for Clarius family
members and friends.
Fees calculated using the total assets under management are affected when margin is used. For accounts managed by a
third-party manager utilizing margin as part of the strategy, Clarius will net the margin debt against the account value to
determine the asset base used to calculate Clarius fees. Otherwise, Clarius’ fees will be based on the full value of the assets
under management without regard to the amount of margin debt on the account. Clients need to be aware that buying
investments using margin increases the amount of fees paid to Clarius.
Clarius charges advisory fees quarterly in advance. Clients generally authorize Clarius to deduct fees directly from their
account as they become due. Clarius has discretionary authority to sell (at the then-current price) a sufficient amount of
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securities in order to pay these fees. Should the advisory contract be cancelled during the billing period, Clarius will refund
any pre-paid unearned fees on a prorated basis. The custodian of the client’s investment assets will reflect the deduction of
the investment fee on an account statement but does not calculate or verify the accuracy of the fees.
Private Fund Management
Clarius does not charge a fee for the investment services provided to its affiliated private funds, Clarius Global Equity Fund,
LLC and Clarius Smartsheet SPV, LLC, collectively “the Funds”, and any expenses directly related to the Funds are allocated
pro rata to each investor of the Funds.
Clarius will include the value of the Funds invested by Clarius clients when determining a client’s billable assets under
management.
All investors in Clarius Global Equity Fund, LLC (“CGEF”) and Clarius Smartsheet SPV, LLC (“CSPV”), collectively “the Funds”,
receive a confidential Subscription Agreement before being given the opportunity to invest. The Subscription
Agreement discusses in detail the fees, investment objectives, investment strategy and risk factors relating to the Funds.
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