5. Fees and Compensation
The Firm's turnover consists of investment management fees for discretionary investment
management services. Management fees are based upon a percentage of the market value of assets
under management. However, in some instances, Troy may also agree to a performance fee where
requested by a client.
Troy fees are generally billed on a quarterly basis in arrears. Troy does not require or allow clients
to pay fees in advance.
Troy’s fee schedule for discretionary investment management services may vary and depends on a
range of factors including: the type of account or product, the asset class or strategy being
managed and the size of the assets. We expect management fees for a U.S. separately managed
account to typically range from 0.60%-0.70%. Troy may, in its sole discretion, waive or modify
the management fee for any client. The CIT is offered to benefit plan investors. Troy currently
charges an annual investment advisory fee to the Investor as agreed directly between Troy and the
Investor, as a percentage of the net asset value of the units held. The Investor is also subject to
paying the operating expenses of the CIT, as calculated as an annualized expense ratio, for the
relevant class of units in which they are invested subject to the “Expense Cap” as outlined in the
Offering Statement. If the CIT’s annualized expense ratio exceeds 0.0% (the “Expense Cap”),
Troy has agreed to reimburse the CIT from its own assets in respect of certain “Qualifying
Expenses” actually incurred by the CIT. The CIT will bear all other reasonable expenses, which
may include (i) the Adviser fee (if applicable); (ii) any transaction costs and investment related
expenses incurred in connection with the CIT’s investment and trading activities (including prime
brokerage fees), (iii) certain extraordinary legal, tax and governmental fees not expressly
described as a “Qualifying Expense” and (iv) any interest payable by the CIT, any corporate
licensing costs, indemnification payments, or other fees not included as a “Qualifying Expense”.
Please refer to the CIT’s Offering Statement for additional information.
The specific manner in which Troy charges fees is established in an agreement between Troy and
the relevant client/investor.
Neither Troy nor its supervised persons receive compensation for the sale of securities or investment
products. We do not receive commissions or sales fees and only charge fees for investment advice
pursuant to an investment advisory relationship.
Other fees that clients may incur
The Firm’s fees are exclusive of brokerage and other transaction costs, such as issue or transfer
taxes or stamp duties, incurred in buying and selling investments. These will be borne by clients.
The Firm bears the cost of investment research from its own resources therefore there are no
associated fees for clients. Please refer to Item 12. Brokerage Practices for further details.
Separately managed account clients must appoint their own custodians to hold their assets and to
perform various associated services. The Firm does not provide custody services. As such, clients
may incur certain charges imposed by their custodians and other third parties such as custodial fees,
transaction charges, foreign exchange charges, and other fees and taxes on custody accounts and
securities transactions that are outside the control of the Firm. Such charges, fees, taxes and
commissions are exclusive of and in addition to the Firm’s management fees, and the Firm does not
receive any portion of these taxes, fees, and costs.
Client or investor assets may also be invested in pooled investment vehicles such as ETFs or other
registered investment companies. In these cases, the client or investor will bear its pro rata share of
the investment management fee and other fees of the relevant pooled investment vehicle which
would be in addition to the investment management fee paid to the Firm.