Fee Transparency
We believe that investors deserve complete transparency on fees. This letter provides a detailed breakdown of our fee structure and the rationale behind each component.
Management Fee
We charge a management fee of 1.5% per annum on net asset value, calculated and accrued monthly. This fee covers:
- Investment team compensation (research analysts, portfolio managers)
- Technology and data infrastructure (Bloomberg, alternative data, risk systems)
- Regulatory compliance and reporting
- Investor communications and reporting
Performance Fee
We charge a performance fee of 20% on net new profits above a 6% annual hurdle rate, subject to a high-water mark. This means:
- We only earn a performance fee when we generate returns above 6% annualised
- If the fund experiences a drawdown, we must recover all prior losses before any performance fee is earned
- The high-water mark ensures you never pay twice for the same performance
What We Don't Charge
- No subscription fees — your entire investment goes to work on day one
- No redemption fees — subject to the standard notice period, there is no cost to exit
- No hidden charges — all trading costs, custody fees, and administrative expenses are disclosed in the annual report
Our fee structure is designed to align our interests with yours. We earn the most when we perform well for you, and we earn nothing additional when we don't. The investment team has over $15 million of personal capital invested in the fund alongside our investors.