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Investor Alignment
I want to build long term relationships with my investors
This starts with a fee schedule that aligns the interests of the portfolio manager and his clients
The longer we stay together, the less expensive my services can become
The management fee drops to 0% after 10 years, while the performance fee rises
After 10 years, if I’m not beating the benchmark, I’m not getting paid; and if I am beating the benchmark, you don’t mind paying me
At this point, there are additional bonuses/penalties in place to keep my interest and encourage alpha generation while discouraging outsized risk taking
The Hurdle Rate also rises every 5 years to increase the difficulty of achieving the additional performance fee
Fee Structure
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