Our Fees: Clear, Aligned, Performance-Driven
Management Fee
0.60% annually
Fund Operating Expenses
0.60% (estimated third-party costs for admin, legal, audit, etc. for upcoming year)
Performance Fee (if any)
20% of gains above a 6% hurdle and the higher of:
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previous high-water mark; and
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prior yearend net asset value
This is the highest unit value your investment has reached when performance fees were last paid. We must beat that to earn a performance fee again.
You must earn at least 6% over the higher of the High Water mark or the previous yearend value before any performance fee applies. This ensures strong returns come first.
An important element of our structure is Tim is investment alongside you. In fact, our fund represents over 80% of Tim (and Kate, his wife) investments so he is focused on the protecting the downside
In our Annual Report each year, we break out the various parts of the Management Expense Ratio.
We amended the calculation in 2025. Part of the problem with our old calculation is the performance fee was determined each June. This meant the fee shown in 2024 did not represent what was ultimately paid (which was significantly less). This lead to a negative MER in the first 6 months of 2025. Regardless this was a confusing approach and hence we made the change
Our fee calculations are described in our Prospectus which can be found here
Why This Structure?
Most funds earn more as their asset base grows. We’re different. We only earn more if you do too. It keeps us focused on outcomes, not asset-gathering and marketing.
Additionally, we invest our own money alongside yours and pay the same fees as you do. The end result we think is our interests are aligned.