Fees
Our focus is the investment return of the fund, not the growth of the size of the fund.
Charge a flat percentage of assets and the incentive is to gather more money. Ours points the other way: we earn more only on returns above 7.5%, and our intention is to lower the Series F management fee as the fund grows. In an ordinary year that's about 1.1% all-in, and we pay the same fees you do.
How it's built, and what you'd pay at any return and size, is all below.
Why it matters
Getting larger benefits the fund manager; fund return benefits you, and us, more.
Under a flat asset-based fee, performance barely moves a manager's revenue. Size does. That's why so many funds keep selling long after they've grown too big to invest well, and why a fund that should close its doors rarely does.
The structure
Two parts, both pointed the same way
0.60%
Management fee
0.60% a year on Series F. Fixed costs do not grow with the fund, so as assets grow we intend to lower this rate.
20% above 7.5%
Performance fee
20% of any return above a 7.5% annual hurdle. The first 7.5% is entirely yours.
With a high-water mark. After a down year, no performance fee until your units fully recover. We don't get paid twice for the same gains.
See it yourself
What you'd pay at any return and any size
Drag the sliders. Fees are shown as a percentage of your investment for the year. This is a rough estimate, for your information only. The actual cost of the fund is reported every year in the Fund Facts and the Management Report of Fund Performance, both on the regulatory page.
Illustration only. *The management fee is 0.60% a year on Series F, or 0.63% once GST is added; our intention is to lower it as the fund grows. The slider shows total fund assets, currently about $58 million. Third-party operating costs are fund-level dollars shared across all series of the fund: audit (KPMG), custody (National Bank), legal (BLG) and recordkeeping (Damelin Financial). They are largely fixed, so they shrink as a percentage as the fund grows. This is a forward-looking figure, not a historical one. Over 2020–2025 these costs actually ran between 0.8% and 1.1% a year. We expect them to come down to roughly 0.45% at the fund’s current size, for two reasons: in late 2025 we replaced our recordkeeper and custodian to reduce fees, and the merger of The Osler Fund into MVF in August 2026 spread the same fixed costs over a larger asset base. The audited year-by-year history is in the gross-to-net table. Assumes the high-water mark has been met. CRM3 cost reporting on your statement reflects the fund expense ratio (MER plus a trading expense ratio of roughly 0.2%); the sliders exclude trading costs. See the Fund Facts for full details.
Just as important
What you don't pay
Nothing to buy in. 100% of your money goes to work on day one.
No DSC schedule to work through. Redeem at any month-end valuation.
Series F pays no ongoing commissions to dealers. Nobody is paid to sell you this fund.
When we hold cash waiting for bargains, you pay the same low management fee, nothing extra.
Why we built it this way
We eat our own cooking
- Together with their families, Tim and Lorne are the fund's largest investor, on your fee schedule.
- Most of our revenue comes from performing, not gathering assets.
- Growth benefits you: fixed operating costs spread over more assets, and we intend to lower the management fee as the fund grows.
- The high-water mark means losses must be fully recovered before we're paid to perform again.
On your statement
You'll see it in dollars
New cost-disclosure rules (CRM3) put the total cost of your funds on your statement in dollars. Good. Ours is built to look sensible when spelled out plainly: on $10,000, about $110 in an ordinary year, and about $200 in a year the fund returns 12%.
Full details are in the Simplified Prospectus and Fund Facts, or ask us directly.
Ready to look further?
Minimum investment $1,000 · For registered (RRSP, RRIF, TFSA, FHSA, RESP, IPP and similar plans) and non-registered accounts