The following account administrative fees are charged at the end of each calendar quarter, in arrears, based on the total market value of all assets under administration. If funds are added during a quarter; fees will be adjusted to reflect the period of time under management. All accounts are subject to a minimum administrative fee of $1,000 per year.
|On next $400,000||0.25%|
|On next $500,000||0.1875%|
Accounts are also subject to a performance fee of 10% of net profits charged annually. Appreciation is determined by taking into account income earned on the managed assets after all fees have been incurred, and includes all realized and unrealized capital gains and losses for the period. The performance fee is assessed on the anniversary of the opening of the account; a fee may be charged under the rolling period rule if appropriate. This fee is assessed only when the account performance exceeds the 52-week average return on the iBoxx U.S. Treasuries 3-5 Year Total Return Index for the preceding year. This index is published by various services, including Bloomberg. Adrian Day Asset Management believes this is an appropriate index to use for comparison of investment returns since the index represents the return available on a low risk investment. By taking risk in varying degrees appropriate for each client, Adrian Day Asset Management aims to outperform this low-risk return. If it does not, it receives no performance compensation. Please see our ADV document for complete details.
Accounts are subject to a 1% closing fee, if closed after 5 days but within one year of opening, provided the account has not lost money from the date of the opening.
These fees are in effect as of 6/98 and may be changed at 90 days written notice.
The above administration fees are valid for all accounts opened with Adrian Day Asset Management directly, and only where no special restrictions in respect to asset domicile or investment qualifications exist. Where the client opens an account with an institution other than Adrian Day Asset Management with the mandate that Adrian Day Asset Management manage his assets, different fees may apply. Similarly, our fees may be higher if the client requests that his assets be held outside of our normal custodial arrangements or if the client wishes specific investment restrictions observed. All fees are subject to applicable state laws and regulations.
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