Our Terms

Mr. Robert Tate, the Investment Coordinator of the Fund, coordinates the investments of the Fund solely in the course of acting in the capacity as a Director of the Fund. Mr. Tate is remunerated solely for acting in the capacity of a Director of the Fund and coordinates the investments of the Fund as a necessary part of performing his obligations and duties in the capacity as a Director of the Fund pursuant to the terms of Mr. Tate’s Directors Services Agreement. Mr. Tate is not separately remunerated otherwise than as part of his remuneration he receives for acting in the capacity of a Director of the Fund. Mr. Tate does not carry on the investment coordination function other than as a necessary part of performing his obligations and duties in the capacity as a Director of the Fund.

Mr. Tate is remunerated by the Fund as a Director of the Fund with a Directors Management Fee (the “Management Fee”) and a Directors Outperformance Fee (the “Outperformance Fee”) for coordinating the investments of the Fund in his capacity as a Director of the Fund. Mr. Tate is not separately remunerated otherwise than as part of his remuneration he receives for acting in the capacity of a Director of the Fund.

The Fund pays the Management Fee and the Outperformance Fee on a per Participating Share basis to Mr. Tate.

The Management Fee is equal to 0.5% per annum of the Fund’s Net Asset Value (“NAV”). If after deducting the Management Fee, the total return of the Fund is higher than the total return of the benchmark, being the MSCI ACWI, then an Outperformance Fee of 20% is charged on the excess return.

An Outperformance Fee is only charged when the Fund’s total return is higher than the benchmark’s total return, measured over any and all periods to date. Mr. Tate shall not be rewarded for idling on a rising market tide since Outperformance Fees are awarded only when the Fund’s investment objective is met and a high-water mark is in place to ensure that the Fund only pays once for outperformance. To further the alignment of interests with all shareholders of the Fund, Mr. Tate does not receive payment of the Outperformance Fee in cash; instead, Mr. Tate must use the monetary value of the Outperformance Fee to purchase additional Participating Shares in the Fund.

The Fund may permit subscriptions for Participating Shares on each Subscription Day (being the first calendar day of each month) by existing or new investors. The minimum initial subscription amount in the Fund is US$100,000 per investor.

Participating Shares are offered on each Subscription Day at the Net Asset Value per Participating Share on the Valuation Day (being the last calendar day of each month) immediately preceding the relevant Subscription Day.

To subscribe for Participating Shares:

1. each prospective investor must complete and execute the Subscription Form (as attached in the Offering Memorandum) and return it to the Fund along with the necessary supporting documentation no later than 3pm (Cayman Islands time) fifteen calendar days prior to the Subscription Day;
2. the completed Subscription Form and supporting documentation must be approved by the Fund and Administrator prior to the Subscription Day; and
3. the prospective investor must ensure that subscription amounts in cleared funds are received by the Fund prior to the Subscription Day.

A holder of Participating Shares may redeem some or all of his Participating Shares as of each Redemption Day (being the first calendar day of each month) at the Net Asset Value per Participating Share as at the immediately preceding Valuation Day (being the last calendar day of each month) provided that a completed and executed Redemption Notice (as attached in the Offering Memorandum) is received by the Fund no later than 3pm (Cayman Islands time) at least fifteen calendar days prior to the proposed Redemption Day.

An Early Redemption Charge of up to 5% of redemption proceeds will be imposed for any redemption of a Participating Share on or before the expiry of the third Anniversary Year of the issue of such Participating Shares. The proceeds of such Early Redemption Charge, if imposed, will be retained for the benefit of the Fund.

Offering

For more information about the Fund please email [email protected].