Fee Structure

Ceres & Celeus

2% yearly flat fee on AUM

10% performance fees on total gain Year on Year (YoY), performance fees 0% if loss (YoY) incurred*

10% performance fee is applicable on gross profit (pre tax gain, excluding net investment capital at the beginning of investment cycle/year). Only applicable for Year on Year profit as performance fees. YoY breakeven/loss will incur 0% performance fee liabilities. 2% flat fee on the total assets under management will be charged on an yearly cyclical basis.

Example: Anne invests USD 1,000,000 in total capital with us in our Ceres and/or Celeus fund strategy starting in April 2024. By March 2025 her investment grows to USD 1,250,000 (original investment capital 1m + profit 250k YoY) under our careful stewardship.

So, YoY Anne's original investment generated a gross profit of USD 250,000 pre-tax, including our fees. Our bonus/performance fee on Anne's gross profit of USD 250,000 then would be USD 25,000 (10% of gross profit, pre-tax) and the flat fee on the remaining total asset under management (deducting the performance fee) of USD 1,225,000 would be USD 24,500. Therefore, the total fees incurred by Anne in this scenario would be USD 49,500. After the deduction of our fees Anne's remaining pre-tax gross profit then will be $250,000 - $49,500 = $200,500.

If Anne wishes to continue reinvesting her profit without making any withdrawal, starting a new annual cycle, her total new capital then would become USD 1m (original capital) + 200.5k (gross profit after our fees, pre-tax) = USD 1,200,500.

It is, however, important to note that in this strategy Anne has to fulfil her tax obligations accordingly for the capital gain of USD 200,500 to her state/tax residence, as per applicable tax/fiscal cycle.

However, if in the next annual cycle Anne's new investment capital of USD 1,200,500 incurs a loss of USD 70,500 and shrinks to USD 1,130,000 by March 2026 under our management, then Anne's capital would be free of any performance fee obligations for the cycle. In majority of the tax jurisdictions of the world, Anne would also be exempt from paying any capital gain tax due to the annual loss incurred. However, the capital would still be subject to the 2% yearly flat fee on the total asset under management which would be USD 22,600. Therefore, the total fees incurred by Anne in this scenario would be USD 22,600 and after deduction of this fee, her total new capital then would become USD 1.13m (remaining capital after loss) - USD 22.6k = USD 1,107,400.

*Both of these strategies and related fees are subject to watermark and if Anne wishes to reinvest her USD 1,107,400 in capital with us in April 2026 then a new YoY cycle would start and the new profit generated YoY ending in March 2027 would only be subject to 10% performance fees on top of the yearly 2% aum flat fee only after the losses incurred in the previous annual cycle has been recovered.

Fortuna

2% yearly flat fee on AUM

25% performance fees on total gain Quarter on Quarter (QoQ), performance fees 0% if loss (QoQ) incurred**

25% performance fee is applicable on gross profit (pre tax gain, excluding net investment capital at the beginning of investment cycle/quarter). Applicable for Quarter on Quarter profit as performance fees. QoQ breakeven/loss will incur 0% performance fee liabilities. 2% flat fee on the total assets under management will be charged on an yearly cyclical basis.

Example: Lucy invests USD 200,000 in total capital with us in our Fortuna fund strategy starting in January 2024. By the end of March 2024 her investment grows to USD 240,000 (original investment capital 200k + profit 40k QoQ) under our moderately active management strategy.

So, QoQ Lucy's original investment generated a gross profit of USD 40,000 pre-tax, including our fees. Our bonus/performance fee on Ayra's gross profit of USD 40,000 then would be USD 10,000 (25% of gross profit, pre-tax). Therefore, the remaining gross profit after our fees will be USD 30,000 and total new capital going into the new quarter will be 230,000. At the end of the 4th quarterly cycle Lucy's total capital (including gross profits after deducting our quarterly performance fees) accumulates to USD 310,000 and then our yearly flat fee shall be calculated based on this as the asset under management, which will be USD 6,200. So, in this strategy, after all of our quarterly fees and annual/yearly 2% flat fee, Lucy's total capital + gross profit (pre-tax) will be USD 303,800.

It is, however, important to note that in this strategy Lucy has to fulfil her tax obligations accordingly for the capital gain of USD 103,800 to her state/tax residence, as per applicable tax/fiscal cycle.

However, let's assume that in the next fiscal year's first quarterly cycle Lucy's new investment capital of USD 303,800 incurs a loss of USD 20,000 and shrinks to USD 283,800 by March 2025 under our management, then Lucy's capital would be free of any performance fee obligations for the quarterly cycle. Nevertheless, let's say in this instance, the next three quarters only yielded breakeven, and at the end of December 2025, if the total capital remains at USD 283,000, then the 2% yearly asset management fee will still be applicable, which will be USD 5,676 and at the beginning of the next quarter, January 2026, the total new capital after all our fees, will be USD 278,124.

**This strategy is not subject to watermark.