strategy and thematic equity investment. Fulcrum provides on-going discretionary
investment management services to 4 clients (of which 3 are Non-US clients). Fulcrum is also
the investment adviser to a regulated investment company under the 1940 Investment
Company Act Fund. Other funds, not sold in the US, are generally subject to either the
European Union Undertakings for Collective Investment in Transferable Securities Directives
(UCITS), the UK Alternative Investment Fund Directive (UK AIF), UK
non-UCITS retail
scheme (NURS), or as a managed scheme by the Australian Securities and Investments
Commission.
Each fund managed by the Firm may contain a number of different share classes, which differ
as to matters such as reporting currency, minimum investment, redemption terms, treatment
of income and fees.
Individual accounts managed by Fulcrum will typically be invested across various asset classes
and geographies. Before determining an appropriate asset allocation, the Firm obtains a
thorough understanding of each client’s financial situation, return objectives and risk profile.
Should clients wish to impose restrictions on investing in certain types of securities, then the
Firm discusses and documents these requirements at the outset of the relationship.
As at 31st December 2022, the Firm managed regulatory assets under management of US$
1,378,973,758 billion across all funds and managed accounts, all of which is managed on a
discretionary basis.
The information contained in this brochure summarises the details contained within the
prospectuses prepared for each of the funds. This brochure does not contain all the
information which a prospective investor will require prior to making an investment. If you
have any questions about us or our services that we did not answer in this document,
please contact us at +44 (0) 20 7016 6450 or email
info@fulcrumasset.com.
Management Fees
Fulcrum generally charges clients a management fee. For these funds, the fees are based on
the Net Asset Value (“NAV”) of each class within a fund and are deducted from the portfolio
on a monthly basis.
The fee schedule for the funds varies from fund to fund and between classes in those funds.
Part of the fees received may be rebated to clients.
For managed accounts the management fees charged are generally based on a fixed % of assets.
This percentage will depend on the client type, the strategy and the size of the mandate.
Fees are payable in arrears and are charged only in respect of the period for which the fund
or account was managed.
Other fees
Other fees that may be charged to fund clients are set out below:
Administrator fees
Fees are charged on a sliding scale depending on the amount of assets managed. The
administrator will also be reimbursed any reasonable out-of-pocket expenses or costs
necessarily incurred in the performance of its duties.
Prime broker and custodian fees
Prime broker and custodian fees will not exceed normal commercial rates. They may also levy
transaction charges and other charges which can include Value Added Tax.
Other fees and expenses
Other fees and expenses charged may include the following:
(a) charges and expenses of legal advisers, accountants and independent auditors, (b) brokers’
commissions, broker funding costs (c) all taxes or stamp duties and corporate fees payable to
governments or agencies, (d) Directors’ fees (if any) and expenses, (e) interest on borrowings
if applicable, including borrowings from the Prime Broker and Custodian, (f) communication
expenses with respect to investor services and all expenses of meetings of Shareholders and
of preparing, printing and distributing financial and other reports, proxy forms, prospectuses
and similar documents, (g) the cost of insurance for the benefit of the Directors, (h) litigation
and indemnification expenses and extraordinary expenses not incurred in the ordinary course
of business, (i) the cost of obtaining and maintaining the listing of shares on a stock exchange
(if applicable) and (j) some other organisational and operating expenses.
It is to be noted certain expenses to be borne by the Master Fund with respect to itself and
its feeders will be capped under the fund terms (please see prospectus under “Expenses”).
Please see the section on “Brokerage practices” for a description of other brokerage charges.
In the case of our managed account clients only additional custody fees are applicable, which
are paid directly to the applicable custodian under the contract signed directly between the
client and the custodian.