According to a Morningstar study, less than half of mutual fund managers are invested in their own funds. In total, few own more than a token stake.  Yet they are still collecting fees. Even when they lose clients’ money!

It's time for a change. 

We take a different approach. It's about aligning our interests with yours.

  • Our money sits right beside your money. Virtually all of our money. That's not something many other managers can say.
  • For investors in our long term class, there is nominal 0.75% management fee to cover operating expenses. Why do we deserve to get paid if we don't perform?
  • As a matter of fact, if we don’t produce 6% per annum for our investors, we don’t earn any money above the management fee.
  • In years where the return is greater than 6% there is a 25% incentive fee on the portion over 6%.  The same structure as Warren Buffet's pre Berkshire Hathaway partnership.
  • Our turnover is low, which offers substantial tax advantages.