Fees are based on a percentage of assets under management. For U.S. accounts using the long only strategy, the fee is 0.75% on the first $100 million, and negotiable thereafter. Global strategy accounts are charged 1.00% plus a performance allocation fee of 10% of net profits, subject to a high-water mark. Fees are generally billed quarterly. The firm negotiates fees and may offer lower rates to clients with business or personal relationships.