Kawa's fees for separately managed accounts (SMAs) are negotiated on a case-by-case basis and vary depending on the investment strategy. These fees typically consist of management compensation based on the value of the assets Kawa manages for the SMA. Qualified Clients may also be charged performance-based compensation. Kawa may waive, reduce, or rebate all or any portion of the management and/or performance-based compensation with respect to any SMA.