Understanding Hedge Fund Fees: Implications for Hedge Fund Managers

K&L GATES MONTHLY SERIES ACCOUNTING: PROS AND CONS Disadvantages: ■ Can lead to multiple series outstanding (each of which must be identified in the financial statement footnotes); ■ Blind to the fact that the same investor may acquire Shares more than once, which can lead to the investor getting a "bad taste in its mouth," and ■ Investors are subject to having the number of Shares they own restated at the end of each Performance Fee calculation period. A klgates.com 26

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