Investment Overview
* References herein to the “Fund” or “iDHF” in each instance refer to the iDirect Multi-Strategy Fund, unless specified otherwise.
Investment Objective
Seeks to invest across multiple alternative strategies that are generally less correlated to traditional assets, and aims to improve the overall risk/return profile of a portfolio
Investment Minimum
$10,000 initial / $10,000 additional
Repurchases
Quarterly on 65 days’ notice
Early Repurchase Fee
2% within the first 12 months
Subscriptions
Monthly
Gate
5% quarterly fund-level gate
Transaction Fees
Sales Load
Class A shares may be subject to a maximum sales load of up to 3.50% at the time of investment.
Annual Expenses
Management Fee
Class I
0.80% of net assets
Class A
0.80% of net assets
Investor Servicing Fee
Class I
None
Class A
0.75% of net assets
Operating Expenses1
Class I
0.60% of net assets
Class A
0.60% of net assets
Total Annual Fund Expenses
1.40% of net assets
2.15% of net assets
Fee Waiver Reimbursement1
(0.20% of net assets)
(0.20% of net assets)
Total Annual Fund Expenses After Fee Waiver1
1.20% of net assets
1.95% of net assets
Acquired Fund Fees & Expenses2
13.75% of net assets
13.75% of net assets
Information
Structure
Delaware Limited Liability Company
Tax Reporting
1099
Administrator
Ultimus Fund Services, LLC
Custodian
UMB Bank, N.A.
Auditor
Deloitte & Touche LLP
Legal
Dechert LLP and Ropes & Gray LLP
Materials
- Prospectus
- SAI
Learn More
Note: In addition, Fund investors will indirectly bear fees, expenses, and performance-based compensation
1. The Adviser has contractually entered into an “Expense Limitation and Reimbursement Agreement” with the Fund to limit until one year from the date of this prospectus (the “Limitation Period”) the amount of “Specified Expenses” (as described herein) borne by the Fund in respect of Class A Shares and Class I Shares during the Limitation Period to an amount not to exceed 0.40% per annum of the Fund’s net assets attributable to such Class. “Specified Expenses” is defined to include all expenses incurred in the business of the Fund, provided that the following expenses are excluded from the definition of Specified Expenses: (i) the Management Fee, Distribution and Servicing Fees and portfolio fund expenses (i.e., acquired fund fees and expenses, including contribution requirements for investments, expenses and management fees); (ii) other investment-related expenses of the Fund; (iii) taxes; and (iv) litigation and other extraordinary expenses (as defined herein). The Adviser may extend the Limitation Period for the Fund on an annual basis. To the extent that Specified Expenses in respect of any Class of Shares for any month exceed the Expense Cap applicable to a Class of Shares, the Adviser will reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Adviser bears Specified Expenses in respect of a Class of Shares, it is permitted to receive reimbursement for any expense amounts previously paid or borne by the Adviser, for a period not to exceed three years from the date on which such expenses were paid or borne by the Adviser, even if such reimbursement occurs after the termination of the Limitation Period, provided that the Specified Expenses in respect of the applicable Class of Shares have fallen to a level below the Expense Cap and the reimbursement amount does not raise the level of Specified Expenses in respect of a Class of Shares in the month the reimbursement is being made to a level that exceeds the Expense Cap at the time of such reimbursement or the Expense Cap in place at the time the expense amounts were previously paid or borne by the Adviser (whichever is lower). This contractual arrangement will remain in effect for at least one year from the effective date of the Fund’s registration statement on Form N-2 unless the Fund’s Board of Managers approves its earlier termination.
2. Acquired Fund Fees and Expenses (“AFFE”) refer to the fees and expenses borne indirectly by the Fund. These fees are not collected by or paid to the Adviser or the Fund but are paid to the Portfolio Fund Managers to the Portfolio Funds in which the Fund invests. AFFE is predominantly investment related expenses of each Portfolio Fund and includes costs associated with implementing the trading strategies of the Portfolio Funds, including items such as interest expense, dividend expense, and stock-borrow costs. Additionally, AFFE includes (i) performance-based fees or allocations paid or allocated by each Portfolio Fund to the associated Portfolio Fund Manager, (ii) management fees charged by each Portfolio Fund and payable to the associated Portfolio Fund Manager, and (iii) various additional operating expenses of each Portfolio Fund . AFFE may fluctuate over time and may be substantially higher or lower with respect to future periods. AFFE is reflected in the net performance reported by Portfolio Funds to the Fund.
