The fees deducted from NACUBO portfolios include: (i) management fees paid to direct asset managers for investment and management services, excluding performance fees which can vary widely and may not be
indicative of expected rates for a given period; (ii) fund -
of - fund fees, which represent aggregate blended management fee rates paid directly to fund -
of - fund providers; (iii) advisory fees, which may include consulting fees in addition to fees for investment
advisor services; (iv) fund operating expenses; and (v) custody fees.
If you asked a traditional investment
advisor what their track record over time is, Bhatt tells me they'd typically dodge, stating «past performance is not
indicative of future results.»