Theleme Partners LLP, based in London, provides investment advice on a discretionary basis to pooled investment vehicles intended for institutional and other sophisticated investors. Theleme's investment approach focuses on owning good businesses at prices below their intrinsic value and short selling bad businesses at prices above their intrinsic value. Theleme may use equity investments, short selling, leverage, and derivatives as part of its investment approach.
| Portfolio Value | Annual Fee |
|---|---|
| Up to $1500.0M | 1.50% |
| $1500.0M - $3000.0M | 1.00% |
| $3000M+ | 0.50% |
The firm may also be paid a performance-based fee or allocation, which ranges from 15% to 20%, subject to a loss carryforward provision. Under certain circumstances, the performance-based compensation is subject to a hurdle rate.