Why We're Different

We are different from other investment managers

We believe in performance-linked fees

Small differences in both investment performance, or fees and costs can have a substantial impact on your long-term returns.

Most investment managers charge fixed fees as a percent of assets under management (AUM). In 2017 investors with $750,000 in investable assets paid between 1.00% p.a. (100 bps) and 1.25% p.a. (125 bps) in fixed fees. The percent fee is the same whether your investment increases or decreases in value, or whether your manager outperforms or underperforms the benchmark. Therefore we believe there is a reduced incentive for traditional investment managers to seek outperformance in managing your funds, but rather they become asset gathers.

We charge a small fixed fee of 0.17% (17 bps) p.a. on AUM, equivalent to that being charged by large-cap passive exchange-traded funds (ETFs), according to Morningstar Direct, data as of 12/31/2019. As we generate outperformance a performance-linked fee of 30% is charged if the return on your portfolio is more than the broad US stock market return. The total performance fee is capped at 2% of AUM. Importantly, the fee calculation is subject to a high watermark to protect you as an investor, more details below.

We use of a high watermark, based on a benchmark to reward performance

The high watermark is the highest return your account has achieved in comparison to the benchmark since your account was launched.

A performance fee is only charged when your account's return in comparison to the benchmark reaches a new high. When this happens the high watermark is reset at this level.

If your account subsequently loses value and then increases again, the high watermark ensures that performance fees are not charged for this value increase because this is only recovering previous losses.

No hidden fees

We are fully transparent when it comes to fees charged, there are no surprises. We never have hidden or layered fees.

Tailoring your portfolio

We seek to tailor your investment portfolio to your goals and needs.

Alignment of interest is a critical aspect of our business model and culture

We actively reduce our conflict of interest in the following ways:

  • the owners invest a material proportion of their net worth in Dean Ryle Asset Management, and associated funds or in accounts managed by Dean Ryle,

  • the investment team focuses all its time and energy on managing clients’ money, and

  • the investment team is incentivized according to investment performance.

We consider multiple risk factors not just market price volatility

Volatility risk is too simplistic and not entirely relevant to longer-term superior investment returns.

We believe in making the right investment decisions by using in-house research

We do not rely on third-party equities research and prefer to conduct all investment research in-house.  The benefits of this are that we fully understand what we are investing in, rather than relying on broadly distributed equities research sold by third-party investment research houses.  

Value and growth can co-exist in investment opportunities

We believe this sets us apart from most other investment professionals who believe "value" and "growth" are mutually exclusive investment options.  We seek to identify and make investments in quality companies that represent both growth and value opportunities simultaneously. 

We are Fee-Only Advisers

We never accept sales charges or commissions of any kind from any other institutions, instead, we are compensated by fees paid to us directly.

[1] Lanzetta, K. (2018). State of the RIA Market: Market Sizing & Practice Management Issue. Envestnet, p. 41 Used.
[2] Johnson, B., and Dibenedetto, G. (2020). Morningstar. 2019 U.S. Fund Fee Study Marking nearly two decades of falling fees. p15 Used.
[3] Duvall, James, and Morris Mitler. 2018. “Trends in the Expenses and Fees of Funds, 2017.” ICI Research Perspective 24, no. 3 (April). Available at www.ici.org/pdf/ per24-03.pdf. [Accessed 18 Oct. 2018].
[4] Duvall, James, and Morris Mitler. 2018. “Trends in the Expenses and Fees of Funds, 2017.” ICI Research Perspective 24, no. 3 (April). Available at www.ici.org/pdf/ per24-03.pdf. [Accessed 18 Oct. 2018].