Our History
Chase Investment Counsel Corporation is a registered investment adviser located in
Charlottesville, Virginia. The company was founded as a sole proprietorship by
Derwood S. Chase, Jr. and registered with the SEC in 1957. It was incorporated in 1964.
Derwood Chase remains Founder, Chairman Emeritus and principal owner of the firm,
which is 100% privately owned. We provide personalized wealth and investment
management services, as well as financial planning, to clients including career
professionals, those nearing or in retirement, and families experiencing financial
transitions such as generational wealth transfer, widowhood, divorce, or sale of a
business.
Our Services
Our client relationships begin with a process to understand your current financial
situation, your family, life, and financial goals, your investment time horizon, and your
tolerance for risk. We review your current financial plan or assist in developing a plan.
Then we build and implement an investment strategy to support the plan which we
continuously monitor and refine as you navigate life changes.
We offer investment management services in large-capitalization (cap), mid-cap and all-
cap growth stock strategies. Certain of these accounts have a portion of fixed-income
assets, such as bonds, in addition to the stocks. We also are the investment adviser to the
Chase Growth Fund (CHASX and CHAIX), which uses the same investment philosophy
and strategy as our separate accounts in the all-cap growth strategy.
Additionally, we write covered calls for clients with substantial cash balances desiring
more yield in their portfolio and we invest in higher dividend-paying stocks for clients
seeking higher levels of income. We do not sponsor any wrap fee programs.
Our Founder, Derwood Chase, and the Chairman of the Board of Directors, Stuart F.
Chase, consult and conduct analysis for direct non-marketable, illiquid energy and other
alternative investments, including portfolio companies and private placements that invest in
certain energy or other assets.
Some of our clients may have different investment goals or requirements than others. For
example, certain clients may have a long-term investment horizon while others may have
a shorter-term horizon. Or, a client may not want to buy the stocks of companies that are
involved in the production of defense materials, tobacco, alcohol, etc. Therefore, we may
buy or sell a certain stock for one client and not another. We make every effort to
comply with your wishes regarding social, religious, and/or political investment
restrictions. However, you should be aware that if we do not have complete investment
discretion, your account’s performance may deviate from that of our fully discretionary
accounts. Please see INVESTMENT DISCRETION below for more information.
Our Assets Under Management
We manage accounts on both a discretionary and a non-discretionary basis. As of
December 31, 2023, we managed $234,607,000 for discretionary accounts and
$120,173,000 for non-discretionary accounts.
FEES & COMPENSATION
Separately Managed Accounts
Our separately managed account advisory fees for individuals are:
1.00% on the first.................................................................... $1,000,000
0.95% on the next.................................................................... $2,000,000
0.80% on the next.................................................................... $2,000,000
0.60% on the next................................................................... $5,000,000
0.50% on the next................................................................. $40,000,000
0.40% on the balance above $50,000,000.
Subject to a $10,000 minimum annual fee (not to exceed 1.2% of assets under
management)
Our separately managed account advisory fees for Institutional Accounts are:
0.70% on the first.................................................................... $5,000,000
0.60% on the next.................................................................... $5,000,000
0.50% on the next....................................................................$40,000,000
0.40% on the balance above $50,000,000.
Subject to a $10,000 minimum annual fee (not to exceed 1.2% of assets under
management)
Fixed Income Funds
0.50% on the first.................................................................... $5,000,000
0.40% on the next................................................................... $5,000,000
0.35% on the next................................................................. $10,000,000
0.25% on the balance.
Please note that our fees do not include any fees that may be charged by your custodian,
executing brokers or governmental agencies, for example:
• Transaction Fees
• Exchange Fees
• SEC Fees
• Custodial Fees
• Wire Transfer Fees
• Mutual Fund Administrative Fees
• Deferred Sales Charges
• Transfer Taxes
• Electronic Fund Processing Fees
Financial planning services are included in the separately managed account advisory fees,
or may be billed separately at a flat rate if a client does not plan to use our investment
management service. We bill advisory fees on a quarterly basis (in arrears), based on the
market value of account assets on the last day of the billing period. For example, our fee
for the quarter from January 1st through March 31st would be calculated based upon your
account’s value on March 31st. You would receive the bill for this period in April. If you
were to make any significant deposits into or withdrawals from your account during a
quarter, your bill would be prorated
to reflect them.
If you request, you can be billed in advance or on a non-quarterly basis. Should you
terminate your account, we will refund prepaid fees on a prorated basis if we are given
thirty (30) days notice of the termination. Fees billed in arrears are billed through the 30
day notice period.
We bill you directly unless we receive written notice that invoices are to be sent to your
custodian for payment. The custodian will send you account statements on a quarterly
basis, if not more frequently. We urge you to review these statements carefully and make
sure that all fee disbursements are recorded accurately.
Our fees for separately managed accounts may be negotiable based on the account size,
its complexity and/or the existence of related accounts. In some related client groups, we
may compute fees on a combined basis. Minimum fees or rates may be higher for non-
discretionary accounts and for accounts with assets valued below our current minimum.
Long-standing balanced accounts, where a client controls which stocks he or she wants to
buy, hold or sell, may be billed at our fixed income rate. Long-standing accounts may be
subject to previously established minimum fees and rates. We may temporarily waive the
minimum annual fee on long-standing accounts if the value of an account declined
substantially due to market conditions or in anticipation of substantial additions. Should
we choose to invest in our mutual fund for your separately managed account, we would
waive our separate account investment management fee on that portion of your portfolio
invested in the mutual fund.
If a client decides to invest in a program presented to the client through our consulting
services, Chase Investment Counsel shall earn a consulting fee calculated at the rate of
3% of a client’s initial purchase and all follow-on additions that increase the client’s
aggregate capital commitment in that investment. The fee shall become due and payable
on the date the client’s initial purchase and each follow-on addition is accepted by the
program sponsor and/or its selling agent (as applicable). Chase Investment Counsel does
not accept any compensation from the program sponsor and/or selling agents for its
introduction of the investment to or the making of an investment by the client. This 3%
consulting rate is higher than the average annual investment advisory fee though we
believe it to be appropriate for a one-time consulting fee.
We do not employ anyone that receives (either directly or indirectly) any compensation
from the sale of securities or investments that are purchased or sold for your account or to
which we provide consulting services. As a result, we are a “fee only” investment
adviser.
Please refer to BROKERAGE PRACTICES below for additional information regarding
brokerage fees and services.
Chase Growth Fund
Mutual fund expenses are reflected in a fund’s annual operating expense ratio. The
operating expense ratio includes our advisory fee and the shareholder servicing fee as
well as other expenses involved in managing a mutual fund. The table below details our
fees for our fund, as well as the overall fund expense ratio.
Fund
Share Class
Ticker
Symbol
Advisory
Fee
Shareholder
Servicing
Fee
Total
Annual
Operating
Expense
Ratio
Chase Growth N Class CHASX 0.75% 0.15% 1. 40%*
Chase Growth Institutional Class CHAIX 0.75% None 1. 25%*
* Chase Investment Counsel Corporation (the “Adviser”) has contractually agreed
to waive a portion or all of its managements fees and pay Fund expenses in order
to limit Total Annual Fund Operating Expenses (excluding AFFE, taxes, interest
expense, dividends on securities sold short, extraordinary expenses, Rule 12b-1
fees, shareholder servicing fees and any other class-specific expenses) to 0.99%
of average daily net assets of the Fund (the “Expense Cap”). The Expense Cap
will remain in effect through at least January 28, 2025, and may be terminated
only by the Trust’s Board of Trustees (the “Board”). The Adviser may request
recoupment of previously waived fees and paid expenses from the Fund for 36
months from the date they were waived or paid, subject to the Expense Cap, at the
time such amounts were waived or at the time of the recoupment, whichever is
lower.
Advisory Fees and Shareholder Servicing Fees are calculated upon net assets under
management. The Total Annual Operating Expense Ratio is subject to change.
We use a different source for our closing prices on NASDAQ stocks than the Fund’s
transfer agent. As a result, the prices on NASDAQ stocks in the Fund may be different
from those same stocks in our separately managed accounts.
We recommend that you visit our website at www.chasegrowthfund.com and read the
fund prospectus for more information.
Other Consulting Fees
We occasionally offer other consulting services at the rate of $500-$750/hour, depending
on the nature of the assignment. Other consulting services include but are not limited to
the valuation of private companies for estate or gift tax purposes, one-time portfolio
reviews, and special client projects.
PERFORMANCE-BASED FEES & SIDE-BY-SIDE MANAGEMENT
We do not charge advisory fees on a share of the capital appreciation of the funds or
securities in a client account (“performance-based fees”) which could motivate a manager
to take excessive risk. Our advisory fee compensation is charged only as disclosed above
in the FEES AND COMPENSATION section.