Frequently Asked Questions

We use Interactive Brokers (IBKR) for its access to global markets. The default account type is an Individual account. If you need a joint account, trust account, corporate account or IRA, please let us know and we'll send you the appropriate account invite. See here for a full account guide (IBKR).

• Canadian clients: we support RRSP and TFSA accounts; see IBKR's Canadian account guide here.
• Australian clients: we support SMSF accounts; see IBKR's Australian account guide here.

We will send you an email invite from Interactive Brokers (IBKR). You must click "Start Electronic Application" in the email to complete the application. Please do NOT create a new account from the main IBKR website; our invite link ensures that certain settings are applied and that your account links directly to our Master Account.

We strongly recommend you open a margin account.

We don't buy stocks on margin, however a margin account allows us to easily put on foreign positions without having to first convert currencies.

See this page by IBKR about the implications of changing between a cash and margin account.

See IBKR's funding page for instructions. We recommend the bank transfer method as the most efficient way to transfer funds in and out.

You may also find these videos from Les helpful:

• IBKR Funding Your Account.mp4.
• IBKR ACATS Instructions.mp4

If you have opened an IRA or similar, funding or rollover assistance is found here.

Although IB reports 1-3 business days to process and open an account, in busy periods we have seen it take up to 1-2 weeks.

If it is taking long, we recommend giving a call to IBKR; have your information ready to identify yourself and the account.

We require trading permissions on all global exchanges and options level 2. After your account is open, please follow these videos to set the correct permissions:

1. IBKR Global Exchanges settings.mp4
2. IBKR Options Objectives Invest Exper.mp4

Please refer to IBKR's instructions on how to partition your account. You will need to enter an Advisor/Broker Account ID and Advisor/Broker Account Title; we will provide this to you by email.

You can follow this video for the process:

• IBKR account partitioning.mp4

We are always happy to set additional funds to work. Please tell us in advance the total amount you will be adding so that we can plan the allocation. You can refer to IBKR's instructions on how to fund your account.

You can withdraw any available cash in your IBKR account:

• From the Client Portal: Transfer & Pay > Transfer Funds > Withdraw Funds
• You can also watch this video from Les: IBKR Withdrawal Procedure.mp4

If there isn’t enough available cash for your needs, please email us the following form to request that we raise funds:

• Consent to Raise Funds form.

Please give us at least a week's advance notice to raise funds. Once the funds have been raised, all trades generally settle in 24 hours, then currencies settle 48 hours later; only then will you be able to withdraw.

We generally accept fund raising requests quarterly; if you expect multiple withdrawals in a quarter, please submit one request for the total amount you’ll need for that quarter.

Fees are automatically calculated and deducted from your account by IBKR. The management fee is charged quarterly and the performance fee is charged annually around January 10th.

Our base fees:

• 2% management fee and 20% performance fee;
• Benchmark: BIL (iShares 1-3 Month Treasury Bond ETF) with perpetual high-water marking.

Example: Assuming the BIL had a 10% return for the year, clients will not pay a fee if the account’s money-weighted return is less than or equal to the BIL return of 10%. If the account’s return for the year was 50%, the advisor will receive a 20% performance fee on the excess return (20% of (50%-10%)).

Refer to IBKR's page on automatic billing of Advisor Fees for more information.

To access your account statements:

• Log into Client Portal
• Click Performance & Reports followed by Statements
• In the Default Statements panel, select Activity
• Select Period, Date, Format and Language
• Click View or Download, as desired

Use the Realised Summary Report or Tax Report to generate the information you need. Here is a walkthrough by Les:

• IBKR Reports and Statements.mp4

Fill out this form (make sure to have all account numbers ready):

• Consent to discontinue postal mail (PDF)

Then log into Client Portal and submit the form along with a copy of your ID (to match the signature) in a new ticket.

Log into Client Portal and open Settings > Communication > Alert Notifications, then change the destination to No Alerts and save.

IBKR’s documentation says this is the place to choose your default alerting method, including turning alerts off entirely.

For issues with your IBKR account, first try searching on the IBKR FAQ page.

• Go to the IBKR support page if you need to open a ticket.
• To speak with a real person, we recommend you phone; you can find the applicable phone number for your country here. Have your account number ready.

For Glenorchy Capital trade-related questions, please contact les@glenorchycapital.net.

For Glenorchy Capital administrative questions (including access to Insider), please contact jennifer@glenorchycapital.net.

Please use this link if you ever wish to schedule a call with Chris and Brad.

We host a quarterly webinar for all Glenorchy clients to give an update on positioning in client portfolios. Feel free to dial in if you can, but we also send a recording afterward.

You can also expect to receive any regulatory updates of our Client Relationship Summary, Form ADV Parts 2A & 2B, and Privacy Notice.

Please whitelist admin@glenorchycapital.net with your mail provider to ensure you receive all our emails and invites.

Insider is the investment research service run by Chris and Brad. We are happy to give you complimentary access to Insider once your account is open and funded; this includes the Insider newsletter, trade alerts, monthly Q&As and a member forum.

Please whitelist admin@capitalistexploits.at with your mail provider to ensure you receive all our updates.

The Glenorchy Rebel Fund is the investment fund we run in partnership with George Gammon. It follows a similar investment strategy as our Asymmetric portfolio, and is best suited for investors who do not use Interactive Brokers.

If you are invested in the Asymmetric portfolio and wish to add the Dividends portfolio (or vice versa), please contact us and we will duplicate your existing account. You will then need to log into the IBKR portal and approve the duplicate account request.

We recommend a minimum investment of $200,000 for each portfolio. The reason for this is our diversification across global markets, with an average allocation of 2% to each individual trade.

Yes; however by regulation they must qualify as a "Qualified Client" (as defined by the SEC) for us to take them on as a managed account client. In general this means having a net worth greater than USD $2.7 million (excluding the primary residence), and this threshold is updated by the SEC every five years.

We also require a minimum investment of $200,000 to properly deploy either the Asymmetric or Dividend portfolio.

• Consent to raise funds
• Consent to close account

• Consent to discontinue postal mail
• Qualified Client certification