General Description of Advisory Firm.
Engineers Gate Manager LP.
Engineers Gate Manager LP (the "Investment Adviser", "we" and "us") is a Delaware limited partnership
that was formed in 2013.
We have offices located in New York, New York; Lexington, Massachusetts and Albuquerque, New
Mexico.
Our general partner, Engineers Gate GP LLC, is a Delaware limited liability company (the "Investment
Adviser General Partner"). Robert Gregory Eisner, indirectly through a wholly owned subsidiary, and Stephen
Owen, indirectly through a wholly owned subsidiary, together own a majority interest in the Investment Adviser
General Partner. The Investment Adviser General Partner has ultimate responsibility for the management,
operations, and investment decisions of the Investment Adviser. Robert Gregory Eisner is a Founding Partner and
serves as the Chief Executive Officer of the Investment Adviser. Stephen Owen, PhD is a Founding Portfolio
Manager and serves as the Chief Architect of the Investment Adviser.
As part of the change of control transaction that occurred in 2020, Glenn Dubin and his affiliated entities
withdrew from the Investment Adviser and the Funds. Specifically, Mr. Dubin and his affiliated entities transferred
out of their controlling interest in the Investment Adviser General Partner and withdrew entirely from the
Domestic Fund and the Offshore Fund. Mr. Dubin is no longer affiliated with the Investment Adviser.
EGMF GP LP.
Our registration on Form ADV also covers EGMF GP LP (the "Fund General Partner"), a limited partnership
organized under the laws of the state of Delaware. The Fund General Partner is an affiliate of the Investment
Adviser and serves as the general partner of Funds (as defined below) that are U.S. partnerships or Cayman Islands
exempted limited partnerships. The Fund General Partner's facilities and personnel are provided by the
Investment Adviser.
EG Manager UK LLP.
Our registration on Form ADV also covers EG Manager UK LLP (the "U.K. Sub-Adviser"), a subsidiary of the
Investment Adviser. The U.K. Sub-Adviser, a relying adviser, assists the Investment Adviser in the management of
a portion of the assets of the Funds (as described below), subject to the direction of, and the policies established
by, the Investment Adviser.
In addition to its interests in the EGMF Master Fund (as defined below), EGMF Offshore Ltd. holds the
class B share of EG Private Limited (the “U.K. Ltd.”), the parent company of the U.K. Sub-Adviser, which was
acquired at no cost and is held by EGMF Offshore Ltd. for regulatory reasons. Such class B share has no economic
rights and affords the board of directors of EGMF Offshore Ltd. the right to appoint the director(s) of the U.K. Ltd.
For the avoidance of doubt, EGMF Domestic LP invests all of its investable assets in the EGMF Master Fund (as
defined below) and has no interest in the U.K. Ltd.
Description of Advisory Services.
This Brochure generally includes information about us and our relationships with our clients. While much
of this Brochure applies to all such clients and affiliates, certain information included herein applies to specific
clients or affiliates only.
Advisory Services.
We serve as the investment adviser, with discretionary trading authority, to private pooled investment
vehicles, the securities of which are offered to investors on a private placement basis (each, a "Fund" and
collectively, the "Funds"). In addition, we have engaged a Third-Party Sub-Adviser (as defined below) to provide
advisory services to a portion of the assets of the EGMF Master Fund. The Funds currently include:
● EGMF Domestic LP, a Delaware limited partnership;
● EGMF Offshore Ltd., a Cayman Islands exempted company; and
● EGMF Master LP, a Cayman Islands exempted limited partnership (the "EGMF Master Fund"), which
serves as the master fund into which EGMF Domestic LP and EGMF Offshore Ltd. each invest all (or, in the
case of EGMF Offshore Ltd, substantially all) of their investable assets pursuant to a "master-feeder"
structure.
We also have been delegated investment discretion over the management of a trading account on behalf
of an investment fund managed by an independent SEC-registered investment adviser (the “Trading Account”)
pursuant to an account management agreement (as amended, the “Account Management Agreement”). As used
herein, the term "client" refers to the Funds, which include the EGMF Funds and the Trading Account. Each of
EGMF Domestic LP and EGMF Offshore Ltd. is referred to herein as an "EGMF Feeder Fund" and together, the
"EGMF Feeder Funds" and collectively with EGMF Master Fund, the “EGMF Funds”.
This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The
securities of the Funds are offered and sold on a private placement basis under exemptions promulgated under the
Securities Act of 1933, as amended (the “Securities Act”), and other applicable state, federal or non-U.S. laws.
Significant suitability requirements apply to prospective investors in the Funds, including requirements that they be
"accredited investors" as defined in Regulation D promulgated under the Securities Act, "qualified purchasers" as
defined in the Investment Company Act of 1940, as amended, or non-"U.S. Persons" as defined in Regulation S
promulgated under the Securities Act. Persons reviewing this Brochure should not construe this as an offer to sell
or a solicitation of an offer to buy the securities of any of the Funds described herein. Any such offer or solicitation
will be made only by means of a confidential private placement memorandum.
Investment Strategies and Types of Investments.
The investment objective of the Funds is to generate attractive absolute and risk-adjusted returns on
invested capital over a multi-year period.
We seek to achieve this objective through a research intensive, data-driven quantitative and systematic
trading and investment program. Specifically, the Investment Adviser, either directly or by engaging third-party
sub-advisers (each, a “Third-Party Sub-Adviser”)1 with respect to EGMF Master Fund, develops and acquires
1 For the avoidance of doubt, as used in this document, a “Third Party Sub-Adviser” refers to an external sub-
adviser appointed by the Investment Adviser to manage a portion of the assets of EGMF Master Fund, and not to
the Investment Adviser’s sub-advisory activities with respect to the Trading Account.
statistical quantitative techniques and programs and applies them to a large body of data in an effort to isolate and
identify potentially profitable trading and investment strategies.
We (and any Third-Party Sub-Adviser) may, among other things, seek to identify positive or negative
correlations between securities or other instruments, assets, or economic/financial conditions and to profit when
prices or values related to those instruments, assets or conditions diverge. We may apply quantitative analysis to
datasets in an attempt to identify patterns in historical data and predict the future prices or values of instruments
or markets based on these patterns. These strategies may entail the use of proprietary computer software
systems and technology in making and managing investments across a broad range of instruments, involving both
long and short investment holdings. These opportunities can be extremely short-lived (which necessitates a
trading system that can make decisions and effect executions quickly) or can exist for a somewhat longer period
(which can allow for more of a focus on strategic timing). Trading and investment strategies may involve trading
any asset, instrument or security including, without limitation, publicly traded equities, equity swaps, listed
futures, equity options and options on futures, cleared swaps and other derivatives.
While our quantitative analysis and implementation of various strategies may be managed by specific
personnel within the organization (or by Third-Party Sub-Advisers) from time to time, the Investment Adviser will
exercise either overall management and control of such strategies (to the extent managed by our personnel) or
levels of oversight consistent with the Investment Adviser's fiduciary duties and other relevant responsibilities (to
the extent managed by Third-Party Sub-Advisers). The development of any trading strategy is reliant on the
abilities of the Investment Adviser's or a Third-Party Sub-Adviser's personnel and on the technical resources made
available to the personnel researching and implementing the
strategies.
It should also be noted that not necessarily all of our strategies will be employed at the same time, that
there is an overlap of markets, instruments, themes, and other attributes among strategies, that each strategy
group employs a number of distinct and different sub-strategies, and that we may modify, supplement,
discontinue, or substitute strategies and sub-strategies from time to time without notice.
In addition, we may at any time employ active or passive hedges for a number of reasons, including risk
management. Hedges can be specific to one or more positions or strategies or to the Funds' portfolios as a whole.
We may cause the Funds to invest any excess funds in money market instruments, commercial paper,
certificates of deposit, U.S. government obligations, and bankers' acceptances among other instruments or may
hold such excess funds in interest-bearing or non-interest bearing bank accounts. We may cause the Funds to
reinvest any income earned from such investments in accordance with the relevant Fund's investment program.
We may cause the assets of the Funds to be invested, directly or indirectly, on margin or otherwise, in
securities, other financial instruments issued by, entered into by or referenced to U.S. or non-U.S. entities and
other assets, including, without limitation, capital stock; shares of beneficial interest; partnership interests and
similar financial instruments; bonds, notes and debentures (whether subordinated, convertible or otherwise);
currencies; commodities; physical and intangible assets; interest rate, currency, commodity, equity and other
derivative products, including (i) futures contracts (and options thereon) relating to stock indices, currencies, U.S.
government securities and securities of non-U.S. governments, other financial instruments and all other
commodities, (ii) swaps, options, swaptions, warrants, caps, collars, floors and forward rate agreements, (iii) spot
and forward currency transactions and (iv) agreements relating to or securing such transactions; repurchase and
reverse repurchase agreements; loans; accounts and notes receivable and payable held by trade or other creditors;
trade acceptances; contract and other claims; executory contracts; participations; mutual funds, exchange traded
funds and similar financial instruments; money market funds; obligations of the United States or any non-U.S.
government, or any country, state, governmental agency or political subdivision thereof; commercial paper;
certificates of deposit; bankers' acceptances; choses in action; trust receipts; and any other obligations and
instruments or evidences of indebtedness of whatever kind or nature that exist now or are hereafter created (all
such items being called herein "Financial Instruments"); in each case, of any person, whether or not publicly traded
or readily marketable.
The Investment Adviser or its affiliates employ certain investment teams and/or investment consultants
(each, an "Investment Team" and together, the "Investment Teams"), each of which will apply quantitative analysis
to datasets and subsequently manage, or advise on the management of, certain of the Funds’ assets pursuant to
various investment strategies.
We intend to continually review and refine our existing strategies, and to examine new ideas and
opportunities. The descriptions set forth in this Brochure of specific strategies in which we may cause the Funds to
engage should not be understood to limit in any way the Funds' investment activities. We may cause the Funds to
engage in any investment strategy, including strategies not described in this Brochure, that we consider
appropriate in order to pursue each Fund's investment objectives.
Third-Party Sub-Advisers.
With respect to the EGMF Master Fund, the Investment Adviser has entered into, and may from time to
time enter into additional, sub-advisory relationships with Third-Party Sub-Advisers. In connection with these
relationships, we will delegate investment discretion over the management of a portion of the EGMF Master
Fund's assets to a Third-Party Sub-Adviser, either through the use of a separately managed account or through an
investment by the EGMF Master Fund in an investment vehicle managed by such Third-Party Sub-Adviser. Upon
any such delegation, such Third-Party Sub-Adviser will have discretionary authority over the investment and
reinvestment of the portion of the EGMF Master Fund's assets in the relevant managed account or fund vehicle, as
applicable. A Third-Party Sub-Adviser may purchase, sell, exchange, convert, short or otherwise trade or deal in
any Financial Instruments for such prices and on such terms as such Third-Party Sub-Adviser deems appropriate.
Currently, the Investment Adviser utilizes a single Third-Party Sub-Adviser on behalf of the EGMF Master Fund.
Risk Management.
Risk is managed on a continuous basis and measured using quantitative risk management techniques and
models based on academic research, among other tools deemed appropriate by us. We have and will continue to
develop processes reasonably designed to systematically identify, assess, and prioritize risks which may relate to,
without limitation, (i) trading-related issues, (ii) technological issues, (iii) legal/regulatory issues and (iv) personnel-
driven issues including rigorous hiring procedures, retention, succession and motivation policies, training and
performance feedback.
Risk management will also entail the coordinated and economical application of resources to minimize,
monitor, and control the probability and/or impact of adverse events or to maximize the realization of
opportunities. Risks can come from uncertainty in financial markets, political developments on a global basis,
threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal
liabilities, credit risk, accidents, natural disasters as well as deliberate attack from an adversary, or events of
uncertain or unpredictable origin.
Leverage and Borrowing.
The Funds use leverage as part of their investment process and in pursuit of their investment objective.
Leverage comes through a variety of sources, including, without limitation, by investing in instruments that may
have embedded leverage, the retention of different amounts of cash or cash equivalents in an EGMF Fund, short
sales of securities and other Financial Instruments, the use of derivatives, securities lending and repurchase
agreements, and any other instruments we may deem appropriate. The Funds may borrow, trade on margin,
utilize derivatives and otherwise obtain leverage from U.S. or non-U.S. brokers, banks and others on a secured or
unsecured basis. The amount of (direct and/or indirect) borrowing may vary depending on market conditions, as
determined appropriate in our discretion, and the amount of leverage utilized may vary across the various
Investment Teams and their strategies. Leverage use will vary over time, and there is no cap or other restriction
on the type or amount of leverage the Funds may utilize. The amount of leverage the Funds utilize may be
significant. The Funds may also borrow for cash management purposes, such as to satisfy redemption requests.
Leverage may present opportunities for increasing the total return on investments but may also increase
losses. Events that negatively affect the value of investments may be magnified as a result of the use of leverage
and may result in substantial losses to the Funds. In particular, portfolio positions and strategies of the Funds may
experience significant and rapid losses in times of market disruption or when the predictions of the models are
incorrect. In addition, changes in interest rates may have a material adverse effect on the Funds.
Trading Vehicles.
The Funds may carry out their respective investment program either directly by purchasing securities and
other financial instruments or indirectly, for tax, regulatory or other reasons, by investing through one or more
trading vehicles organized by the Investment Adviser.
Changes in the Investment Program.
Subject to applicable law and any express restrictions set forth in each Fund’s governing documents, we
may change the Funds' investment strategies or policies at any time and without notice.
Wrap Fee Programs.
We do not currently participate in any Wrap Fee Programs.
Assets Under Management.
We manage approximately $4,298,546,411 of client assets, all on a discretionary basis. This amount was
calculated as of December 31, 2022 and was calculated on a "regulatory AUM" methodology. We do not manage
any assets on a non-discretionary basis.