Description of the Advisory Firm
Ursa Fund Management LLC (“Ursa” or “We”) is a Delaware limited liability company formed in
February of 2016 primarily for the purpose of sponsoring and managing pooled investment
vehicles. Andrew Hahn and Russell Douglas are the co-founders. Together, Andrew and Russell
co-manage Ursa.
Andrew Hahn. Prior to co-founding Ursa, Mr. Hahn was a member of the U.S. options market-
making business at Evolution Capital Management, LLC (“Evolution”), a global hedge fund based
in Santa Monica from 2005 to 2011, exclusive of 2008-2009 when Mr. Hahn worked at Synergy
Capital Management (“Synergy”), also a U.S. options market-making business. Prior to joining
Evolution, Mr. Hahn worked for a statistical arbitrage fund in Southern California, where he back-
tested the fund’s Portfolio Manager’s empirically observed patterns. Mr. Hahn holds a B.S. in Pure
Mathematics from the University of California, Los Angeles.
Russell Douglas. Prior to co-founding Ursa, Mr. Douglas started at Evolution in 2006, where he
worked on the Asia desk for one year before joining the U.S. team. Mr. Douglas holds a B.A. in
Business Economics from the University of California, Los Angeles.
The pooled vehicle we sponsored and manage is the Ursa Fund Partners LP (the “Ursa Fund”),
which was formed in February 2016. Ursa is also engaged as a sub-advisor to manage a portion of
Investment Opportunities SPC’s portfolio (the “Portfolio Fund,” and together with the Ursa Fund,
the “Funds”).
The Funds offer interests (“Interests”) to certain qualified investors, as described in response to
Item 7, below; such shareholders and Investors are referred to herein as “Investors.”
Description of Advisory Services
Strategy – We serve as the investment manager to the Funds pursuant to separate investment
management agreement between each of the Funds
and Ursa. The Funds’ objective is to generate
superior risk-adjusted returns on capital through investments in the corporate action and event-
driven space. To achieve this objective, Ursa utilizes proprietary scanning methods of corporate
filings together with extensive research and analysis to seek attractive investment
opportunities. The Funds generally invest in publicly-traded equity securities and derivatives, but
it may also invest in other types of instruments that Ursa considers appropriate and in such Fund’s
best interests. The Funds may also employ an “interest rate arbitrage” strategy, whereby it can
collect a higher implied interest rate through a combined stock versus options structure than the
debt financing rate paid to the clearing firms utilized by the Funds. The interest rate arbitrage
strategy can lead to concentrated holdings and significant margin balances at one or more of the
Funds’ clearing firms. The Ursa Fund is not limited with respect to the types of investment
strategies it may employ, the markets or instruments in which it may invest or the percentage of
its capital that may be any type or amount of a security. The Portfolio Fund is limited to
investment in equities, equity options, total return swaps, and corporate bonds and convertible
notes. In addition, the Ursa Fund may make certain follow-on investments (“Opportunistic
Investments”) from time to time, which may also include other instruments and may utilize
hedging, leverage or other strategies to achieve the Fund’s investment objective.
Client Tailored Services and Client Imposed Restrictions
We do not tailor portfolio management services to the individual needs of Investors in the Funds.
Assets Under Management
As of December 31, 2022, Ursa had assets under management on a discretionary basis of
$202,658,607.