A. General Description of Advisory Firm
Rudius Management, L.P. ("Rudius", "we", "us", "our", the "Investment Manager" or the
"Firm") is organized as a Delaware limited partnership that was formed in 2018 with a principal
place of business in New York, New York. Murat Ozbaydar, the Founder and Portfolio Manager
of the Firm (the "Portfolio Manager"), is the principal owner of Rudius and will direct the
investment activities and operations of the Funds (as defined below).
B. 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, certain information included herein
applies to specific clients only.
1. Advisory Services
We serve as the investment adviser, with discretionary trading authority, to private, pooled
investment vehicles, the securities of which are offered through a private placement
memorandum to accredited investors, as defined under the Securities Act of 1933, as
amended, and qualified purchasers, as defined under the Investment Company Act of 1940,
as amended. 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.
Rudius manages the following private, pooled investment vehicles:
• Rudius Master Fund Ltd., a Cayman Islands exempted company (the "Master Fund");
• Rudius Fund Ltd., a Cayman Islands exempted company (the "Offshore Feeder Fund");
• Rudius Intermediate Fund LP, a Cayman Islands exempted limited partnership (the
"Intermediate Fund");
• Rudius Fund LP, a Delaware limited partnership (the "Domestic Feeder Fund");
• Itiner VI Victrix LP, a Delaware limited partnership (the "Fund of One"); and
• Rudius XII Fulminata LP, a Cayman Islands exempted limited partnership (the
“Standalone Fund”).
The Master Fund, the Domestic Feeder Fund, the Intermediate Fund, the Fund of One, the
Standalone Fund, and the Offshore Feeder Fund are herein each referred to as a "Fund" or
"Client", and collectively referred to as the "Funds" or the "Clients".
The Domestic Feeder Fund's "Limited Partners" and the Offshore Feeder Fund's
"Shareholders" are hereafter collectively referred to as the "Investors" where appropriate.
We generally do not tailor our advisory services to the individual needs of any particular
Investor. In unique circumstances, however, we may offer (and currently intend to provide)
individualized investment advisory services to a highly selective group of investors through
funds of one or managed accounts.
Rudius wholly owns Rudius
Management (UK) Limited (the “Sub-Advisor”), a company
registered in England and Wales under the Companies Act 2006. The Sub-Advisor acts as a
participating affiliate to Investment Manager and provides portfolio management, trade
recommendations and administrative services.
2. Investment Strategy and Types of Investments
Our investment objective is to compound capital and enhance value over the long term while
also emphasizing preservation of capital. Our core strategy is to invest in a concentrated
portfolio of companies that we believe have good business models, growth drivers, and strong
management teams, and are trading at significant discounts to their long-term values (3-5
years).
The Funds will invest predominantly in publicly traded equities, but we may also cause the
Funds to invest in other levels of a company's capital structure such as senior or subordinated
debt, stock and index options and other specified securities. The Funds may invest in rights
offerings, derivatives, trust units, CDS, swaps and similar complex securities. We may cause
the Funds to invest in privately owned companies in limited circumstances as well. The Funds
will invest globally but will be mainly focused on the following regions – United States, Canada,
Western Europe, Australia and New Zealand. We may also cause the Funds to take short
positions in securities we believe exhibit significant downside, and we also may use short
positions to hedge against a specific identified company risk or sector exposure. Please see
Item 8 for further details about our investment strategy.
The descriptions set forth in this Brochure of specific advisory services that we offer to our
Clients, and investment strategies pursued and investments made by us on behalf of our
Clients, should not be understood to limit in any way our investment activities. We may offer
any advisory services, engage in any investment strategy and make any investment, including
any not described in this Brochure, that we consider appropriate, subject to each Client's
investment objectives and guidelines. The investment strategies we pursue are speculative
and entail substantial risks. Clients should be prepared to bear a substantial loss of capital.
There can be no assurance that the investment objectives of any Client will be achieved.
C. Availability of Customized Services for Individual Clients
Our investment decisions and advice with respect to the Funds are subject to each Fund's
investment objectives and guidelines, as set forth in its respective "Offering Documents."
D. Wrap Fee Programs
We do not currently participate in any Wrap Fee Programs.
E. Assets Under Management
As of December 31, 2023, the Firm has regulatory assets under management of $945,207,263,
all managed on a discretionary basis.