Clearwater Management Co. Inc. (CMC), founded in 1987, provides discretionary investment
management and administrative services to Clearwater Investment Trust (the “Trust”), a
registered investment company, and its separate series. CMC also serves as the investment
adviser and general partner or manager to private investment funds. The Trust and its series and
the private investment funds are the only clients for which CMC provides investment advisory
services.
The Clearwater International Fund, Clearwater Core Equity Fund, Clearwater Select Equity Fund
and Clearwater Tax-Exempt Bond Fund (together, the “Funds”) is each a separate series of the
Trust. CMC has entered into a management contract with the Trust, on behalf of each Fund,
pursuant to which CMC is responsible for supervising the management of the Funds and
overseeing the Funds’ subadvisory arrangements. CMC has retained various registered
investment advisers to serve as sub-advisers to each Fund. Under the subadvisory agreements,
CMC compensates each sub-adviser for its investment advisory services to the applicable
sub-portfolio of each Fund. CMC and the Trust have also entered into a subadvisory agreement
with Fiduciary Counselling, Inc., a registered investment adviser (“FCI”), pursuant to which FCI
provides various investment-related services to the Funds in exchange for a subadvisory fee paid
by CMC. FCI provides investment strategy advice, sub-adviser recommendations, review and
reporting of investment performance of sub-advisers,
asset allocation advice and other duties as
designated by CMC from time to time. FCI also provides compliance and administrative
services to CMC with respect to the Trust.
CMC serves as the general partner or manager to various private limited partnerships or limited
liability companies (collectively, the “Private Funds”). In its role as general partner or manager,
CMC selects and oversees investments for the Private Funds. CMC generally invests the Private
Funds’ assets in pooled investment vehicles, including funds-of-funds, or other investments
overseen by independent investment management firms. FCI provides various
investment-related services to CMC with respect to the Private Funds, including asset allocation
advice, due diligence of portfolio investments and investment recommendations. FCI also
provides compliance and administrative services to CMC with respect to the Private Funds.
CMC tailors its advisory services based on the investment objective and strategies of the Funds
and the Private Funds as set forth in the applicable offering documents. Investment restrictions
applicable to the Funds and the Private Funds are set forth in the applicable offering documents
and are overseen by CMC and, with respect to the Funds, the Board of Trustees of the Trust.
CMC is owned by members of its board of directors and senior management. No shareholder
owns 25% or more of the Company.
As of December 31, 2022, CMC managed approximately $3.2 billion in assets on a discretionary
basis.