A. Please describe the firm, its history, and ownership.
AIS Capital Management, L.P. (“AIS LP” or the “firm”), is an investment management firm focused on absolute‐return
strategies in global financial markets. Relying on its thorough understanding of the driving forces behind price action in
the global markets, AIS LP has developed and implemented discretionary global macro strategies and futures strategies,
and a long‐only tactical asset allocation strategy.
AIS LP, a Delaware limited partnership, is the successor entity from the combination of three investment management
firms: AIS Capital Management LLC (“AIS Capital”), AIS Futures Management LLC (“AIS Futures,”), and Frontera
Management, LLC (“Frontera”). John R. Hummel organized AIS Capital Management, Inc., and AIS Futures
Management, Inc. (initially using the name Hummel, Inc.), under the laws of the State of Delaware in September 1987.
AIS Capital Management, Inc., and AIS Futures Management, Inc., were organized for the purpose of offering investment
advisory and portfolio management services to both individual and institutional investors. AIS Capital Management, Inc.,
registered as an investment adviser with the SEC on February 8, 1993, and registered with the CFTC as a CPO and as a
member of the NFA on September 10, 1993. AIS Capital Management LLC succeeded to the registration of AIS Capital
Management, Inc., as an investment adviser, commodity pool operator, and member of NFA on August 11, 1997. AIS
Futures Management, Inc., registered as a CPO with the CFTC and became a member of NFA on May 14, 1990. AIS
Futures Management, Inc., registered with the CFTC as a CTA on August 20, 1992. AIS Futures Management LLC
succeeded to the registration of AIS Futures Management, Inc., as a CTA and CPO on August 11, 1997.
On September 25, 2013, AIS Capital converted into a limited partnership. On September 26, 2013, AIS Futures merged
with and into AIS LP.
Since December 31, 2017, the firm’s principal owner is John R. Hummel, its managing partner.
B. Please describe the types of advisory services the firm offers.
AIS LP offers discretionary investment management services through the following types of investment programs:
Private investment funds, in which the firm serves as the investment advisor, general partner, and, where
applicable, commodity pool operator and commodity trading advisor to a proprietary investment strategy,
according to the vehicle’s governing offering memorandum,
including the following:
AIS Balanced Fund L.P. [per AIS Tactical Asset Allocation Program (“AIS TAAP Program”)]
AIS Futures Fund L.P. (3X‐6X) [per AIS Multi‐Asset Allocation Program (“AIS MAAP Program”)]
AIS Futures Fund II L.P. (2X‐4X) [per AIS MAAP Program]
AIS Futures Fund IV L.P. [per AIS MAAP Program]
AIS Gold Fund L.P.
Separately managed accounts, in which the firm assumes investment management authority over a client
portfolio, according to the account’s governing investment management agreement, according to the following
programs:
AIS MAAP Program
AIS TAAP Program
Within this document, “pooled investment vehicles” refers to AIS LP’s private investment funds, collectively.
AIS LP also serves as a sub‐advisor to other investment advisors that have chosen AIS LP to manage their clients’ accounts
for them pursuant to AIS LP’s investment programs.
With respect to certain individual account clients, AIS LP may allocate client assets among the AIS investment programs
according to the investment goals, time horizons, and individual risk tolerance of each particular client as determined by
the client in consultation with AIS LP.
C. Please describe how, if at all, the firm tailors its advisory services to clients and if clients may impose
any restrictions on investments.
With respect to its pooled investment vehicles, AIS LP does not tailor its advisory services to individual investors but
rather manages such vehicles in accordance with the investment objectives and strategies set forth in their offering and
constituent documents. AIS LP may however suggest an allocation to those pooled investment vehicles appropriate to an
individual client’s investment objectives and constraints.
In its management of separately managed accounts, however, AIS LP may tailor its advisory services to individual clients,
and clients may impose restrictions on the investment strategy or allowable holdings. In consultation with the individual
client, the firm would indicate any applicable tailoring or restrictions via the governing investment management
agreement.
D. Does the firm offer or participate in any wrap‐fee programs?
No; AIS LP does not offer or participate in any wrap‐fee programs.
E. Please disclose the amount of client assets firm manages both on a discretionary and non‐discretionary
basis as of a specific date.
As of December 31, 2023, AIS LP had $167,516,457 in regulatory assets under management on a
discretionary basis.