As of April 30, 2021, Segall Bryant & Hamill (“SBH”) is a wholly owned subsidiary of CI US
Holdings Inc., a subsidiary of CI Financial Corp. (CI or CI Financial) (TSX:CIX; OTCMKTS:CIXXF). CI
Financial is an independent public company based in Canada offering global wealth
management and asset management advisory services. Neither CI US Holdings nor CI Financial
has a role in the day-to-day management of SBH. See additional disclosures in Item 10.
Segall Bryant & Hamill, LLC (“SBH”) is a registered investment advisor established in 1994. SBH
provides discretionary and non-discretionary investment management and advisory services of
domestic and international equity, domestic fixed income, alternative investments and custom
solutions to clients which include but are not limited to individuals, corporations, foundations,
endowments, public funds, multi-employer plans through separate accounts, wrap programs,
unified managed programs, U.S. registered investment companies and other commingled
vehicles. Our client base is geographically diverse with investors in the U.S. and several foreign
countries. SBH is owned by CI U.S. Holdings, which is owned by CI Financial Corp., an
independent company offering global asset management and wealth management advisory
services based in Toronto, Canada.
SBH is headquartered in Chicago, Illinois, with offices in Denver, Colorado; Naples, Florida;
Chesterfield, Missouri; and Ardmore, Pennsylvania.
SBH manages client portfolios utilizing a diverse offering of investment strategies listed below.
For more information on SBH’s strategies, please visit www.sbhic.com. These strategies are
typically implemented through a separately managed account for clients, although certain
strategies listed are also available through the firm’s proprietary family of mutual funds, the
Segall Bryant & Hamill Funds, private limited partnerships or through a commingled investment
vehicle. Clients should read the prospectus or offering memoranda for these investment
vehicles before investing.
5 5
EQUITY STRATEGIES FIXED INCOME STRATEGIES
OTHER INVESTMENT
STRATEGIES
Small Cap Core Short Term Fixed Income Alternative Investments (fund-
of-funds portfolios)
Small Cap Value Short Term Plus Fixed Income Workplace Equality Index®*
Small Cap Value Select Intermediate Fixed Income
Small Cap Growth 1-10 Year Managed Municipal
Fixed Income
SMID Cap Enhanced Intermediate
Municipal Fixed Income
Workplace Equality Core Fixed Income
All Cap Core Plus Fixed Income
Select Equity Quality High Yield
Emerging Markets Small Cap Liability-Driven Investing
Emerging Markets Tax Advantaged Municipal Fixed
Income
International Small Cap Intermediate Fixed Income
Managed (Taxable Ladder)
Fundamental International Small
Cap
Municipal Short Maturity Fixed
Income
Global All Cap
* The Workplace Equality Index®, is an index of companies that support equal opportunity for all employees
regardless of their race, religion, gender, sexual orientation, or gender identity.
Registered Investment Companies
SBH provides investment advice to domestic and international mutual funds under the Segall
Bryant & Hamill Trust. SBH also sub-advises several other mutual funds (each, a “Fund,” and
collectively, the “Funds”). SBH manages the assets of the Funds in accordance with the Funds’
investment objectives, policies and restrictions as set forth in its registration statements. If
these Funds are held in a client separate account, the value of the investment in the Funds is
excluded from the billing value for the purpose of calculating the client’s periodic fee due SBH.
The services that SBH provides to the Funds can present conflicts of interest as the firm can be
incentivized to use the Funds based on compensation rather than the client’s needs. To help
manage that conflict of interest, SBH has implemented various controls including maintaining a
Code of Ethics which details the firm’s fiduciary duties, monitoring of portfolio holdings versus
client objectives, along with the controls mentioned above. This document should not be
considered an offering document for the Funds. Please see the respective Fund’s offering
materials such as the Prospectus, Statement of Additional Information and other reports to
investors for complete disclosures relating to each Fund.
Collective Investment Trusts
SBH provides investment advice to collective investment trusts. The Segall Bryant & Hamill
International Small Cap Trust, Segall Bryant & Hamill Emerging Markets Trust, Segall Bryant &
Hamill Emerging Markets Small Cap Trust, Segall Bryant & Hamill Quality High Yield Trust,
Segall Bryant & Hamill All Cap Trust, Segall Bryant & Hamill Small Cap Core Trust, Segall Bryant
6 6
& Hamill Small Cap Growth Trust and the Segall Bryant & Hamill SMID Cap Trust (the “SBH
Trusts”) are trusts for the collective investment of assets or participating tax qualified pension
and profit-sharing plans and related trusts, and governmental plans as more fully described in
the Declaration of Trust. As bank collective trusts, SBH Trusts are exempt from registration as
an investment company. The SBH Trusts are managed
by SEI Trust Company, the trustee, based
on the investment advice of SBH, the investment adviser to the trusts. If these SBH Trusts are
held in a client account, the value of the investment in the SBH Trusts is excluded from the
billing value for the purpose of calculating the client’s periodic fee due SBH.
Private Funds
SBH provides investment advice to several privately offered non-registered investment
vehicles:
• Segall Bryant & Hamill Emerging Markets Small Cap Fund, LP
• Segall Bryant & Hamill Emerging Markets Fund, LP; and a related offshore fund
• International Small-Cap Equity Fund, LLLP
• Segall Bryant & Hamill Private Opportunities Fund, LP; and a related offshore fund (no
longer accepting new investors)
• Segall Bryant & Hamill Private Opportunities Fund 2020, LP; and a related offshore fund
(no longer accepting new investors)
• Segall Bryant & Hamill Private Opportunities Fund III, LP; and a related offshore fund
• Segall Bryant & Hamill International Fund, LP
Segall Bryant & Hamill Emerging Markets Small Cap Fund, LP invests in marketable securities,
primarily common stocks with small market capitalizations tied economically to emerging
market countries. The Segall Bryant & Hamill Emerging Markets Fund, LP invests in marketable
securities, primarily common stocks tied economically to emerging market countries. Segall
Bryant & Hamill Emerging Markets Offshore Fund, LTD will invest all of its assets, except those
assets needed for cash-management purposes, into Segall Bryant & Hamill Emerging Markets
Fund, LP. The International Small-Cap Equity Fund, LLLP primarily invests in international equity
securities following the fundamental international small cap strategy. The Segall Bryant &
Hamill Private Opportunities Fund, LP and related offshore fund, and the Segall Bryant & Hamill
Private Opportunities Fund 2020, LP and related offshore fund, and Segall Bryant & Hamill
Private Opportunities Fund III, LP; and a related offshore fund seek primarily to invest in non-
traditional asset classes including private equity strategies, private debt strategies, and real
asset strategies. The Segall Bryant & Hamill International Fund, LP invests primarily in equity
securities of foreign companies located outside of the United States and tied to developed
countries.
When private funds are held in a client account, the value of the investment in private funds is
excluded from the billing value for the purpose of calculating the client’s periodic fee due to
SBH.
7 7
Wrap Fee Programs
SBH provides investment strategies to accounts under wrap fee programs sponsored by other
firms or “wrap sponsors.” The wrap sponsors determine the suitability of the investment
strategy as well as the suitability of the wrap structure and fee for each client. They recommend
and assist clients in selecting an appropriate SBH investment strategy, taking into account their
financial situation and investment objectives. SBH’s role is to manage the client’s account
according to the strategy selected. In a wrap fee program, the wrap sponsor provides
investment advisory, execution and custodial services to clients in return for an all-inclusive—or
“wrap”—fee paid to the sponsor. SBH receives a portion of the wrap fee for managing these
strategies. SBH will allow reasonable investment restrictions if they do not differ materially
from a strategy’s investment objectives. Clients who impose investment restrictions should be
aware that the performance of their accounts may differ from that of the investment strategies
not subject to investment restrictions.
Unified Managed Account “UMA” Programs (Model Portfolio Provider)
SBH provides investment strategies via model portfolios to other investment advisers. As the
model portfolio provider, SBH designs, monitors and updates the portfolio. The investment
advisers may then implement the model portfolio for their clients and adjust the model
portfolio as recommended by SBH. Model portfolio providers may grant shared trading
authority to SBH or “dual-discretion” over the clients’ assets, whereby SBH has discretion to
execute trades on behalf of the clients.
Separate Managed Account Dual Contract
Under these programs, an adviser has a contract with his client to perform investment
management and possibly custodian services. SBH may establish a contract directly with the
client or contract with the adviser on the client’s behalf. SBH may from time to time establish
other such relationships.
Legal Actions and Class Actions
SBH does not take responsibility for filing class action claims on behalf of its clients. However,
regarding class actions, SBH has retained an outside company to provide an option for clients to
electronically file class action claims. Fees for this service are typically on a contingency basis, as
a percentage of the proceeds received.
Assets Under Management
As of December 31, 2022, SBH’s total assets under management were $15,434,620,764
($15,384,067,331 discretionary and $50,553433 non-discretionary). There are $490,016,844
million of assets under advisement (“AUA”) in Model UMA assets.
8 8