Firm Description
Main Management, LLC was established in April 2002. The firm’s main office is located in San
Francisco, California and may be contacted by email at
[email protected]. Kim D. Arthur is the
principal owner of Main Management.
Principal Members
▪ Kim D. Arthur, Managing Member, CEO & President
▪ James W. Concidine, Managing Director
▪ Fredericks Investments, LP, Member
▪ Blaine Docker, Chief Operating Officer
Main Management’s team includes seasoned professionals in the area of investments, client
relationship management, and operations, plus an external Advisory Board of industry leaders.
The founders of Main Management, Kim D. Arthur, James W. Concidine and J. Richard Fredericks,
have industry experience spanning an average of over 40 years. Our team-based approach is
designed to confirm the consistent application of the firm’s process discipline and does not make
the investment process reliant on any one individual. With significant personal investments in Main
Management’s investment strategies, we believe our team’s interests are closely aligned with
those of our clients.
Types of Advisory Services
Main Management offers a variety of investment advisory services to our clients. We tailor our
advice and services to our clients’ objectives, means and timelines.
Main Management is a fee-based investment manager and services include quarterly reviews,
portfolio rebalancing and tax-aware strategies. A pioneer in managing all-ETF (Exchange Traded
Fund) portfolios, Main Management is committed to delivering transparent, cost-efficient, and
customized investment solutions to high net worth individuals and institutional investors. By
combining the asset allocation insights of experienced investment professionals with smart
implementation vehicles, Main Management offers a unique approach that we believe translates
into distinct advantages for our clients, including broad diversification, cost efficiency, tax
awareness and transparency. Main Management’s discretionary investment advice to direct
clients is limited to ETF strategies.
Different types of investment vehicles
Clients may access Main Management strategies through Separately Managed Accounts (SMA)
accounts at a 3rd party custodian, SMA accounts through wrap fee programs offered by Sponsor
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Firms, and Model Delivery Platforms (MDP) that are accounts where Main Management only
provides an investment model to the Sponsor Firm.
In addition, Main Management is the General Partner to, and provides investment management
services to, a private fund, the Core Endowment Portfolio II, L.P. The firm also acts as sub adviser
to another private fund, the Main Management Insurance Fund, which is sponsored by SALI Fund
Services.
Main Management provides certain advisory, administrative and compliance services to a private
fund, LSB Investors, LP, and an affiliate, LSB Investors GP, LLC, serves as the General Partner to LSB
Investors, LP.
Main Management is also the investment manager to Main Management Digital Asset Fund LP. An
affiliate of Main Management, MMDA GP LLC, serves as the General Partner to this fund.
Main Management LLC is the majority owner of Main Management Fund Advisors. Main
Management Fund Advisors acts as the investment advisor to the Main BuyWrite ETF, a Series of
Northern Lights Fund Trust IV. This investment vehicle was previously the Main BuyWrite mutual
fund but was converted into an exchange traded fund in September 2022.
Main Management LLC is the sole owner of Main Management ETF Advisors. Main Management
ETF Advisors acts as the investment advisor to the Main Sector Rotation ETF, the Main Thematic
Innovation ETF and the Main International ETF, each a Series of Northern Lights Fund Trust IV.
Separately Managed Accounts (SMAs)
An SMA is an account that Main Management manages individually through an agreement with
client, and for which the account custodian is an unaffiliated broker dealer (such as Charles
Schwab).
In some cases the SMA may be offered through a wrap fee program by a Sponsor Firm through one
of their Financial Advisors (such as UBS) and managed by Main Management. In this scenario,
clients generally pay an asset-based fee to the Sponsor Firm (the “wrap fee”) and out of that fee,
the Sponsor Firm pays a portion of the wrap fee as an investment advisory fee to Main
Management.
When a client (or the Sponsor Firm, where they have discretion) selects Main Management as
investment manager for an SMA, the client may grant full (but will grant at least partial) discretion
to Main Management, including trading discretion, over the account. With this authority, Main
Management typically executes trading activity for the account through the third-party
broker/dealer based on the Adviser’s investment process and securities selection criteria. Trading
discretion requires that Main Management seek best execution for
trades executed in the SMA.
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Model Delivery Platforms (MDPs)
MDPs are accounts for which Main Management provides only a model investment portfolio to
the Sponsor Firm. In this scenario, Main typically provides non-discretionary investment advice in
the form of the relevant investment models. Main does not have discretion, trading or otherwise,
over these accounts.
While SMA and MDP accounts utilizing the same investment solution may perform similarly, there
are expected to be performance variations between them as a result of differences in
implementation. Accordingly, SMA accounts, where the manager retains trading discretion, may
have performance dispersion compared to MDP accounts where Main Management does not have
trading discretion.
Private Funds
Main Management is the General Partner to the Core Endowment Portfolio II, L.P., which is
intended for accredited investors with certain net worth requirements. The fund’s BuyWrite
strategy seeks to derive capital gains from the underlying ETF portfolio as well as income from the
option writing and dividends from the underlying ETFs. The fund uses a risk mitigating covered call
writing strategy intended to help offset expenses, dampen volatility, and generate additional
income.
The BuyWrite strategy is also implemented in an insurance dedicated fund, where the firm acts as
sub adviser to the Main Management Insurance Fund, which is sponsored by SALI Fund Services.
The scope of services provided are set forth in the client agreement.
Main Management provides certain advisory, administrative and compliance services to LSB
Investors, LP. An affiliate of Main Management, LSB Investors GP, LLC, serves as the General
Partner to the private fund, LSB Investors, LP. LSB Investors, LP is structured as a single purpose
vehicle.
Main Management is the investment manager to Main Management Digital Asset Fund LP. An
affiliate of Main Management, MMDA GP LLC, serves as the General Partner to the private fund,
Main Management Digital Asset Fund LP.
Exchange Traded Funds (ETFs)
Main Management LLC is the sole owner of Main Management ETF Advisors (hereafter “Main
ETF”). Main Management ETF Advisors acts as the investment advisor to the Main Sector Rotation
ETF, the Main Thematic Innovation ETF and the Main International ETF, each a diversified Series of
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Northern Lights Fund Trust IV. Main Management ETF Advisors has discretion to direct
investments, select brokers and place transaction orders for the fund.
Main Management LLC is the majority owner of Main Management Fund Advisors (hereafter “Main
Fund”). Main Management Fund Advisors acts as the investment advisor to the Main BuyWrite
ETF, a Series of Northern Lights Fund Trust IV. Main Management Fund Advisors has discretion to
direct investments, select brokers and place transaction orders for the fund.
Retirement Plans
For retirement plans, Main Management provides investment advisory services on a discretionary
basis and thus serves as an investment manager as defined by Section 3(38) of ERISA. Accordingly,
Main provides investment advice to retirement plan clients with regard to investment portfolios
available to the plan.
Client Tailored Relationships and Restrictions
As a fiduciary, Main Management always acts solely in the client’s best interests. Their investment
solution is customized based on their investment objectives. The client may make requests or
make suggestions regarding the investments made in their portfolio. Restrictions on trading which,
in our opinion, are not in their best interest may not be honored. In extreme circumstances such
restrictions may result in the termination of our agreement.
Similarly, the client is under no obligation to act upon Main Management's or associated person's
recommendations. If the client elects to act on any of the recommendations, they are under no
obligation to effect the transaction through Main Management or its associated person when the
person is an agent with a licensed broker-dealer or through any associate or affiliate of such
person.
Main Management’s discretionary investment management and advisory services to private funds,
along with the investment objectives and strategies, are provided per the terms of the relevant
offering memorandum. The advisory services that the private funds receive are consistent with the
specified investment objectives and strategies as set forth in the offering document.
Assets under Management (AUM)
Main Management, as of December 31, 2023, manages $1,249,196,485 in regulatory assets under
management on a discretionary basis and $138,622,656 in regulatory assets under management
on a non-discretionary basis for a regulatory assets under management total of $1,387,819,141. In
addition, the Adviser provides investment advice to $1,616,832,988 of Model Delivery Platform
assets. Accordingly, Main Management provides investment advice to a total of $3,004,652,129
consisting of regulatory assets under management and Model Delivery Platform assets.
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