When we use “HSMP” or “Firm” or “we” or “us” or “our” in this Brochure, we are referring to HS Management Partners, LLC. HSMP is a long-only investment management firm that invests solely in publicly traded equities. Harry Segalas (Managing Partner & Chief Investment Officer) established HSMP in June 2007. David Altman (Partner & Director of Research), and Greg Nejmeh (Partner, President & Investment Strategist), joined the Firm as partners shortly thereafter. Our three partners independently capitalized the Firm, and Mr. Segalas and Mr. Altman each owns over 25% of the Firm, but no individual partner owns a majority stake. HSMP is structured as a limited liability company governed under Delaware law and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) (SEC registration does not imply any certain level of skill or training). Our sole office location is in New York City at the address indicated on the cover page. We are an independent investment adviser, are not affiliated with any other investment adviser, and do not have any parent or subsidiary. We provide investment advice only with respect to one equity investment strategy: HSMP Concentrated Quality Growth Equity. Our investment advice is limited to equity securities of publicly traded, domestic and foreign companies, in the form of domestic common stocks, foreign ordinary shares, and ADRs, traded on exchanges or over-the-counter markets. We apply a focused, bottom-up, fundamentals-first approach to portfolio management. Core to our approach is an emphasis on (1) the quality of the business and its fundamental basis, (2) the business’s underlying earnings/cash flow growth potential, and (3) the stock valuation. We believe that active management adds value and take an incremental approach to trading our discretionary client accounts. Provided our three investment principles are satisfied, we do not set limits by industry or sector weightings and our portfolio can be significantly concentrated by sector and/or industry. We are benchmark agnostic, not index influenced—we do not seek to mimic any market index. We provide advisory services on a discretionary basis. We make the investment decisions and trade the accounts without advance consultation with clients—we do not manage accounts on a non-discretionary basis. Our clients include high net worth individuals (including family offices), charitable organizations (including endowments and foundations), Registered Investment Companies (“RICs”), some ERISA plans, and unrelated/third-party funds. HSMP does not provide tailored investment advisory services to the individual investors in the RIC. We aim to build a concentrated portfolio of generally 20 to 25 companies that we believe possess the characteristics we value: a good, quality business with a sound fundamental basis; a positive, albeit reasonably attainable, long-term, future earnings/cash flow growth potential; and an attractive stock valuation. Absent client restrictions, we generally implement our investment strategy in client accounts through our standard, investment portfolio guidelines. Client portfolios are invested primarily in domestic companies, but we can also invest up to 30% of the total portfolio value in foreign companies, although we are usually below that limit. Portfolio positions by company are normally capped at 8% of total portfolio value without limit by industry or sector weightings, and client accounts commonly have over 50% exposure to the consumer discretionary, consumer staples and/or technology sectors. We seek to be fully invested and clients determine and direct the sweep options for their own accounts. Cash is typically limited to 5% of total portfolio value and client accounts regularly have a less than 1% residual cash position after a trading day. Our annual portfolio turnover rate (comprised of new names and incremental changes to existing positions) has generally ranged between 65% to 95% measured in dollars but has been higher than 110% in certain market conditions, notably in times of heightened volatility. Clients can request reasonable restrictions on the management of their accounts. We reserve the right to reject or close a client account for any reason including requests to impose restrictions. HSMP reserves the right, in its sole discretion, to determine whether restrictions would negatively impact the performance of the management of our strategy or prove overly burdensome to the Firm's management efforts.

In cases where client restrictions apply that HSMP has accepted, Page 5 of 20 the account in question may or may not qualify for composite inclusion over a given measurement interval. We seek to invest our discretionary clients, in the same names and in the same or similar percentage weights with the goal of minimizing dispersion across accounts over time. The holdings and performance of a discretionary account can deviate from our composite or from other discretionary client accounts. We advise clients solely as to the portion of their assets for which we have been given discretionary management in accordance with our investment strategy. We do not take into consideration clients’ assets or investments outside of those assigned to our management. Further, we do not advise clients on their overall financial plan and do not provide tax advice. Clients, and as applicable their consultants or investment advisers, should ultimately determine whether our investment strategy is appropriate for a client’s overall asset allocation, tax strategy, and financial outlook upon evaluating our strategy and its implementation, and the associated investment risks. ERISA Recommendations When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. We benefit financially from the accounts that we manage or provide investment advice, because the assets increase our assets under management and, in turn, our advisory fees. HSMP does not participate in, or offer, wrap fee programs. Assets As of December 31, 2023, HSMP managed or provided investment recommendations for the following assets. These are our regulatory assets under management as reported in Item 5.F. of our Form ADV Part 1A: U.S. Dollar Amount Assets under Management—Discretionary $ 2,367,827,228 Discretionary client accounts can have unsupervised assets in certain cases. Unsupervised assets are those for which we do not provide advisory services. We do not charge an advisory fee on unsupervised assets, nor include them in the account assets under management and account performance. Clients can withdraw assets from their accounts at their discretion. Discretionary clients can direct a withdrawal request to us or directly to their custodians. However, considering that we tend to be almost fully invested and generally keep very low cash balances in client accounts, clients should be mindful that withdrawals can bring unintended operational Page 6 of 20 consequences such as an overdraft. Accordingly, and unless we agree otherwise with a client, when a client directs the account custodian to remove assets from the account, the client shall provide us with prompt written notice of such removal and will be bound by all transactions we do on behalf of the account on or prior to when we acknowledge receipt of said notice in writing. In addition, and unless we agree otherwise with a client, when a client asks that we raise cash in his/her/its account for withdrawal, the client shall submit such request to us in writing and the request is not effective until we acknowledge receipt of it in writing. Raised cash remains in client accounts as unsupervised assets until clients arrange with their custodians the transfer of said cash out of their accounts. Clients should be mindful that when we sell securities in their accounts to raise cash to satisfy a withdrawal request, we place the trade orders with an eye to making the cash available and the price obtained will depend on the then-current market conditions, so prices can be lower than what we would deem advisable under the circumstances.