Sheffield Asset Management, L.L.C., a Delaware limited liability company, began operation in
February of 2003. Sheffield serves as the investment manager for and provides discretionary
investment advisory services to a private investment fund which is offered to outside investors. The
private investment fund is Sheffield Partners, L.P., which we refer to as the “Fund”. Beginning
February 1, 2019 Sheffield began advising a client in a separately managed account structure (the
“Managed Account”) (collectively, the Fund and Managed Account, “Clients”).
Brian Feltzin, who we refer to as the “Principal,” is the founder, Managing Member and a Portfolio
Manager of Sheffield. Grosvenor Capital Management, L.P., a Chicago-based investment manager, has
a contractual right to receive payments from Sheffield based on a percentage of certain of Sheffield’s
revenues. Grosvenor’s interest in Sheffield does not represent any form of equity interest in Sheffield
or in any Fund. Grosvenor does not control Sheffield or participate in any of its investment decisions.
Sheffield acts as general partner of the Fund, which is a Delaware limited partnership. Sheffield also
acts as the investment adviser and trading manager with respect to the assets of the Managed
Account.
On behalf of the Fund, Sheffield may trade a variety of domestic and foreign securities, futures,
derivatives and other instruments, including stocks, convertible securities,
bonds, structured
instruments and over-the-counter derivatives; however, the Fund’s portfolio focuses primarily on
equity and equity-related securities. Sheffield takes both long and short positions in these
instruments. The Fund has a broad investment mandate, and there are no material limitations on the
instruments that Sheffield trades on behalf of the Fund. The Fund is subject to no formal
diversification policies.
Sheffield has full discretion in trading on behalf of the Fund. It does not require, and does not seek,
approval from the Fund or the investors in the Fund with respect to its trading. Sheffield does not
tailor its advisory services to the individual needs of investors in the Fund, and investors in the Fund
may not impose restrictions on investing in certain securities or types of securities. Sheffield does
not participate in wrap fee programs.
On behalf of the Managed Account, Sheffield has full and exclusive discretionary authority with
respect to the investment and reinvestment of assets. The Managed Account’s portfolio primarily
consists of equity securities. The investment objective of the Managed Account is to generate long-
term capital appreciation and long-term capital gains within the investment guidelines agreed to
between the Managed Account and Sheffield.
As of December 31, 2023, Sheffield managed approximately $204,848,582 of regulatory assets, all of
which is managed on a discretionary basis.