(A) Operational and Organizational Information. Lone Peak is a
U.S. Securities and Exchange Commission (“SEC”) registered
investment adviser. Registration as an investment adviser does not
imply a level of skill or training. Lone Peak was formed as a
Delaware limited partnership and has been in operation since July
2009. Betsy Battle is the Founding Partner and Chief Investment
Officer of Lone Peak. Ms. Battle is also the Managing Member of
Lone Peak Partners LLC, a Delaware limited liability company and
the general partner of Lone Peak. As a result, she controls the
overall business operations and activities of Lone Peak. Ms. Battle
is also the Managing Member of Lone Peak Partners GP I LLC
(the “General Partner”), a Delaware limited liability company and
a general partner to Lone Peak Partners Fund LP.
(B) Types of Advisory Services Offered. Lone Peak provides
investment management services to, and has discretionary
investment authority over the assets of Lone Peak Partners Fund
LP, a comingled private investment fund (“LPPF”) and a limited
liability company (“LLC”), and has non-discretionary authority of
a private foundation (“Foundation” and, collectively the LPPF,
LLC, Foundation and any other future commingled investment
products, managed accounts or limited liability companies
managed or advised by Lone Peak in the future, “Lone Peak
Portfolios”). In general, Lone Peak seeks to consistently achieve
attractive risk-adjusted absolute returns in widely different market
environments by investing with a diversified group of professional
portfolio managers (“Portfolio Managers”) that, on average,
historically have generated returns that exhibit a low degree of
correlation with one another. The private investment funds and
separately managed accounts managed by the Portfolio Managers
(collectively, the “Portfolio Funds”) will implement a variety
of
traditional and alternative investment strategies by trading and
investing in securities and commodities markets around the world.
The multi-manager structure implemented by Lone Peak seeks to
reduce risk and volatility while maintaining performance in
numerous different market environments. There can be no
assurance that investment objectives will be achieved. Please refer
to Item 8, below, for additional details about Lone Peak’s
investment strategy and risks associated with the investment
strategy.
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If Lone Peak believes that a particular Portfolio Manager is
performing inadequately, or if Lone Peak believes that a different
Portfolio Manager is more suitable for a particular Lone Peak
Portfolio, Lone Peak may withdraw or advise to withdraw its
investment from the Portfolio Manager.
Lone Peak holds itself out as specializing in selecting Portfolio
Managers and making investments in Portfolio Funds. Please
review Lone Peak’s investment guidelines, specified below under
“Client Investment Guidelines and Parameters” and Item 8,
“Methods of Analysis, Investment Strategies and Risk of Loss.”
(C) Client Investment Guidelines and Parameters. Regarding an
investment in LPPF, each investor’s investment will be allocated in
the same manner as each of the other investors who made
investments in LPPF. With respect to the LLC, Foundation and
future Lone Peak Portfolios, Lone Peak tailors its advisory services
to the individual needs of such products, subject to the terms of
their respective governing documents.
(D) Wrap Fee Programs. Lone Peak does not participate in wrap fee
programs.
(E) Investor Assets Under Management.
Discretionary: $68,518,281 as of December 31, 2023.
Non-discretionary: $102,660,339 as of December 31, 2023.
Total assets under management by Lone Peak as of December 31,
2023 were: $171,178,620.