9AT: ELEMENT CAPITAL MANAGEMENT LLC

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 03/15/2012
ADV Location	NEW YORK, NY, United States
Contact Info	212 xxxxxxx
Websites

AUM^*	43,427,362,512 -42%
of that, discretionary	43,427,362,512 -42%
Number of Employees	64 -3%
of those in investment advisory functions	30
Private Fund GAV^*	46,375,740,533 8%
Avg Account Size	8,685,472,502 -65%
SMA’s	No
Private Funds	5 2

Adviser Type

- Large advisory firm

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

	Count	GAV
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Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser SCHONFELD STRATEGIC ADVISORS LLC	Hedge Fund296.5b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV296.5b	AUM225.3b	#Funds42
Adviser EXODUSPOINT CAPITAL MANAGEMENT, LP	Hedge Fund181.8b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV181.8b	AUM159.4b	#Funds6
Adviser NEWTON INVESTMENT MANAGEMENT NORTH AMERICA	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM59.2b	#Funds-
Adviser RBC ROCHDALE, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM73.0b	#Funds1
Adviser AMERICAN BEACON ADVISORS, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM59.9b	#Funds-
Adviser ONEDIGITAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM155.4b	#Funds-
Adviser GW&K INVESTMENT MANAGEMENT, LLC	Hedge Fund171.0m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV171.0m	AUM52.8b	#Funds3
Adviser LIGHTHOUSE INVESTMENT PARTNERS, LLC	Hedge Fund54.0b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV54.0b	AUM87.4b	#Funds141
Adviser SANDERS CAPITAL, LLC	Hedge Fund2.1b	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV2.1b	AUM122.2b	#Funds3
Adviser TWO SIGMA ADVISERS, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM74.3b	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker464287200	Stock NameISHARES TR	$ Position$767,811,455	% Position24.00%	$ Change	# Change
Stck Ticker922908363	Stock NameVANGUARD INDEX FDS	$ Position$702,329,846	% Position22.00%	$ Change	# Change
Stck Ticker78462F103	Stock NameSTATE STR SPDR S&P 500 ETF T (PUT)	$ Position$664,625,300	% Position21.00%	$ Change36.00%	# Change19.00%
Stck Ticker46090E103	Stock NameINVESCO QQQ TR (PUT)	$ Position$309,288,000	% Position10.00%	$ Change	# Change
Stck Ticker464287655	Stock NameISHARES TR (PUT)	$ Position$126,189,000	% Position4.00%	$ Change	# Change
Stck Ticker84615Q103	Stock NameSPACE EXPLORATION TECHN CORP	$ Position$86,497,875	% Position3.00%	$ Change	# Change
Stck Ticker11135F101	Stock NameBROADCOM INC (CALL)	$ Position$52,885,000	% Position2.00%	$ Change	# Change
Stck Ticker253868103	Stock NameDIGITAL RLTY TR INC	$ Position$41,361,045	% Position1.00%	$ Change	# Change
Stck Ticker83443Q103	Stock NameSOLSTICE ADVANCED MATLS INC (CALL)	$ Position$20,245,100	% Position1.00%	$ Change77.00%	# Change52.00%
Stck Ticker78462F103	Stock NameSTATE STR SPDR S&P 500 ETF T	$ Position$37,338,500	% Position1.00%	$ Change	# Change

Brochure Summary

Overview

Element Capital Management LLC (“Element”) is an investment adviser with its principal place of business in New York, New York. Element, a Delaware limited liability company, was formed in February 2007 and commenced operations as an investment adviser in June 2007. Jeffrey M. Talpins is the principal owner of Element, and Element Capital Partners LLP (the “Relying Adviser”). Mr. Talpins launched the Element Capital Master Fund Limited in April 2005 and has continuously headed its investment activities since that time, previously for Proxima Alfa (USA) LLC and since June 2007, for Element. Element employs a Modern Macro style of global macro investing. Modern Macro is a multi-process investment approach that integrates macro fundamental, systematic and relative value analysis, generally combining these processes within a given investment strategy. Element expresses its macro views using primarily fixed income, foreign exchange and equity instruments. Element’s investment team utilizes its proprietary base of technology, disciplined risk management, innovative trade structuring and advanced

portfolio construction techniques to implement its strategies. Mr. Talpins, the Chief Executive Officer and Chief Investment Officer of Element, provides strategic direction for Element. Element, together with the Relying Adviser, provides investment advisory services to pooled investment vehicles intended for sophisticated and institutional investors (the “Element Funds”). Element provides advice to the Element Funds tailored to the investment objectives and strategies set forth in each Element Fund’s offering memorandum. The Element Funds do not impose restrictions on investing in certain securities or certain types of securities. In the future, Element may also provide investment advisory services to sophisticated and institutional investors through separate accounts or other pooled investment vehicles (such separate accounts and/or pooled investment vehicles together with the Element Funds, the “Clients”). As of December 31, 2023, Element had $74,801,493,375 of regulatory assets under management, all of which are managed on a discretionary basis on behalf of the Element Funds.

ELEMENT CAPITAL MANAGEMENT LLC

ELEMENT CAPITAL MANAGEMENT LLC

ELEMENT CAPITAL HOLDINGS LLC (RELYING ADVISER)

ELEMENT CAPITAL PARTNERS LLP (RELYING ADVISER)

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

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ELEMENT CAPITAL MANAGEMENT LLC ELEMENT CAPITAL MANAGEMENT LLC ELEMENT CAPITAL HOLDINGS LLC (RELYING ADVISER) ELEMENT CAPITAL PARTNERS LLP (RELYING ADVISER)

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Private Funds Structure

Similar advisers

Top Holdings

Brochure Summary

Overview

ELEMENT CAPITAL MANAGEMENT LLC

ELEMENT CAPITAL MANAGEMENT LLC

ELEMENT CAPITAL HOLDINGS LLC (RELYING ADVISER)

ELEMENT CAPITAL PARTNERS LLP (RELYING ADVISER)