Kerrisdale Advisers, LLC is a New York limited liability company and an investment adviser with its
principal place of business in Miami, FL. Kerrisdale commenced operations in April 2009. Sahm Adrangi
is the principal owner of Kerrisdale. As of January 1, 2024, the Firm provides investment management
services to the following private pooled investment vehicles (collectively, the “Flagship Funds”):
• Kerrisdale Partners, L.P. (“Domestic Feeder Fund”)
• Kerrisdale Partners Offshore, Ltd. (“Offshore Feeder Fund”)
• Kerrisdale Partners Master Fund, Ltd. (“Master Fund”)
The Firm also provides investment management services to the following private pooled investment
vehicle:
• Kerrisdale Long Only Fund, L.P. (“Long Only Fund”)
The foregoing vehicles referenced above are collectively referred to as the “Funds” and “Client Accounts”
and, each, a Fund and Client Account. The Firm provides advice to the Funds based on specific investment
objectives and strategies. However, Kerrisdale does not tailor advisory services to the individual needs
of investors (the “Investors”) in the Funds. The Investors may not impose restrictions on investing in
certain securities or types of securities.
Each Fund is governed by a limited partnership agreement or memorandum and articles of association,
as applicable, and a description of the relevant Fund’s activities and investment program is set forth in
such Fund’s offering documents (if any) or other disclosure documents and its respective investment
advisory agreements (such governing documents, offering documents and agreements, are referred to
as the Fund’s “Constituent Documents”). In many instances a more detailed discussion of the topics
discussed in this Brochure is available in a Fund’s Constituent Documents. Certain investors may have
entered into separate agreements with Kerrisdale and/or its affiliates, amending one or more terms
set forth in applicable Constituent Documents with respect to such investor.
The Funds are managed in accordance with the investment objectives, guidelines and restrictions set
forth in their respective Constituent Documents, and are described in Item 8, “Methods of Analysis,
Investment Strategies and Risk of Loss,” below.
Kerrisdale Capital Management, LLC (the “General Partner”) is the general partner of the Flagship Funds.
Kerrisdale Long Only Fund GP, LLC (the “Long Only General Partner”) is the general partner of the Long
Only Fund. As of January 1, 2024, the Firm managed net assets of approximately $360 million of the
Client Accounts, all of which are managed on a discretionary basis.