PDT Partners, LLC is a Delaware limited liability company that was formed in September 2010 and
commenced its investment advisory activities on July 1, 2012. PDT Partners, LLC, together with its
affiliates, (collectively, “PDT,” “our,” or “we”) is the successor to the Process Driven Trading group of
Morgan Stanley (the “PDT Group”), which was founded in 1993 as a proprietary quantitative trading group
within Morgan Stanley & Co. LLC (together with its affiliates, “Morgan Stanley”).
The principal owner of PDT Partners, LLC is an entity with a number of equity partners (PDT Capital
Group, L.P.) that is ultimately controlled by Peter Muller, our Chief Executive Officer.
PDT develops and deploys quantitative strategies to trade liquid assets globally. We provide investment
advisory services to a group of pooled investment vehicles (the “Funds”) on a discretionary basis using
quantitative investment strategies. Each Fund generally comprises a number of related and/or unrelated
entities, for example, in a “master-feeder” structure or a “parallel fund” arrangement. One Fund (PDT
Blended ESC Fund, LLC) allocates its capital among certain
other Funds and does not engage in a separate
trading strategy. Using quantitative models developed by PDT, we trade a broad range of liquid, publicly
traded U.S. and non-U.S. securities and other instruments, including equities, futures contracts, foreign
exchange, and derivatives thereon. In limited circumstances, we will invest in private securities or other
instruments.
Each Fund is managed according to the investment objectives and policies set forth in its offering materials
and other governing documents. PDT does not generally tailor the Funds’ investment programs for any
particular Fund investor but has in some cases accommodated investor requests with respect to how a
particular portfolio is managed or restrictions on instruments that are permitted to be acquired (see Item 8
– Methods of Analysis, Investment Strategies, and Risk of Loss – Material Risks – Exercising Discretion
in Non-Model Driven Trading Decisions).
As of December 31, 2023, PDT managed, on a discretionary basis, approximately $10,836,886,000 in
regulatory assets under management. We do not manage any assets on a non-discretionary basis.