Overview
Carriage Services Investment Advisors, Inc. (Carriage Services Advisors) was formed in 2012 as a
registered investment adviser (RIA). The firm is a wholly-owned subsidiary of Carriage Services,
Inc., a publicly-held company headquartered in Houston, Texas, which is a leading provider of
death care services and merchandise in the United States. Those services and merchandise are
provided through entities that are directly or indirectly owned and/or controlled by Carriage
Services, Inc. As used herein, “CSI” refers to Carriage Services, Inc. and its subsidiaries and
affiliates. The business of Carriage Services Advisors is to provide investment advisory and other
services to a private fund, Styx Private Fund LLP, a Florida limited liability partnership (the ”Fund”)
and to deathcare trusts of CSI. The Fund is organized for the purpose of pooling funds from
certain affiliated deathcare trusts created by CSI and making collective investments of such
pooled funds.
The Fund and deathcare trusts contract with Carriage Services Advisors to provide investment
advisory services, fund accounting services, fund oversight and investment performance
monitoring and other
ancillary functions covering investment assets.
The composition of the investments is dependent upon the investment guidelines of the Fund,
and in certain circumstances state law mandating investment of the deathcare trusts, and may
be comprised of one or more of the following security types:
Equity Securities (exchange listed and OTC,
including preferred securities)
Certificates of Deposit/Money Market
Instruments
Municipal Securities Partnerships
Corporate Debt Publicly Traded Master Limited Partnerships
United States Government Securities Commercial Paper
Mutual Funds/Exchange Traded Funds Closed-End Funds
As of December 31, 2023, the Fund and deathcare trust assets managed by Carriage Services
Advisors on a discretionary basis were equal to approximately $271 million and $1 million on a
non-discretionary basis. Carriage Services Advisors follows investment guidelines established by
Carriage Services, Inc. and the officer of the Fund, Megan Bartels, which set forth investment
objectives, permitted investments, target asset allocations, diversification guidelines, asset
quality and other investment standards for the investment of the Fund and deathcare trust
assets.