4. A. Firm Description and Principal Ownership:
Performa Limited (US), LLC, a Delaware limited liability company, was founded in April
2010 as Ansonborough Capital Management, LLC (“ACM”)
On July 1, 2012, the Company name changed to Performa Limited (US), LLC in
recognition of its affiliation with P.R.P. Performa Ltd, an investment management firm located in
Hamilton, Bermuda and licensed to conduct investment business with the Bermuda Monetary
Authority (“BMA”)
Performa registered as an investment adviser with the SEC in July 2012. Performa
provides fixed income and equity investment management, sub-advisory and advisory services
to institutions, and investment vehicles including Bermuda based mutual funds registered with the
BMA.
On December 31, 2014, Performa and related persons acquired Blue Granite Capital,
LLC, an investment advisory firm.
On December 31, 2017, Performa sold Blue Granite Capital back to its original owner,
Scott Shubert.
Performa is a privately held company with no other indirect ownership. Performa is 100%
owned by its key employees and its founder, David T. Kilborn, CFA. Mr. Kilborn holds a majority
of the Company’s Interest directly, while key employees hold their interests via a limited
partnership in accordance with the Firm’s Equity Plan that was established August 21, 2013.
Performa manages its clients’ accounts in accordance with pre-determined guidelines and
restrictions, either on a fully discretionary basis or on an advisory basis, as established in the
applicable agreement with each client.
4. B. Investment Management and Advisory Services:
Performa concentrates its business on its core competencies: portfolio management and
asset allocation. Performa offers investment management services as well as advisory services
as indicated below.
Fixed Income:
Performa provides fixed income investment management and advisory services on a fully
discretionary basis to institutions, U.S. private funds and non-US (offshore) registered investment
vehicles as well as separately managed accounts. The Company, or an affiliated entity, acts as
the General Partner to such U.S. private fund vehicles. Performa also offers sub-strategies
through the use of sub-investment advisers.
Performa offers the following styles of investment grade fixed income management:
Money Market of Cash Equivalents: Performa manages portfolios with customized
investment guidelines to meet client-specific liquidity needs as well as a Bermuda-registered
mutual fund with guidelines that mirror those for typical registered money market funds.
1-3 Year and 1-5 Year Fixed Income: Performa manages 1-3 year and 1-5 year maturity
portfolios against a variety of generally accepted benchmarks with the goal of capital preservation
first and foremost, and then for yield and capital appreciation. These strategies combine U.S.
Treasuries and high quality Corporate bonds with other sectors of the fixed income market
including, but not limited to: Asset Backed Securities, Residential and Commercial Mortgage
Backed Securities, Agencies.
Intermediate Fixed Income: Performa manages intermediate maturity portfolios against a
variety of generally accepted benchmarks and includes the same fixed income sectors as its 1-3
Year and 1-5 Year portfolios. Certain portfolios allow the use of derivatives within portfolios in this
strategy.
High Yield Fixed Income: Performa offers a high yield fixed income strategy through the
use of a sub-investment adviser. The strategy invests primarily in high yield debt instruments of
U.S. and non-U.S. issuers, with a focus on BB & B rated bonds.
Customized or Non-Discretionary Portfolios: Within Performa’s fixed income business,
some clients require strategies outside of the usual strategies managed by the Company. The
scope of services provided to such clients includes the following:
- Economic Analysis;
- Fundamental research;
- Ongoing portfolio analysis that
can include sector and duration recommendations;
- Implementation of recommendations if discretionary or execution assistance if non-
discretionary;
- Individual security analysis and buy/sell recommendations;
- Other assistance with regulatory reporting for regulated clients; and/or Asset/Liability
advice.
Equities:
Performa utilizes equities within some client portfolios using passively managed ETFs and
sub-investment advisers.
Performa offers the following styles of equity management:
U.S. Large-Cap Passive Equity:
Performa manages Core U.S. Equities seeking to perform at the level of the broad U.S.
equity market, as measured by the S&P 500.
The U.S. Large-Cap Passive Equity strategy centers around holding exchange traded
index securities such as Exchange Traded Funds (“ETFs”) focused on long-term capital
appreciation and dividend income.
The U.S. Large-Cap Passive Equity strategy holdings will be the S&P500, or equivalent,
strategy ETF and, when appropriate, other ETFs that represent other sectors or groups generally
within the U.S. equity markets. Within the strategy’s diversified total equity market allocations, the
Large-Cap Passive Strategy is used as the broad market anchor to allow exposure to more
specialized and potentially higher volatility/ less correlated equity sub-strategies.
U.S. Mid-Cap Equity Strategy:
Performa offers a mid-cap equity strategy through the use of ETFs for those clients that
want passive mid-cap equity exposure and a sub-investment adviser for those clients that prefer
active management. The strategy invests primarily in diversified portfolio of equity securities of
mid cap companies with a market value between $2 billion and $10 billion.
U.S. Small-Cap Equity Strategy:
Performa offers a small-cap equity strategy through the use of ETFs for those clients that
want passive small-cap equity exposure and a sub-investment adviser for those clients that prefer
active management. The strategy invests primarily in equity securities of companies with market
capitalizations of less than $2 billion.
International Equity Strategy:
Performa offers an international equity strategy through the use of ETFs for those clients
that want passive international equity exposure and a sub-investment adviser for those clients
that prefer active management. The strategy is comprised primarily of non-U.S. large cap
companies that demonstrate global leadership in their industry and have at least $1 billion in
market capitalization.
Asset Allocation:
The Firm’s Asset Allocation strategies also invest in vehicles such as mutual funds, private
funds or exchange traded/index funds that are managed by sub-advisors and/or third-party ETF
providers. When using ETFs or Index Funds, the Company uses its internally focused macro
analysis and research to rotate between different asset classes, equity styles and markets.
4. C. Asset Allocation and Advisory Services:
Performa provides Asset Allocation recommendations to clients on a discretionary basis.
If necessary, Performa will work with the client to determine suitable external managers and/or
external investment vehicles that are complimentary to the strategies managed internally by
Performa. Performa personnel use their experience as portfolio managers and previous
experience as sell-side traders to evaluate other managers and strategies for suitability as well
as other techniques from a quantitative perspective.
4. D. Individual Client Restrictions and Needs:
Performa’s management of client portfolios is generally on a fully discretionary basis, but
each client has unique investment objectives and portfolio guidelines with the ability to impose
their own investment restrictions.
4. E. Wrap Fee Programs:
Performa does not participate in wrap fee programs.
4. F. Assets Under Management:
As of December 31, 2023, Performa managed $3,375,104,696 in client assets on a fully
discretionary basis and $0 in client assets on a non-discretionary basis.