Description of the Adviser
Yost Capital Management, LP (“YCM”) is an investment adviser organized as a Texas limited
partnership. YCM was formed as a result of the conversion of Yost Capital Management, L.L.C. from a
Texas limited liability company to a Texas limited partnership effective September 1, 2018. Yost Capital
Management, L.L.C. was originally formed on February 4, 2010. Tomcat Advisors, L.L.C., a Texas
limited liability company, which is controlled by Carson Yost serves as the general partner for YCM.
YCM is currently registered as an investment adviser with the United States Securities and Exchange
Commission. YCM has offices in Houston, TX and Fort Worth, TX.
Description of Advisory Services
YCM provides investment advisory services to pooled investment vehicles that are exempt from
registration under the Investment Company Act of 1940, as amended (the “1940 Act”), and whose
securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). As the
investment adviser of the Funds (as defined below), YCM’s services consist of identifying opportunities
for acquisition, management, monitoring, and disposition of investments of the Funds. Investment advice
is provided directly to the Funds, subject to the discretion and control of the general partner of the
applicable Fund, and not individually to the limited partners of the Funds.
The Funds currently advised by YCM are: (i) Yost Partners, L.P. (the “Master Fund”), (ii) Yost Focused
Long Fund, L.P. (the “Long Focused Master Fund”) and (iii) Yost SPV I, L.P. (“SPV I”, each a “Fund”
and collectively, the “Funds”). YCM may in the future organize other investment funds, including feeder
funds for the Master Fund or the Long Focused Master Fund or manage investment funds or separately
managed accounts that may either co-invest with the Funds or follow an investment program similar to or
different from the Funds’ program. Tomcat Management, L.P. (the “General Partner”) is the general
partner of the Master Fund, the Long Focused Master Fund and SPV
I.
The Funds advised by YCM currently focus on running a concentrated portfolio of high-conviction ideas.
YCM’s investment strategy is neither value nor growth driven. YCM seeks to find ideas where it
believes a company’s prospects are better or worse than the market expects and it intends to deploy
capital when it thinks this “Expectations Gap” will close. Please refer to a Fund’s offering memorandum
for a complete description of investment objectives and strategy. The Long Focused Master Fund’s
portfolio will generally be similar to the Master Fund’s long portfolio (but may not include every long
position in the Master Fund or have positions that are the same size as the Master Fund). SPV I was
organized to invest in the restructuring of Talen Energy Corporation. Positions may vary for certain
reasons, including but not limited to, any restrictions due to market access, tax or regulatory issues, or any
investment guidelines or restrictions in the organizational or offering documents of a Fund and any
limitations on a Fund’s ability to clear or settle securities in certain markets.
Services are provided to the Funds in accordance with the investment management agreements with the
Funds and/or organizational documents of the applicable Fund. Investment restrictions for the Funds, if
any, are generally established in the organizational or offering documents of the applicable Fund.
YCM does not participate in wrap fee programs.
This brochure is qualified in its entirety by reference to each Fund’s governing documents (as applicable),
including its private placement memorandum (if any), limited partnership agreement (if any),
memorandum and articles of association (if any), subscription agreement (if any) and investment
management agreement (if any).
Assets Under Management
As of December 31, 2023, YCM’s total regulatory assets under management (“RAUM”) were
approximately $225,867,458. As of December 31, 2023 the combined net asset value of the Funds was
approximately $106,955,481. All assets are managed on a discretionary basis.