General Information
Clifford Capital Partners, LLC (“CCP,” “we” or “the firm”) was formed in 2010 and provides portfolio
management services to clients directly (“Direct Clients”) and via sub-advisory arrangements (Sub-
Advisory Clients”). We also provide portfolio management services to registered investment
companies and model portfolio advice to third-party investment platforms. Our investment advisory
services are provided in accordance with the strategies described in Item 8 of this brochure.
As of December 31, 2023, we managed $406,292,689 on a discretionary basis and no assets on a non-
discretionary basis. We also had assets under advisement of $265,772,799 in Model Portfolio
Programs.
SERVICES PROVIDED
Separately Managed Account (“SMA”) Services
CCP provides investment management services to clients through separately managed accounts
(“SMAs”). An SMA is a portfolio of individual securities managed on your behalf. This can provide a
level of ownership, control and transparency not available in mutual funds, exchange traded funds or
other pooled investment vehicles.
SMA Services for Direct Clients
We provide portfolio management services to individuals and entities that come to us directly for
investment management (“Direct Clients”). We manage and monitor their investment portfolios and
periodically contact them to discuss their investments and financial situation.
We do not offer asset allocation or financial planning services. A Principal of CCP is available to meet
with you to discuss and describe our management style. Specifically, we focus on value investing and
primarily seek to invest in stocks that have demonstrated an attractive return on capital with a
history of generating free cash flow. Once we both agree that this investment style is suitable or
remains suitable for your financial situation, you will determine the proportion of your assets to be
managed in this manner.
To implement your investment portfolio, we will manage your portfolio on a discretionary basis. As
a discretionary investment adviser, we will have the authority to supervise and direct the portfolio
without prior consultation with you.
Notwithstanding the foregoing, you may impose certain written restrictions on us in the management
of your investment portfolio, such as prohibiting the inclusion of certain types of investments in an
investment portfolio or prohibiting the sale of certain investments held in the account at the
commencement of the relationship. You should note, however, that if you impose restrictions, it may
adversely affect the composition and performance of your investment portfolio. You should also note
that your investment portfolio is treated individually by considering each purchase or sale for your
account. For these and other reasons, performance of client investment portfolios within the same
investment objectives, goals and/or risk tolerance may differ, and you should not expect that the
composition or performance of your investment portfolio would necessarily be consistent with those
of our similar clients.
Retirement Plan and IRA Account Rollovers: We are fiduciaries under the Investment Advisers Act of
1940 and when we provide investment advice to you regarding your retirement plan account or
individual retirement account, we are also fiduciaries within the meaning of Title I of the Employee
Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws
governing retirement accounts. We must act in your best interest and not put our interest ahead of
yours. If we recommend that you roll over your retirement assets into an account to be managed by
us, such a recommendation creates a conflict of interest if we will earn a new (or increase our current)
advisory fee because of the rollover.
Investing in an IRA with us will typically be more expensive than an employer-sponsored retirement
plan. You are under no obligation to roll over plan assets to an IRA managed by us or to engage us to
monitor and/or manage the account while maintained
at your employer.
SMA Services Through Sub-Advisory Arrangements
Other registered investment advisers and investment professionals (the “Primary Advisers”) may
recommend or hire us to manage your assets. In these arrangements, we will implement and manage
an investment strategy in your account; however, we do not serve as your Primary Adviser. The
Primary Adviser will retain direct contact with you and will manage the client relationship. We may
contract directly with the Primary Adviser to provide investment advisory services, or alternatively,
depending on the contractual arrangement you have with the Primary Adviser, we may enter into an
advisory contract directly with you.
We will have exclusive investment discretion as to which securities shall be purchased or sold in your
sub-advised account in a manner consistent with your selected product, investment objectives,
policies and restrictions (if any) and the capabilities of the broker-dealer. In order to determine
whether the strategy is suitable for you, the Primary Adviser and you are responsible for ascertaining
the goals and objectives of the portfolio in question. It is the responsibility of the Primary Adviser
and/or you to promptly notify us of any changes in your financial condition that would necessitate a
change in your investment objective.
CCP Mutual Funds
We serve as the investment adviser to the Clifford Capital Partners Fund, Clifford Capital Focused
Small Cap Value Fund and Clifford Capital International Value Fund (collectively, the “Funds”), each
a mutual fund offered by an open-end management investment company, the World Funds Trust.
Please see the Prospectus and Statement of Additional Information (“SAI”) for the Funds for
additional disclosures relating to the Funds. Prior to making any investment in the Funds, you should
carefully review these documents for a comprehensive understanding of the terms and conditions
applicable for investment. This disclosure brochure is designed solely to provide information about
CCP and should not be considered an offer of interest in the Funds.
Model Portfolio Programs
We offer model portfolios for a fee to Model Delivery and Unified Managed Account (UMA) Program
sponsors.1 Program sponsors use our model portfolios to assist with determining the sponsors’
investment recommendations and managing their clients’ accounts. Program clients are clients of the
Program sponsor, not CCP. Each program sponsor provides individualized investment advice and
portfolio management services to its clients and may or may not decide to implement all of our
recommendations as to the securities to be held within an account.
When engaged by a program sponsor, we construct a model portfolio in accordance with the CCP
investment strategy selected by the sponsor. Our recommendations to the Programs may differ from
recommendations made to other client accounts. We provide the program sponsor with our
recommendations as to the securities to be purchased, sold and held from time to time, as well as the
percentage of the model portfolio that would be invested in each security. In general, material
1 A Model Delivery Program account holds the securities associated with a single investment manager
in a unique custodial account at the Sponsor Firm. A UMA typically holds multiple investment
strategies in the same custodial account.
changes in a model portfolio will not be communicated to model program sponsors until completion
of aggregated trading for CCP’s discretionary clients. As a result, the program sponsor sometimes will
not achieve the same execution quality, price or timing. Depending on the particular circumstances
surrounding an order, our discretionary clients will sometimes receive prices that are more favorable
than those received by a client of a program sponsor although, in some cases, our discretionary
client’s trades could experience less favorable executions. Please refer to Item 12 for more
information regarding the communication and delivery of a model to program sponsors.