A. Business Commencement Date
Port Capital LLC (“Port Capital”, the “Firm”, “we”, “our” or “us”) was founded in March 2015.
B. Ownership
Brien M. O’Brien is the principal shareholder (i.e., shareholder controlling 25% or more of Port Capital).
C. Investment Services
Clients in Separately Managed Accounts
Pursuant to an investment management agreement (the “Advisory Agreement”), Port Capital provides
continuous advice to Clients (defined below) in separately managed accounts (“SMAs”) regarding the
investment of Client funds based on the individual needs of the Client. We manage investments with
discretionary or non-discretionary authority on behalf of Clients. Account supervision is guided by the
Client’s stated objectives (e.g., capital appreciation, growth, income, etc.), as well as tax considerations.
Clients may impose guidelines or restrictions on investing in certain securities, types of securities, or
industry sectors.
Once a Client portfolio is established, the account is reviewed at least quarterly and, if necessary, the
portfolio is rebalanced based on the Client’s individual needs.
Port Capital’s investment recommendations are limited to specific products or services offered by
broker/dealers and/or issuers, and will generally include consideration of the following types of
securities:
• Exchange-listed securities (stocks,
mutual funds, ETFs)
• Corporate Bonds
• Municipal Bonds
• U.S. Government-issued bonds
• Private Limited Partnerships
Because some types of investments involve certain additional degrees of risk, they generally only will
be recommended when consistent with the Client’s stated investment objectives, tolerance for risk,
liquidity and suitability.
Private Funds
Port Capital also serves as investment adviser to and general partner of certain private investment funds
(individually a “Fund” and collectively, the “Funds;” as the context may require, Funds and SMAs may
be referred to collectively as Port Capital’s “Clients”). The Funds offer interests (“Interests”) to certain
qualified investors as described in response to Item 7, below (such investors are referred to herein as
“Investors”).
The Funds are managed in accordance with the terms, objectives and strategies described in their
respective offering memorandum, limited partnership agreement and subscription agreement (the
“Offering Documents”).
D. Wrap Fee Programs
Port Capital does not participate in any wrap fee programs.
E. Assets Under Management
As of December 31, 2023, Port Capital has approximately $2.163 billion of assets under management on
a discretionary basis and approximately $123 million of assets under management on a non-
discretionary basis.