9AT: CENTERSTONE INVESTORS LLC

CENTERSTONE INVESTORS LLC

other names

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Adviser Profile

As of Date	03/29/2024
Adviser Type - Large advisory firm - An investment adviser (or subadviser) to an investment company
Number of Employees	8 -20.00%
of those in investment advisory functions	4
Registration	SEC, Approved, 03/07/2016

AUM^*	479,004,466 110.13%
of that, discretionary	479,004,466 110.13%
Private Fund GAV^*	0
Avg Account Size	53,222,718 -29.96%
SMA’s	No
Private Funds	0
Contact Info	212 xxxxxxx
Websites

Client Types

- Investment companies
- State or municipal government entities
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management

Reported AUM

Discretionary

Non-discretionary

612M 524M 437M 349M 262M 175M 87M

2016 2017 2018 2019 2020 2021 2022 2023

Private Funds

No private funds

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker87807B107	Stock NameTC ENERGY CORP	$ Position$13,777,913	% Position13.00%	$ Change-5.00%	# Change-10.00%
Stck Ticker78463V107	Stock NameSPDR GOLD TR	$ Position$11,445,243	% Position11.00%	$ Change52.00%	# Change52.00%
Stck Ticker783513203	Stock NameRYANAIR HOLDINGS PLC	$ Position$10,800,552	% Position10.00%	$ Change349.00%	# Change144.00%
Stck Ticker351858105	Stock NameFRANCO NEV CORP	$ Position$5,938,961	% Position6.00%	$ Change254.00%	# Change274.00%
Stck Ticker67103H107	Stock NameOREILLY AUTOMOTIVE INC	$ Position$5,312,384	% Position5.00%	$ Change75.00%	# Change70.00%
Stck Ticker806407102	Stock NameHENRY SCHEIN INC	$ Position$4,902,543	% Position5.00%	$ Change45.00%	# Change52.00%
Stck TickerM53213100	Stock NameICL GROUP LTD	$ Position$5,754,815	% Position5.00%	$ Change16.00%	# Change0.00%
Stck Ticker464286392	Stock NameISHARES INC	$ Position$5,126,680	% Position5.00%	$ Change-1.00%	# Change0.00%
Stck Ticker464287226	Stock NameISHARES TR	$ Position$4,941,900	% Position5.00%	$ Change	# Change
Stck Ticker778296103	Stock NameROSS STORES INC	$ Position$2,711,212	% Position3.00%	$ Change40.00%	# Change39.00%

Brochure Summary

Overview

Centerstone is a Delaware limited liability company that was formed in August 2015. Centerstone is wholly owned by Abhay Deshpande, Founder and Chief Investment Officer. Launched to provide our clients with a nimble and flexible, value-oriented investment approach, Centerstone is a privately owned SEC-registered investment adviser offering niche investment vehicles. We are heavily focused on the fundamental analysis of businesses and pride ourselves on our employee ownership culture, creating alignment with our investors. Centerstone provides investment advisory services on a discretionary basis to the Centerstone Investors Fund and Centerstone International Fund (collectively the “Mutual Funds”), both registered under the Investment Company Act of 1940. Centerstone also provides discretionary investment advisory and sub-advisory services to institutional investors in separately managed accounts (“SMAs”). Where we serve as sub-adviser to institutional clients, another third-party investment adviser acts as the primary investment adviser to the client and delegates all or a portion of a client’s account to us for management in accordance with a selected

strategy. Centerstone generally utilizes two strategies, the Centerstone Global Multi-Asset Strategy and the Centerstone International Strategy for managing each of its Mutual Funds, and similarly offers these two strategies, as well as four sub-strategies of the Centerstone Global Multi-Asset Strategy in managing SMAs. The four sub-strategies include the Centerstone Global Equity Strategy, the Centerstone Non-U.S. Equity Strategy, the Centerstone Concentrated Global Equity Strategy, and the Centerstone Concentrated Non-U.S. Equity Strategy. Please see Item 8: Method of Analysis, Investment Strategies and Risk of Loss for more information about our strategies and related investment risks, which clients should review carefully before deciding to engage with us. Centerstone will tailor its advisory services to each client’s investment objectives, restrictions and guidelines as communicated to Centerstone by each such client. Centerstone does not currently participate in any wrap fee programs. As of December 31, 2023, Centerstone managed approximately $479,004,466 of client assets on a discretionary basis and $0 on a non-discretionary basis.