Phorcys Asset Management LLC

Phorcys Asset Management, LLC is an investment adviser specializing in underperforming micro-issue municipal bonds and revenue bonds supported by various assets. Established in March 2021, the firm manages approximately $174.6 million in aggregate assets as of December 31, 2022. The firm's principals are Vasileios A. Sfyris, W. Heath Hawk, and Benjamin T. Eiler. PAM provides advisory services on a non-discretionary basis, tailoring services to meet client needs. The firm charges a servicing fee and a performance fee for separately managed accounts. PAM may serve as a primary adviser in the future, offering discretionary trading authority and advising pooled investment vehicles. The firm's investment strategies involve identifying undervalued bonds and assets, with a focus on specific sectors. PAM's investment philosophy includes risk management and a commitment to client interests. The firm does not participate in wrap fee programs and emphasizes client communication and transparency. PAM's Code of Ethics ensures adherence to industry standards, including insider trading policies. The firm does not have custody of client assets and reviews client accounts regularly. PAM's proxy voting policies prioritize client interests, and the firm does not have any financial conditions that would impair its ability to meet contractual commitments.