Lfl Advisers, LLC

LFL Advisers, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission since its establishment in 2005. The firm primarily manages assets on a discretionary basis, focusing on long positions in publicly traded U.S. and non-U.S. common stocks. Additionally, LFL Advisers may invest in various other securities, including private securities, corporate debt, options, and derivatives. The firm's owner and manager, Peter C. Lewis, serves as the portfolio manager. As of December 31, 2024, LFL Advisers had approximately $447,128,000 in total discretionary gross assets under management. LFL Advisers charges a standard annual management fee of 0.5% of assets under management, payable quarterly. Clients may also be subject to an incentive allocation or fee of 15% of net profits exceeding a 6% hurdle return. The firm's compensation structure creates an incentive for potentially riskier investments. LFL Advisers' investment strategy focuses on fundamental analysis to provide attractive absolute returns while minimizing the risk of permanent capital loss. Clients of LFL Advisers include high-net-worth individuals, institutions, trusts, and pension plans. The minimum investment for the investment fund is $1,000,000, while separately managed accounts typically require a minimum of $50,000,000. The firm exercises investment discretion for client accounts, with clients having the ability to set investment objectives and restrictions. LFL Advisers also votes proxies on behalf of clients based on their best interests. The firm does not engage in solicitation activities or accept directed brokerage arrangements.