Lionstone Capital Management LLC

Lionstone Capital Management LLC, established in 2004, specializes in offering two investment management capabilities: fund of hedge funds and a public equities portfolio. The firm manages $519,755,532 on a discretionary basis as of December 31, 2024. Clients, including institutional investors and high net worth individuals, must meet specific criteria, with a minimum initial investment per investor of $1,000,000. Lionstone charges management fees quarterly, along with an annual incentive fee based on net profits. The firm's investment strategies focus on generating consistent returns with reduced market risk for the Fund of Funds, and achieving meaningful absolute returns with minimized risk for the Hedge Fund. Lionstone conducts in-depth analysis of Portfolio Managers, focusing on investment techniques, organizational structure, and operational aspects. The firm's investment philosophy includes long positions in undervalued securities and limited short selling. Risk factors for investors include reliance on Lionstone, illiquidity of underlying investments, and market volatility. Lionstone's brokerage practices prioritize best execution, aggregation of trades, and fair allocation among funds. The firm has not faced disciplinary actions and complies with custody requirements. Lionstone exercises investment discretion in alignment with client objectives and maintains a Proxy Voting Policy to vote in the best interest of the Funds.