Semper Capital Management, L.p.

Semper Capital Management, L.P. is an independent investment management firm established in 1992, specializing in residential and commercial mortgage-backed securities, asset-backed securities, and fixed income investments. The firm offers multiple securitized debt-centric investment platforms for institutional and high net worth individuals, including private absolute return and index-based strategies, registered mutual funds, and custom managed accounts. Semper manages approximately $964,193,034 in regulatory assets on a discretionary basis as of December 31, 2022. Clients can impose restrictions on investing in certain securities, and separately managed account services are tailored to meet specific investment objectives. Semper is compensated based on a percentage of assets under management and may receive performance-based fees. Management fees generally range from 0.20% to 1.50% per annum. The firm has agreed to waive or reimburse management fees for certain funds to limit total annual operating expenses. Semper may lower or waive investment minimums based on various factors. Clients have the option to terminate the investment advisory agreement with prior written notice, with fees prorated upon termination. The firm's investment strategies focus on fixed income sectors, including mortgage- and asset-backed securities, with a team approach that utilizes quantitative, qualitative, and relative value analyses. Semper's investment process includes sector and security selection, risk management, and maximizing performance while managing investment risk. The firm offers strategies such as MBS Total Return, Short Duration, and Active MBS strategies, each with specific objectives and risk profiles. Semper discloses risks associated with various security types, including mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities, among others.