Teewinot Capital Advisers, L.l.c.

Teewinot Capital Advisers, L.L.C. is an investment management firm founded in February 2003 by Michael Moriarty. The firm serves as the investment manager to private funds and separately managed accounts for institutional clients. Teewinot focuses on managing long and short portfolios primarily composed of equity and equity-related instruments with specific investment objectives and strategies outlined in each fund's offering documents. As of December 31, 2024, Teewinot managed approximately $1,191,738,000 of assets under management on a discretionary basis. The firm charges an asset-based management fee of up to 2.00% quarterly and may also receive performance-based compensation ranging between 10% and 20% of net profits. Teewinot may use soft dollars obtained from client commissions to pay for research and brokerage services. The minimum investment in the funds is $1,000,000, subject to a waiver at the discretion of Teewinot. The firm has full trading authority over client accounts and ensures that all client assets remain with an independent qualified custodian. Teewinot has adopted a comprehensive Code of Ethics and has no applicable disciplinary information to disclose. The firm's investment philosophy is value-oriented, focusing on a limited number of sectors undergoing global shifts, with a core belief in achieving superior returns through a secular orientation. Teewinot's investment process involves fundamental research and maintaining a concentrated portfolio of approximately 15 to 25 positions. The firm discloses various risks associated with its investment strategies, including short sales, small to medium cap stocks, leverage, non-U.S. securities, and emerging markets. Teewinot also addresses risks related to natural disasters, cybersecurity, and trade errors.