Ryan Heritage, Llp

Ryan Heritage, LLP, established in 2019, is a Delaware limited liability partnership specializing in value-oriented activist investing. The firm's principals, Phillip Goldstein and Andrew Dakos, have extensive experience in investor activism, focusing on special purpose acquisition companies (SPACs), undervalued companies, and special situations. Ryan Heritage manages approximately $25.64 million on a discretionary basis as of December 31, 2024, tailored to the specific needs of separately-managed accounts (SMAs) with a minimum investment generally set at $100,000. The firm charges a fee of 0.25% of the average daily value of SMA accounts quarterly, negotiable for certain accounts. Ryan Heritage does not receive performance-based fees but manages accounts that pay both performance-based and asset-based fees, ensuring fair trade allocation through a Trade Allocation Policy. The firm exercises investment discretion for SMAs, while clients maintain custody of assets at Charles Schwab & Co., Inc. Ryan Heritage's investment strategy involves long-term total return by investing in undervalued securities, including those undergoing corporate events, with no restriction on market capitalization or asset type. Clients should be aware of potential risks, including stock market fluctuations, sector risks, and non-diversification risks. Ryan Heritage's brokerage practices prioritize obtaining favorable prices and execution, considering factors such as dealer spread and transaction difficulty. The firm may pay higher commission rates for access to research and proprietary trading capabilities, always ensuring compliance with regulatory requirements. Clients receive monthly statements from Schwab for account monitoring. Ryan Heritage has discretion over voting client securities, generally voting proxies in favor of proposals enhancing shareholder value and democracy. The firm's financial condition is sound, with no impairments likely to affect client commitments.