Avalon Global Asset Management LLC

Avalon Global Asset Management LLC, established in January 2000, is an SEC-registered investment adviser specializing in providing discretionary advisory services to private U.S. investment limited partnerships and investment limited liability companies, as well as non-U.S. investment funds. Led by Principal Owners Nancy Kukacka and Jeffery Christian, the firm manages client assets totaling approximately $110.8 million as of December 31, 2022, with a focus on global equity long-short strategies. Clients pay an annual asset-based fee of 1.5%, with additional performance-based fees calculated annually at 20% of net profits. Avalon employs a long/short equity strategy, investing in middle-to-large capitalization growth stocks primarily in developed world equity markets. The firm may use margin leverage, options transactions, and fixed-income securities in its investment strategies. Clients grant Avalon full investment discretion, with the firm having complete authority over investment decisions. Avalon has not been involved in any legal or disciplinary events, and all client assets are held in custody by unaffiliated entities. The firm conducts periodic reviews of client accounts and provides regular performance reports to investors. Additionally, Avalon has implemented written policies and procedures for voting client securities in the best interests of clients.