Dunlap Equity Management, Llc.

Dunlap Equity Management, LLC (DEM) is a registered investment adviser based in San Francisco, California, established in 1990. The firm primarily manages assets on a discretionary basis, with total assets under management of approximately $79.1M as of December 31, 2024. DEM focuses on investing in equity securities, engaging in short selling, margin trading, and hedging. The firm charges a negotiable annual fee of 1% of assets under management, along with a performance allocation of 15% of net profits. Clients of DEM include high-net-worth individuals, institutions, trusts, endowments, and pension plans, with a minimum investment requirement of $500,000, which may be waived. DEM's investment strategy involves a bottom-up approach, concentrating on undervalued securities, short selling overvalued securities, and hedging risks. The firm's investment philosophy emphasizes intrinsic value growth, industry transitions, and fundamental changes. DEM's strategies may involve frequent trading and substantial portfolio turnover. Clients should be prepared for risks associated with market volatility, illiquid investments, and potential losses. The firm exercises investment discretion on behalf of clients and provides ongoing active management, with daily reviews by portfolio managers. DEM has a comprehensive Code of Ethics to ensure compliance with fiduciary obligations and securities laws. The firm may engage solicitors for client referrals and has established custody safeguards to protect client assets. DEM's principals, Carter W. Dunlap, Jr., and Christopher A. Jarrous, have extensive educational backgrounds and experience in finance and investment management. They oversee the firm's operations and are responsible for client-related investment decisions. Neither DEM nor its principals have been involved in any disciplinary actions or bankruptcy petitions.