Voce Capital Management LLC

Voce Capital Management LLC, established in October 2010, is a California-based investment adviser registered with the SEC. The firm primarily manages private pooled investment vehicles, including Voce Catalyst Partners LP, Voce Solo LP, Voce Forte LP II, and Voce Forte Offshore LP. Voce's investment strategy focuses on achieving long-term capital appreciation through actively managed equity positions in undervalued U.S. companies, primarily small capitalization firms. The firm's investment philosophy involves identifying companies with potential catalysts for value realization and engaging in active dialogue to effect positive changes. Voce charges a 2.0% annual management fee and a 20.0% incentive allocation based on realized and unrealized profits. The firm manages approximately $204.5 million in client assets as of December 31, 2022. Voce may also provide discretionary advisory services to separately managed accounts in the future. The firm has a Code of Ethics emphasizing client interests, and it may engage in cross trades and principal transactions subject to regulatory requirements. Voce's brokerage practices prioritize factors like execution ability, reliability, and additional services provided by broker-dealers. The firm may pay higher commissions for research services under Section 28(e) of the Exchange Act. Voce reviews client accounts regularly and provides monthly performance reports