CPMG INC

The firm provides investment advisory services to separately managed accounts, known as Advisory Accounts, for various clients. These accounts are managed according to the terms outlined in an investment advisory agreement with each client, taking into account their investment guidelines, objectives, restrictions, financial circumstances, and risk tolerance. Clients may impose reasonable restrictions on the management of their accounts. The firm utilizes a variety of methods of analysis and investment strategies, including information and analyses concerning specific securities, companies, or sectors; market, financial, and economic studies and forecasts; statistics and pricing services; discussions with research personnel; and software, databases, and other news, technical, and telecommunications services. They may pay commissions in excess of what another broker might charge to recognize the value of brokerage or research services provided.

The investment strategies generally aim to achieve the highest risk-adjusted rate of return through fundamental research and portfolio management. This involves analyzing and investing in securities, including derivative instruments, that are either overvalued or undervalued. For overvalued securities, a short-selling approach is employed, while undervalued securities are purchased. Investment selection and allocation are based on expected value analysis, considering downside risk, upside potential, and the probabilities of these outcomes. The strategies may also include investments in non-publicly traded securities deemed appropriate for client objectives. Additionally, investments in illiquid assets, such as securities acquired through private placements or corporate transactions like spin-offs, tender offers, mergers, special dividends, restructuring, and liquidations, may be considered. The decision to invest in such assets is based on their expected value and attractiveness relative to other investment opportunities.

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