HUDSON WAY CAPITAL MANAGEMENT LLC

The Investment Manager provides investment advisory services to the Funds, including establishing investment objectives, buying or selling portfolio securities, and reporting to investors. The Investment Manager tailors its investment advice for the Funds based on their investment objectives and strategies, as detailed in the Funds' offering documents. There are no material limitations on the markets or instruments in which the Funds may invest, or the strategies employed by the Investment Manager. The Investment Manager does not tailor its advisory services to the needs of any particular investor in any of the Funds.

The Investment Manager's core investment philosophy centers on building conviction in a small number of investment opportunities through in-depth research across the entire value chain and concentrating capital in these positions. They employ a long-term investment horizon with an emphasis on cash generation and capital allocation to enable a differentiated view. The investment universe is predominately U.S.-listed stocks between $2B-$30B market values. While industry agnostic, sectors that often produce binary outcomes are unlikely to fit the strategy. The Investment Manager employs a rigorous fundamental-driven research process designed to identify attractive investment opportunities over a long-term time horizon. Their fundamental due diligence focuses on a company’s value chain, and includes conversations with industry professionals, customers, suppliers and stakeholders. The Investment Manager also utilizes data analysis to monitor trends, either from proprietary surveys or industry sources.

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