NITORUM CAPITAL, L.P.

The investment objective of the Funds is to generate superior absolute and risk-adjusted returns over a long period of time while minimizing the risk of capital loss. The Adviser seeks to achieve the Funds’ objective by employing a classic bottom-up, fundamental research driven process primarily with respect to long and short investments in publicly traded equity securities across a variety of sectors both in the United States and internationally. The Adviser’s methods of analysis are further described in Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss). The Adviser has broad and flexible investment authority with respect to the Funds and its services are tailored to achieving the investment objectives as stated in each Fund’s Memorandum. The Adviser does not tailor its services to the individual needs of any investor in the Funds and does not participate in wrap fee programs. The Adviser’s regulatory assets under management as of December 31, 2024 were $1,521,200,822, which were all managed on a fully discretionary basis on behalf of the Funds.

The Adviser aims to generate superior absolute and risk-adjusted returns over a long period while minimizing capital loss. They primarily make long and short investments in publicly traded equity securities across various sectors, both in the United States and internationally. The Adviser's methods of analysis are further described in Item 8. The Adviser seeks to identify misunderstood equity securities that are mispriced. They employ a classic bottom-up, fundamental research-driven process, including deep financial analysis and targeted field research, to assess the risk/reward of potential long or short investments. They also consider the perception of the equity security, market sentiment, and macroeconomic factors. The Adviser is opportunistic with a value bias and invests globally across a variety of sectors.

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