RECURRENT INVESTMENT ADVISORS LLC

Recurrent offers portfolio management and investment advisory services to a variety of clients, including registered investment companies, single-investor funds, discretionary advisory programs, commingled investment vehicles, and institutional investors. These services are provided directly or indirectly through sub-advisory arrangements with the client's primary investment adviser. Recurrent currently provides services through two main product types: an investment company registered under the 1940 Act (the "Fund") and separately managed accounts (the "Separate Accounts") for high net worth individuals, corporations, and pooled investment vehicles. Recurrent's fees for advisory services vary depending on the services provided and the specific product. Fees are typically expressed as a percentage of the net assets under management, but Recurrent may negotiate and charge asset-based fees as permitted under the Advisers Act or the 1940 Act. Factors influencing fees include the investment mandate or strategy, investment vehicle, degree of servicing required, account/relationship size, market conditions, and other factors deemed relevant by Recurrent.

Recurrent's investment process focuses on identifying and capitalizing on changing dynamics within various sectors, including energy, energy infrastructure, industrial, consumer, manufacturing, transportation, and logistics. They utilize macroeconomic and commodity supply/demand factors alongside fundamental company analysis to select investments and determine their weighting within a client's portfolio. Recurrent employs proprietary valuation analysis to establish target high and low-end values for each investment, aiming to build a portfolio that offers the best opportunities for income and appreciation. The specific investment strategies are tailored to each client's unique circumstances and objectives. These include factors like client-imposed limitations and restrictions, regulatory requirements, investment size and type, current holdings, diversification needs, available capital, pre-determined tactical plans, minimum trade denominations, target investment return, risk tolerance, market exposure, tax consequences, leverage levels, strategic objectives, and liquidity requirements. While generally aiming for long-term growth of capital and income, Recurrent may also take short-term positions based on client needs.

(Subscription Required)

(Subscription Required)