NIGHT OWL CAPITAL MANAGEMENT, LLC

Night Owl Capital Management, LLC, based in Greenwich, Connecticut, is an independent, privately-held Delaware limited liability company and an SEC-registered investment advisor since 1993. Originally named Southfield Investment Management, LLC, the company changed its name in October 2011. The principal owners of Night Owl Capital are John Kim, the Portfolio Manager, and Eileen Ohnell. Night Owl Capital provides investment management services to separately managed accounts, private investment funds (such as hedge funds), and pooled investment funds. Their clients include individuals (including high net worth individuals), trusts, estates, charitable organizations, corporations, other types of business entities, private investment funds organized as pooled investment vehicles and pooled investment funds. Clients engaging Night Owl Capital's services must sign an investment advisory agreement detailing the services, responsibilities, and fees.

The investment strategy focuses on making concentrated, long-term public equity investments in growing, high-quality companies. The investment team seeks companies with superior long-term earnings growth potential, forecasting earnings power 3-5 years into the future. They focus on industries and companies experiencing secular tailwinds or transformations, allowing them to confidently forecast their futures. The portfolio tends to be concentrated, typically holding 15-25 companies. Position sizes are based on the dispersion of possible outcomes rather than expected return. While the largest positions can exceed 10% of the portfolio, the average position is about 3-5%. The strategy invests primarily in mid-cap and large-cap companies across geographies, with a majority in the U.S.

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