NOTICE AND DISCLAIMER:
This material is presented for informational and educational purposes only and expresses the views, analyses, and opinions of Lemelson Capital Management, LLC (the “Advisor,” “Investment Manager,” or “General Partner”) as of the date indicated. Such views, analyses, and opinions are subject to change at any time without notice. The Advisor undertakes no duty or obligation to update, revise, or maintain any information, research, or commentary contained herein. This material contains views and opinions which, by their nature, are subject to uncertainty and involve inherent risks. Certain information concerning economic trends, industry data, and financial markets is derived from independent third-party sources. While the Advisor believes such sources to be reliable, it has not independently verified the accuracy or completeness of such data and assumes no responsibility for third-party errors or omissions.
No Offer, Solicitation, or Investment Advice: This material is not intended to constitute legal, tax, accounting, or investment advice. Prospective investors should consult their own professional advisors about such matters. This material does not constitute an offer to sell or the solicitation of an offer to purchase any interest in any private investment fund or other vehicle managed or sponsored by the Advisor (including, without limitation, The Amvona Fund, LP, The Spruce Peak Fund, LP, or any affiliated fund). Any such offer or solicitation may only be made to qualified prospective investors by means of delivery of the fund’s definitive Confidential Private Offering Memorandum, Limited Partnership Agreement, and Subscription Agreement (collectively, the “Offering Documents”), which describe the significant risks, terms, and fee arrangements associated with an investment. Interests in the funds have not been registered under the Securities Act of 1933 or the Investment Company Act of 1940, and are available exclusively to qualified investors who meet the definition of “Accredited Investors” under Regulation D and/or “Qualified Purchasers” under the Investment Company Act. Investments in private funds are speculative, illiquid, subject to substantial restrictions on transfer and redemption, and involve a high degree of risk, including the potential loss of the entire principal amount invested.
Performance Data & Calculation Methodology: Any performance data included with respect to any fund or client account represents net performance and reflects the deduction of all vehicle-level expenses, including without limitation brokerage and other transaction costs, management fees, performance allocations/carried interest, as well as legal, audit, administration, and other operating expenses. Any performance presented would not represent the return of any individual investor. An individual investor’s net return in any collective investment vehicle may differ significantly from any net performance as stated herein due to differences in fee arrangements, high-water marks, hurdle rates, and the timing of capital contributions and withdrawals. In fact, any net returns of a vehicle shown herein may be significantly higher than an investor’s actual return. Any performance information includes the reinvestment of all dividends, interest, and other income. Returns are estimated and unaudited unless specifically indicated as audited figures, and actual returns may vary from the performance information presented. Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur.
Benchmark & Index Comparisons: Comparisons to market indices (such as the S&P 500 Total Return Index, the Barclay Hedge Fund Index, or the Dow Jones/Credit Suisse Hedge Fund Index) are provided for informational and context purposes only. Indices are unmanaged, assume the reinvestment of dividends, and do not reflect the deduction of advisory fees, brokerage commissions, or vehicle operating expenses, which reduce returns. The investment programs and strategies of the Advisor’s funds do not mirror any index, and the holdings, sector concentrations, leverage, and volatility of the funds may differ materially from the indices. Investors cannot invest directly in an index.
Specific Securities, Activist Research & Trading Conflict Disclosures: Any specific securities, issuers, or special situations identified and described in this material do not represent all of the securities purchased, sold, or recommended for any account, and should not be construed as a recommendation to buy, sell, or hold any security. The audience should not assume that investments in the securities identified and discussed have been or will continue to be profitable. Investment examples and activist case studies are included merely to illustrate the research processes and investment strategies that may be utilized by the Advisor. Client accounts currently own numerous other securities in various other industries and sectors unrelated to these securities. The purchase of these securities only will not create a diversified portfolio. The Advisor, its affiliated funds, partners, and personnel hold, have held, or may in the future establish long or short positions, options, debt, or other derivative contracts in the securities discussed, and stand to benefit financially from movements in the market price of such securities that align with stated theses. The Advisor explicitly reserves the right to buy, sell, cover, hedge, increase, or liquidate any position in any security mentioned at any time, before or after publication, without notice to anyone.
Third-Party Ratings, Rankings & Accolades: References to third-party rankings, ratings, or awards (including rankings by Barron’s, Morningstar, Preqin, and HFR) reflect historical industry recognitions based on criteria and historical data evaluated by the respective independent rating organizations. Such rankings reflect historical performance over specific past evaluation periods and do not represent client endorsements, customer satisfaction, or a guarantee of future fund performance. The Advisor did not pay any direct or indirect compensation to be included in, or to receive, any third-party ranking, rating, or award.
Forward-Looking Statements & Risk Management: Statements contained herein that are not historical facts, including predictions, forecasts, expectations, or statements concerning risk management policies, are forward-looking statements subject to known and unknown risks, uncertainties, and assumptions that may cause actual outcomes or results to differ materially from those expressed or implied. Any portfolio risk management processes discussed herein are an effort to monitor and manage risk, but should not be interpreted as and do not imply low risk or the ability to control risk. Risk policies and limits imposed by the Advisor are subject to change without notice and may be exceeded from time to time due to market fluctuations.
Jurisdictional Restrictions: This information is not directed to, or intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability, or use would be contrary to local law or regulation, or which would subject the Advisor or its funds to any registration or licensing requirement within such jurisdiction.
