A. The Adviser is a Delaware limited partnership and has its principal place of business in New
York, New York. The Adviser provides discretionary investment advisory services to various
pooled investment vehicles (each a “Fund” and, collectively, the “Funds”), separately managed
accounts (each a “Managed Account” and, collectively, the “Managed Accounts”), and an
insurance company (the “Insurance Company” and, together with the Funds and the Managed
Accounts, the “Clients” or “Client Accounts”). Interests in the Funds are offered to certain
sophisticated, qualified investors, including: high net worth individuals, retirement plans,
trusts, partnerships, corporations, insurance companies, or other businesses.
The Adviser was formed in 2015 by its general partner, Axar GP LLC, and the Adviser’s
portfolio manager, Andrew M. Axelrod (the “Principal”).
B. The Adviser’s primary investment objective is to generate positive risk-adjusted returns. The
Adviser maintains multiple active management strategies. The Adviser’s general strategy
employs an opportunistic, value-oriented investment strategy supported by an analytical,
fundamental research approach to identifying and assessing intrinsic value. The Adviser
employs a Fixed Income focused strategy with
respect to the Insurance Company.
C. While the Funds and the Managed Accounts will follow the general strategy stated above, the
Adviser may tailor the specific advisory services with respect to each Client based on the
particular investment objectives and strategies described in the applicable Client’s (i)
confidential offering memorandum or separate account agreement (as applicable) and (ii)
governing documents, including but not limited to an investment management agreement
(referred to collectively as “Governing Documents”). Managed account clients may impose
restrictions on investing in certain securities or types of securities.
All discussion of the Clients in this Brochure, including but not limited to their
investments, the strategies used in managing the Clients, and conflicts of interest faced by
the Adviser in connection with the management of the Clients are qualified in their
entirety by reference to each Client’s respective Governing Documents.
D. The Adviser does not participate in wrap fee programs.
E. As of December 31, 2023, the Adviser manages approximately $2,566,000,000 in discretionary
regulatory assets under management. The Adviser does not manage any assets on a non-
discretionary basis.