Schonfeld Strategic Advisors LLC (the “Advisor”) primarily provides discretionary advisory
services to private investment funds, trading vehicles and certain of the Advisor’s affiliates. In
limited cases the Advisor also may provide non-discretionary advisory services to an affiliate. The
Advisor’s clients include, but are not necessarily limited to, private investment funds, trading
vehicles and family office related entities. The Advisor also selects, and delegates trading
discretion to, affiliated portfolio managers (including internal traders) and unaffiliated portfolio
managers (collectively, “Portfolio Managers”) which provide discretionary investment advisory
services to clients, including for risk hedging purposes. The Advisor is a Delaware limited liability
company that was formed on September 9, 2015. The Advisor is owned 100% by three trusts for
the benefit of Steven Schonfeld and/or his family (together, with certain affiliates of Steven B.
Schonfeld, including Schonfeld Group Holdings LLC and its subsidiaries, collectively, “SGH”).
As of December 31, 2023, the Advisor’s regulatory assets under management were
$89,716,237,620 on a discretionary basis.
When acting as a discretionary adviser, the Advisor has discretion to trade directly for clients and
allocate client assets to Portfolio Managers in its discretion. Affiliates that are supervised persons
of the Advisor, including internal traders, are referred to herein as “Internal Portfolio Managers.”
Managers and general partners of U.S. and non-U.S. private investment funds advised by the
Advisor are affiliates of the Advisor; non-U.S. funds are managed by a general partner or Board
of Directors, one or more of whose members are affiliates of the Advisor (as set forth herein, the
Board and each manager and general partner shall be each referred to as a “Manager” and
collectively as the “Managers”). Certain Portfolio Managers may also be affiliated “Relying
Advisers” of the Advisor which, in accordance with relevant SEC guidance, operate under the
Advisor’s SEC investment adviser registration. The Advisor may utilize additional or different
Relying Advisers in the future or may cease to utilize any Relying Advisers.
Once selected by the Advisor, the Portfolio Managers exercise investment discretion for certain
clients and trading vehicles (“Trading Vehicles”) managed by the Advisor and its affiliates.
Clients’ assets are traded directly and/or through such Trading Vehicles. Assets of SGH are also
traded through such Trading Vehicles. A Trading Vehicle also may invest in another Trading
Vehicle. The assets of each client or Trading Vehicle are allocated to Portfolio Managers who
manage client or Trading Vehicle assets through managed accounts or sub-accounts thereof. The
Advisor determines and adjusts in its discretion the amount of assets to be allocated to each Trading
Vehicle and among the Portfolio Managers and reallocates the amount of such assets between
Portfolio Managers and Trading Vehicles periodically (including monthly). Portfolio Managers
may also manage client and/or Trading Vehicle assets through private investment funds managed
by such Portfolio Managers and/or their respective affiliates.
The investment strategies that the Advisor utilizes for any private investment fund client for which
it acts as an investment adviser, as well as other information about an investment in such fund,
including conflicts of interests, risk factors, and tax and other important disclosures, are described
in the particular fund’s private offering documents, and investors in those funds must refer to such
materials for specific information about such funds. The information in this Brochure is qualified
in its entirety by such offering documents with respect to such private investment funds, which
must be read carefully, and in the event of any conflict between this Brochure and such offering
documents, such offering documents will govern. The Advisor does not tailor its advisory services
to the individual needs of the investors in any such fund or entity, and investors may not impose
restrictions on investing in certain securities or types of securities. The Advisor does not
participate in wrap fee programs. As set forth in a fund’s offering documents, various actual and
potential conflicts
of interest exist among the Advisor, the Managers, their respective principals
and their respective employees, agents and affiliates, a fund, other clients, the Portfolio
Investments (hereafter defined), Portfolio Managers, and other clients of the Portfolio Managers,
including actual and potential conflicts of interest related to fees, portfolio composition, portfolio
valuation, expense allocation, selection of counterparties and best execution, treatment of
investors, governance matters, limitation of liability, indemnification, allocation of trades and
investment opportunities among various clients of the Advisor and Portfolio Managers and outside
business activities and personal trading.
Certain Committees:
The Advisor has organized an executive committee (the “Executive Committee”) currently
comprised of Ryan Tolkin, Andrew Fishman, and Danielle Pizzo. The Executive Committee
functions similarly to a board of directors and sets the strategic direction of the Advisor and the
prioritization of major business initiatives. The composition of the Executive Committee may
vary over time in the discretion of the Advisor. As a committee, the Executive Committee does
not have discretionary authority or direct decision-making authority over client accounts. The
Advisor has also formed a Global Investment Committee and Global Operating Committee
comprised of certain senior officers of the Advisor. Certain senior officers of the Advisor are also
senior officers of certain of its affiliates.
Certain Transactions:
The Advisor and certain of its affiliates entered into certain agreements with a large U.S. public
financial services company (“Financial Services Company”) and certain of its affiliates in 2019,
with respect to certain transactions as set forth below and as described more fully in the funds’
offering documents. The Financial Services Company is the parent company of an SEC-registered
broker-dealer and of other U.S. and non-U.S. financial services entities. Under these agreements,
(i) the Advisor purchased two asset management companies located in Asia which were owned by
a subsidiary of the Financial Services Company and which specialize primarily in a fundamental
equity investment strategy (the “Asia FE Portfolio Managers”), (ii) as part of the purchase price
and in connection with the transactions, an affiliate of the Financial Services Company shares in
certain revenue relating to the management fees and performance-based compensation charged to,
or in respect of, clients utilizing a fundamental equity strategy, including a private fund primarily
utilizing a fundamental equity strategy as well as other clients whose assets are managed or will
be managed by the Asia FE Portfolio Managers, and (iii) an affiliate of the Financial Services
Company (the “Company Investor”) made an investment in a private fund managed by the
Advisor, and is entitled to certain preferential rights as set forth in a side letter arrangement
between that fund, the fund’s Manager and the Advisor and the Company Investor. The applicable
funds’ offering documents contain further disclosures regarding the foregoing transactions,
including related conflicts of interest.
As part of the foregoing transactions and as described in the applicable funds’ offering documents,
the Financial Services Company affiliate that receives the revenue share is also entitled to certain
rights with respect to the business of the Advisor, its affiliates and certain funds utilizing a
fundamental equity strategy but is not included in, and does not have authority over, day-to-day
decision making with respect to the Advisor’s business or investments on behalf of the Advisor’s
client accounts, including any fund. Such entity does not have any responsibility for the
management or performance of any of the Advisor’s client accounts, including any fund. The
revenue share is calculated across certain funds utilizing a fundamental equity strategy using a
number of benchmarks and factors. The above revenue share does not apply to (i) an existing fund
primarily utilizing a fundamental equity strategy, or (ii) an existing special purpose vehicle formed
for the purpose of allowing certain investors exposure to the other private funds advised by the
Advisor (the “SPV”).