Overview
Steamboat Capital Partners, LLC (which we sometimes refer to as “Steamboat”) is a Delaware
limited liability company formed in 2012. Our principal owner is Steamboat Capital Partners Trust, a trust
formed for estate planning purposes by Parsa Kiai, our managing member and portfolio manager. In this
document, the words “we” and “our” refer to Steamboat.
We employ a fundamental, value-oriented investment strategy with a principal focus on listed
equity and debt securities we believe are mispriced relative to their intrinsic values. We invest
opportunistically across sectors and market capitalizations. The investment objective is to achieve
superior, long-term compounded annual returns on capital while minimizing the risk of permanent loss.
We believe concentrating on our best ideas leads to the best outcomes and therefore may take
relatively concentrated positions. Selling securities short is a significant part of our investment strategy.
We provide investment advice to (i) Steamboat Capital Partners Master Fund, LP (the “Master
Fund”); (ii) Steamboat Capital Partners Fund, LP and Steamboat Capital Partners Offshore Fund, Ltd.
(which invest through the Master Fund); (iii) Steamboat Capital Partners II, LP (a fund for certain non-
qualified purchasers, which to the extent
legally possible generally invests pari passu with the Master
Fund); and (iv) three separately managed accounts for pooled investment vehicles using strategies similar
to that of the Master Fund. We also provide investment advice to another investment adviser (the “IA
Client”) for whom we do not have any regulatory assets under management and for which we do not
manage any investments.
We refer to Steamboat Capital Partners Fund, LP and Steamboat Capital Partners Offshore Fund,
Ltd. as the “Feeder Funds” and Steamboat Capital Partners Master Fund, LP as the “Master Fund”. We
refer to Steamboat Capital Partners II, LP as the 3(c)(1) Fund. The Feeder Funds, the 3(c)(1) Fund and the
Master Fund are referred to collectively as the “Funds”. The other accounts we manage are referred to as
the “SMA”. We generally do not tailor our advisory services to the individual needs of clients, but certain
of the SMA have negotiated restrictions on investing in certain securities or types of securites or other
restrictions on positions or the overall portfolio.
As of February 28, 2024, our assets under management (calculated in accord with the method for
computing regulatory assets under management) were approximately $371.3 million on a discretionary
basis on behalf of 7 clients.