ADVISORY BUSINESS
A. General Description of Advisory Firm.
Styrax Capital LP (“Styrax”, the “Investment Manager”, “we”, “us”, and similar terms) is a limited
partnership organized under the laws of Delaware on December 30, 2021. We have one office,
which is located at 767 Fifth Avenue, 46th Floor, New York, NY 10153.
Soly Vahabzadeh is the President and principal owner of Styrax. He also wholly owns and controls
Styrax Capital GP LLC, which serves as the Investment Manager’s general partner (the
“Investment Adviser General Partner”).
B. Description of Advisory Services.
1. Advisory Services
As used in this Brochure, the term “Client” generally refers to each of funds managed by Styrax.
Styrax provides investment advisory services on a discretionary basis to its Clients, which include
private investment funds organized or incorporated as non-U.S. private investment funds (each a
non-U.S. corporation or limited partnership) and U.S. private investment funds (a U.S. limited
partnership) (collectively, these “Funds” or “Fund” are Styrax’s “Clients”), generally offered to
investors on a private placement basis to individuals and entities that are “accredited investors”
and/or “qualified purchasers.”
Styrax’s Clients include a sub-advisory relationship and pooled investments in a master-feeder
fund structure as follows:
Styrax Equities LP, a Delaware, USA, limited partnership (the “Styrax Domestic Feeder”), Styrax
Offshore Ltd., a Cayman Islands exempted company (the “Styrax Offshore Feeder”, together with
the Styrax Domestic Feeder, the “Feeder Funds”), invests all of its investable capital in Styrax
Master Fund LP, a Cayman Islands exempted limited partnership (the “Styrax Master Fund”),
which in turn will invest such capital in a trading subsidiary, Styrax Equities Ltd., a Cayman
Islands exempted company (the “Styrax Equities”) through which the Feeder Funds conduct their
investment program.
Styrax Fund GP LLC, a Delaware limited liability company (the “Fund General Partner”), acts as
the general partner to Styrax Domestic Feeder and the Styrax Master Fund. The Fund General
Partner is an affiliate of the Investment Adviser, as Soly Vahabzadeh is the managing member.
The Funds’ investment objectives, strategies, risks, structure, costs, withdrawal terms and other
matters of importance are described in its offering and governing documents. Items 5 and 8 below
provide details on Styrax’s methods of analysis and investment strategies.
2. Investment Strategies and Types of Investments
The investment objective of Styrax Equities is to achieve capital appreciation.
Styrax Equities primarily focuses its investment strategy on long and short investments in equity
securities (including equity-related derivatives) deemed by the Investment Manager to be within
the technology, media and telecommunications (“TMT”) and related sectors. Styrax Equities’
approach may result in a concentrated portfolio. The Investment Manager may invest in or focus
on other sectors from time to time and is not limited with respect to the types of investment
strategies it may utilize on behalf of Styrax Equities or the markets in which it may cause Styrax
Equities to invest.
The investment strategy and program applied to assets managed as a sub-advisor is to invest in
assets, securities, instruments or other property utilizing an investment strategy primarily focused
on long and short equity investments within the technology, media and telecommunications and
related sectors, alongside, and to pursue an investment strategy substantially similar to, Styrax
Equities.
Please see Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) below for a more
detailed description of the investment strategies pursued and types of investments made by the
Styrax Funds.
The descriptions set forth in this Brochure of specific advisory services that Styrax offers to clients,
and investment strategies pursued and investments made by Styrax on behalf of its clients, should
not be understood to limit in any way Styrax’s investment activities. Styrax may offer any advisory
services, engage in any investment strategy and make any investment, even if not described in this
Brochure, that Styrax considers appropriate, subject to each client’s investment objectives and
guidelines. Not all of the strategies described in this Brochure may be used at the same time or in
the same proportions, and Styrax may add, suspend, eliminate or modify investment strategies at
its discretion. The investment strategies Styrax pursues are speculative and entail substantial risks.
Investors should be prepared to bear a substantial loss of capital. There can be no assurance that
the investment objectives of any client will be achieved.
C. Availability of Customized Services for Individual Clients.
Advisory services and restrictions are based on the strategy and regulatory limitations of the Fund.
Generally, Styrax has broad and flexible investment authority to invest in different economic
sectors and geographical markets. Please refer to the offering documents of the Funds for
additional details regarding investment restrictions.
D. Wrap Fee Programs.
Styrax does not provide any wrap fee programs (programs that bundle brokerage and advisory
services under a single comprehensive fee).
E. Assets Under Management.
Styrax has $1,609,639,039 of gross regulatory assets under management and a net AUM of
$902,379,307, all of which is managed on a discretionary basis subject to any investment limitations
contained in the offering and governing documents and agreements related to a sub-advisory
relationship, with all such assets calculated with values available as of December 31, 2023.
Additional information about Styrax’s business, history, organization and other matters addressed
in Item 4 (Advisory Business) can be found in the offering documents and/or organizational
documents of the relevant Fund.