Overview
Walnut Level Capital, LLC (“Walnut Level,” “Investment Manager” or the “Firm”) is a Delaware limited
liability company founded in 2019 by Charles Antrim, who is the sole proprietor of Walnut Level. The
Firm’s principal place of business is in Denver, Colorado.
Walnut Level is an investment manager that focuses on investing in the agriculture, chemicals, and
materials supply-chains in the global equity markets. Walnut Level provides discretionary investment
management services to pooled investment vehicles organized as private investment funds (the “Walnut
Level Funds”), a sub-advised private fund (together with the Walnut Level Funds, “Funds”) and in the
future may offer similar management services to institutional clients through separately managed
accounts (collectively with the Funds, “Clients”). Walnut Level does not provide financial planning
services. Walnut Level’s funds follow a “master-feeder” structure in which the Feeder Funds will
implement the investment strategy through the Master Fund.
The Firm manages each of its Funds within the guidelines and restrictions set forth in each Fund’s offering
documents and within regulatory guidelines and limitations. The Funds are expected to generally seek to
rely on an exemption from registration under the Investment Company Act of 1940, as
amended (the
“Investment Company Act”) and their securities will not be registered under the Securities Act of 1933, as
amended (the “Securities Act”). Walnut Level provides discretionary investment management services to
the Funds in accordance with the applicable limited liability company operating agreement, limited
partnership agreement, management agreement, subscription agreement, and side letters of each Fund
(each, an “Advisory Agreement”). The Advisory Agreements of a Fund, along with any private placement
memoranda and related materials are referred to herein collectively as the “Governing Documents” of
such Fund.
Walnut Level’s advisory services are tailored to the needs of our clients based on their individual
investment objectives, risk tolerance, cash or income needs, and any investment restrictions. As part of
these investment management services, Walnut Level has an ongoing responsibility to select and make
appropriate recommendations to clients as to specific securities or other investments that may be
purchased or sold for a client’s portfolio. The investment objective and restrictions applicable to each
Fund are detailed in the relevant Fund’s Governing Documents.
Assets Under Management
As of 12/31/2023, Walnut Level manages $186,174,964 of regulatory assets on a discretionary basis.