A. Describe your advisory firm, including how long you have been in business. Identify your principal
owner(s).
Fourth Street Performance Partners, Inc. is an independent investment consulting firm serving
institutional clients with pool of capital ranging to over a billion dollars. We are a privately held
corporation incorporated in Ohio and located in Covington, KY. Fourth Street Performance Partners, Inc.
was formed by the merger of Fourth Street Financial Advisors, a SEC Registered Investment Advisory
firm formed in 1990 and Asset Performance Partners, a SEC Registered Investment Advisory firm formed
in 1994. Our only business is independent investment consulting and we are registered with the SEC
(SEC #801-41524). Ken Dorger and Neil Heppler are co-Presidents and each is a 45% owner of Fourth
Street Performance Partners, Inc. Andy Dunlap and Dave King are Vice Presidents and each is a 5%
owner. Ken and Neil each have over thirty years of experience in the consulting business and founded the
predecessor firms that merged to form Fourth Street Performance Partners, Inc. Dave and Andy each have
over fifteen years of experience in the investment consulting business.
Fourth Street Performance Partners, Inc. is an institutional investment consulting firm providing clients
with information and unbiased advice concerning strategic and tactical asset allocation, investment policy
and other discretionary investment advice. Fourth Street Performance Partners, Inc. may have
discretionary authority to implement clients' asset allocation strategies with separate accounts managed by
other discretionary investment advisers, mutual funds, exchange-traded funds, common trust funds,
limited partnership, and limited liability companies.
Fourth Street Performance Partners, Inc. does not provide clients advice regarding the equity or debt
securities of specific companies. We may advise clients on either a discretionary or non-discretionary
basis to implement certain asset allocation strategies with separate accounts managed by other
discretionary investment advisers, mutual funds, exchange-traded funds, common trust funds, limited
partnership, and limited liability companies that may invest in some or all of these types of securities, as
well as investing in assets that do not trade on any exchange. Fourth Street Performance Partners, Inc. is
not the general partner of any partnership nor do we sponsor any investment vehicle in any form.
Fourth Street Performance Partners, Inc. is a member of the Independent Advisor Group, a division of
Callan Associates, Inc. (“Callan”). As a member of Callan's Independent Advisor Group, Fourth Street
Performance Partners, Inc. pays fees to Callan Associates for certain data, resources and services. As one
of the largest institutional investment consultants in the country, Callan provides Fourth Street
Performance Partners, Inc. with resources that allow us to deliver high quality, institutional level services
to our clients in the middle market ($1,000,000 - $1 billion), as well as to high net worth individuals.
B. Describe the types of advisory services you offer. If you hold yourself out as specializing in a particular
type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the
nature of that service in greater detail. If you provide investment advice only with respect to limited types
of investments, explain the type of investment advice you offer, and disclose that your advice is limited to
those types of investments.
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Fourth Street Performance Partners, Inc. provides investment consulting services to institutional and high
net worth clients. We consult to defined benefit pension plans, defined contribution plans, Trusts and
Estates, tax-exempt charitable organizations, for-profit corporations and individuals.
The types of services we deliver to our clients are consultative in nature and consist of the following:
1. Strategic and tactical asset allocation advice on a discretionary or non-discretionary basis tailored
to
our clients' expressed risk and return expectations. Such asset allocation advice is based on Fourth
Street Performance Partners, Inc.’s and Callan's expertise in the long-term characteristics of various
asset classes and investment management styles, taken in conjunction with current economic
developments
2. Professional, objective evaluations of money management organizations, both private account money
managers and mutual fund companies and their sub-advisors. Fourth Street Performance Partners,
Inc.’s investment committee utilizes information gathered on these organizations internally and from
Callan
3. Investment advisor and custodial searches and fee negotiations; recapture program searches
4. Custom, in depth quarterly performance reports on clients’ money managers and/or mutual funds
utilizing Callan’s investment performance software
5. In person meetings and attendance at client Board and oversight committee meetings
6. Special projects as deemed necessary
As members of Callan’s Independent Advisor Group, Fourth Street Performance Partners, Inc. can offer
its clients access to institutional-level money managers, representing several investment management
styles at significant reductions in fee structure and minimum account sizes.
C. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients.
Explain whether clients may impose restrictions on investing in certain securities or types of securities.
We tailor our advisory consulting services to meet the individual needs of our clients. Our firm’s
investment philosophy is grounded in understanding the purpose for our client’s investment assets. Based
on this understanding, we evaluate a strategic asset allocation based on identified short-term risk
tolerances or the need to meet any long-term performance objectives over an appropriate time horizon.
With board designated assets we are attune to the balancing of investment strategies with the time horizon
and interest rate sensitivity of debt obligations or liquidity constraints. Beyond the broad asset allocation
decision, we encourage diversification among sub-asset classes, managers and the selection of appropriate
investment vehicles (be it separate account, mutual fund or commingled fund).
Many of our clients are affiliated with a religious organization and have socially responsible investing goals.
These goals impose restrictions on the types of investments we can recommend. Each organization has a
different approach to socially responsible investing. Some have general guidelines, some use guidelines
devised from other organization such as the US Conference of Catholic Bishops, the United Methodist
Church or the Southern Baptist Convention. Some of our clients provide lists of securities that are prohibited
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while others hold securities in a separate account to vote proxies. We are prepared to help clients develop an
investment strategy that is consistent with their beliefs.
D. If you participate in wrap fee programs by providing portfolio management services, (1) describe the
differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and
(2) explain that you receive a portion of the wrap fee for your services.
Fourth Street Performance Partners, Inc. does NOT participate in any wrap fee programs.
E. If you manage client assets, disclose the amount of client assets you manage on a discretionary basis and
the amount of client assets you manage on a non-discretionary basis. Disclose the date “as of” which you
calculated the amounts.
As of 12/31/2022 Fourth Street Performance Partners, Inc’s client relationships represented a combined
total of $8,283,364,117 in assets. Of this amount $1,255,206,097 is managed on a discretionary basis and
$7,028,158,021 is managed on a non-discretionary basis. Of the non-discretionary assets $3,256,997,131
are classified as assets under management and $3,771,160,890 are assets under advisement.
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