Form ADV Part 2A, Item 4
Angeles Investment Advisors LLC ("Angeles”), is a California limited liability company, that was formed in
2001 by Leslie B. Kautz, CFA, Howard D. Perlow, CFA, and Michael A. Rosen. Howard Perlow and Michael
Rosen are still active and each own more than 25% of Angeles. Angeles is 100% employee-owned. Angeles
primarily operates out of its office in Santa Monica, California, and has no parent company.
Angeles’ client base consists primarily of institutional, tax-exempt entities such as foundations, endowments,
operating charities, high net worth individuals, and retirement plans. Angeles generally does not invest directly
in stocks and bonds, but instead acts as a manager of managers for its client base, including investment vehicles
managed by Angeles (see “Fund of Funds” section of this document for additional details). Angeles offers a
variety of services, each of which is described in more detail below.
Angeles does not participate in wrap fee programs.
Angeles Private Investment Company, LLC (“APIC”), is a relying adviser that is principally owned by Angeles
and located in the Santa Monica, California office with Angeles. APIC was formed in 2023. APIC’s offering is
limited to serving as an investment adviser to private funds and / or fund-of-funds. As of this filing, APIC does
not manage any assets or advise any clients.
CONSULTING SERVICES
Angeles provides several consulting services separately or in combination. The primary clients for these services
will be charitable organizations, pension and profit-sharing, 401(k) plans, trusts, estates, and charitable
organizations. Clients may choose to use any or all of these services.
Asset Allocation, Spending Analysis and Asset-Liability Analysis: Studies to determine the target
percentage allocation to specific asset classes and the minimum and maximum ranges taking into
account the client's investment objectives, risk tolerances, special or unique circumstances, investment
time horizon and taxes are conducted. These studies may also integrate the analysis of spending policies
or liability characteristics.
Investment Policy Development and Implementation: An Investment Policy Statement is developed (or
reviewed in the case of an existing policy statement) for each client that provides guidance for the
management and oversight of assets.
Portfolio Structure Analysis: Studies to determine the percentage policy allocation and the minimum
and maximum ranges to sub-asset category attributes such as style, size, active, passive, quality,
maturity, and market allocations are conducted.
Investment Manager Research and Selection: Proprietary manager research is conducted on public and
private category managers, funds and private placements are evaluated to determine success factors and
suitability for clients. This manager research is used to conduct manager searches and selection for
clients.
Custody Review and Search: Upon request, we will assist clients with a review of custodial
relationships, help negotiate fees and conduct a custodian search, if necessary and upon client request.
Manager Fiduciary Oversight: Angeles monitors investment managers for changes in organization,
ownership, personnel, investment philosophy, investment process, historical performance, and policies
and procedures on behalf of our clients. Return information supplied by the client or third-party data
vendor is analyzed and interpreted.
Performance Measurement and Evaluation: With return information supplied by the client or third-party
data vendor, Angeles performs performance measurement services and provides appropriate reporting
to clients. As part of this service, we will routinely monitor and evaluate the performance of the client's
money managers and the overall portfolio.
Negotiation and Handling of Manager Transitions: If a manager is terminated or added, we provide
services to assist clients in developing a cost-efficient transition plan.
Negotiation for Investment Manager and Custodian Fees: Angeles offers its assistance in the negotiation
of investment vendor fees.
On-site Consultation/Board and Staff Education: We can provide education services, coordinate annual
investment forums, and meet with staff and board members on education topics as needed.
DISCRETIONARY SERVICES
Angeles provides continuous advice regarding investments based on the individual needs of a client. Through
discussions in which goals and objectives based on a client's particular
circumstances are established, Angeles
develops a client's investment policy and creates and manages a portfolio based on that policy. Angeles offers
this service to high net worth individuals, pension and profit-sharing plans, charitable organizations, and
corporations. Angeles will manage these advisory accounts on a discretionary basis only. Account supervision is
guided by the stated objectives of the client as outlined in the Investment Policy Statement or advisor guideline
statement.
Angeles will create a portfolio typically consisting of no-load mutual funds, load-waived mutual funds,
Exchange-Traded Funds (ETF's), government securities, exchange-listed closed-end funds, limited partnerships,
offshore corporations, and/or private placements, including hedge funds and Angeles’ proprietary pooled
investment vehicles. Angeles will allocate the client's assets among various investments, taking into consideration
the overall asset allocation and management style selected by the client. The underlying managers will be selected
on the basis of any or all of the following criteria: The fund/manager's performance history; the industry sector
in which the fund/manager invests; the track record of the fund/manager; the fund/manager's investment
objectives; the fund/manager's management style and philosophy; and the fund/manager's management fee
structure. Portfolio weighting between funds and managers will be determined by each client's individual needs
and circumstances. Clients will have the opportunity to place reasonable restrictions on the types of investments
that will be made on the client's behalf. Clients will retain individual ownership of all securities.
LIMITED DISCRETIONARY SERVICES
Angeles will provide advisory services to certain clients that are similar to those services described in the above
summary. However, pre-approval by the client is required before Angeles can implement an investment idea on
that client's behalf. Therefore, this group of clients would not be considered fully discretionary. Under the SEC
definition of regulatory assets under management in ADV Part 1, these clients will be listed as “Non-
Discretionary”.
HEDGE FUND AND PRIVATE EQUITY CONSULTING SERVICES
Angeles also provides consulting services whereby it provides direct private placement (hedge fund or private
equity) research and ongoing monitoring on behalf of clients. If contracted, Angeles will monitor such private
placements and provide investment recommendations as it deems appropriate regarding the sale or purchase of
new interests.
As this is a consulting service, it is the client's responsibility to determine which, if any, of such recommendations
to implement. Angeles is not responsible for the purchase or sale of such interests.
FUND OF FUNDS
Angeles acts as the investment adviser to investment vehicles sponsored by Angeles (individually a “Fund” and
collectively the “Funds”) relating to the portfolios of such vehicles. The Funds rely on the exclusions to the
definition of “Investment Company” provided by Section 3(c)(1) and Section 3(c)(7) of the Investment Company
Act of 1940. The funds are managed in reliance on the Commodity Futures Trading Commission Regulation
4.7(b), which requires that investors be limited to “qualified eligible persons” (including non-US persons).
While Angeles has complete discretion and authority to manage and direct the investment capital for the Funds,
Angeles identifies third-party managers (Investment Managers) whose investment strategies and styles Angeles
evaluates as being suited to the investment objective, policies, and restrictions of the Funds. Angeles then
allocates the majority of the capital of the Funds to the investment discretion of one or more Investment Managers
and/or invests the Funds’ capital in selected investment funds advised by the Investment Managers (Sub-Funds).
This structure is commonly referred to as a Fund of Funds. Angeles will occasionally buy bonds or ETFs in the
Funds to obtain market exposure not otherwise covered by the Investment Managers. Angeles will (where
applicable) manage the domestic and offshore versions of the Funds identically, but there will be allocation
differences due to the size and timing of the investments.
ASSETS UNDER MANAGEMENT
As of December 31, 2023, Angeles managed $5,192,545,819 of client assets on a discretionary basis, and
$1,222,599,349 of client assets on a non-discretionary basis.
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