Cook & Bynum Capital Management, LLC (“CBCM”) is an SEC registered investment
adviser that was founded in August 2001 by Richard P. Cook and J. Dowe Bynum. CBCM has
been registered as an investment adviser under the Advisers Act with the SEC since February
2009. CBCM is responsible for the management of Cook & Bynum Capital, LLC, Cook &
Bynum Capital QP, LLC, and Cook & Bynum Emerging Markets Ex China, LP (individually,
each an “Unregistered Fund” and collectively, the “Unregistered Funds”). For the Unregistered
Funds, membership and partnership interests are sold to investors, each of which becomes a
member or partner in the relevant Unregistered Fund. CBCM is the managing member or
general partner of the Unregistered Funds, with broad authority to manage the affairs of such
funds. CBCM also serves as the investment adviser for each of the series (individually, each a
“Registered Fund”, and together with the Unregistered Funds, the “CBCM Funds” or
individually, each a “CBCM Fund”) of Cook & Bynum Funds Trust, a Delaware statutory trust
(the “Trust”). Currently, The Cook & Bynum Fund (the “CB Fund”) is the sole series of Cook
& Bynum Funds
Trust and therefore is CBCM’s only Registered Fund. In addition, CBCM
may provide advisory services under “Investment Management Accounts” pursuant to which
CBCM enters into an agreement with the owner of an account that gives CBCM the authority to
manage the investments of the account (each, a “Separate Account”). For purposes of this Form
ADV Part 2A, the term “Clients” will refer to the accounts of any individual or entity that
CBCM has agreed to manage for investment purposes. CBCM’s “Clients” currently consist of
Cook & Bynum Capital, LLC, Cook & Bynum Capital QP, LLC, Cook & Bynum Emerging
Markets Ex China, LP, Cook & Bynum Funds Trust, and one or more Separate Accounts. Each of
the investors in any of an Unregistered Fund or a Registered Fund is referred to as an “Investor.”
The term “Clients” does not include “Investors.” Although the Advisers Act uses the term
“client” in multiple contexts, this Form ADV Part 2A distinguishes between CBCM’s Clients
(the CBCM Funds and any Separate Account) and Investors in any of the Unregistered Funds or
the Registered Fund.
As of December 31, 2023, CBCM managed approximately $353 million on behalf of its Clients,
all on a discretionary basis.