Overview
FIRM DESCRIPTION
Twin Tree Management, L.P., a Texas limited partnership and private investment advisory firm, was formed in
2009. We provide investment management and other services with respect to our affiliated private investment funds
(the “Funds”) and have full discretionary authority with respect to their investment decisions. Our investment
advisory services are provided in accordance with the investment objectives and guidelines set forth in the
applicable offering and governing documents. The information set forth in this brochure is qualified in its entirety by
the applicable offering and governing documents.
PRINCIPAL OWNERS
The general partner of Twin Tree Management, L.P. is Twin Tree Capital Management, LLC, a Texas limited
liability company, which is owned and controlled by Michael E. Presley. Mr. Presley is also principal owner and a
limited partner of Twin Tree Management, L.P.
TYPES OF ADVISORY SERVICES
We provide investment management and other services to the Funds with respect to a relative value investment
strategy that seeks to profit from perceived mispricings in the implied volatility
and correlation markets. Our
investment advisory services involve a variety of derivative instruments including listed and over-the-counter
options, variance swaps, volatility swaps, correlation swaps, convertible bonds, structured products, and a hedging
policy with respect to underlying securities. We are responsible for investing and re-investing the capital of the
Funds in securities, financial instruments and/or other assets in accordance with the investment objectives, policies
and guidelines set forth in the applicable offering and governing documents. See Item 8 below.
We tailor our advisory services to the individual needs and objectives of the Funds, and investors are not permitted
to impose restrictions and/or limitations on the Funds’ investments and strategies. However, we have entered and
may enter into side agreements and other arrangements with certain investors that alter or modify the terms of the
interests held thereby.
ASSETS UNDER MANAGEMENT
As of December 31, 2023, we had approximately $8,633,164,520 in regulatory assets under management. All of
these assets were managed on a discretionary basis.