Moon Capital Management LP, a Delaware limited partnership, is an independent global investment
management firm that commenced investment operations in April 2005. The firm is headquartered in
New York with a research and trading office in Singapore.
Moon Capital Management LP and its affiliates, Moon Capital Advisers LLC and JWM Capital LLC
(collectively, “Moon Capital”), provide discretionary investment advisory services to privately offered
pooled alternative investment vehicles (the “Moon Capital Funds”). The Moon Capital Funds are: (1)
Moon Capital Global Equity Offshore Fund Ltd., Moon Capital Global Equity Fund LP, Moon Capital
Global Equity Offshore Intermediate Fund Ltd. and Moon Capital Master Fund Ltd. (collectively, the
“Moon Flagship Fund”), (2) Moon Capital Global Equity Partners Offshore Fund Ltd., Moon Capital
Global Equity Partners Fund LP, Moon Capital Global Equity Partners Offshore Intermediate Fund Ltd.
and Moon Capital Partners Master Fund Ltd. (collectively, the “Moon Partners Fund”), (3) Moon
Capital Performance Plus Master Fund Ltd. (the “Moon Performance Plus Fund”) and (4) Moon Capital
Intrinsic Value Offshore Fund Ltd., Moon Capital Intrinsic Value Fund LP and Moon Capital
Opportunity Master Fund Ltd. (collectively, the “Moon Intrinsic Value Fund”). Each of Moon Capital
Master Fund Ltd., Moon Capital Partners Master Fund Ltd., Moon Capital Performance Plus Master
Fund Ltd. and Moon Capital Opportunity Master Fund Ltd. may invest a portion of its assets through
certain special purpose vehicles, subsidiaries or pursuant to other arrangements for tax, regulatory or
other reasons.
Currently, Moon Capital’s only investment advisory clients are the Moon Capital Funds.
The objective of the Moon Partners Fund is to generate superior absolute investment returns by
constructing a diversified portfolio of both long and short positions predominantly in publicly listed
global equities. Moon Capital seeks to achieve this objective throughout market cycles, with relatively
low volatility and a low correlation to equity market indices. Moon Capital seeks investment
opportunities in all global markets, with a particular focus on the emerging markets in Asia, Latin
America, Eastern Europe, the Middle East and Africa. The Moon Partners Fund’s portfolio is
diversified by geography as well as by industry and will generally be comprised of well in excess of 100
individual security positions, both long and short, with a low aggregate net exposure. Although the
Moon Partners Fund’s positions are comprised predominantly of publicly listed equities, positions may
include other financial instruments, including swaps on individual securities and indices, options,
futures, forward agreements for currencies and other derivatives. The Moon Partners Fund may also
invest in fixed income, convertible securities, private equity and venture capital investments when the
potential for attractive risk-adjusted returns is identified.
The Moon Performance Plus Fund generally invests in a substantially similar investment portfolio to the
Moon Partners Fund but with a reduced gross exposure.
The objective of the Moon Intrinisc Value Fund is to generate superior absolute investment returns by
constructing a concentrated “best ideas” long-biased portfolio of equity and equity-linked securities, to
capitalize on opportunities in emerging and frontier markets, often from less-traveled geographies and
sectors, irrespective of market capitalization or liquidity. The Moon Intrinsic Value Fund seeks to invest
in fundamentally mispriced and/or under-researched companies with significant share price appreciation
potential.
The Moon Flagship Fund’s entire portfolio consists of existing Special Investments (as defined below),
and the Moon Flagship Fund no longer makes new investments in publicly listed global equities.
There can be no assurance that the investment objective of the Moon Capital Funds will be
achieved.
John W. Moon is the principal owner of Moon Capital. Moon Capital has committed significant
resources to establishing a large investment team that includes a number of individuals with extensive
experience in their respective fields of expertise, as well as junior analysts to support the work of these
senior analysts. As of December 31, 2023, the firm had 14 experienced investment analysts and traders
on staff, many of whom have worked with John Moon for years. Additionally, the firm has appointed
individuals to senior non-investment roles (for example, Chief Financial Officer, General Counsel/Chief
Compliance Officer and Chief Technology Officer) and has non-investment staff (including its trading
operations staff) with qualified specialists and administrative personnel. To further resource these non-
investment functions, the firm has invested in the development of proprietary systems that allow for the
automation of processes, when possible and desirable, and the efficient sharing of information within the
organization. Moon Capital has equipped its offices to a high standard appropriate for an organization
of its size as well as providing substantial hardware and software to support the operations of the
business while fully providing for disaster contingencies.
As of December 31, 2023, Moon Capital had US$594,160,936 of net assets under management. All of
these assets are managed on a discretionary basis. Moon Capital does not manage any assets on a non-
discretionary basis.
Except for certain “side letter” agreements with certain investors granted in recognition of such
investors’ internal investment policies that allow such investors not to participate in investment profits
and losses attributable to the Moon Capital Funds’ investments in particular industries, Moon Capital
does not tailor its advisory services to the individual needs of specific investors in the Moon Capital
Funds, nor does it permit investors in the Moon Capital Funds to impose restrictions on investing in
certain securities or types of securities.
For more information about the Moon Capital Funds and Moon Capital’s affiliated entities, see Item 8
(Methods of Analysis, Investment Strategies and Risk of Loss) and Item 10 (Other Financial Industry
Activities and Affiliations).