Identify your principal owner(s).
FPR was formally established in October 2007. Since 2003, the two Managing
Directors (as defined below) of FPR have managed the investments of Fremont
Public Opportunities, LP using an investment strategy substantially similar to that
employed by FPR.
FPR provides discretionary investment advisory services to private investment
funds (the “Funds”) or other third parties (collectively with the Funds, “Clients”).
FPR manages the following Funds, as listed below:
• FPR Partners, LP, a Delaware limited partnership (“FPR Partners”);
• BFFPR Fund, LP, a Delaware limited partnership (“BFFPR”);
• Fremont Public Opportunities, LP, a Delaware limited partnership
(“FPO”); and
• Tessera Ionic, LP, a Delaware limited partnership ("Tessera").
Affiliates of FPR serve as the general partners to the Funds (the “General
Partners”).
The principal owners of FPR are Bob Peck and Andrew Raab, held through trusts
for which they serve as trustees. FPR is managed by Bob Peck and Andrew Raab
(the “Managing Directors”).
Investors in the Funds (the “Investors”) are generally “qualified purchasers” (as
defined in the Investment Company Act of 1940, as amended) and may include,
among others, high net worth individuals, pension plans, trusts, endowments,
estates, charitable organizations, limited partnerships and limited liability
companies.
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.
FPR offers advice solely with respect to the investments made by its Clients. FPR
seeks both to enhance returns and minimize risk primarily by investing
in a
concentrated portfolio of public companies it believes to be excellent and priced
below their intrinsic value, and then constructively engaging the management
teams of such companies to assist them in identifying and increasing shareholder
value.
While the Clients’ focus will primarily be on long-term investment in publicly
traded securities, the Clients may also seek to increase overall returns by
opportunistically investing in various types of securities, including, but not
limited to, options, short sales, debt and special situation investments.
individual needs of clients. Explain whether clients may impose restrictions
on investing in certain securities or types of securities.
FPR generally does not tailor its advisory services to the individual needs of
Clients. Certain of the Funds, however, have restrictions on investing in certain
securities and types of securities.
It should also be noted that FPR has agreed and in the future may agree to modify
certain rights and privileges for certain Investors which may not be available to
other Investors (including, without limitation, transparency rights, reporting
rights, capacity rights, approval rights and certain other protections).
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.
Not applicable. FPR does not participate in wrap fee programs.
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 December 31, 2023, FPR has $2,034,327,976 in Client regulatory assets
under management (as reported on Item 5 of Part 1 of Form ADV). FPR manages
these assets on a discretionary basis and does not manage any of the Funds’ assets
on a non-discretionary basis.