Overview
ADVISOR BUSINESS
Palestra, a Delaware limited liability company, was founded in September 2011 by Jeremy
Schiffman and Andrew Immerman. Mr. Schiffman and Mr. Immerman are equal owners of
Palestra and serve as the Company’s portfolio managers. Mr. Schiffman and Mr. Immerman’s
ownership of Palestra is held through Palestra Management LP, a Delaware limited partnership.
Palestra provides investment advisory services on a discretionary basis to its clients, which
currently consist of the following pooled investment vehicles (referred to herein as the “private
funds”) intended for high-net-worth, financially sophisticated individual investors and institutional
investors:
- Palestra Capital Master Fund, L.P. (the “Hedge Fund”), including its affiliated onshore and
offshore feeder funds, which has an investment mandate to generate superior long-term
risk-adjusted returns over a market cycle primarily through long and short investments in
equity securities of U.S. and non-U.S. issuers; and
- PCM Long Master Fund, L.P. (the “Long Fund”), including its affiliated onshore and
offshore feeder funds, which has a long-only investment mandate and generally trades with
significant overlap with the long positions of the Hedge Fund.
References in this document to Palestra’s “accounts” refer specifically the trading accounts of the
Hedge Fund and the Long Fund. All information about Palestra and the private funds contained
in the Brochure is qualified
in its entirety by the information in the private funds’ confidential
offering and/or private placement memoranda, individual limited partnership agreements and other
governing documents applicable to each private fund (the “Offering Documents”). Palestra is
permitted to establish additional client or proprietary accounts, including special purpose vehicles,
co-investment funds, separately managed accounts and similar investment vehicles, in the future
that follow similar or different strategies to its current accounts.
Palestra manages the private funds using fundamental, research-intensive analytic processes. The
Company primarily makes long and short investments in equities and will also selectively invest
in credit and derivative opportunities. Investments are tailored to reflect the stated investment
objectives and restrictions of the private funds, but will generally not be tailored to reflect the
needs or restrictions of individual investors. The investment strategies that Palestra employs in
managing the private funds are discussed in more detail in Item 8 “Methods of Analysis,
Investment Strategies and Risk of Loss” herein.
Due to the use of leverage and short selling, the Company’s “regulatory assets under
management,” as defined by the SEC, generally exceeds the private funds’ net capital. As of
December 31, 2023, Palestra’s regulatory assets under management were $3,850,639,432, all of
which are managed on a discretionary basis.