Overview
A. Advisory Business Description
James T. Vanasek and P. Donnell Noone founded VN Capital Management, LLC (“VN
Capital” or the “Firm”) in March 2002 and each owns a 50% stake. VN Capital serves as
the investment manager and a general partner of the VN Capital Fund I, L.P. (the “Fund
I”) which was established in April 2002. Since September 2014, VN Capital has served as
the investment manager for VN Capital Fund C, LP, a Delaware limited partnership
(“Fund C” and together with Fund I, the “Fund”) which holds a 54% interest in Ceres
Global Ag Corp, a publicly traded Canadian company.
VN Capital Management was founded on the belief that long-term wealth
accumulation is derived from exhaustive bottom-up proprietary research coupled with
a conservative, value equity investing philosophy exhibiting low portfolio turnover,
minimal expenses, and selective hedging. Across both Funds, we manage a
concentrated portfolio of six to twelve US- and Canadian-listed small and micro-cap
stocks from easily understood industries that are either overlooked by the broad
investment community or that are unfairly tainted
by adverse news affecting their
respective economic areas.
James T. Vanasek and P. Donnell Noone are the founders and Principals of VN
Capital.
B. Type of Advisory Services
VN Capital is the investment manager and a general partner of the Fund I, a limited
partnership which specializes in investing in 6-12 small- and micro-cap stocks publicly
traded in either the United States, Canada, the United Kingdom, or Denmark.
VN Capital serves as investment manager for Fund C and invests the funds of the
partnership in shares and warrants of Ceres Global Ag. Corp.
C. Tailoring Advisory Services
VN Capital does not tailor its advisory services for investors in a Fund but manages the
assets of a Fund in accordance with the Fund’s investment policies and guidelines.
D. Wrap Fee Programs
VN Capital does not participate in any wrap fee programs.
Item 4
5
E. Client Assets
As of December 31, 2020, VN Capital manages all $99,578,000 of assets under
management on a discretionary basis. That includes the $73,330,000 in Fund I and
$26,248,000 in Fund C.
6