ADVISORY BUSINESS
A. General Description of Advisory Firm
AHL Partners LLP (the “Investment Manager”) is a limited liability partnership which was
incorporated in England and Wales in 2012 with its principal place of business in London, England.1
AHL Partners LLP is authorized and regulated by the Financial Conduct Authority in the United
Kingdom, and primarily offers investment advisory or sub advisory services to pooled investment
vehicles, commodity pools, registered investment companies and institutional separately managed
accounts on a discretionary basis. AHL Partners LLP provides discretionary investment advice
and/or management services according to the stated investment objectives, restrictions and policies
of each client. The managing member of AHL Partners LLP is Man Investments Limited which is
ultimately owned by Man Group plc, which is listed on the London Stock Exchange and is a
component of the FTSE 250 Index. Man Group plc, through its investment management subsidiaries
(collectively, "Man"), is a global alternative investment management business and provides a range
of fund products and investment management services for institutional and private investors
globally. As of March 31, 2023, Man had approximately $144.7 billion of assets under
management.2
AHL Partners LLP has full discretionary advisory investment management authority with respect to
investment decisions for U.S. and non-U.S. pooled investment vehicles, including private funds
and commodity pools (the "Funds") and managed accounts. AHL Partner LLP’s advice with respect
to the Funds is provided in accordance with the investment objectives and guidelines as set forth in
the applicable Fund's offering memorandum or the managed account's investment management
agreement. AHL Partners LLP may manage a Fund’s assets through separately managed
portfolios or through investments in other pooled investment vehicles, which may include pooled
investment vehicles managed by AHL Partners LLP. An affiliate of AHL Partners LLP may
act as general partner or managing member of such Funds. Proprietary assets of AHL Partners LLP
or its affiliates may also be directly or indirectly invested in the Funds. “Funds” include one or
more funds that AHL Partners LLP, its affiliates or employees have seeded or invested over 25%
of the capital of such Funds. Important information regarding each Fund and managed account,
which includes investment objectives, risks, strategy, fees and other material information, including
applicable conflicts of interest is contained in each Fund’s offering documents and in each
managed account's investment management agreement, as the case may be.
1 The business of AHL Partners LLP was founded in 1987.
2 Man assets under management as stated in the Man Group plc Annual Report include advisory-only assets over
which Man has no decision making or trading authority and managed account platform services for which Man
provides platform and risk management services but does not provide investment management services.
In addition, AHL Partners LLP provides model portfolio recommendation services through separately
managed model portfolio arrangements in accordance with client investment guidelines and
restrictions as detailed in such client's investment management agreement. AHL Partners LLP does
not have decision making or trading authority for such model portfolio recommendation services.
As used herein, the term "client" generally refers to each Fund and each beneficial owner of a
managed account.
Certain affiliated advisory firms are considered to be “Participating Affiliates” of AHL Partners
LLP (as that term is used in relief granted by the staff of the Securities and Exchange Commission
(“SEC”)) allowing investment advisers registered with the SEC to use portfolio management,
research, operations, and trading resources of advisory affiliates and personnel subject to the
supervision of an SEC-registered adviser. Professionals from such Participating Affiliates may
render portfolio management, research, trading or other related services to AHL Partners LLP
clients and/or AHL Partners LLP as affiliated “associated persons” of AHL Partners LLP and are
subject
to supervision by AHL Partners LLP. In addition, AHL Partners LLP may provide
portfolio management, research, trading or other related services to the Participating Affiliates
under separate services agreements. Fees may be paid by and received from the parties under these
arrangements.
AHL Partners LLP complies with applicable U.S. securities regulations only with respect to its
U.S. clients.
Man provides a number of centralized functions to AHL Partners LLP, which includes trading,
cash management, risk management, operations, middle office accounting, financing, proxy voting,
class actions, human resources, facilities, tax, legal, compliance, information technology, among
other such services. AHL Partners LLP utilizes research, client servicing, t ra di ng , sales and
marketing capabilities of its affiliates in providing services to its clients.
In addition, AHL’s affiliates may utilize certain of AHL’s investment management, research and
trading services in providing services to their clients.
B. Description of Advisory Services
Please see Item 8 herein.
This Brochure generally includes information about AHL Partners L L P and its relationships
with its clients and affiliates. While much of this Brochure applies to all such clients and
affiliates, certain information included herein applies to specific clients or affiliates only.
Important information regarding each fund and managed account, which includes investment
objectives, risks, strategy, fees and other material information, including applicable conflicts of
interest regarding relationships with affiliates, is contained in each fund’s offering documents
and in each managed account's investment management agreement, as the case may be.
C. Availability of Customized Services for Individual Clients
AHL Partners LLP’s investment decisions and advice with respect to each Fund are subject to
the relevant Fund's investment objectives and guidelines, as set forth in its offering documents.
Similarly, AHL Partners LLP’s investment decisions and advice with respect to each managed
account are subject to each client's investment objectives and guidelines, as set forth in the client's
investment management agreement/trading advisor agreement, as well as any written instructions
provided by the client to AHL Partners LLP.
An existing Fund may issue multiple classes, sub-classes, tranches, sub-tranches and/or series
(or sub-series) of shares or interests, as applicable, in the future (or enter into "side letter"
agreements with certain investor(s) that alter, modify or change the terms of the shares or
interests, as applicable, held by the investor(s)), which may differ and may be more favourable from
the shares or interests, as applicable, currently offered by the Fund in terms of, among other things,
performance compensation, management fee, redemption rights (including redemption dates and
notice periods), currency denomination, minimum and additional subscription amounts,
informational rights and other rights. New classes, sub-classes, tranches, sub-tranches and/or series
(or sub-series) of shares or interests, as applicable, may be issued (or "side letter" agreements may
be entered into) by a Fund's board of directors and/or managing member, in its sole discretion, on
behalf of the Fund, in consultation with AHL Partners LLP, without providing prior notice to, or
receiving consent from, existing investors. The terms of such classes, sub- classes, tranches, sub-
tranches and/or series (or sub-series) or "side letter" agreements will be determined by the board of
directors and/or managing members, in its sole discretion, in consultation with AHL Partners LLP.
In general, a Fund will not be required to notify investors upon entering into "side letter"
agreements, nor will a Fund be required to offer such additional and/or different rights and/or terms
to any or all of the other investors.
D. Wrap Fee Programs
AHL Partners LLP does not participate in wrap fee programs.
E. Assets Under Management
AHL Partners LLP manages approximately $56.2 billion in regulatory assets under management
on a discretionary basis as of March 31, 2023.