Overview
3B is an investment adviser organized as a limited partnership under the laws of the State of Texas with
its principal place of business in Dallas, Texas. 3B was founded in September 2018 by Carl Baggett, the
Firm’s managing partner and Thomas Bonn (the “Principals”).
3B serves as an investment manager and provides advisory services on a discretionary basis to privately
offered pooled investment vehicles including the Base Rate Fund QP, L.P., Base Rate Fund, L.P., and
Base Rate OE Fund, L.P. (each a “Fund” and Collectively, the “Funds”). The Funds are also referred to
as the “Client” or “Clients”. 3B Management GP, LLC serves as the general partner to the Firm and is
also controlled by the Principals.
Generally, 3B will employ both a long/short volatility arbitrage investment strategy designed to profit
from certain relationships in options and an evidence based opportunistic exposure to equities when
appropriate. 3B’s dynamic process includes both quantitative and qualitative evidence coupled with
judgment. Instruments invested will include but are not limited to equities, exchange traded funds, cash
options on indexes and/or
individual securities, futures, agency/government and corporate debt.
The Firm’s advisory services are provided to the Funds pursuant to the terms of the Funds’ private
placement memoranda, limited partnership agreements, and/or investment management agreements
(collectively, the “Governing Documents”) and based on the specific investment objectives and strategies
as disclosed therein. The Funds will under certain circumstances impose restrictions on investing in
certain types of securities in accordance with each Governing Document. 3B provides advisory services
to the Funds, rather than to any individual investor in the private funds. Therefore, it should be noted that
the Firm does not tailor its investment advice to take into account any specific investment conditions of
any individual investor in a private fund.
3B does not participate in, nor does it sponsor, wrap fee programs.
As of December 31, 2023, 3B managed approximately $222,319,531 in assets under management;
$222,319,531 on a discretionary basis; and $0 on a non-discretionary basis.
See Item 8 of this brochure for a more detailed discussion of 3B’s investment strategies.