Important Disclosures & Terms of Use

Spyglass Capital Management, LLC (“Spyglass” or the “Advisor”) is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended.

No Offer or Solicitation. The information herein is for informational purposes only and is not an offer to sell or the solicitation of any offer to buy securities. The document provides general background information on Spyglass and the fund and portfolios that it manages. Any offer will be made only through the prospectus and statement of additional information or investment management agreement (collectively “offering materials”) which generally is available only to institutional accredited investors. All the information provided herein is subject to and qualified in its entirety by reference to the terms and conditions described in the offering materials. You should also review Spyglass’s Form ADV, which is available on request and located at https://adviserinfo.sec.gov/.  Before investing, you should carefully and thoroughly review the offering materials with your financial, legal and tax advisors to determine whether an investment is suitable for you.

The information contained herein is presented for informational purposes to highlight certain portfolio characteristics as of the date presented. This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. Recipients should not rely on this material in making any future investment decision, prospective investors are encouraged to contact Spyglass and always consult with their professional advisor of their choosing. Certain information has been obtained from third-party sources which Spyglass believes to be accurate as of the date presented.

The information included herein may not be current and Spyglass has no obligation to provide any updates or changes. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained herein.

Certain information contained in these materials has been obtained from published and non-published sources prepared by third parties, which, in certain cases, have not been updated through the date hereof.  While such information is believed to be reliable, Spyglass has not independently verified such information, nor does it assume any responsibility for the accuracy or completeness of such information. Except as otherwise indicated herein, the information, opinions and estimates provided in this presentation are based on matters and information as they exist as of the date these materials have been prepared and not as of any future date and will not be updated or otherwise revised to reflect information that is subsequently discovered or available, or for changes in circumstances occurring after the date hereof.  Spyglass’s opinions and estimates constitute the manager’s judgment and should be regarded as indicative, preliminary and for illustrative purposes only.

Strategy holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Portfolio sector weightings are determined by the Global industry Classification Standard (GICS).

Historical Perspective: On December 29, 2017, Spyglass Partners Fund LP, a limited partnership managed by the Advisor (the “Predecessor Partnership”), converted into the Institutional Shares class of the Spyglass Growth Fund (the “Fund”) by contributing all of its assets to the Fund in exchange for Institutional Shares of the Fund. The Predecessor Partnership was formed on October 1, 2015, to serve as a pooled investment vehicle for accredited investors, and since inception the Predecessor Partnership maintained investment policies, objectives, guidelines, and restrictions that were, in all material respects, equivalent to those of the Fund. From the date of inception through the time of the conversion, the Predecessor Partnership was managed by the Advisor and the same portfolio manager as the Fund. The conversion date was December 29, 2017 (inception) and the Fund commenced operations on January 2, 2018. The Fund’s performance prior to 2018 is that of the Predecessor Partnership and the returns reflect the deduction of the 1% management fee and expenses, paid by the Predecessor Partnership, without provision for state or local taxes.  The performance includes gains or losses plus income and the reinvestment of all dividends.  Other than the Predecessor Partnership, the Advisor did not manage any accounts materially equivalent to the Fund during the period of the Predecessor Partnership’s performance shown above. The Predecessor Partnership was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”), which, if applicable, may have adversely affected its performance.  For periods beginning January 1, 2018, the Fund’s net performance is calculated on a daily basis and also includes a deduction of 1% management fee and is subject to a 1% expense cap, which differs in certain respects from the methods used to compute total returns for the Predecessor Partnership.

Forward Looking Statements. This document may contain forward-looking statements based on Spyglass’s expectations and projections about the methods and strategies by which it expects to invest. Those statements are sometimes indicated by words such as “expects,” “believes,” “will” and similar expressions. Such statements are not guaranties of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual returns could differ materially and adversely from those expressed or implied in any forward-looking statements as a result of various factors.

Disclosures Regarding Performance Calculations. The net performance results reflect the reinvestment of dividends and other earnings and the deduction of actual costs and expenses, a periodic management fee charged to the investor as defined in the offering materials. The Strategy’s performance results are based on the calculations prepared, in part, by independent fund administration organizations or published custody statements for separately managed accounts adjusted for management fees. Certain performance results themselves were prepared by Spyglass and have not been reviewed by any third party. Future investments will be made under different economic conditions and in different securities. The performance discussed herein reflects investment of limited funds for a limited period of time and does not reflect Spyglass’s performance in all different economic cycles. It should not be assumed that the Strategy will experience similar returns in the future, if any, comparable to those published in this or other materials prepared by Spyglass. The information given herein is historic and should not be taken as any indication of future performance. All returns presented in the table (including the reference index) include the reinvestment of dividends. Valuations are computed and performance is reported in U.S. dollars. Spyglass believes that the comparison of the Strategy’s performance to the Russell Midcap Growth Index is currently the most appropriate benchmark. This may change over time. The Spyglass portfolios are more concentrated and are therefore not as diversified as the Russell Midcap Growth Index. The Russell Midcap Growth Index returns reflect the reinvestment of dividends and other earnings as does the Strategy. Due to the differences between the Strategy and the composition of the aforementioned market index, the Russell Midcap Growth Index published returns are not directly comparable to the returns generated by the Strategy. The performance is over a short time period and therefore does not reflect performance in different economic or market cycles. It is historic and should not be taken as any indication of future performance. Securities identified and described above may not be representative of the entire portfolio. It should not be assumed that recommendations in the future will be profitable or will equal the performance of the securities in this list. The information contained in this report is for informational purposes only and should not be deemed investment advice. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance quoted. For performance data current to the most recent month end, please contact us.

Performance of the Russell Midcap Growth Index is included for informational purposes to show the general trend in the midcap equity market for the periods indicated and is not intended to imply that the portfolio is similar to the index either in composition or element of risk.  The volatility of the index may be materially different from the performance of the Strategy.  The Russell Midcap Growth Index is an unmanaged stock market index that measures the performance of its respective component companies.  Investors cannot invest directly in an index. Index performance does not reflect trading commissions and costs.  Due to these differences, comparison to an index should not be relied upon as an accurate measure of comparison.

All portfolio securities are actively traded on US-regulated national exchanges. The Earnings Growth 2 Year Estimated CAGR is a Spyglass research estimate for the portfolio. For the Russell Midcap Growth Index, the Earnings Growth 2 Year Estimated CAGR is calculated using Bloomberg’s “Pos Earn Before XO Items” (Mnemonic IN011) and “Pos Est Earnings FY3 Aggte” (Mnemonic IN100).

Holdings are subject to change. Data source: Bloomberg

Holdings, Characteristics and Market Cap information are based on a Spyglass representative portfolio. From time to time the number of holdings may deviate from 25 portfolio holdings due to trading activity. Market Cap and number of holdings sourced from FTSE Russell for the Russell Midcap Growth Index.