Constantia Capital LLC ("CC") claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Constantia Capital LLC has been independently verified for the periods April 1, 2013 to August 31, 2023. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.
 
Constantia Capital is a registered New Jersey-based investment management firm that provides financial services to individual and institutional investors. CC was founded in Feb. 2013 and began managing its strategies effective April 1, 2013.
 
The Large-Cap 130/30 quantitative strategy employs bottom-up stock selection methodologies which seek to outperform its benchmark index over a full market cycle. The index is included to provide a detailed basis of comparison, is unmanaged, and reflects past performance, which is not indicative of future results.  For comparison purposes, the unmanaged index is fully invested and returns are gross of management fees.  Russell 1000® is a trademark of Russell Investments.  The Russell 1000® index is representative of the broad small-cap equity index.  Total returns reflect the reinvestment of all dividends and capital gains.  An investment cannot be made directly into an index. 
 
There are certain material risks associated with investing in CC’s quantitative strategy, Large-Cap 130/30:  Common Stock Risk, Growth Stock Risk, Value Stock Risk, Valuation Risk, Liquidity Risk, and Short Term Trading Risk. The Large-Cap 130/30 (“LC 130”) and Merger-Arbitrage strategies also bear Short Selling Risk, whereas all three strategies also bear Mid-Cap and Small-Cap Stock Risk. These are discussed in CC's Form ADV Part II which is available at www.sec.gov.
 
The Large-Cap 130/30 quantitative strategy employs a moderate amount of leverage, typically between 28 and 35%, in order to benefit from short positions in the least desirable stocks, totaling in aggregate approximately 30% of portfolio value while the long positions of most desirable stocks total approximately 130% of portfolio value.  It does not utilize derivatives, but CC reserves the right to do so if, in our discretion, we deem it necessary to hedge risk.  It invests only in US-listed equities, and is subject to strict risk controls.
 
Large-Cap 130/30’s long-term objective is an excess return, net of fees, above its benchmark of 1.5% with maximum tracking error (relative to its benchmark) of 4%. Its universe of stock selection is the constituents of the Russell 1000® Index.

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Merger-Arbitrage’s long-term objective is an annualized net-of-fee return of 4% above short-term interest rates with maximum annual volatility of 5%. A fixed-income alternative, Merger-Arbitrage invests only in deals involving post-announcement, definitively agreed acquisitions of publicly listed equities.
 

Traditional Flat fees are available to all clients as follows, all annual: Large-Cap 130/30: 0.60% and Merger-Arbitrage: 0.70%. Qualified Clients and Qualified Purchasers may elect an alternative, Performance-based fee as follows (all annual): LC 130/30 0.30% + 20% of excess; Merger-Arbitrage 0% + 20% of excess. Excess is measured relative to the strategy’s benchmark plus base fee, with high-water marks. A discounted fee schedule is available for investments above $25 million per account.
 
All accounts are fully discretionary and fee-paying. Average market capitalizations of the securities traded in the accounts in the various composites are similar to their respective indices. For the entire period, the investment guidelines and objectives of the portfolios represented herein remain the same. Composites were created concurrent with CC's commencing management of each respective strategy. Composite results are U.S. dollar-based, measured internally based upon trade-date accounting and include the reinvestment of dividends and interest. Each composite is valued monthly and time-weighted portfolio returns are asset-weighted using beginning-of-month asset values. 

Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. A complete list and description of firm composites is available upon request from Phillip Fine at PFine@ConstantiaCapital.net .
 
All composites are subject to the CC policy on significant cash flows. If the external cash flows for any of the accounts in the composite exceed 15% of the account's most recently reported market valuation, the account will be removed from the composite for the month that the cash flow occurred and moved back in the following month.

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Currently, the Merger-Arbitrage composite includes three accts. which have selected a performance-based fee.

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Composite dispersion is calculated by equal-weighting the standard deviations of annual returns of those portfolios that were included in the composite for the entire year.  For a composite comprised of less than six portfolios, composite dispersion as measured by standard deviation is not meaningful; since Merger-Arbitrage did not have 6 full year accounts in any year 2011-2016 (in 2015 and 2016 because existing accounts added significant funds in at least one month causing it to be removed from the composite for that month), those dispersions are not calculated, and are shown as “N/M”.

Gross of fee returns are presented before investment management fees, but after all trading commissions. Net of fee returns are presented after the deduction of actual investment management fees. Past performance is not indicative of future results, which will vary.