IVORY INVESTMENT MANAGEMENT. L.P.

Ivory Investment Management. L.P. is a hedge fund sponsor based out of Los Angeles, California. The company was established in 1998 by Curtis Macnguyen, who remains with the company today acting as its Head Portfolio Manager. Curtis Macnguyen currently owns the controlling majority in the company. Ivory Investment Management has grown from its inception to have an additional office located in New York City. Mark N. Waissar acts as the firm’s President and COO and the company has grown to 42 employees of which 17 are investment professionals. Ivory Investment Management conducts its research internally, allocating its assets in the public equity markets within the U.S. The company invests most heavily in the consumer discretionary sector, which alone makes up almost a third of its total asset allocations, and also invests in the information technology sector, making up another quarter of its total allocations, materials, health care, energy, transports, and finance sectors, among others to a lesser degree, in order of decreasing allocation. Ivory Investment Management’s top holdings include the Rock-Tenn Company, Allergan PLC, Microsoft Corp., Comcast Corp., and the Bank of New York Mellon with its top 10 holdings together making up over a third of its total holdings. The company has a relatively high turnover rate of approximately 69%. Ivory Investment Management holds approximately $3.8 billion in total assets under management spread across 11 accounts, all of which are discretionary accounts. Although the firm’s total number of accounts has been somewhat volatile in recent years and has not changed significantly in total number, its total managed assets has grown, increasing from $3.4 billion back in 2010 to its current amount today despite some volatility. Ivory Investment Management currently caters exclusively to pooled investment vehicles and takes its advisory fees in the form of a percentage of assets and various performance based fees.