Saga Partners is a registered investment advisor (RIA). It manages money on behalf of clients in a single strategy called the Saga Portfolio through separately managed accounts (SMAs).

Each investor has their own account on Charles Schwab. Saga Partners manages the account on investors' behalf but does not take custody of the assets. Investors can access funds at any time. While Saga Partners does not have a lock-up period, any money managed in the Saga Portfolio is meant to be invested over the long-term (at least 5 years). Accounts can be taxable brokerages, IRAs, trusts, estates, or corporate accounts managed by Saga Partners. All managed accounts are invested in the same allocation as the Saga Portfolio.

The Saga Portfolio is a fundamental, long-term public equity investment strategy. Its goal is to provide returns above the general market over the long-term. The Portfolio looks for a few high-quality companies selling below intrinsic value. Companies are selected on three main criteria: 1. Is the company building a durable competitive advantage? 2. Is management high-caliber and thinks/acts like owners? 3. Does the current price provide an attractive return if the company is owned for 10+ years? The Saga Portfolio concentrates in its highest conviction ideas, typically holding 5-10 companies. Returns can be volatile in the short-term. While there is no lock-up period, the Saga Portfolio is intended for long-term capital (10+ years). The best way to learn about how the Saga Portfolio is managed is by reading past Investor Letters available on the website.

Fees are an annual 1.5% of assets under management. At the beginning of each quarter accounts are charged 0.375% (1.5%/4) based on the closing balance at the end of quarter. There is no performance fee.

The minimum to invest in the Saga Portfolio is $250,000 USD.

If you are interested in investing in the Saga Portfolio, it is recommended to read some of the past investor letters posted on the website. The letters are the best way to learn how the Portfolio is managed. Once you review the letters and think the Saga Portfolio is an investment strategy you are looking for, please send a message under the contact page on the website.

Investors outside the United States are able to invest in the Saga Portfolio as long as Charles Schwab supports accounts in that jurisdiction.

A copy of Saga Partners' ADV form is available upon request.