About Broyhill
Broyhill Asset Management, LLC (“Broyhill” or the “Firm”) is a Charlotte-based investment firm managing over $270 million in assets. Originally established as a family office nearly half a century ago, the firm spun out in 2022 to become an independently owned investment manager under the leadership of Chris Pavese. While Broyhill has historically explored a variety of investments for its clients, the firm is now focused on managing its flagship, global, value-oriented, public equity strategy. With a verified track record approaching ten years, the firm serves a diverse client base – including institutions, advisors, and high-net-worth families – by delivering long-term capital appreciation with a rigorous focus on capital preservation through disciplined, bottom-up security selection.
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ir@broyhillasset. com | 828.610.5360
DISCLOSURES
Broyhill Asset Management, LLC (“BAM”) is an investment adviser in North Carolina. BAM is registered with the Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. BAM transacts business only in states where it is properly registered or exempt from registration. A copy of BAM’s current written disclosure brochure filed with the SEC, which discusses, among other things, BAM’s business practices, services, and fees, is available through the SEC’s website at www. adviserinfo. sec. gov.
Separately Managed Accounts
The performance of the Broyhill Equity strategy is representative of a composite of numerous separately managed accounts and is considered to be a “carve out” or “extracted performance. ” The calculation methodology for this composite for the period from 9/1/15 through 12/31/23 has been verified by a third-party performance verification firm and reflects the equity returns of actual Broyhill client portfolios. The calculation methodology for the periods after 12/31/23 is the same as the methodology that was verified. The Broyhill Equity strategy performance results are based on the weighted average performance of the portion of individual managed accounts invested in the Broyhill Equity strategy, but may not represent the performance of the entire client portfolio. Since many of BAM’s managed accounts are invested per a “balanced” investment model, we believe that this extracted performance composite, which includes only fully discretionary equity holdings of all BAM discretionary accounts, is the most accurate representation of BAM’s long-term equity performance. Additionally, since this performance represents a pure equity allocation, it does not include the impact of any cash allocation. Performance figures for the total portfolio composite are available upon request. This data may be useful for an investor evaluating Broyhill, although individual results may differ based on each account’s investment objectives, the date of initial funding, the opportunity set available at the time, specific investment vehicles available to the accounts, and individual fee schedules.
Performance of the Broyhill Equity strategy composite is calculated using time-weighted rates of return, net of all fees and expenses, and reflects the reinvestment of dividends and other earnings. Since the composite returns are calculated gross of fees, in order to report net returns, the highest annual management fee we charge (1.5% per annum) has been subtracted from gross reported returns to arrive at the net returns shown.
Broyhill Vitruvian Value, LP
The performance of the Broyhill Vitruvian Value (“BVV”) strategy presented herein is hypothetical and does not reflect the performance of any actual investment portfolio. The results are provided for illustrative purposes only and do not represent actual trading or investment results. Hypothetical returns have inherent limitations and do not account for all factors that may affect actual performance, including market conditions, liquidity constraints, fees, and other expenses. Past or hypothetical performance is not indicative of future results, and no representation is being made that any investment will or is likely to achieve returns similar to those shown.
The performance of the BVV strategy is representative of a composite considered to be a “carve out” or “extracted performance. ” The calculations performance of this composite from 9/1/15 through 12/31/23 has been verified by a third-party performance verification firm and reflects the equity returns of actual client portfolios invested in the BVV strategy. The performance calculation from 1/1/24 through 6/30/25 uses the same methodology as the verified period and also reflects the equity returns of actual client portfolios invested in the BVV strategy. For the period from 7/1/25 onward, the returns shown use the actual monthly returns for Broyhill Vitruvian Value, LP (“BVV LP”). These results are based on the weighted-average performance of the portion of individual accounts invested in the BVV strategy and may not reflect each account’s
entire portfolio performance. Since some of BAM’s accounts are invested per a “balanced” investment model, we believe that this extracted performance composite, which includes only discretionary equity holdings of all BAM discretionary accounts deploying the BVV strategy, is the most accurate representation of the BVV strategy’s long-term equity performance. Additionally, since this performance represents a pure equity allocation, it does not include the impact of any cash allocation. Performance figures for the total portfolio composite are available upon request. This data may be useful for an investor evaluating an investment in BVV LP.
While some of the BVV strategy’s performance has been verified by a third-party performance verification firm, none of the performance presented herein has been audited. All figures presented herein are unaudited. Furthermore, BAM does not undertake to update any information contained herein as a result of audit adjustments or other corrections.
Performance of the BVV strategy composite is calculated using time-weighted rates of return and reflects the reinvestment of dividends and other earnings. Since the composite returns are calculated gross of fees, in order to report net returns, management fees and performance fees with rates and terms matching the BVV LP Class A interests have been subtracted from gross reported returns. This calculation means these returns are considered to be “hypothetical. ” Hypothetical returns have inherent limitations and are provided for illustrative purposes. The fees, rates, and terms applied are summarized as follows: an annual management fee of 1% per year, a performance fee of 20% on earnings over an annual hurdle rate of 8%. The 8% hurdle rate resets annually and does not compound. The account is also subject to a high-water mark, so a performance fee is not earned if the account value is below that mark.
General Disclaimers
The investment return and principal value of an investment will fluctuate. Therefore, an investor’s account, when liquidated or redeemed, will almost always have a different value than that shown herein. Current performance may be lower or higher than the return data quoted herein.
Past performance is not indicative of future returns. This information should not be used as a general guide to investing or as a source of any specific investment recommendations and makes no implied or expressed recommendations concerning how an account should or would be handled, as appropriate investment strategies depend upon specific investment guidelines and objectives.
Information presented herein is subject to change without notice and should not be considered a solicitation to buy or sell any security. This document contains general information that is not suitable for everyone. The information contained herein should not be construed as personalized investment advice.
The opinions expressed herein represent the current, good-faith views of BAM at the time of publication and are provided for limited purposes, are not definitive investment advice, and should not be relied upon as such. There is no guarantee that the views and opinions expressed in this document will come to pass. Investing in the stock market involves gains and losses and may not be suitable for all investors. No representations, expressed or implied, are made as to the accuracy or completeness of such statements, estimates, or projections, or concerning any other materials herein.
Under no circumstances does the information contained within represent a recommendation to buy, hold, or sell any security, and it should not be assumed that the securities transactions or holdings discussed were or will prove to be profitable. There are risks associated with purchasing and selling securities and options thereon, including the risk that you could lose money. Any securities mentioned in these materials may or may not be held by clients of BAM or by BVV LP currently or in the past.
Certain information contained herein constitutes “forward-looking statements, ” which can be identified by the use of forward-looking terminology such as “may, ” “will, ” “should, ” “expect, ” “anticipate, ” “project, ” “estimate, ” “intend, ” “continue, ” or “believe, ” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and
uncertainties, actual events, results, or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained herein may be relied upon as a guarantee, promise, assurance, or representation of the future.
Market value information (including, without limitation, prices, exchange rates, accrued income, and bond ratings furnished herein) has been obtained from sources that BAM believes to be reliable and is for the exclusive use of the client. Market prices are obtained from standard pricing services or, for less liquid securities, from brokers and market makers. BAM makes no representations, warranties, or guarantees, express or implied, that any quoted value necessarily reflects the proceeds that may be received on the sale of a security. Changes in rates of exchange may have an adverse effect on the value of investments.
Index Disclaimers
Indices are unmanaged and do not incur management fees, transaction costs, or other expenses typically associated with an actively managed investment. Index performance is shown for illustrative purposes only and does not reflect the performance of any investment strategy offered by BAM. Index returns assume the reinvestment of dividends and capital gains, unless otherwise noted.
The S&P 500 Index is a long-only market-capitalization-weighted index comprised of 500 large-cap U. S. companies. The MSCI ACWI Index is a long-only index composed of over 2,500 large and mid-cap companies across 23 developed markets and 24 emerging markets and covers approximately 85% of the global investable equity opportunity set. The MSCI ACWI Value Index is a long-only index composed of over 1,500 large- and mid-cap companies and exhibits overall value-style characteristics across 23 developed markets and 24 emerging markets. The value investment style characteristics for the MSCI ACWI Value Index construction are defined using three variables: book value to price, 12-month forward-looking earnings to price, and dividend yield. BAM’s strategies may invest globally, in both equity and non-equity securities, employ hedging strategies, and hold significant cash positions. As a result, the strategy’s composition and risk profile may differ materially from those of the indices shown herein.
You cannot invest directly in an index. References to indices are provided solely as a comparative market benchmark. Past performance of the index is not a reliable indicator of future performance of any BAM strategy.
Any third-party index data presented herein is the property of its respective owner and is provided “as is” without warranties of any kind. Such data may not be redistributed or used to create derivative works without prior written permission. Neither the index provider nor its affiliates shall have any liability in connection with the use of such data.
For additional information about other indices or strategies mentioned here, you may contact us a t ir@broyhillasset. com.
CONFIDENTIALITY
No part of this material may be copied, photocopied, or duplicated in any form, by any means, or redistributed without BAM’s prior written consent.
These Materials Shall Not Constitute an Offer to Sell or the Solicitation of an Offer to Buy Any Interests in Any Fund Managed by Bam or Any of its Affiliates. Such an Offer to Sell or Solicitation of an Offer to Buy Interests may Only be Made Pursuant to the Confidential Private Placement Memorandum and the Definitive Subscription Documents Between a Fund and an Investor.
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