Investment StrategY | APERTURE ADVISORS

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At Aperture, we strive to deliver strong, risk-adjusted returns through a disciplined, research-driven process. Our portfolios are built around our highest-conviction ideas, rather than diluted across hundreds of holdings. This concentration reflects our belief that focus and discipline are the foundation of performance.

At Aperture, our philosophy is built on three principles: focus, transparency, and alignment. These principles guide every decision we make. We believe concentrated, high-conviction investing creates the potential for stronger outcomes. We believe investors deserve daily transparency into their holdings and costs. And we believe alignment means eliminating commissions, product sales, and hidden incentives — so our success is tied directly to our investors’ success.

We manage capital through Separately Managed Accounts (SMAs) — a structure that combines institutional rigor with investor control. SMAs give investors direct ownership of their securities, daily transparency into every position, and straightforward tax reporting. Unlike traditional hedge funds or private funds, SMAs avoid long lockups, pooled structures, and complex K-1s — ensuring flexibility and alignment remain with the investor.As a fee-only fiduciary, we eliminate the conflicts that come with commissions, product sales, and hidden incentives. While our approach is built like an institutional fund, investors gain the added benefit of knowing their capital is managed with the duty of care and alignment required of fiduciaries.

At Aperture, risk management isn’t just a term — it’s in our DNA. Protecting capital is as important as growing it, and our process reflects that belief. Every investment decision is made with a clear understanding of both potential returns and the risks involved. Our discipline includes:

• Position sizing and concentration discipline — allocating capital with intention so no single investment dominates portfolio risk.  
• Diversification across drivers — focusing on differentiated sources of return rather than simply adding more names.  
• Ongoing monitoring — continuously reviewing portfolio exposures, correlations, and volatility to adjust as conditions evolve.  
• Liquidity awareness — avoiding unnecessary lockups or illiquid structures, ensuring capital can be accessed and redeployed when needed.  
• Tax sensitivity — recognizing that after-tax returns matter, we evaluate tax consequences in every decision to minimize leakage.  

This approach allows us to pursue our best ideas while maintaining portfolios designed to weather uncertainty and deliver strong, risk-adjusted returns over time.