Three Circles Capital Management, LLC

The firm provides discretionary portfolio management to a small number of separate account clients and acts as manager and investment adviser to a private pooled investment vehicle (the Fund). Its clients include individuals, trusts, corporations and banking institutions, and the firm accepts custody responsibilities for the Fund while managing both pooled and separate account mandates.

The firm employs a proprietary analytical process to identify equity investments worldwide that meet value, growth and momentum criteria and implements both long and short positions as part of its strategy. It also uses options—including an options overlay applied to ETFs introduced in late 2019—to seek to reduce downside risk and generate income, and portfolios can be relatively concentrated with industry exposures that the adviser may set at materially higher levels than broadly diversified funds.

This adviser is atypical among solo independent firms because it manages a private fund and accepts performance-based compensation for that pooled vehicle, creating potential conflicts that it addresses through features such as a high-water mark, pro rata allocations and same-day pricing when trades affect both the Fund and separate accounts. As a very small, single-advisor practice serving both individual and institutional clients, the firm combines direct, hands-on management with strategies (options overlays, shorting, concentrated positions) that are less common among peers of its size.