Steelhead Partners, LLC

Steelhead Partners primarily provides discretionary investment management to pooled investment vehicles — including U.S. limited partnerships and offshore funds — and to separately managed accounts, with an overarching objective of capital appreciation while managing risk. Its current clients are the Funds and separate accounts rather than individual retail investors.

The firm structures portfolios around two core strategies: a fundamental equity long-short value approach and a convertible bond strategy; the fundamental value Funds are currently suspended and in liquidation, while the convertible bond strategy remains active and can employ leverage, concentrated positions and a range of derivatives. Steelhead’s investment process draws on fundamental, technical and cyclical analysis and generally targets multi-year investment horizons for its core positions.

Steelhead’s client mix — focused on institutional and pooled business clients rather than individual investors — is less common among peers in its category, and the firm’s strategies involve instruments (futures, options and other derivatives) even though Steelhead is not registered as a commodity pool operator or commodity trading advisor. As general partner to certain limited partnership Funds, Steelhead exercises full discretionary authority but uses independent administration and annual PCAOB-audited financial statements as governance safeguards.