Eminence Capital, LP

Eminence Capital primarily provides discretionary investment management to pooled investment vehicles — including Classic long/short funds, Long funds, Alpha Extension funds and an Opportunity Fund — and also serves as manager or sub-adviser to segregated portfolios, a separately managed account (SMA), and other institutional accounts. The Brochure notes that, while advice is delivered to these pooled vehicles, investors in the Funds may include a broad set of institutions and entities such as banks and thrift institutions, insurance companies, pension and profit-sharing plans, charitable organizations, corporate entities, state or municipal government entities and sovereign wealth investors.

The firm pursues a research-driven “quality value” long/short equity approach, emphasizing fundamental financial and qualitative analysis, concentrated portfolios and both long and short positions to seek above-average long‑term capital appreciation. Portfolios may employ leverage and a range of derivatives (options, equity swaps, contracts for differences, total return swaps and other OTC derivatives), with the Classic strategy described as typically running substantial gross leverage (the Brochure cites levels at or above roughly 150%) and other strategies generally at or near full equity exposure.

Noteworthy distinctions include a focused Opportunity Fund that concentrates on companies operating in or adjacent to the cannabis sector and a stated effort to avoid direct investments that would violate U.S. federal law while acknowledging the regulatory and concentration risks of that sector. Operationally the firm documents a mix of prime-broker relationships, commission‑sharing/soft‑dollar arrangements, use of an outsourced trader for certain non‑U.S. overnight trading, and a claimed CFTC exemption as a commodity pool operator for futures activity — features and client types that are less common among peers in this adviser category.