High Trail Capital

High Trail Capital serves as a sub‑adviser to Hudson Bay Capital Management LP and to several special purpose vehicles within a master‑feeder private fund structure, delivering investment advice to pooled vehicles for sophisticated and institutional investors. The firm manages approximately $296.9 million of client assets and conducts its advisory services primarily on a non‑discretionary basis.

The firm focuses on publicly traded companies with equity market values between $25 million and $3 billion and predominantly recommends equity‑linked instruments such as convertible debt, convertible preferred stock, and debt with warrants, applying fundamental analysis and a buy‑and‑hold approach. Under the Sub‑Advisory Agreement the Adviser makes investment recommendations while the primary adviser typically controls final allocation and related operational decisions, and the firm maintains procedures intended to address conflicts from performance‑based compensation.

Distinctive features include the firm’s predominantly non‑discretionary mandate and its use of negotiated sub‑advisory fees along with performance‑based compensation rather than a conventional percentage‑of‑AUM fee model. The Adviser also notes it does not have custody of client assets or authority to vote client securities, consistent with its role within a larger manager‑of‑managers arrangement and with arrangements for illiquid investments.