Sheffield Asset Management, L.L.C.

Sheffield Asset Management, L.L.C. acts as the discretionary investment manager for a private pooled vehicle, Sheffield Partners, L.P., serving accredited and qualified investors including institutions, family offices, funds of funds, high-net-worth individuals and trusts. The firm manages primarily pooled assets (about $151.7 million as of December 31, 2025) and executes trades across a wide set of instruments on behalf of the Fund rather than providing individually tailored advisory services.

The firm pursues a value-oriented, bottom-up investment approach that emphasizes intrinsic value, catalyst-driven ideas and concentrated, long-term core positions while also employing short positions and opportunistic distressed investments. Research-based individual stock selection drives portfolio construction, with position-sizing, liquidity considerations, and targeted gross/net exposure ranges used to manage risk and guide incremental builds or exits.

Compared with many peers that manage pooled equity portfolios, Sheffield discloses active commodity and derivatives activity — including futures trading and an active 4.13(a)(3) NFA exemption for de minimis futures exposure — and regularly uses swaps, options and other over‑the‑counter instruments. The firm also notes structural features that can affect investors differently than at other managers: an outside manager has a contractual right to receive payments tied to Sheffield’s revenues, the ability to enter investor side letters, and the use of soft‑dollar research arrangements.