Deccan Value Investors L.P. (“Deccan”) was founded in February 2010 by Vinit Bodas. Mr. Bodas owns
greater than 25% of Deccan and is the only principal owner of Deccan.
Deccan is an alternative investment management firm that provides investment management and advisory
services to high net-worth individuals and institutional clients through privately offered pooled investment
vehicles (the “Investment Funds”) and through separately managed accounts (“Separate Accounts” and
together with the Investment Funds, the “Investment Vehicles”).
Deccan’s investment objective is to invest in a concentrated global portfolio of stocks. Deccan invests
primarily in securities, including equities, instruments that are convertible into equities and derivative
instruments that give comparable exposure.
The Investment Vehicles are formed as limited partnerships and limited liability companies. The
Investment Vehicles that are offered within the United States as well as to U.S. Persons are available only
to persons who are “accredited investors” under the Securities Act of 1933 and only to persons who are
“qualified purchasers” under the Investment Company Act of 1940 (the “IC Act”). Additionally, all
investors must also be “qualified clients” under the Advisers Act of 1940. The Investment Vehicles are not
registered as investment companies under the IC Act and are not made available to the general public.
Deccan’s pooled investment vehicles are managed by Deccan in its sole discretion. Interests in the
Investment Funds are offered only by means of a private placement memorandum (also referred to as an
offering memorandum). The Investment Vehicles are funded through capital contributions and withdrawals
that are permitted at stated intervals at then current net asset values.
Deccan’s investment management and advisory services to pooled investment vehicles are provided
pursuant to the terms of the relevant offering memorandum or governing documents. Investors in the
Investment Funds cannot obtain services tailored to their specific needs. However, Deccan does provide
investment management and advisory services to separately managed accounts. Such services are
customized based on the specific needs of each Separate Account client. The customized services offered
to each Separate Account client include restrictions on investing in securities of certain companies as well
as certain asset classes. Separate Accounts that are managed by Deccan are generally charged management
fees and are responsible for incentive allocations that are similar to those applicable to the Investment
Funds.
Not Applicable
As of December 31, 2018, Deccan manages approximately $3.24 billion in regulatory assets under
management on a discretionary basis. Deccan does not manage client assets on a non-discretionary basis.
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In general, the fees for the Investment Funds are not negotiable, but the fees for the Separate Accounts are
negotiable.
The Investment Vehicles (defined in Item 4.B. above) pay an annual management fee from 1.0% to 2.0%
of portfolio assets, calculated and payable quarterly in advance as of the first day of each quarter, depending
on the specific Investment Fund and the share class. The Investment Vehicles also pay an incentive
allocation based on the performance of the portfolio above an index. Incentive allocations range between
0% and 20% of any realized and unrealized gains, depending on the specific Investment Vehicle and the
share class.
Performance-based allocations are only charged consistent with the SEC rules and regulations, including
Rule 205-3 under the Investment Advisers Act of 1940. The General Partner of the Investment Funds, in
its sole discretion, may waive or calculate differently the management fees and incentive allocations with
respect to investments made by affiliates or employees and certain other investors in the Investment Funds
or Separate Accounts.
Incentive allocations are calculated and accrued monthly but are generally allocated annually at year-end.
Incentive allocations are also subject to a hurdle rate on a share class basis. The hurdle rate will be
determined on a monthly basis by tracking the monthly performance of the MSCI World Index USD Net.
Deccan Value Investors Fund L.P. Class A Class B Class C Class D Class E Class F Class G Class H Incentive Allocation 20% 20% 17.5% 15% 0% 0% 0% 0% Management Fee 1.25% 1.0% 1.0% 1.0% 2.0% 1.75% 1.625% 1.5%
Deccan may in the future charge other types of fees and use different fee structures, including variations of
incentive allocations.
With respect to the Investment Vehicles, Deccan deducts fees directly from client assets. The Management
Fee is deducted quarterly and is calculated and payable quarterly in advance. The Management Fee is
prorated for any capital contribution or withdrawal that occurs other than as of the first day of a quarter.
The Incentive Allocation is accrued monthly; however, investors pay the Incentive Allocation at the end of
each fiscal year. If a withdrawal occurs at any time other than at the end of a fiscal year, the withdrawing
investor will be responsible for the Incentive Allocation at the time of the withdrawal.
The Investment Vehicles bear their own expenses. These expenses can include administrative expenses
that are not borne by Deccan, including broker and investment-related expenses (including brokerage
commissions, clearing and settlement charges, custodial fees and interest expense); legal expenses;
accounting, audit and tax preparation expenses; expenses of printing and mailing reports and notices; entity-
level tax expenses; regulatory expenses and filing fees (including, without limitation, fees and expenses
incurred in connection with the preparation and filing of Form PF, Section 13 filings, Section 16 filings and
other similar regulatory filings); organizational expenses; expenses relating to the offer and sale of interests
in the Investment Funds; expenses relating to obtaining liability insurance (e.g., D&O and E&O insurance
expenses); administrator fees; corporate licensing, extraordinary expenses and other similar expenses
related to the Investment Funds. Organizational expenses may be amortized over a period of up to five
years. To the extent such expenses are advanced by the General Partner of the Investment Funds or by
Deccan on behalf of the Investment Funds, such expenses are subsequently reimbursed.
In addition to the brokerage and transaction costs discussed above, please refer to Item 12 for more details
on Deccan’s Brokerage Practices.
The Investment Vehicles must pay fees quarterly in advance. Management fees will be prorated for any
capital withdrawal by an investor that is effective other than as of the first day of a quarter. If a client is
terminated before the end of a billing period, the client would be refunded a prorated portion of any pre-
paid fees.
No one under Deccan’s supervision or control is compensated for the sale of interests in the Investment
Funds.
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Item 5.A. of this brochure contains full details on the incentive allocations that each Investment Vehicle is
responsible for. Please see Item 5.A. for this information.
The charging of incentive allocations may give Deccan a reason to select investments for clients that are
riskier or more speculative than it would select if it were not entitled to performance-based allocations.
Deccan seeks to allocate investment opportunities to its clients, and to treat all of its clients, in a manner
that is fair and equitable to all. Deccan has adopted policies and procedures that address parameters to be
considered in allocating investment opportunities and Deccan’s time. Additionally, Deccan’s portfolio and
trading personnel meet periodically to review allocation decisions and to determine their consistency with
Deccan’s policies and procedures.
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Deccan provides discretionary investment advice to Investment Funds and Separate Accounts of
institutions, pension plans, and high net worth individual investors. The Investment Funds generally require
minimum investments of $5 million. Deccan generally requires that Separate Accounts have a minimum
capital investment of $150 million; however, amounts less than the required minimum may be agreed upon
in Deccan’s sole discretion.
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Investing in securities involves a risk of loss that clients should be prepared to bear.
Deccan employs a “bottom-up” stock-picking approach based on research-intensive fundamental analysis
and a flexible, open-minded approach to generating ideas from various sources. In addition to investing
directly, the Investment Vehicles may invest indirectly from time to time through special purpose vehicles.
Generally, the global franchises in which Deccan looks to invest comprise approximately 100 to 120
companies. Deccan monitors this universe of companies, focusing on the relationship between their long-
term franchise value and their stock prices. The fundamental approach to finding value in companies may
include visiting and talking to companies, competitors, suppliers and buyers, attending conferences, trade
shows and annual meetings. Deccan also uses consultants, legal counsel and industry experts to further
research current or prospective investments.
While Deccan generally intends to pursue a long-only strategy, it may from time to time find a company
that presents an attractive opportunity because of an interest that such company holds in another issuer. In
such cases, Deccan may purchase securities of this company and sell short the publicly traded securities of
the issuer held by this company. It may also buy a basket of securities in the issuer’s industry to get greater
exposure to the underlying investment opportunity and to reduce risk. Generally, not more than 20% of the
net assets of the each Investment Fund (as determined at the time of the investment) will be invested in
short positions at any one time.
Investments made in the Investment Vehicles involve significant risks. An investor should be aware that it
may lose all or part of its investment. Investors should carefully consider, among other things, the risks
described below. Such risk factors are not meant to be exhaustive listing of all potential risks associated
with these investments and prospective investors should carefully review relevant offering documents prior
to making an investment. There can be no assurance that Deccan will be able to achieve its investment
objectives or that Deccan investors and Separate Managed clients will receive a return of their capital.
Risks include, but are not limited to, the following:
•
Retention and Motivation of Key Employees. The performance of the Investment Vehicles is largely
dependent on the talents and efforts of highly skilled individuals employed by Deccan. The success of
the Investment Vehicles depends on Deccan’s ability to identify, and willingness to provide acceptable
compensation to attract, retain and motivate, talented investment professionals and other employees.
A period of sustained loss could hamper Deccan’s ability to attract and retain investment professionals
and other employees. There is no guarantee that the talents of Deccan’s investment professionals could
be replaced.
Limited Liquidity. Investment in the Investment Vehicles is suitable only for certain sophisticated
investors that have no need for immediate liquidity in their investment. An investment in the
Investment Vehicles provides limited liquidity. The Investment Vehicles may invest a portion of their
assets in financial instruments that are not publicly traded. The Investment Vehicles may not be able
to readily dispose of such non-publicly traded financial instruments and, in some cases, may be
contractually prohibited from disposing of such securities for a specific period of time. Accordingly,
the Investment Vehicles may be forced to sell their more liquid positions at a disadvantageous time,
resulting in a greater percentage of the portfolio consisting of illiquid securities.
Concentrated Portfolio. The Investment Vehicles’ investment portfolio is expected to consist of a
limited number of securities. As a result, the investment portfolio is more susceptible to fluctuations
in value resulting from adverse economic conditions, poor investment decisions and other factors which
negatively affect the performance of such securities than a less concentrated portfolio would be. The
Investment Vehicles’ aggregate return may therefore be volatile and is expected to be affected
substantially by the performance of only a few holdings. Such concentration may also expose the
Investment Vehicles to losses disproportionate to market movements in general.
•
General Economic and Market Conditions. The success of the Investment Vehicles’ activities is
affected by general economic and market conditions such as interest rates, availability of credit,
inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls, and
national and international political circumstances. These factors can affect the level and volatility of
the prices of securities, commodities, or other financial instruments and the liquidity of the Investment
Vehicles’ investments. Volatility or illiquidity could impair profitability, or result in losses.
•
Risks of Investment and Trading Strategies. Since Deccan’s investments are mainly net-long equity
market exposure, returns will depend to some extent on the direction of the broad equity market. The
success of investment and trading activities will depend on the Deccan’s ability to identify overvalued
and undervalued investment opportunities. Because such identification and exploitation involves
uncertainty, no assurance is given that Deccan will be able to correctly identify and capitalize on
investment opportunities. The Investment Vehicles may also be adversely affected by unforeseen
events involving matters such as changes in market liquidity, interest rates, credit status of an issuer,
forced redemptions of securities or acquisition proposals.
• Illiquid Investments. Deccan may invest in securities that are subject to legal or other restrictions on
transfers or for which no liquid market exists. The market prices, if any, for such securities tend to be
volatile and the Investment Vehicles may not be able to sell them when they desire to do so or to realize
what they perceive to be a fair value in the event of a sale. The sale of restricted and illiquid securities
often requires more time and results in higher brokerage charges or dealer discounts and other selling
expenses. Investment positions in illiquid securities can prevent Deccan from liquidating unfavorable
positions promptly and subject the Investment Vehicles to substantial losses. This could also impair
the Investment Vehicles’ ability to make distributions to withdrawing investors in a timely manner.
•
Leverage. While leverage presents opportunities for increasing the Investment Vehicles' total returns,
it also has the effect of increasing losses. Any event which adversely affects the value of an investment
held by an Investment Vehicle would be magnified to the extent the Investment Vehicle is leveraged.
The cumulative effect of the use of leverage by the Investment Vehicle in a market that moves adversely
to the Investment Vehicle's investments could result in a substantial loss to the Investment Vehicle
which would be greater than if the Investment Vehicle were not leveraged.
•
Short Selling. The Investment Vehicles may engage in short selling. Short selling involves selling
securities which are not owned by the short seller and borrowing them for delivery to the purchaser,
with an obligation to replace the borrowed securities at a later date. A short sale creates the risk of a
theoretically unlimited loss as the price of the underlying security could theoretically increase without
limitation, thus increasing the cost to the Investment Vehicle of buying those securities to “cover” the
short position (i.e., return the borrowed securities to the lender). There can be no assurance that the
Investment Vehicle will be able to maintain the ability to borrow securities sold short. In such cases,
the Investment Vehicle can be "bought in" (i.e., forced to repurchase securities in the open market to
return to the lender). There also can be no assurance that the securities necessary to cover a short
position will be available for purchase at or near prices quoted in the market. Purchasing securities to
close out a short position can itself cause the price of the securities to rise further, thereby exacerbating
the loss.
Emerging Markets. Investments in emerging markets or developing countries may involve additional
risks. Emerging markets generally are not as efficient as those in developed countries. In some cases,
a market for the security may not exist locally and transactions will need to be made on a neighboring
exchange. Volume and liquidity levels in emerging markets are lower than in developing countries.
When Deccan seeks to sell emerging market securities, little or no market may exist for these securities.
•
Options. An Investment Vehicle may buy or sell (write) both call options and put options, and when it
writes options, it may do so on a "covered" or an "uncovered" basis. A call option is "covered" when
the writer owns securities of the same class and amount as those to which the call option applies. A put
option is covered when the writer has an open short position insecurities of the relevant class and
amount. The Investment Vehicle's option transactions may be part of a hedging strategy (i.e., offsetting
the risk involved in another securities position) or a form of leverage, in which the Investment Vehicle
has the right to benefit from price movements in a large number of securities with a small commitment
of capital. These activities involve risks that can be substantial, depending on the circumstances.
•
Counterparty Risk. The use of leverage and the use of “over-the-counter” instruments results in
counterparty risk. This causes the Investment Vehicles to take on credit risk with regard to the
counterparties that they transact with. The Investment Vehicles also bear the risk that counterparty will
not settle a transaction in accordance with the terms and conditions of the financial instrument.
employed for each Investment Vehicle. Please see Item 8.B. for this information.
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Not Applicable
Deccan Value LLC is an affiliate of Deccan. Deccan Value LLC serves as the General Partner to Deccan.
Deccan Value Investors GP LLC (“DVI GP”) is an affiliate of Deccan. DVI GP serves as the General
Partner to the majority of Investment Funds managed by Deccan. The Investment Funds have been created
as limited partnerships. DVI GP is responsible for the management, operations and investment decisions
made on behalf of the Investment Funds.
H/D Investors GP LLC (“HD GP”) is an affiliate of Deccan. HD GP serves as the General Partner to one
of the Investment Funds managed by Deccan. HD GP is responsible for the management, operations and
investment decisions made on behalf of one of the Investment Funds.
Please see Item 6 above and Item 11.B., Item 11.C. and Item 11.D. below for conflicts that may arise due
to Deccan’s management of multiple Investment Vehicles, as well as how these conflicts are addressed by
Deccan.
Not Applicable
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Deccan’s Code of Ethics (the “Code”) establishes rules of conduct for all related persons. The Code
requires all employees to conduct their affairs, including personal securities transactions, in such a manner
as to (i) avoid serving their own personal interests at the expense of Deccan or the Investment Vehicles, (ii)
avoid taking inappropriate advantage of their position with Deccan, (iii) avoid abusing their position of
trust and responsibility, and (iv) mitigate or, if applicable, avoid any actual or potential conflicts of interest.
The Code addresses topics including, for example, confidentiality, personal investing activity, the receiving
or giving of gifts and insider trading. The policies in the Code are monitored by the Chief Compliance
Officer.
A copy of the Code is available to clients and prospective clients upon request.
DVI GP is an affiliate of Deccan and the General Partner of Deccan Value Investors Fund L.P., Deccan
Value Investors BPI Fund L.P., DVG 1740 Fund L.P., A/D Investors Fund L.P., M/D Investors Fund L.P.,
and Veda Investors Fund L.P., respectively. HD GP is an affiliate of Deccan and the General Partner of
H/D Investors Fund L.P. In order to mitigate the conflict of advising certain Investment Funds managed
by Deccan to invest in other Investment Funds also managed by Deccan, Deccan does not permit these
investors to obtain terms that are more favorable than the terms offered to any other investor.
Through its marketing efforts, Deccan solicits investors and prospective investors to invest in the
Investment Funds. Likewise, in its capacity as investment adviser, Deccan recommends the Investment
Funds to its clients and prospective clients. Deccan mitigates this conflict by ensuring that its marketing
efforts adhere to applicable securities and anti-fraud rules.
Related persons of Deccan may invest in securities that are also recommended to the Investment Vehicles.
This may result in a conflict of interest because of the potential for the related person’s investments to
benefit from favorable market movements resulting from trades carried out on behalf of the Investment
Vehicles. In order to mitigate this, Deccan places restrictions on the orders of related persons, including
certain order-approval requirements, reporting of orders of related persons to compliance personnel and in
some cases, restrictions on the timing of execution of such orders.
Related persons of Deccan may recommend securities to the Investment Vehicles at or about the same time
that the related persons may buy or sell the same securities for their own account. This may result in a
conflict of interest because the related person may benefit from executing their order concurrently with the
order placed on behalf of the Investment Vehicles. In order to mitigate this, Deccan places restrictions on
the orders of related persons, including certain order-approval requirements, reporting of orders of related
persons to compliance personnel, and in some cases, restrictions on the timing of execution of such orders.
Orders of related persons may be aggregated with orders placed on behalf of Investment Vehicles in order
for Deccan to control the execution of the related person’s order in connection with the conflict of interest
described herein.
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Deccan allocates transactions to broker-dealers for execution on markets/exchanges and at prices and
commission rates that in Deccan’s judgment are in the interest of its clients. Deccan takes into consideration
available prices, commission rates, and other potential factors such as quality of execution, reputation,
financial strength and stability, block trading and block positioning capabilities, willingness to execute
difficult transactions, willingness and ability to commit capital, access to deal flow, operational facilities,
receipt of brokerage or research services, access to underwritten offerings and secondary markets, overall
trade costs, the nature of the security in relation to available market makers, the desired timing of the
transaction and trade size, confidentiality of trading activity, access to company management, market
intelligence regarding trading activity and the ongoing reliability and financial responsibility of the broker-
dealer. Research furnished by brokers may include, but is not limited to: written information and analyses
concerning specific securities, companies or sectors, as well as discussions with research personnel; market,
financial and economic studies and forecasts; financial publications; statistical and pricing services;
software, data bases and other technical and telecommunication services and equipment utilized in the
investment management process.
Deccan does not currently use commissions or “soft” dollars to pay for research or brokerage products or
services. Deccan, however, may receive products or services from broker-dealers that, to the best of
Deccan’s knowledge, are of the type that are generally made available to similarly situated institutional
clients of such broker-dealers. While the continued provision of such services to Deccan is not conditioned
on directing any particular level of transactions to these brokerage firms, such services are provided without
separate charge in consideration of Deccan's use of such brokerage firms to execute transactions for the
Investment Vehicles.
Deccan expects products and services provided by broker-dealers will generally benefit all of the
Investment Vehicles, but in some cases products and services may benefit individual Investment Vehicles
and/or Deccan. Deccan may from time to time participate in certain “capital introduction” programs
organized or sponsored by certain prime or executing brokers or their affiliates. These conferences and
programs may be a means by which Deccan can be introduced to potential investors in the Investment
Vehicles. Currently, neither Deccan nor the Investment Vehicles compensate the brokers for organizing
these “capital introduction” events or for investments ultimately made by prospective investors attending
such events (although either may do so in the future). These events as well as the other services provided
by a broker may be a factor in deciding whether to use that broker for brokerage, financing, trade execution
or other activities conducted by the Investment Vehicles. However, Deccan will not commit to allocate a
particular amount of brokerage to a broker-dealer in any of these situations.
During the last fiscal year, prior to Deccan terminating its soft dollar program, Deccan may have acquired,
with client brokerage commissions (or markups or markdowns), (i) research, such as proprietary research
from brokers, among others, which may have been written and/or oral; (ii) research products, such as
databases and quotation services; and (iii) research services, including, but not limited to, research
concerning market, economic and financial data; statistical information; pricing data and availability of
securities; financial publications; electronic market quotations; analyses concerning specific securities,
companies, industries or sectors; market, economic and financial studies and forecasts; and invitations to
attend conferences or meetings with management or industry consultants.
Deccan has a fiduciary and fundamental duty to seek to obtain “best execution” of securities transactions
for its clients. This means that in selecting brokers or dealers to execute transactions, Deccan must always
seek to ensure that the cost or proceeds of any transaction for a client is the most favorable obtainable under
the particular circumstances.
During the last fiscal year, Deccan has taken into account the quality of available research services and
products provided by brokers when directing client transactions to a particular broker. Deccan directed
transactions to such brokers consistent with its best execution responsibilities.
Not Applicable
When Deccan purchases securities for more than one account, Deccan will aggregate orders to get more
favorable prices, lower brokerage commissions or more efficient execution. Deccan’s authorized traders
determine the appropriate brokers consistent with Deccan’s duty to seek to obtain best execution, except
for those accounts with specific brokerage direction (if any).
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Items 13.A and 13.B All accounts are reviewed on a regular basis to determine their conformity with risk parameters, investment
objectives, and guidelines. The Administrator of the Investment Vehicles and each portfolio manager
receive daily updates of portfolio positions and transactions. The portfolio manager and analysts meet
regularly to review and discuss portfolio status, potential investments and related issues. Deccan also has
an independent third-party administration firm review monthly statements and reports.
Investors in Deccan's Investment Vehicles generally receive monthly statements indicating their beginning
and ending capital balances or net asset value. Additionally, investors in U.S. domiciled vehicles are
generally issued Schedule K-1s after the close of fiscal year-end. Audited financial statements are provided
to investors in the Investment Funds within 120-days of fiscal year-end. Certain investors may receive
additional information. Separate Account clients may receive reports also showing open positions, dividend
and interest income, and realized gains and losses. The nature and operation of separate accounts affords
Separate Account clients greater and more frequent transparency than investors in the Investment Funds.
The reports discussed above are in written/typed form.
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See Item 12.A. for details concerning soft dollar benefits received through December 31, 2018.
Deccan does not currently use services of a placement agent to offer interests in the Investment Vehicles.
However, Deccan may enter into arrangements with placement agents where in return for a referral Deccan
would pay the placement agent a one-time or ongoing fee based upon the value of the referral’s investment
into one of the Investment Vehicles. Any such arrangement with a placement agent will be disclosed.
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The Administrator of the Investment Vehicles sends monthly statements to investors, which should be
carefully reviewed. On an annual basis, Deccan delivers audited financial statements to investors in the
Investment Funds within 120-days of fiscal year-end. The Investment Funds are audited annually by an
accounting firm that is a member of the Public Company Accounting Oversight Board. The audit of the
Investment Funds is conducted in accordance with accounting principles that are generally accepted in the
U.S. (i.e., U.S. GAAP).
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Deccan has full discretion to manage securities accounts on behalf of the Investment Vehicles. This
authority is granted pursuant to a Limited Partnership Agreement (“LPA”) or an Investment Advisory
Agreement, as applicable between Deccan and the respective Investment Vehicles. Individual investors
accede to the authority given to Deccan in a respective LPA by signing a subscription agreement.
Deccan’s investment discretion is exercised in a manner consistent with the stated investment objectives
for the particular Investment Vehicle. Deccan’s Separate Account clients may impose contractual
restrictions and/or limitations on Deccan’s discretionary authority.
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Items 17.A and 17.B As a matter of policy and as a fiduciary to its clients, Deccan is responsible for voting proxies for portfolio
securities consistent with the best economic interests of its clients. Deccan understands and appreciates the
importance of proxy voting. Deccan will vote all proxies in the best interests of its clients and investors (as
applicable) and in accordance with the procedures outlined below (as applicable), unless otherwise
mandated by an investment management agreement or applicable law (e.g. ERISA).
All proxies sent to clients that are received by any employee (to vote on behalf of the clients) are given
to the lead research analyst(s) covering the subject portfolio security.
Prior to voting any proxies, any conflicts of interest related to the proxy in question will be identified.
In the event of a conflict, a determination will be made (which may be in consultation with outside
legal counsel) as to whether the conflict is material or not.
If no material conflict is identified pursuant to these procedures, the lead research analyst covering the
subject security will make a decision on how to vote the proxy in question in accordance with the
guidelines in put forth below.
Voting Guidelines
•
Deccan will vote proxies in the best interests of its clients. Deccan's policy is to vote all proxies for a
specific issuer in the same way for each client, absent some qualifying restrictions or a material conflict
of interest.
•
Deccan will generally vote in favor of routine corporate housekeeping proposals such as the election
of directors and the selection of auditors, absent conflicts of interest (e.g., an auditor's provision of non-
audit services).
•
Deccan will generally vote against proposals that cause board members to become entrenched or cause
unequal voting rights.
•
In reviewing proposals, Deccan may also consider the opinion of management, the effect on
management, the effect on shareholder value and the issuer’s business practices.
Investors that wish to obtain a record of Deccan’s proxy voting policy or proxy voting history can contact
Deccan’s Chief Compliance Officer.
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Not Applicable
Deccan is not aware of any financial conditions reasonably likely to impair Deccan’s ability to meet its
contractual and fiduciary commitments to its clients.
Deccan has not been the subject of a bankruptcy petition at any time during the past ten years.
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