CZ Capital LLP (“CZ”, the “Firm”, “we”, “us”, or “our”) is an investment adviser with its principal place of business in London, UK. CZ commenced operations as an investment adviser in March 2006.

CZ provides investment management services to the private pooled investment vehicles – CZ Enhanced Fund Limited and CZ Enhanced Master Fund Limited, based on specific investment objectives and strategies. CZ does not tailor advisory services to the individual needs of investors in the Fund (defined below).

The ownership structure of the Fund is simple master/feeder – CZ Enhanced Fund Limited (the “Feeder Fund”), invests all its assets in CZ Enhanced Master Fund Limited (the “Master Fund”) the “Fund”. Information about the Fund can be found in its offering document.

In June 2017 CZ was appointed by Fundlogic Alternatives p.l.c to act as the Investment Manager to the CZ Absolute Alpha UCITS Fund. In December 2018 CZ launched a new UCITS Fund (“CZ UCITS Fund”) on its own platform. This new fund was approved by the Central Bank of Ireland and merged with the UCITS Fund (previously launched in June 2017) with effect from 14th December 2018. The CZ UCITS Fund is Irish domiciled and is authorized as part of an umbrella fund by the Central Bank of Ireland. It does not have US investors.

In addition, CZ provides investment management services to segregated client accounts, which are managed in a similar manner to the Fund (the “Client Accounts”). The Fund, the CZ UCITS Fund and the Client Accounts are collectively known as the “Clients”. CZ Capital Services (Cayman) Limited, a company incorporated in the Cayman Islands, serves as the “Manager” of the Fund under the management agreement between the Fund and the Manager. The Manager has appointed the Firm to provide the Fund with portfolio management services under the investment management agreement between the Fund, the Manager and the Firm.

The Firm is authorized and regulated by the Financial Conduct Authority (“FCA”) in the UK and has been so since 2 March 2006 including its predecessor the Financial Services Authority.

Charles Curtis, Steven Evans, William Rushmer, Owain Lewis, Matthew Wright and Antonia Brooks are the Members of the Firm. CZ Capital Services Limited, a company incorporated in the UK, is the Corporate Member of CZ. As of 31 May, 2019, the Firm had approximately US $217m in assets under management in the Fund, $333m in the CZ UCITS Fund, and approximately US $63m in assets under management in the Client Accounts, all of which are managed on a discretionary basis. please register to get more info

The Enhanced Feeder Fund is charged a monthly management fee at an annual rate ranging from 2% to 1.75% of the net assets of the Fund (before deduction of the management fee and any accrued performance fee). Management fees are charged each month in arrears based on the market value of the assets in the Fund’s accounts. Fees are deducted from the Fund’s account by instructing the Fund’s custodian. The manager does not have the sole authority to initial and pay itself fees. The Fund shall pay for their organizational and initial offering expenses as well as for their operating expenses, including but not limited to, auditing, administration, and trading costs. The Fund may incur brokerage and other transaction costs. For further details on the Firm’s brokerage practices refer to Item 12 of this Brochure.

An administration fee is also charged at a rate ranging from 0.07% to 0.09% based on asset values, and a sales fee of up to 2.5% may be payable to the extent that fees/expenses of intermediaries need to be met. The sales fee may be waived at the discretion of the Directors of the Feeder Fund.

The Client Accounts are charged a monthly management fee for the investment management services provided by the Firm. please register to get more info

The Manager is entitled to receive from the Feeder Fund and the Client Accounts an annual performance fee that is calculated based upon a percentage of the net capital appreciation of the Feeder Fund and/or Client Account respectively. The performance fees are charged in compliance with Rule 205-3 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

Net asset value includes net realized and unrealized profits and losses.

Performance based fee arrangements may create an incentive for CZ to recommend investments which may be riskier or more speculative than those which would be recommended under a different fee arrangement. CZ has procedures designed and implemented to ensure that its Clients are treated fairly, and to prevent this conflict from influencing its investment decisions. Conflicts are monitored by the CCO.

No other hourly, flat or asset-based fees are charged to the Clients. please register to get more info

The Firm’s Clients are the Fund, CZ UCITS Fund and the Client Accounts. Investors in the Fund and the CZ UCITS Fund and the Client Accounts consist primarily of institutional investors. CZ relies on a 3(c)(7) exemption, and as such investors must meet the requirements for a “qualified purchaser” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The minimum initial subscription in the Feeder Fund is $100,000. The Directors of the Feeder Fund have the discretion to determine the minimum subsequent investment on a case by case basis. please register to get more info

Methods of Analysis & Investment Strategy The Fund seeks to be a market neutral hedge fund, with a focus on UK Stocks. The Fund’s portfolio contains a number of long and short positions selected by fundamental research. The Fund targets attractive risk-adjusted returns with medium volatility and a low correlation to equity markets. The Fund seeks to perform in all market conditions. Returns are generated through fundamental research and valuation based stock selection. Ideas are generated through a combination of proprietary research, quantitative screening and real life observations. These are analyzed with both the qualitative and quantitative issues being thoroughly examined. The Fund’s portfolio is constructed with consideration taken to the level of conviction, liquidity and an overall risk analysis.

The portfolio of the Fund consists primarily of UK equities and each holding is likely to be between 1% and 10.0% of the assets under management. Typical net exposure is within the range of -40% to +40% in terms of both cash and beta. Gross exposure is limited to 500%. There are approximately 100 to 150 positions in the Fund’s portfolio at any one time, split between the long and short sides of the portfolio.

We seek to mitigate market risk, sector exposure and other unwanted style biases. The portfolio aims to be fully hedged in terms of currency exposure at all times.

The investment objectives and strategies of the Fund may be modified at any time. Our right to modify strategies with respect to the Fund depends upon the terms of the agreements governing such accounts and vehicles.

As mentioned above, the Client Accounts and the CZ UCITS Fund are managed with similar strategy to the Fund; however, with different net and gross exposure limits.

Risk of Loss Factors The following are the material risks involved in CZ’s investment strategy. This list does not purport to be a complete enumeration or explanation of the risks involved in such strategy. Investors in the Fund should refer to the risk factors detailed in the offering document before making any investment decisions.

Business Risk

There can be no assurance that the Clients will achieve their investment objective. The investment results of the Clients are reliant upon the success of the Firm. Concentration of Investments The Feeder Fund invests all of its assets (to the extent not retained in cash) in the ordinary shares of the Master Fund and are accordingly not diversified. Although it is the policy of the Master Fund to diversify its investment portfolio, the Master Fund and Client Accounts may at certain times hold relatively few investments. The Master Fund and Client Accounts could be subject to significant losses if they hold a large position in a particular investment that declines in value or is otherwise adversely affected, including default of the issuer. Counterparty Risk The Clients are subject to the risk of the inability of any counterparty (including the prime brokers and custodians) to perform with respect to transactions, whether due to insolvency, bankruptcy or other causes. Currency Exposure

The interests in the Fund and Client Accounts are denominated in Sterling, US Dollars and Euro and will be issued and redeemed in those currencies. Certain assets of the Master Fund and/or Client Accounts may, however, be invested in securities and other investments which are denominated in other currencies.

Accordingly, the value of such assets may be affected favorably or unfavorably by fluctuations in currency rates. The Firm may seek to hedge the foreign exchange exposure of the non- Sterling denominated classes from Sterling into the relevant currency on a regular basis. However, fluctuations in the US Dollar/Sterling or the Euro/Sterling exchange rate may still impact on the value of such classes in the currency in which they are denominated. Prospective investors whose assets and liabilities are predominantly in currencies other than Sterling, US Dollar or Euro should also take into account the potential risk of loss arising from fluctuations in value between the currency of the class in which they invest and such other currencies.

Debt Securities

The Clients may invest in debt securities which may be unrated by a recognized credit-rating agency or below investment grade and which are subject to greater risk of loss of principal and interest than higher-rated debt securities. The Clients may invest in debt securities which rank junior to other outstanding securities and obligations of the issuer, all or a significant portion of which may be secured on substantially all of that issuer's assets. The Clients may invest in debt securities which are not protected by financial covenants or limitations on additional indebtedness. The Clients will therefore be subject to credit, liquidity and interest rate risks. In addition, evaluating credit risk for debt securities involves uncertainty because credit rating agencies throughout the world have different standards, making comparison across countries difficult. Also, the market for credit spreads is often inefficient and illiquid, making it difficult to accurately calculate discounting spreads for valuing financial instruments.

Derivatives

The Clients may utilize both exchange-traded and over-the-counter derivatives, including, but not limited to, futures, forwards, swaps, options and contracts for differences, as part of its investment policy. These instruments can be highly volatile and expose investors to a high risk of loss. The low initial margin deposits normally required to establish a position in such instruments permit a high degree of leverage. As a result, depending on the type of instrument, a relatively small movement in the price of the underlying asset may result in a profit or a loss which is high in proportion to the amount of funds actually placed as initial margin and may result in unquantifiable further loss exceeding any margin deposited. In addition, daily limits on price fluctuations and speculative position limits on exchanges may prevent prompt liquidation of positions resulting in potentially greater losses. Transactions in over-the-counter contracts may involve additional risk as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk. Contractual asymmetries and inefficiencies can also increase risk, such as break clauses, whereby a counterparty can terminate a transaction on the basis of a certain reduction in net asset value, incorrect collateral calls or delays in collateral recovery. The Clients may also sell covered and uncovered options on securities. To the extent that such options are uncovered, the Clients could theoretically incur an unlimited loss. Forward Foreign Exchange Contracts The Clients may enter into forward foreign exchange contracts. A forward foreign exchange contract is a contractually binding obligation to purchase or sell a particular currency at a specified date in the future. Forward foreign exchange contracts are not uniform as to the quantity or time at which a currency is to be delivered and are not traded on exchanges. Rather, they are individually negotiated transactions. Forward foreign exchange contracts are effected through a trading system known as the interbank market. It is not a market with a specific location but rather a network of participants electronically linked. Documentation of transactions generally consists of an exchange of telex or facsimile messages. There is no limitation as to daily price movements on this market and in exceptional circumstances there have been periods during which certain banks have refused to quote prices for forward foreign exchange contracts or have quoted prices with an unusually wide spread between the price at which the bank is prepared to buy and that at which it is prepared to sell. Transactions in forward foreign exchange contracts are not regulated by any regulatory authority nor are they guaranteed by an exchange or clearing house. The Clients are subject to the risk of the inability or refusal of its counterparties to perform with respect to such contracts. Any such default could eliminate any profit potential and compel the Clients to cover their commitments for resale or repurchase, if any, at the then current market price. These events could result in significant losses.

Short Selling

Short selling involves trading on margin and accordingly can involve greater risk than investments based on a long position. A short sale of a security involves the risk of a theoretically unlimited increase in the market price of the security, which could result in an inability to cover the short position and a theoretically unlimited loss. There can be no guarantee that securities necessary to cover a short position will be available for purchase. Due to regulatory or legislative action taken by regulators around the world as a result of recent volatility in the global financial markets, taking short positions on certain securities has been restricted in a number of financial markets, and is continuing to evolve. The levels of restriction vary across different jurisdictions and are subject to change in the short to medium term. These restrictions have made it difficult and, in some cases, impossible for numerous market participants either to continue to implement their investment strategies or to control the risk of their open positions. Accordingly, the Firm may not be in a position to fully express its negative views in relation to certain securities, companies or sectors and the ability of the Firm to fulfil the investment objectives of the Clients may be constrained. This position will be monitored regularly by the Firm. Transaction Costs The Master Fund’s, CZ UCITS Fund’s and Client Accounts’ investment strategies may involve a high level of trading and turnover of investments which may generate substantial transaction costs which will be borne by the Master Fund and Client Accounts respectively. Undervalued/Overvalued Securities One of the key objectives of the Clients is to identify and invest in undervalued and overvalued securities ("misvalued securities"). The identification of investment opportunities in misvalued securities is a difficult task, and there can be no assurance that such opportunities will be successfully recognized. While purchases of undervalued securities and short sales of overvalued securities offer opportunities for above-average capital appreciation, these investments involve a high degree of financial risk and can result in substantial losses. Returns generated from the Clients’ investments may not adequately compensate for the business and financial risks assumed.

The Clients may make certain speculative investments in securities which the Investment Manager believes to be misvalued; however, there can be no assurance that the securities purchased and sold will in fact be misvalued. In addition, the Clients may be required to maintain positions in such securities for a substantial period of time before realizing their anticipated value. During this period, a portion of the Clients’ capital will be committed to the securities, thus possibly preventing the Clients from investing in other opportunities. In addition, the Clients may finance any such purchases with borrowed funds and thus will have to pay interest on such funds during such waiting period. please register to get more info

Neither we nor any of our management personnel are subject to or have in the past been subject to any criminal or civil action in any domestic or foreign court, and neither we nor any of our management personnel have been subject to any administrative proceedings before the SEC or any other state, federal or foreign financial regulatory authority. please register to get more info

CZ Capital Services (Cayman) Limited, a company incorporated in the Cayman Islands and under common ownership with the Firm, serves as the “Manager” of the Fund under the management agreement between the Fund and the Manager. The Manager has appointed the Firm to provide the Fund with portfolio management services under the investment management agreement between the Fund, the Manager and the Firm. We believe there are no material conflicts of interest due to this arrangement. please register to get more info

Personal Trading Participation or Interest in Client Transactions We serve as the investment adviser to the Fund. Employees, affiliates of the employees, and relatives of the employees may make investments in the Fund. In addition, the Firm’s related persons may invest in the same securities (or related securities) that the Firm recommends to the Fund. Such practices present a conflict where a related person is in a position to trade in a manner that could adversely affect the Fund (e.g., by placing its own trades before or after Fund trades are executed in order to benefit from any price movements due to the Fund’s trades). In addition to affecting the related person’s objectivity, these practices by the related person may also harm Fund by adversely affecting the price at which the Fund’ trades are executed. The Firm has adopted a pre- clearance policy, as discussed below, in an effort to minimize such conflicts. Code of Ethics & Personal Trading Pursuant to Rule 204A-1 of the Advisers Act, we have adopted a Code of Ethics and a Personal Account Dealing Policy that establishes various procedures with respect to investment transactions in accounts in which our employees or related persons have a beneficial interest and accounts over which an employee has investment discretion.

In general, employees (and members of their immediate households) are permitted to invest in equities, options or futures but must obtain written pre-approval from the CIO and CCO. Approvals are valid only for 24 hours. The spirit of the Code of Ethics and the Personal Account Dealing Policy is to discourage frequent trading in employee personal accounts. In addition, employees may not acquire securities for their own account in an initial public offering unless approved by the CIO and the CCO. Employees must also obtain pre-approval from the CCO before engaging in any outside business activities or private placements.

All of our employees must direct their brokers to send duplicate brokerage statements to the CCO or to arrange for automatic feeds of transactions. These records are used to monitor compliance with the foregoing policies.

These policies apply to any personal transactions involving equity, debt, options, or futures. This policy does not apply to transactions involving government securities, open-end mutual funds or other instruments which afford the investor no discretion over individual securities transactions.

Our Code of Ethics and Personal Account Dealing Policy are available upon request. please register to get more info

As an adviser and a fiduciary to the Clients, we require that the Clients’ interests must always be placed first and foremost, and our trading practices and procedures prohibit unfair trading practices and seek to disclose and avoid any actual or potential conflicts of interests or resolve such conflicts in the Fund’s favor. We have adopted the following policies and practices to meet the Clients’ fiduciary responsibilities and to ensure our trading practices are fair to all Clients and that no Fund or Client Account is advantaged or disadvantaged over any other.

Allocation Our policy prohibits any allocation of trades in a manner that would cause any client account, including accounts where the Firm’s directors and/or employees are beneficial, to receive more favorable treatment than other client accounts. CZ generally allocates trades for the Clients on a pari passu basis based on the gross market value of the participating accounts subject however to the differing capital size, leverage, cash availability, risk parameters and other such factors affecting such accounts and/or arrangements. The intention of this allocation policy is that unlevered performance of each relevant account be substantially similar to that of other accounts and/or arrangements managed by CZ in a similar strategy. CZ does not intend to execute principal trades or cross trades. Aggregation In general, we will execute transactions for the Clients on an aggregated basis when the Firm believes that to do so will allow it to obtain best execution and to negotiate more favorable commission rates or other transaction costs that might have otherwise been paid had such orders been placed independently. When aggregating orders, all participating Clients will be treated in a fair and equitable manner. Best Execution As an investment advisory firm, we have a fiduciary duty to seek best execution for client transactions. As a matter of policy and practice, we seek to obtain best execution for client transactions, i.e., seeking to obtain not necessarily the lowest commission but the best overall qualitative execution in the particular circumstances.

Our investment team meets annually to formally review all counterparties. Counterparties are selected as part of our Best Execution Policy.

Services provided or paid for by brokers will be of a type, and will be received pursuant to arrangements permitted under the rules of the FCA. Such services may take the form of trade execution on behalf of the Funds and/or the provision of research to the Adviser. Although the services are expected to be of a type that would qualify as brokerage or research services under Section 28(e) of the Securities Exchange Act of 1934, as amended, the arrangements through which the services are received by the Adviser are not in every event expected to satisfy the requirements of such Section 28(e).

Trade Errors On occasion we may experience errors with respect to trades made on behalf of the Clients. Trade errors can result from a variety of situations, including for example, when the wrong security is purchased or sold, when the correct security is purchased or sold but for the wrong account, when the wrong amount is purchased or sold (e.g., 1,000 shares instead of 10,000 shares are traded), or when a misallocation among the Clients occur. The Firm endeavors to detect trade errors prior to settlement and correct them in an expeditious manner.

The SEC has stated a general view that an adviser has a fiduciary duty to place trades accurately. Accordingly, we reimburse losses suffered by a Client as a result of a trade error caused by us. We will not correct a trade error made for one Client by causing the other Client to buy or sell the securities.

Soft Dollars We have research charge collection agreements with our prime brokers and electronic trading counterparties. The charges are agreed with each of our funds and clients and full disclosure is made. Services provided or paid for by brokers will be of a type, and will be received pursuant to arrangements permitted under other regulatory obligations. Such services may take the form of trade execution on behalf of the Funds and/or the provision of research to the Adviser. Although the services are expected to be of a type that would qualify as brokerage or research services under Section 28(e) of the Securities Exchange Act of 1934, as amended, the arrangements through which the services are received by the Adviser are not in every event expected to satisfy the requirements of such Section 28(e). please register to get more info

Review of Accounts The Clients managed by the Firm are reviewed on a continual basis by our investment team to assure conformity with investment objectives and guidelines.

Reporting to investors CZ will distribute an audited financial report for the Fund with respect to the previous fiscal year to investors in such Fund within 120 days of year-end. In addition, the Fund will generally distribute net asset value updates and performance reports on a monthly basis. please register to get more info

We currently do not utilize third party marketers for client referrals.

We do not currently provide advice to parties other than the Clients. The Firm also does not provide other advisory services to the Clients. please register to get more info

The Fund, the CZ UCITS Fund and Client Accounts managed by the Firm use external custodians with whom the Clients have a direct agreement. CZ does not send out account statements.

Custody services are provided to the Fund managed by the Firm as follows:

We currently use Morgan Stanley & Co LLC and UBS Securities LLC as our Prime Brokers and custodians for CZ Enhanced Fund Limited. Through these arrangements, the Prime Brokers will provide, among other things, clearing, custodial and record keeping services.

Annually, upon completion of the annual audit, all investors in the Fund will be provided with audited financial statements.

The CCO shall ensure that the audited financials are delivered to all investors within 120 days of the fiscal year end. please register to get more info

CZ possesses discretionary portfolio management authority over the Clients’ assets with respect to asset allocations and direct investments as per the advisory agreements in place. Prior to assuming full discretion in managing a client’s assets, the Firm enters into an investment management agreement or other agreement that sets forth the scope of the Firm’s discretion. CZ has the authority to determine (i) the securities to be purchased and sold for the Clients’ accounts (subject to restrictions on its activities set forth in the applicable investment management agreement and any written investment guidelines) and (ii) the amount of securities to be purchased or sold for the Clients’ accounts. please register to get more info

To the extent CZ has been delegated proxy voting authority on behalf of its clients, CZ complies with its proxy voting policies and procedures that are designed to ensure that in cases where CZ votes proxies with respect to client securities, such proxies are voted in the best interest of the Clients. The investors in the Fund or Client Accounts may not direct voting of proxies.

If a material conflict of interest between CZ and a Fund exists, CZ will determine whether voting in accordance with the guidelines set forth in the proxy voting policies and procedures is in the best interests of the Fund or Client Accounts, or take some other appropriate action.

Upon request, we will provide an investor with a copy of our proxy voting policies and procedures and/or a record of all proxy votes cast by the Fund or Client Accounts. please register to get more info

Registered investment advisers are required in this Item to provide you with certain financial information or disclosures about their financial condition. CZ has no financial commitment that impairs its ability to meet contractual and fiduciary commitments to Clients and has not been the subject of a bankruptcy proceeding. please register to get more info