About Constrained Capital

Turning macro and geopolitical trends into distinct investment ideas.

WE’RE DIFFERENT

We use our experience to add value to investor portfolios.

25 years of Wall Street experience has afforded the Constrained Capital team numerous insights into the industry and a great understanding of how opportunity reveals itself. We believe as investor demand for ESG investing evolved, Wall Street found a financial incentive to create new businesses which resulted in investment management products with high fees catering to this new demand. After years of top-down and bottom-up analysis, we crystalized our investment thesis and got to work on the Constrained Capital ESG Orphans Index.

Constrained Capital was created with a goal to capitalize on opportunistic situations in the markets impacted by capital constraints in the public markets.

We Are Opportunistic

Constrained Capital is on a mission to offer investors exposure to securities with a higher-expected return potential that capture the idiosyncrasies within the investments industry as a whole.

Mark Neuman, CFA

Founder/CIO of Constrained Capital

Mark is a 27-year veteran of the securities’ industry. Early in his career he was in Japan working with global macro hedge funds and pension funds, helping them manage risk and find promising risk/reward opportunities using derivatives while at Merrill Lynch.

Over the next 2 decades he helped build institutional equity derivative trading desks at firms such as Susquehanna International Group, Jones Trading, and Baycrest Partners. He also was a Partner and Head Trader at an event-driven long/short hedge fund.

Mark spent his career identifying macro patterns and opportunistic investment situations for the most sophisticated institutional investors in the world.

In his personal life, he does not use tobacco, rarely drinks alcohol. He is an avid skier, golfer, and outdoor activity enthusiast. He lives with his wife and 3 kids where a, “no plastic bottle” policy has been in place for decades. His family, “Acts locally, thinks globally.”

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First Name Last Name

Position Person Holds at Constrained Capital

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Median 30-Day Spread Percentage

30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

30-Day SEC Yield

The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended on the date indicated by the Yield, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.