Ducenta Squared Asset Management (“Ducenta,” “we,” “us,” or “our firm”) was founded in 2020. Ducenta is wholly owned by RSMD Investco LLC, which is in turn owned by M.K. David Kang, Michael Leung, 1415 Capital Management LLC , Han Kyung Bae, and Brian Kim; the Managing Member is M.K. David Kang. Our day-to-day business is managed by senior management. We provide investment management services to individual and institutional investors, trusts, charitable corporations, pension plans, investment companies and pooled investment vehicles. We offer a variety of investment strategies that utilize fixed income securities and other instruments (all of which are referred to throughout this Brochure as “securities”), including , but not limited to, the following:
• Corporate commercial paper and other money market and short-term debt instruments;
• Corporate debt securities;
• Privately placed, Regulation S and Rule 144A securities;
• Preferred stock and capital securities;
• Municipal securities;
• U.S. government securities;
• Obligations of foreign governments or their subdivisions, agencies, and instrumentalities;
• Obligations of foreign corporate issuers;
• Bank loans, loan participations, and assignments;
• Repurchase agreements and reverse repurchase agreements;
• Structured notes;
• Unrated securities; and
• Mortgage-backed securities and other structured products such as agency and non- agency mortgage-backed securities (“MBS”), commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”), collateralized debt obligations (“CDOs”), collateralized loan obligations (“CLOs”), real estate mortgage investment conduits (“REMICs”), collateralized mortgage obligations (“CMOs”), and interest-only and principal-only securities. We may also offer strategies that involve multiple asset classes, which may include the above list of fixed income securities and other instruments, but may also include, but not be limited to, the following securities:
• Common stock;
• Business development companies (“BDCs”), closed-end funds (“CEFs”), exchange- traded funds (“ETFs”), exchange-traded notes (“ETNs”), and other exchange-traded products (“ETPs”); and
• Direct and indirect investment in various foreign currencies, including actual holdings of currencies, but also forward contracts, futures, swaps, and options with underlying foreign currencies. In certain limited circumstances where the client is willing to accept greater risk in pursuit of potential higher total returns, we may use certain

leveraging and hedging techniques, including but not limited to selling securities short, using derivatives (such as swaps, futures, and options), and using reverse repurchase agreements. Clients will typically grant full discretion with respect to security selection but may impose reasonable restrictions on investing in certain securities or types of securities. We provide non-discretionary advice to certain clients and other investment adviser(s) pursuant to advisory, investment management, and sub-management agreements. We also provide investment management services to clients in wrap fee programs. Under certain strategies, we serve as investment adviser on multiple wrap account platforms. Unlike institutional accounts, under these programs, the typical wrap fee client account will be managed to a model portfolio consisting primarily of a subset of issuers in which certain of our institutional client accounts also invest. Wrap fee client accounts may differ from the model portfolio in terms of the amount of each issuer held. In addition, certain qualified wrap fee client accounts may request investment in instruments not available to the typical wrap participant, such as issuances under Rule 144A. Certain wrap fee client accounts may broaden or restrict the guidelines applicable to the relevant investment strategy with respect to account management, resulting in a portfolio that differs from the model portfolio. In these limited cases, the wrap fee client account will be managed in accordance with the institutional process, taking the expanded universe of investments or additional client restrictions into account. The same investment process and research will be utilized for wrap fee client accounts and other client accounts under similar investment strategies. The wrap fee sponsor typically will be responsible for assisting the wrap fee client in selecting managers and investment strategies and will handle most aspects of the client relationship, including identifying individual circumstances of the client. For certain wrap platforms, the wrap fee sponsor will pay us a portion of the wrap fee in connection with the services we provide while other wrap programs incorporate a fee structure where the wrap fee sponsor and Ducenta each charge a separate fee for our respective services. As of December 31, 2023, we managed approximately $3,221,200,000 in assets under management (AUM) on a discretionary basis. Additionally, as of such date, we provided non- discretionary portfolio review and trade recommendations with respect to an additional $348,800,000 in assets under advisement (AUA).