TAM provides investment management services to clients on a discretionary basis. The Firm has been in business since 1986. TAM currently has employees working in the Firm’s New York office and Austin, Texas office. As of December 31, 2023, the Firm had approximately $1.44 billion in assets under management. TAM provides investment advice to registered investment companies, private funds, offshore funds, individuals, corporations, pension plans, trusts, estates, educational institutions, endowments and foundations. Principal Ownership As TAM’s institutional partner, Affiliated Managers Group, Inc. (“AMG”), a publicly- traded asset management company (NYSE: AMG) with equity interests in boutique investment management firms, indirectly holds a majority equity interest in TAM. TAM’s principals hold the remaining equity interests in the Firm. AMG also holds equity interests in other investment management firms (“AMG Affiliates”). Further information on AMG and the AMG Affiliates is provided in “Item 10 – Other Financial Industry Activities and Affiliations” of this brochure. Advisory Services TAM’s overall investment strategy typically concentrates on long-term value investing. This value investing strategy seeks to identify securities of well-financed companies (meaning companies with high quality assets and a relative absence of liabilities) selling at a price significantly discounted to TAM’s conservative estimate of intrinsic value. TAM may, however, offer other advisory services, engage in other investment strategies and make other types of investments, including any not described in this Brochure, that TAM considers appropriate, subject to each client’s agreement with TAM or other agreed-upon restrictions. All prospective TAM clients are required to provide detailed investment profiles which are used by TAM to conduct a comprehensive suitability review. Many factors are considered in a typical suitability review, and they include, but are not limited to; risk tolerance, net worth, investor industry experience, and investor objectives. TAM advisory services are not tailored to individual client needs, therefore, TAM will only accommodate client specific investment restriction requests when TAM believes that they will not unreasonably impede TAM’s ability

to manage the account consistent with the stated strategy mandate. TAM serves as investment adviser to a number of funds, and an affiliate of TAM acts as general partner of a private fund for which TAM is the adviser. In such cases, TAM or its affiliate may inquire about a client's interest in investing in such funds, from which TAM and/or its affiliate receive compensation. Since receipt of compensation in connection with such investments poses a conflict of interest for TAM and its affiliate (if applicable), TAM does not ordinarily exercise investment discretion to place any clients into any funds advised by TAM. Where a fund investor becomes a separate account client of TAM or when a TAM separate account client invests in funds advised by TAM, its fund holdings and separate account holdings will be maintained separately Wrap Fee Programs “Wrap arrangements,” “wrap fee programs,” or “wrap fee accounts” involve individually- managed accounts for individual or institutional clients. The wrap fee accounts are offered as part of a larger program by a “sponsor,” usually a brokerage, banking or investment advisory firm, and managed by one or more investment advisers. TAM has an agreement with a wrap fee program sponsor through which TAM’s services are offered as an investment option within the wrap fee program and, accordingly, TAM provides investment management services to those clients who select TAM as part of the program. The program sponsor typically pays a portion of its program fee to TAM for its services. Portfolios TAM provides investment advisory services in the form of a model portfolio to be utilized by a sponsor bank and/or broker dealer in an overlay program. Under the unified managed account (UMA) programs, TAM has an agreement with the sponsor (“UMA Program Sponsor”) and does not have any contact with the end clients (“UMA Program Clients”). TAM provides model portfolios to UMA Programs whereby the UMA Program Sponsor executes portfolio transactions for UMA Program Clients based on the UMA Program Sponsors’ own investment discretion. TAM classifies these assets as “assets under advisement” but does not include the assets in its assets under management on Form ADV Part 1. Restrictions for client accounts in the UMA Programs are monitored entirely by the Sponsors.