Overview
Universa is a Delaware limited partnership that has been in business since 2007. It serves as the
investment adviser to investment limited partnerships (for which Universa affiliates serve as
general partners) and other clients. Universa's President, Chief Investment Officer and principal
owner is Mark W. Spitznagel. Universa's general partner is Universa LLC, a Delaware limited
liability company of which Mr. Spitznagel is the sole manager and principal owner. As of
December 31, 2023, Universa had total discretionary assets under management of approximately
$16,160,165,483 (Protection Size). For purposes of the foregoing calculation, Universa computes
its assets under management the Protection Size amount for each fund; Protection Size is the
amount of equity market risk that a client seeks to protect. For the BSPP strategies (as defined in
Item 8), Universa charges its management fees based on the Protection Size or Notional amounts
of protection of the accounts using those strategies; for the BSPE strategy (as defined in Item 8)
Universa charges its management fee based on the capital account balance. Universa only
manages assets on a discretionary basis.
Universa provides
investment advice and management to private investment funds and other
separately-managed accounts. Items 5, 6 and 7 include information about Universa’s
compensation and liquidity terms of the funds that Universa manages or intends to manage. Item
8 includes a brief summary of the investment objectives and strategies of each investment fund.
The investment objectives of each strategy and other information material to an investment
decision regarding each such fund is disclosed in full in each fund’s confidential offering circular
or private offering memorandum, and the information contained herein is qualified by such
offering materials. Universa may choose to manage additional funds or cease managing these
funds or strategies in the future.
The investors in the funds that Universa manages have no opportunity to select or evaluate any
fund investments or strategies. Universa selects all fund investments and strategies.
Universa typically does not tailor its services to the individual needs of individually managed
accounts, but manages each such account according to the strategy selected by the client.
Universa’s discretionary authority is limited, however, as described in Item 16.