9AT: PENSERRA CAPITAL MANAGEMENT LLC

PENSERRA CAPITAL MANAGEMENT LLC

other names

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Adviser Profile

As of Date	07/21/2025
Adviser Type - Large advisory firm
Number of Employees	16 23.08%
of those in investment advisory functions	7 -12.50%
Registration	SEC, Approved, 10/27/2014
Other registrations (1)	New York, Terminated, 10/28/2014

AUM^*	11,500,000,000 71.49%
of that, discretionary	11,500,000,000 71.49%
Private Fund GAV^*	0
Avg Account Size	261,363,636 52.00%
SMA’s	No
Private Funds	0
Contact Info	800 xxxxxxx
Websites

Client Types

- Investment companies

Advisory Activities

- Portfolio management for investment companies

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)

Reported AUM

6B 5B 4B 3B 3B 2B 841M

2015 2016 2017 2018 2019 2020 2021 2022 2023

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker11135F101	Stock NameBROADCOM INC	$ Position$195,276	% Position3.00%	$ Change	# Change
Stck Ticker18915M107	Stock NameCLOUDFLARE INC	$ Position$124,301	% Position2.00%	$ Change	# Change
Stck Ticker22788C105	Stock NameCROWDSTRIKE HLDGS INC	$ Position$131,834	% Position2.00%	$ Change	# Change
Stck Ticker369550108	Stock NameGENERAL DYNAMICS CORP	$ Position$118,569	% Position2.00%	$ Change	# Change
Stck Ticker666807102	Stock NameNORTHROP GRUMMAN CORP	$ Position$115,391	% Position2.00%	$ Change	# Change
Stck Ticker17275R102	Stock NameCISCO SYS INC	$ Position$149,911	% Position2.00%	$ Change	# Change
Stck Ticker34959E109	Stock NameFORTINET INC	$ Position$116,912	% Position2.00%	$ Change	# Change
Stck Ticker697435105	Stock NamePALO ALTO NETWORKS INC	$ Position$131,477	% Position2.00%	$ Change	# Change
Stck Ticker98980G102	Stock NameZSCALER INC	$ Position$113,175	% Position2.00%	$ Change	# Change
Stck Ticker88025T102	Stock NameTENABLE HLDGS INC	$ Position$75,996	% Position1.00%	$ Change	# Change

Brochure Summary

Overview

General Description of Penserra Penserra Capital Management LLC (“Penserra”) is an investment advisory firm, formed in July 2009, specializing in transition management and ETF sub-advisory services. The firm is owned by Dustin Lewellyn, Ernesto Tong, Anand Desai and Penserra Financial Ventures, LLC. Penserra was created with the specific goal of providing best in class transition management services to institutional clients and added an ETF sub-advisory service in 2014. ETF sub-advising is now the sole service line of the firm. Penserra Capital Management is a New York State Limited Liability Company. George Madrigal, Managing Partner, was the former Head of Transition Management and a Senior Equity Portfolio Manager at Barclays Global Investors, now part of Black Rock. George has over 20 years of investment experience. Dustin Lewellyn, Managing Director and partner, has over 18 years of industry experience having worked with Barclays Global Investors, now part of Black Rock, Russell Investments, Northern Trust and Charles Schwab. Dustin has over 10 years of experience

in portfolio management with a focus on ETF fund management. Ernesto Tong, Director of the portfolio management group at Penserra Capital, began his career at Barclays Global Investors and Blackrock as an Index Research Analyst, and spent 7 years as a Portfolio Manager for a number of the iShares portfolios. Ernesto has over 15 years of industry experience and is also a CFA Charterholder. Anand Desai, junior portfolio manager, has over 5 years of industry experience which began at State Street before joining Penserra. Types of Advisory Services and Clients Penserra offers ETF sub-advisory services to exchange traded funds (ETFs). As part of the ETF sub- advisory service Penserra provides day to day portfolio management and supports the production of the daily PCF file that details the creation and redemption baskets for authorized participants (APs). Penserra enters into sub-advisory agreements with the advisors to the funds. The firm does not participate in a wrap fee program and the only assets that the firm manages are related to the ETF sub-advisory service.