Lucus Advisors LLC

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Lucus Advisors LLC
CRD #165114
SEC #801-79976
CIK #0001593365
AUM
Employees 8 (88% Investors, 0% Brokers)
Fees
Minimum
Phone212-257-4288
Address80 Broad Street
New York, NY 10004
Source [IAPD] [EDGAR] [Website]
Total AUM ($M)
3002401801206002009201420192025
Fees and Compensation — Form ADV Part 2A (3/31/2017) [Brochure]
Item 5 - Fees and Compensation

We receive compensation consisting of (1) an annual fixed fee (the “Management Fee”);
and (2) an annual performance-based allocation (the “Performance Allocation”) which is
calculated based upon a percentage of the net capital appreciation of the Funds at the end of
each fiscal year.

Depending on the specific investor class and the specific Fund, Lucus’ current fee schedule for
the Funds is generally as follows:

Management Fee: 0% - 2% annually (dependent upon the specific series of investment by each
Investor).

Performance Allocation: 0% - 20% annually (dependent upon the specific series of investment
by each Investor).

The Management Fee is calculated and paid quarterly in advance. The Management Fee is
deducted from the Funds. We, in our sole discretion, may waive or reduce the Management
Fee to be paid by any Investor.

Fees to Portfolio Managers of Underlying Funds

The Coppice Fund is generally subject to fees charged by the underlying portfolio funds and
managers. These fees typically include a fixed management fee, which may range from 0% - 2%
on an annual basis, and in most cases a performance-based compensation arrangement, which
may range from 0% - 20% of the capital appreciation in the underlying portfolio fund. The
Coppice Fund does not charge a management fee or performance allocation with regards to
the capital invested in Red Alder L.P.

Expenses

We are responsible for our own administrative expenses, including, but not limited to, office
space, furniture and fixtures, telephone, certain compensation, certain employee insurance,
certain payroll taxes, and supplies.

The Funds will pay the costs of organizing the particular Fund, legal expenses, internal and
external accounting and regulatory compliance (including the costs of systems and software),
internal and external research fees and expenses (including research-related travel,
compensation, technology seminars, courses, data and publications), consulting fees (related
to research), audit and tax preparation expenses, any taxes, filing fees, fund-related insurance
costs (including D&O and E&O insurance), Directors’ fees and expenses, administrator and
custody fees and expenses, brokerage commissions, borrowing charges (including interest on
borrowings), and the purchase, sale or transmittal of assets, as Lucus determines in its
discretion.

Item 6 - Performance Allocation

Depending on the specific investor class and the specific Fund, at the end of each fiscal year,
Lucus (or an affiliated entity) will receive an annual Performance Allocation equal to 0% - 20%
of the net profits attributable to each Investor’s account, if any, subject to a loss carryforward
provision. Net profits are calculated net of management fees, but before the Performance

Lucus Advisors LLC                                         Form ADV Part 2A

Allocation. The Performance Allocations are charged in compliance with Rule 205-3 of the
Investment Advisers Act of 1940, as amended (the “Advisers Act”).

Because all of the investments for each Fund are made in the respective Master Fund, where
applicable, there are currently no side-by-side conflict of interest issues, such as allocation
decisions which may be impacted by performance-based fee differentials.

Lucus may waive or modify the Performance Allocation as to certain Investors in the Funds
that are members, employees or affiliates of Lucus, relatives of such persons, and for certain
large or strategic investors.

For a more detailed discussion on Performance Allocations, please see the relevant Fund’s
offering memorandum.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2017) [Brochure]
Item 7 - Types of Clients

The Firm’s clients are the Funds. Each Fund’s offering memorandum and subscription
documents provide the eligibility criteria and minimum investment requirements.

In general, each Investor in the Funds must be an “accredited investor” as defined in Regulation
D under the Securities Act of 1933, as amended, and a “qualified client” as defined in Rule
205-3 under the Investment Advisers Act of 1940, as amended. Although Lucus has the
authority to accept subscriptions of a lesser amount, the required minimum initial investment
in the Funds is generally $1,000,000 to $5,000,000 depending on the specific investor class of
each particular Fund.
Sector Form 13F Holdings Value ($M)
Paypal Holdings Inc 2.3
Align Technology Inc 2.0
VICI Properties Inc 1.8
Axalta Coating Systems Ltd 1.8
Facebook Inc 1.5
Amazon Com Inc 1.4
Polo Ralph Lauren Corp 1.4
Cognizant Technology Solutions Corp 1.2
Cheesecake Factory Inc 1.0
Alphabet Inc 0.9
View All
Holdings by Sector ($M)
2502001501005002014201520172019
Type Form D Funds Date Sold AUM
HF Kernel Master Fund LP [2017-03-31] 44.7 M 115.8 M
Filed 2019-07-18 (D/A) · Exemption 506(b) · Minimum $5,000,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Coppice LP [2014-03-28] 22.7 M 10.6 M
Filed 2019-07-23 (D/A) · Exemption 3(c), 3(c)(1) · Minimum $1,000,000 · Remaining Indefinite · Duration More than one year · Net Assets Decline to Disclose
HF Red Alder Master Fund LP [2012-09-11] 19.3 M 114.6 M
Filed 2019-08-29 (D/A) · Exemption 506(b) · Minimum $1,000,000 · Remaining Indefinite · Duration One year or less · Net Assets Decline to Disclose
AUM Breakdown Accounts AUM ($M)
By Client Type
(a) Individuals (other than high net worth individuals) 0 0.0
(b) Individuals (high net worth individuals) 0 0.0
(c) Banking or thrift institutions 0 0.0
(d) Investment companies 0 0.0
(e) Business development companies 0 0.0
(f) Pooled investment vehicles 0 0.0
(g) Pension and profit sharing plans 0 0.0
(h) Charitable organizations 0 0.0
(i) State or municipal government entities 0 0.0
(j) Other investment advisers 0 0.0
(k) Insurance companies 0 0.0
(l) Sovereign wealth funds and foreign official institutions 0 0.0
(m) Corporations or other businesses not listed above 0 0.0
(n) Other 0 0.0
Total 7 218.6
By Discretionary
Discretionary 7 218.6
Non-Discretionary 0 0.0
Total 7 218.6
By Non-United States Persons
Non-United States Persons 0.0
United States Persons 218.6
Total 7 218.6
Form D Directors Role # Filings # Firms 2011 - 2026
Mario Sgarlata Executive Officer 5 3
Schuster Tanger Director, Executive Officer 6 2
Joshua Packwood Director, Executive Officer 4 2
Anna Gomez Executive Officer 4 2
John Laub Executive Officer 3 2
EDGAR Form CIK 2011 - 2026
13F-HR [0001593365]
Firm Profile (Form ADV)
ServesInstitutional
Fund TypesHedge Fund
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