Where is my money held?

Funds and securities are held in an account under the client’s name at a third-party custodian (Interactive Brokers LLC). Panthera Capital and its representatives have no access to client funds other than to enter transactions or transfer funds to the clients’ own accounts. At no point does Panthera Capital have custody of client funds.

Is Panthera Capital managing my account uniquely or does it follow specific strategies from which I may choose?

While Panthera Capital’s clients utilize separately managed accounts rather than having to invest in a fund, Panthera Capital does not manage accounts individually. Panthera Capital typically treats each account equally by performing a top-down trade allocation based on a client’s percentage of Panthera’s total assets under management. In other words, pursuant to our strategies, we determine our security selections. We then determine our concentration limits, i.e., the percent of the total assets under management dedicated to any given position that we deem appropriate based on our risk management principles. This determines our total purchase or sale amount for all clients as a whole. We then execute the trades. At the time of the trade execution, positions are allocated to each individual account based on the amount of client assets relative to the entire assets under management multiplied by the percentage concentration for the position.

What if I want liquidity?

Our strategies offer high liquidity (at the client’s option) and diversification. We will work with the client to allocate assets towards our most liquid strategy (Equity Long/Short) if heightened liquidity is desired.

What happens if I am not happy with Panthera Capital’s services?

Although we will work hard to ensure that clients are satisfied and never feel the need to exercise this option, in the event that you no longer want Panthera Capital to act as your investment advisor, you may inform us directly and we will help you transfer your accounts. Alternatively, you may contact the custodian directly and request your account be de-linked from our firm. There are no transfer or exit fees imposed by Panthera Capital and all the positions in the account will remain until you choose otherwise.

My previous wealth adviser charged a flat management fee. I am unfamiliar with performance-based fee structures. Please explain the difference.

Our performance-based fee structures are designed to reduce upfront client costs and compensate Panthera Capital for outperformance, thereby attempting to align our interests with those of our clients. A summary of the key differences between the industry fee models may be found here.

I have recently changed employers and have a 401(k) plan. I also have an IRA. Can you take qualified accounts?

Panthera Capital welcomes qualified account rollovers. Please contact us for more information.

What is the difference between an investment adviser and a registered representative, e.g., stock broker?

An independent investment adviser represents its clients and works on behalf of them in a fiduciary capacity. Fiduciaries are legally obligated to make investment decisions that are in clients’ best interests, not for their firm. RIAs are fiduciaries. RIAs are registered with the Securities and Exchange Commission (SEC) or their state securities regulator, depending on their size.

Conversely, a Registered Representative (aka: Broker/Dealer) represents their affiliated brokerage firm. Most broker-dealers are members of the Financial Industry Regulatory Authority (FINRA), which is regulated under the Securities and Exchange Act of 1934. Broker-dealers are held to a suitability standard when offering financial and investment advice, rather than a fiduciary standard. This means their advice must be “suitable” for the client’s needs at that particular time. The suitability standard is less stringent than the fiduciary standard. Similarly, it allows for inherent conflicts of interest. This includes only offering products that its broker-dealer has access to rather than the complete set of offerings available in the market. It also includes being compensated on a trading commission basis. 

Is Panthera Capital a stock-broker/broker-dealer or an investment adviser?

Panthera Capital is a registered investment adviser (CRD #300244).

Is Panthera Capital a Registered Representative of a Broker-Dealer?

No investment adviser representatives of Panthera Capital are registered representatives of a broker-dealer. However, our Principal, Lauren Landfield, has passed Series 7 and 63 examinations.

If you are an RIA, are you registered at the state level or with the Securities and Exchange Commission (SEC)?

Panthera Capital, LLC registered representatives may only conduct business with residents of the states and/or jurisdictions for which they are registered (California and Nevada) or are otherwise exempt.  Many states follow a “de minimis standard” whereby out of state advisers with less than a specific number of clients in that state are exempt from registration. If you are a resident of a state other than California or Nevada, to become a client, Panthera Capital would need to qualify for said exemption. 

Have you ever been disciplined by the SEC, a state investment or insurance regulator, or other organization (such as NASD, one of the stock exchanges or the CFP Board)?

Absolutely not.

Have you personally been involved in any arbitration cases? What happened in each case? 

Panthera Capital has never have been involved in arbitration cases.

Will you provide a written statement of the total dollars in fees and commissions earned by you and your firm and any affiliated broker-dealer, insurance agency or other similar organization because of our relationship? (If the engagement is ongoing, you would be agreeing to provide this information at least quarterly.)

In the event clients authorize us to bill their accounts directly, fees are clearly displayed in account statements for the client to review. Separate statements can also be furnished to clients upon request. All of our fee information is available on this website as well.

Do you accept fiduciary responsibility across all aspects of our relationship?

Yes.

Will you be providing me with a quarterly written report of my portfolio’s rate of return, along with benchmarks very similar to my portfolio, so that I can assess progress?

Our custodians will generate account statements once a month that will contain performance and fee (if applicable) details. Clients may select whatever options they choose in terms of more or less incoming account notifications by visiting their custodian account. Panthera Capital investment adviser representatives periodically distribute communications to clients which include benchmark performance, if applicable, for clients to assess progress.

How do I fund my account?

There are various options to funding as discussed below and a more detailed discussion can be found on Interactive Broker’s website.

Please note, all funding actions require a two-step process initiated through the Account Management portion of the IBKR webpage: 1) Initiate the funding from IBRK 2) Initiate the funding through your existing brokerage account. Funding options include:

• Transfer Funds – This is typical for non-qualified/taxable accounts whereby clients are transferring in cash directly from a bank account or similar. Options include wire, ACH transfer, bill pay, or check. Our preferred method is via wire as there is no limit, although there may be a small outbound fee charge. While ACH transfer is inexpensive, it is slower and limits transfers to $100,000 over seven days. 
• Transfer Positions – this is typical if you would like to transfer positions from another brokerage account in kind or roll over a qualified/non-taxable account such as an IRA. You will note the option to transfer via several methods including the simplest and cheapest, Automated Customer Account Transfer Service (ACATS), whereby you may indicate all or some of the assets in your existing brokerage account to be transferred.

• You may instruct Panthera Capital how to handle incoming stock positions or request that we advise on how to handle the incoming positions. Options include maintaining the positions based on your preference and executing our strategies only on incoming cash and maturing positions or liquidating the incoming positions at the outset.