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Disclaimer

Important Performance Disclosures

Highline Capital Management, L.P. ("HCM") is a registered investment adviser to the Highline Capital Funds ("Funds"), the performances of which are included for informational purposes and do not constitute offers or solicitations by HCM or the Funds.  No such offers or solicitations will be made prior to the delivery of a Confidential Offering Memorandum ("COM") and other materials relating to the matters mentioned herein.  Further information on management fees and incentive fees for the Funds can be found in the relevant COM.  All returns are presented net of management fees, incentive fees, and all expenses, including brokerage and other commissions.  Dividends are reinvested.  The Funds' returns for 2020 are estimated and unaudited and past performance is not indicative of future results.

HCM has provided additional statistics about HCM's private funds, Highline Capital Partners, L.P. ("Highline"), Highline Select, L.P. and Highline Enhanced, Ltd.  (collectively the "Highline Funds"), in order to provide more detail regarding its investment style.  For more information about the statistics, readers are encouraged to please contact ir@highlinecap.com.  The performance results of Highline represent those of an unrestricted investor who invested in Highline's highest fee paying share class as inception (July 17, 1995 for Highline Capital, January 1, 2007 for Highline Select and May 1, 2010 for Highline Enhanced) and has made no capital adjustments during the time period depicted and is new issue eligible.

The returns for Highline over the time period of July 17, 1995 through July 31, 2004 are calculated on the basis of a 1.0% annual management fee and a 20% incentive fee, and are representative of the original fees charged to founding interests.  The results from August 1, 2004 to December 31, 2017 reflect a 1.5% annual management fee and a 20% incentive fee, and the results commencing January 1, 2018 reflect a 1.35% annual management fee and a 20% incentive fee.  Both structures represent the highest fees applied to new investors during those periods.  The returns for Highline Select, L.P. are calculated on the basis of a 1.5% annual management fee (the original fee charged to founding interests) and a 20% incentive fee.  The returns of Highline Enhanced, Ltd. are calculated on the basis of a 1.5% annual management fee and 20% incentive fee.  This represents the highest fees applied to new investors for both funds.

Highline's returns are compared to the S&P 500 Index ("Index"), which is a market-capitalization weighted index containing the 500 most widely held companies chosen with respect to market size, liquidity, and industry.  Highline's returns are also compared to the HFR Index ("HFRI", the Index and HFRI are referred to as "Indices"), which is designed to be representative of the overall composition of the hedge fund universe.  The Indices are calculated on a total return basis with dividends reinvested.  The volatility of the Indices may be materially different from that of Highline and the holdings in Highline may differ significantly from the securities that comprise the Indices.  The Indices have not been selected to represent an appropriate benchmark to compare the performance of Highline, but rather are disclosed to allow for comparison of Highline to those of well-known and widely recognized Indices.

The companies identified as Highline's "Largest Single Company Positions" do not represent all of the securities held long by Highline, and the reader should not assume that investments in the securities identified and discussed were or will be profitable.  The companies represent Highline's five largest single company long positions (based on a percentage of NAV) as of the most recent month-end.  HCM does not generally list its specific short positions as a means to avoid potentially negative publicity and is consistent with public disclosure requirements.

These materials have been sent to you because you have previously requested that we send you information about the Funds. If you no longer wish to receive materials of this nature, please contact us at ir@highlinecap.com.  

Inception: July 17, 1995 — Sep 30, 2021
1 Year: Oct 2020
3 Year: Oct 2018
5 Year: Oct 2016
10 Year: Oct 2011

Fund Exposures: The data represents the typical number of positions and aggregate exposures of investments made in Highline Capital Partners, Highline Select and Highline Enhanced. The actual number of positions and aggregate exposures may materially differ based on market and non-market related factors.  All exposure information listed is calculated on a delta adjusted basis and is presented as of the last business day of the month and excludes foreign currency hedges.

Monthly Performance Figures: Presented above are unaudited monthly performance figures. These figures are subject to change based on a completed audit.

This website is maintained by Highline Capital Management, L.P. ("Highline"). None of the information or materials contained on or accessible through this website, including any information or materials accessible in any password protected areas, should be construed as providing any type of investment or other advice to you, nor should you consider such information or materials as a solicitation, recommendation, endorsement or offer to you to purchase or sell any financial security or other financial instrument. Past performance of Highline or any of its affiliates, officers, directors, managers or employees is not an indication of future performance.

Highline makes every effort to use reliable information but does not make any representation to, and disclaims any liability with respect to, the accuracy, timeliness and/or completeness of the information contained herein. Highline has no obligation to inform you when information contained herein changes or is updated. Highline may have an interest in and may effect transactions in, securities and/or other financial instruments mentioned herein. The materials and information on this website are for informational purposes only and do not constitute financial, legal, tax or any other advice. Users must make their own investment decisions based on their own investment objectives and in light of their own financial position. Highline recommends you seek advice from independent advisers as deemed necessary. This information contained on this website may not be sold or redistributed without the prior written consent of Highline.