Fremont, CA Office

Five Stone Capital operates primarily as the general partner and investment adviser to a single pooled investment vehicle (the Five Stone Capital Fund, L.P.) and also provides portfolio management services to a wrap-fee program. Prospective investors receive offering and subscription materials that set forth investor qualifications and the Fund’s investment guidelines.

The firm’s investment process uses fundamental analysis for stock selection, seeks to limit individual-stock concentration and to choose securities less correlated with the broader market, and manages the Fund on a discretionary basis in accordance with the offering documents. Portfolio holdings are reviewed daily, and investors receive monthly performance updates, quarterly reports and annual audited financial statements with K-1s.

Noteworthy for a supported firm, Five Stone functions as a private fund adviser to a pooled vehicle rather than focusing primarily on individual retail clients, and it employs performance‑based incentive allocations for the Fund that incorporate unrealized gains in allocation calculations. The firm acts as the Fund’s general partner with custody arrangements through a qualified custodian, is relatively small in staff and assets compared with many peers, and permits associated persons to invest alongside the Fund subject to internal trading controls and order aggregation procedures.