Frequently Asked Questions

• How does Bivium define emerging managers?
• How does a firm become a manager in one of Bivium's products?
• What is the process for being included in Bivium's manager database?
• What asset classes does Bivium invest in?
• What investment strategies does Bivium offer?
• Does Bivium currently manage long/short products (i.e. hedge funds) or alternatives (i.e. private equity)?
• Do managers have to be minority or women-owned firms?
• Do managers need to have a 3-year track record or minimum number of assets under management before they can be considered?
• Does Bivium provide working capital investments to the managers they fund?
• Is Bivium Capital SEC registered?
• Do managers have to be SEC registered?
• Is Bivium Capital a minority-owned enterprise?
• Does Bivium only follow emerging managers?
• Does Bivium fund investment managers outside the U.S.?
• Who do I contact with general questions about the firm?

Q: How does Bivium define emerging managers?
A: Casting a wide net is critical in this space. Therefore we typically do not like to define emerging managers according to their asset levels. However our clients have come to generally understand emerging managers as those with under $2 billion in total assets under management. We consider managers to be emerging if they are newly established firms; team lift-outs; new products or teams at established firms; and/or firms beginning their marketing effort to the institutional marketplace.

Q: How does a firm become a manager in one of Bivium’s products?
A: The first step in the process is to go to the Prospective Managers section of our website to fill out and submit our introductory Investment Manager Questionnaire. Bivium then performs due diligence on managers by conducting conference calls, meetings at their office and onsite at the managers’ offices, as well as running their own analysis on the manager’s portfolio.

Q: What is the process for being included in Bivium’s manager database?
A: Please fill out and submit the introductory Investment Manager Questionnaire in the Prospective Managers section of our website. We will review the material submitted and contact you if there is a fit.

Q: What asset classes does Bivium invest in?
A: Since inception, Bivium has been exclusively focused on providing manager of manager services in asset classes where we believe smaller, emerging managers have an advantage versus larger money managers. The majority of our assets are in small cap mandates, an inefficient asset class where substantial value can be added through the use of emerging managers. From our origins as a small cap specialist, we have expanded our research efforts and product offerings to include exposure across public markets asset classes while adhering to our focus on smaller, emerging managers and areas of inefficiency.

Q: What investment strategies does Bivium offer?
A: We currently offer our inaugural US Small Cap product, which has over a five-year track record, and our US All Cap product, which has over a three-year track record. In December 2008, we funded a custom mandate, multi-asset class portfolio which added international equity and high yield fixed income to our areas of exposure. In December 2009 we funded a new product, Bivium Select, which is a concentrated portfolio using our highest rated stock pickers; it is an all cap core product. We are also in the process of launching a portfolio of international equity managers.

Q: Does Bivium currently manage long/short products (i.e. hedge funds) or alternatives (i.e. private equity)?
A: No, we currently manage only traditional long-only products. However, we are open to discussing Bivium’s capabilities in structuring products in the alternatives space with prospective clients.

Q: Do managers have to be minority or women-owned firms?
A: No. However, several of Bivium’s clients request MWBE exposure and geographic preferences; as such, Bivium spends an ongoing portion of our research time looking for talented emerging managers in these targeted areas.

Q: Do managers need to have a 3-year track record or minimum number of assets under management before they can be considered?
A: There is no minimum track record or assets under management requirements. Every manager is evaluated on a case by case basis.

Q: Does Bivium provide working capital investments to the managers they fund?
A: No, we do not.

Q: Is Bivium Capital SEC registered?
A: Yes, Bivium is registered under the Investment Advisory Act of 1940.

Q: Do managers have to be SEC registered?
A: We do not require managers with AUM under $25MM to be registered with the SEC; however, they must be registered at the state level. Once a manager’s asset levels increase to $25MM or more, in order to continue to participate in Bivium’s manager of managers program, managers must register with the SEC within the required timeframe, regardless of whether they remain registered with one or more states.

Q: Is Bivium Capital a minority-owned enterprise?
A: Yes, Bivium Capital qualifies as a minority-owned business.

Q: Does Bivium only follow emerging managers?
A: Currently we only follow emerging managers but our experienced investment professionals have, on average, more than a decade of experience following managers of all sizes across asset classes. We are open to structuring multi-manager portfolios outside of the emerging manager space for interested prospective clients.

Q: Does Bivium fund investment managers outside the U.S.?
A: Yes, Bivium considers managers around the world and would fund a non-U.S. based manager.

Q: Who do I contact with general questions about the firm?
A: For general inquiries please send an email to info@biviumcapital.com.