CLEARWATER MANAGEMENT CO., INC.

Thesis

Clearwater Management Co., Inc. (CMC), founded in 1987 and based in St. Paul, Minnesota, is an investment management firm operating as a fund of funds. Their strategy involves discretionary investment management and administrative services, primarily for their own Clearwater Investment Trust and private investment funds. CMC employs a 'multi-style, multi-manager' approach, allocating assets among subadvisers with diverse investment styles. While specific sector preferences vary, their fund-of-funds strategy suggests broad exposure to private equity and venture capital, with indications of a focus on early-stage companies (pre-seed, seed) and real estate, as well as services within the private equity sector. The firm manages significant assets, with reported AUM figures ranging from $783 million to $4.7 billion across different reporting periods. They also invest in domestic and foreign equity securities, corporate debt, mortgage-backed securities, and derivatives. The average account size is approximately $223.9 million. CMC emphasizes a client-centric approach, building long-term relationships based on trust and integrity.