BAKER STREET ADVISORS, LLC

Baker Street Advisors, LLC ("Baker Street" or "the Adviser") was founded in 2003. The firm, whose principal office and place of business is located at 575 Market Street, Suite 600, San Francisco, CA, is an investment adviser who has been registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940 as amended ("Advisers Act"), since 2003. 

Principal Ownership 

Baker Street is directly owned by its Partners and Managing Members, each of which owns < 25% equity interest except for Watson Acquisition, LLC (Managing Member), which maintains > 50% equity interest. In April 2015, Affiliated Managers Group, Inc. ("AMG") acquired over 50% equity interest in the firm. As a result of this transaction, the Adviser converted from a California Limited Liability Company (“LLC”) to a Delaware LLC. AMG, a publicly traded asset management company (NYSE: AMG), also has equity interests in certain other investment management firms ("AMG Affiliates"). (Note: Further information on AMG and the AMG Affiliates is provided in Item 10: Other Financial Industry Activities & Affiliations.) 

Baker Street's indirect ownership is as follows: 

Affiliated Managers Group, Inc.(Series A Member, Manager & Sole Shareholder) holds a 50% ownership interest in AMG WP LP Holdings, Inc. (Limited Partner). AMG Wealth Partners, LP (Member) holds a 50% ownership interest in AMG Managers Group, Inc., and AMG WP LP Holdings, LLC holds a 50% ownership interest in AMG Wealth Partners, LP. AWG WP GP Holdings Corporation (the General Partner of AMG Wealth Partners, LP) is indirectly controlled by AMG Managers Group, Inc., which owns 50% of AWP GP Holdings Corporation. 

Advisory Business 

In this Brochure, the terms "we," "our," “the Adviser,” or "us" refer to Baker Street, and the terms "you," "your," and "Client" refer to you as either a current or prospective Client of our firm. The term "Employee" refers to Baker Street's Supervised Persons, which include the firm's Officers, Directors and Executive Officers ("Control Persons"), employees, and its Investment Professionals - the firm's licensed and registered Investment Advisor Representatives ("IARs") who are supervised, and approved by Baker Street to provide investment advice or advisory services on behalf of the Adviser, as required for their roles and Client base. 

Baker Street owes a fiduciary duty to its Clients as defined by applicable laws and regulations. As a fiduciary, the firm is committed to acting with loyalty, care, fairness, and good faith toward each Client. This commitment includes mitigating any potential conflicts of interest that may arise in the course of providing services. In delivering investment advice, we endeavor to exercise the highest degree of care, skill, prudence, and diligence that a prudent person acting in a fiduciary capacity would apply under similar circumstances. 

Applicable regulations require our registered investment professionals to obtain the necessary licenses and complete the required training to recommend specific investment products and services. Clients should be aware that their IAR's ability to recommend certain services, investments, or strategies may depend on the specific licenses or training they have completed. Additionally, IARs are only authorized to transact business or respond to Client inquiries in states and locations where they are properly licensed. For additional information about the individuals providing advisory services on our behalf, Clients should refer to their IAR's Form ADV 2B Brochure Supplement, a separate disclosure document provided alongside this brochure, prior to or at the time the advisory relationship begins. (If the Client did not receive this document, please contact us directly at 415.344.6180 to obtain a copy.) 

Non-Exclusive Relationship 

Baker Street's relationship with each Client is non-exclusive; in other words, we provide advisory services to multiple Clients, with investment strategies and advice based on each Client's specific financial situation. Accordingly, since investment strategies and advice are custom-tailored based on each Client's specific financial situation, the advice we provide to one Client can differ or conflict with that provided for the same security or investment for another. (See Item 8: Methods of Analysis, Investment Strategies & Risk of Loss for additional information.)

Other Professional Service Provider Recommendations

Baker Street may suggest the services of other professionals for implementation purposes, such as lawyers, accountants, insurance agents, and others. These professionals are engaged directly by the Client on an as-needed basis. Unless otherwise stated, Baker Street does not receive referral fees for such recommendations, and Clients are under no obligation to use any recommended services. If Clients choose to engage these professionals, they will enter into a separate agreement directly with the selected individual(s). Except where specifically indicated, Baker Street is not involved in the transaction and does not have the authority to accept Clients on behalf of any referred professional. Each referred professional has the right to decline any Client or prospective Client for any reason or without reason. 

In selecting a referred professional, the Client is responsible for reviewing and understanding the referred provider's separate contract, including any associated charges. The Client will be liable for these charges should they choose to engage the referred professional. The Client retains full discretion over all such implementation decisions and is under no obligation to accept or follow any recommendation from Baker Street. If a Client engages any recommended professional, and a dispute arises thereafter relative to such engagement, the Client agrees to seek recourse exclusively from and against the engaged professional. 

Should any conflicts of interest arise concerning the recommendation of other professionals in the future, Baker Street will notify the Client accordingly. (See Item 10: Other Financial Industry Activities & Affiliations for additional information.) 

Client Responsibilities 

Baker Street's advisory services rely on the information provided by Clients. The Adviser cannot adequately fulfill its obligations and fiduciary duties to the Client unless the Client discloses an accurate and complete representation of their financial position and investment needs, submits any requested data or documentation in a timely manner, provides updates promptly upon changes, and otherwise fulfills their responsibilities under the Advisory Agreement. Baker Street will rely on the accuracy of the information supplied by the Client or on their behalf without further investigation; The Adviser is not obligated to verify information obtained from Clients or other professional advisors, including accountants or attorneys. 

Clients will acknowledge and agree to their obligation to promptly notify the Adviser in writing if any information material to the advisory services provided changes, if previously provided information that might affect the management of their account occurs, or if any earlier provided data becomes inaccurate. The Client or their successor shall also promptly notify us in writing of the Client's dissolution, termination, merger, or bankruptcy if the Client is not a natural person or of the occurrence of any other event that might affect the validity of their Advisory Agreement or our authority under the Agreement. 

Baker Street reserves the right to terminate any Client engagement where the Client has willfully concealed or failed to provide pertinent information material to the advisory services to be rendered or to their individual or financial situations when necessary and appropriate, in its judgment, to provide proper financial advice. 

Advisory Agreement 

Baker Street's advisory services are designed to address the specific needs of each Client, as outlined in the applicable written Client contract, whether the Investment Advisory Agreement ("Advisory Agreement") or Professional Services Agreement (collectively, the "Agreement") - depending on the services selected. Each Agreement will outline the scope of services, contract terms, advisory fees, the formula for calculating such charges, and the type of investment management authority granted. Additionally, the Agreement will specify whether any written reports or electronic plans will be provided. The final advisory fee structure for the selected service will be clearly documented in the executed Agreement. 

IARs are limited to providing only the services specified in the respective Agreements and must adhere to the Client's stated objectives, limitations, and restrictions, as applicable. 

To engage Baker Street's advisory services, Clients must complete and execute the appropriate Agreement for the selected service. Clients may engage us for additional services at any time. Once established, an Agreement may not be assigned, as defined under the Advisers Act, without the Client's consent, as specified therein.

Clients should consult with their IAR and the applicable Agreement and fee schedules for additional information regarding each service. (Note: Transactions that do not result in a change of actual control or management of the Adviser within the meaning of the Advisers Act shall not be considered an assignment. For further information regarding advisory service fees and account management style, refer to Item 5: Fees & Compensation and Item 16: Investment Discretion.) 

Investor Profile & Client Suitability 

Baker Street is an investment advisory firm dedicated to Client engagement and personalized financial guidance. We provide tailored investment advice, advisory services, and wealth management technology designed to strive to meet the unique needs of each Client. 

At the outset of the advisory relationship, the IAR will conduct a comprehensive assessment of the Client's financial situation. This evaluation involves personal discussions, diagnostic questionnaires, and other tools provided by the Adviser. Key factors such as investment goals, financial objectives, risk tolerance, liquidity and income needs, time horizon, and market expertise will be evaluated. Additionally, the Client's income, expenses, and existing investments will be reviewed to form a clear understanding of their overall financial landscape. Further pertinent information will be gathered, including detailed financial data such as assets, liabilities, and portfolio statements. This data will serve as the foundation for crafting customized investment plans and recommendations tailored to the Client's specific financial situation. Based on this comprehensive profile, the IAR will recommend an appropriate advisory service for the Client. 

Depending on the selected advisory service, a strategic investment recommendation will be formulated, which includes the development of an asset allocation strategy. This strategy will take into account the Client's financial objectives, risk tolerance, and personal preferences. The goal is to establish realistic, measurable financial targets and create an investment strategy that supports both short-term and long-term financial objectives. The executed Agreement will clearly outline the specific advisory services to be provided, along with the agreed-upon fee structure, ensuring transparency and mutual understanding of the terms. 

Types of Advisory Services 

Baker Street provides the following advisory services: 

1. Investment Supervisory Services 

2. Professional Services (to include, but not limited to, Expense Management, Consulting and Financial Planning) 

Investment Supervisory Services 

Baker Street provides investment supervisory services primarily on a discretionary basis to a variety of Clients. Services are provided in accordance with the Baker Street Advisory Agreement with account supervision guided by the Client's stated investment objectives. 

We develop strategic plans for our Clients by assessing their long-term and short-term financial needs, objectives, risk tolerance or aversion, and tax status. These plans are crafted using the information they provide, including financial records, responses to questionnaires, and insights gathered during personal interviews. Each investment portfolio is tailored to align with the Client’s specific goals and objectives, following a comprehensive evaluation of their financial circumstances. Subsequently, we create an Investment Policy Statement (“IPS”) and an asset allocation plan for each Client based on a thorough analysis of their financial situation and investment objectives. The IPS typically outlines their investment goals, restrictions, regulatory requirements, risk tolerances, and other pertinent factors. 

Upon receiving the Client’s approval, we will proceed to implement the IPS strategy as appropriate. 

Professional Services 

Professional services may include expense management, consulting, financial planning, estate and trust services, risk management and insurance services and philanthropy services, among others. (Note: Estate and trust services may require the Client to engage independent legal counsel. Baker Street does not provide legal advice or draft legal documents.)

To engage in any of these services, clients will execute a Professional Services Agreement, which will define the scope of services to be provided and the agreed-upon fees, which will be determined depending on the complexity and scope of the planning process. The duration and cost will be specified in the executed services Agreement. 

Financial plans and recommendations are based on the Client's financial situation as disclosed at the time of Agreement execution. The timeline for completing an initial financial plan may vary depending on the Client’s responsiveness and the timely submission of all required information and supporting documents. 

If the Client receives a written financial plan, the plan will not include information or analysis concerning liability risks, tax planning, or tax preparation services. If such services are necessary, it shall be the Client's responsibility to obtain them from one or more third parties. 

As financial planning is inherently a discovery process, where new information may surface throughout the course of analysis, should discrepancies arise during this process and the Client’s circumstances differ significantly from the initial disclosures, the Client can be subject to a revised fee. In such cases, Clients will be notified promptly of any necessary changes to the engagement's scope, and no additional work will be undertaken until they approve the revised fee structure. 

Clients may request updates or additional reviews, which may incur additional fees at the firm’s current hourly rate. (See Item 5: Fees & Compensation for further information.) 

Types of Investments 

Our investment recommendations primarily involve independent third-party investment advisers, mutual funds, exchange-traded funds ("ETFs"), and private investments. We do not offer proprietary investments. All investments we recommend have undergone a rigorous due diligence process and are continuously monitored by our Investment Strategy Group. 

The investment advice provided to Clients is not limited to specific products or asset classes. However, we generally refrain from recommending the direct purchase or sale of individual, non-pooled securities. Instead, we offer comprehensive investment and portfolio management advice across a broad spectrum of asset classes, ensuring that our recommendations are tailored to each Client’s unique goals and needs. We may also guide on existing holdings and suggest strategies for portfolio diversification when appropriate. While we do not engage in market timing, we may recommend increasing cash holdings when it aligns with the Client's overall portfolio strategy. 

Tailored Advisory Services 

Baker Street offers a comprehensive suite of services to all Clients, though some may require only limited services based on the nature of their investments. In such cases, limited services are offered at our discretion, as outlined in the Client's written Agreement, which will contain applicable terms and fee schedules. Baker Street reserves the right to advise on any investment product deemed suitable for a Client's circumstances, needs, and objectives, which may include advising on those already held in a Client's portfolio at the outset of the advisory relationship. Additionally, when appropriate, we may recommend other securities to help diversify a portfolio. (For further information, see Item 5: Fees & Compensation and Item 8: Methods of Analysis, Investment Strategies & Risk of Loss.)

Client Imposed Restrictions 

Clients have the right to impose restrictions on the types of securities or specific securities in which they wish to invest based on personal preferences, values, or beliefs. Such restrictions must be provided to the Adviser in writing and accepted prior to implementation. Clients may modify or amend these restrictions by submitting updated written instructions. Restrictions will only take effect once formally accepted. 

Baker Street will make reasonable efforts to adhere to Client-imposed investment guidelines, including any reasonable limitations consistent with standard industry practices. However, Clients should be aware that such restrictions may influence the performance of their accounts, potentially resulting in performance variations - both positive and negative - compared to similar accounts without such limitations. Additionally, these restrictions could hinder the achievement of a Client's specific financial objectives. Upon receipt of written restrictions, Baker Street will assess the feasibility of the request, ensure that the Client's expectations are appropriately managed, and confirm that the Client understands the potential consequences of the imposed restrictions.

Baker Street reserves the right to reject specific restrictions or terminate the advisory relationship if such restrictions cannot be reasonably accommodated. In no event, irrespective of the advisory service provided, shall Baker Street be obligated to make any investment or engage in any transaction that, in its reasonable and good faith judgment, would violate any applicable federal or state law or regulation. 

Wrap Fee Programs 

A wrap fee program is defined as any advisory program under which a specified fee or fees not based directly upon transactions in a Client's Account are charged for investment supervisory services, which may include portfolio management or advice concerning the selection of other investment advisers and the execution of Client transactions. Baker Street does not offer a wrap fee program as part of its advisory services. 

Assets Under Management 

As of December 31, 2025, Baker Street's assets under continuous management totaled $20.77 billion on behalf of approximately 535 Clients. The following represents Client assets under management by account type:

1. Discretionary – AUM: $ 20,770,000,000
2. Non-Discretionary – AUM: $ 0
3. Total – AUM: $ 20,770,000,000