Important disclosures

Registration

Life UnLocked Partners LLC dba LUL Asset Management is a California registered investment adviser (DFPI CRD# 318642), registered with the California Department of Financial Protection and Innovation. Registration does not imply a particular level of skill or training, nor does it constitute an endorsement by any regulatory authority. Leyland Cypress LLC (CRD 322964) is a separately registered investment adviser and the adviser of record for Independent Return. The Form ADV Part 2A brochure is available upon request, and the firm’s public record is on the SEC’s Investment Adviser Public Disclosure site.

Not advice, not an offer

Information presented is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell securities. Nothing on this site should be interpreted as a recommendation to purchase, sell, or hold any particular investment or security, or to employ any particular investment strategy. This site is intended for institutional investors, investment consultants, financial professionals and sophisticated investors. Nothing in an inquiry creates an advisory relationship.

How the record is built

Every figure on this site is read from the published feeds of FlightDeck, the firm’s operations site at lul-lc.com, and is shown with its date; none is recomputed here. Where a figure is unavailable it is not shown.

The Alpha Convergence record is a single-strategy record, not a composite of client accounts: daily equity-sleeve returns of the Alpha Convergence Flagship strategy, reconciled to a tracking account at Schwab and compounded geometrically from daily returns. Individual client accounts will differ with timing, contributions and withdrawals, and fees. Two terms are used throughout this site. The strategy record starts on 27 June 2025 and includes 27 June to 18 August 2025 traded on firm capital, before client accounts began; results labeled “since inception” are the strategy record. Client accounts were rotated into the strategy on 19 August 2025, and the client composite starts on 1 September 2025; results labeled “since composite inception” are the client composite.

Performance figures are gross of fees unless labeled net. Net figures for Alpha Convergence and AC Market Neutral deduct a 2% annual model advisory fee^* applied monthly, not the fees actually billed. Advisory fees range from 1% to 2% a year; the 2% maximum is shown as the most conservative case, so a client on a lower fee keeps more than shown. Net figures for Independent Return deduct the fee reported by its manager. Benchmark returns are total-return series for RSP (the Invesco S&P 500 Equal Weight ETF) and SPY, shown gross for comparison; other funds shown on charts are rebased to the same start date for comparison only.

* Net figures deduct a 2% model fee, the highest fee we charge. Our fees range from 1% to 2% a year, depending on the size of the account. The full schedule is in Form ADV Part 2A.

The firm-wide client track record covers every client account across all firm strategies since 1 January 2022, net of the fees actually billed, against a segment-blended benchmark, and includes mandates with fixed-income sleeves. A supplemental firm-wide client composite, calculated in Black Diamond on a time-weighted basis, is available on request. Account dispersion, the assets represented by the record, realized trading costs and active share are not presented. The records have not been independently verified, and the firm does not claim compliance with the Global Investment Performance Standards (GIPS).

Records this short are heavily influenced by the specific market environment in which they were earned and are not indicative of long-term performance. Past performance is not indicative of future results.

Statistics

Statistical figures are computed by FlightDeck on daily returns and will change as data accumulates. A p-value describes how often a result at least this strong would arise by chance if there were no skill; it is not the probability that the strategy will continue to outperform. Significance readings do not predict future returns, do not guarantee any level of outperformance and are not third-party verification.

Risks

All investments involve risk, including the possible loss of principal. Concentrated portfolios carry higher single-name risk. Alpha Convergence rebalances on signal and generates short-term gains by design, which are taxed as such in a taxable account. AC Market Neutral and Independent Return hold short positions on margin, which carry borrowing and maintenance requirements and their own risks. The information presented is based on data and analysis believed to be reliable, but the firm makes no representation or warranty as to its accuracy, completeness or timeliness. Market conditions, economic factors and individual circumstances vary, and outcomes may differ materially from any examples or historical patterns discussed.

Conflicts of interest

Life UnLocked Partners holds a 50% interest in Leyland Cypress and receives a share of its fees. Mark Tennenbaum is CEO of both firms, and Lela Kelly is Chief Compliance Officer of both, so the two firms share senior management and compliance oversight. Members of the team, including the Chief Investment Officer, invest their own capital in the same strategies and positions as clients. See Form ADV for these conflicts of interest.

The tools

The analytical framework, tools and methodologies shown on this site and on FlightDeck are presented for educational and informational purposes. They are not designed or intended to be used as stock-picking devices, trading signals or the basis for any investment decision. Past performance, whether of the framework, any fund or any strategy referenced, is not indicative of future results.

Hypothetical and model outputs

Some tools on this site and on FlightDeck show hypothetical or model-based results: Scenario Replay’s projected drawdown and recovery for current holdings in historical crises, capacity estimates, and model probabilities such as the chance that a day is Alpha Opportunity. These are estimates under stated assumptions, not the results of any account, and they are not predictions or promises. Actual results will differ.

Forward-looking statements

Any forward-looking statements, forecasts or expectations, including those labeled “Expectation”, represent the adviser’s judgment at the time of publication. They involve known and unknown risks and uncertainties, and actual results may differ materially from any projections or hypothetical outcomes.

Trademarks

Alpha Convergence® and Alpha Opportunity™ are trademarks of Life UnLocked Partners LLC.

Privacy

We do not sell or rent visitor data, we do not run advertising, and we do not use this site to target you anywhere else. If you email us or send the tour form, we keep your message and address to reply and to maintain the records an investment adviser is required to keep. Email us and we will tell you what we hold about you, or delete it where we are not required to retain it. FlightDeck, at lul-lc.com, has its own privacy notice on its Diligence page.