Glenmede Investment Management LP – Firm Brochure

Item 4 – Advisory Business

Glenmede Investment Management LP ("GIM") is a wholly-owned subsidiary of The Glenmede Trust Company, N.A. GIM offers a range of equity, fixed income, and some liquid alternatives portfolios, primarily investing in U.S. markets. As of December 31, 2023, GIM managed approximately $12 billion in assets, with the majority on a discretionary basis.

GIM provides discretionary investment management services to institutional investors, including registered investment companies, CITs, corporations, pension plans, charitable institutions, and high-net-worth investors. GIM also serves as a sub-advisor to high-net-worth individuals who are wealth management clients of the Trust Company.

Clients select from GIM’s offered products; GIM does not provide tactical asset allocation or full-service investment advice. Client-imposed restrictions may limit GIM’s ability to act and may affect account performance.

GIM offers strategies to wrap platform sponsors (typically broker-dealers or investment advisers), where clients pay a single fee to the sponsor. GIM is paid a portion of the wrap fee for its services. GIM also advises model-only investment programs (overlay or UMA programs), where it provides model portfolios to sponsors who implement the investment program for investors. In these cases, GIM receives a management fee from the sponsor based on assets managed according to the model portfolio.

Investment decisions for wrap program clients and other non-wrap accounts are made in the same investment style, though differences may arise due to restrictions, tax status, cash flows, or trade timing.

Item 5 – Fees and Compensation

GIM’s fees are typically charged as a percentage of assets under management, with suggested minimum account sizes. Fees are subject to negotiation and may vary based on factors such as anticipated asset growth, relationships, account composition, and client negotiations. Fees are generally billed quarterly in arrears. Clients may terminate agreements with written notice, and any prepaid, unearned fees will be refunded.

Management fees for Glenmede Funds are set forth in the prospectus; for CITs, in the Offering Memorandum; and for wrap or model delivery programs, fees are negotiated with the sponsor. GIM’s standard fee schedules for various product types and minimum investments are provided. In addition to management fees, clients may bear other costs such as custodial charges, brokerage fees, commissions, interest expenses, taxes, transfer and registration fees, and external management fees if applicable.

GIM may pay a portion of its advisory fee to fund platforms for administrative services. Clients who are also Trust Company clients are not assessed duplicate management fees for mutual fund and account management.

Item 6 – Performance-Based Fees and Side-By-Side Management

GIM does not currently charge performance fees. If it does in the future, it will comply with applicable regulations. GIM offers services to a variety of institutional and high-net-worth clients, generally requiring minimum account sizes but may waive these for certain relationships or circumstances.

GIM also provides services to clients of wrap sponsors and model investment portfolios to overlay or UMA sponsors for negotiated fees. Minimum account sizes in these arrangements are typically set by the sponsor.

Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss

GIM offers equity, fixed income, and liquid alternatives strategies in separately managed accounts, collective investment trusts, and mutual funds. Fundamental equity strategies include large and small-cap stocks using growth and value styles, as well as quantitatively oriented domestic and foreign equity strategies. The international strategy invests in foreign companies, directly or through ADRs, in at least three countries outside the U.S., primarily in developed markets.

Fixed income strategies include core, intermediate, and short duration approaches, using corporate bonds, municipal bonds, asset-backed obligations, and U.S. government obligations.

Liquid alternatives include long/short strategies and secured options strategies. GIM believes that portfolios using long and short equity positions based on multi-factor stock ranking models, with risk screens, can contribute to long-term capital appreciation with reasonable risk. Option investments are used when implied volatility trades at a premium to realized volatility.

GIM’s investment process uses technical, fundamental, and charting techniques, drawing on financial publications, corporate data, research reports, and SEC filings. Quantitative equity products incorporate ESG considerations, and ESG-specific products have defined strategies for integrating ESG factors.

GIM integrates ESG factors into fundamental equity strategies through third-party data and proprietary frameworks, assessing issuers’ management of ESG risks and opportunities.

GIM strategies may use long and short-term trading, short sales, and options trading to meet investment objectives. All investments carry risk of loss, and clients should be prepared for potential losses.

Domestic Equity Strategies

Quantitatively Oriented Strategies

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  Quantitative U.S. Large Cap Core, Growth, Value, and Small Cap Equity:

  • ​Use proprietary quantitative models based on fundamentals and valuations to differentiate securities within sectors.
  • ​Models include ESG risk factors.
  • ​Managers review optimization results and make final security selections.
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  Sustainable Large Cap Strategies:

  • ​Seek long-term performance with reasonable risk, investing consistent with ESG interests.
  • ​Use multi-factor models and positive/negative screening for environmental, low carbon, faith-based, responsible ESG, and women in leadership criteria.

Fundamental Strategies

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  Equity Income Strategy:

  • ​Constructs portfolios of companies generating income and income growth, aiming for yield superior to the S&P 500.
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  Small Cap Strategy:

  • ​Seeks superior returns versus the FTSE Russell 2000, using quantitative filters and fundamental research.
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  Strategic Equity Strategy:

  • ​Invests in large-cap stocks of well-managed companies with durable business models and attractive valuations, combining quantitative models and fundamental analysis.

Liquid Alternatives

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  Secured Options and Global Secured Options Strategies:

  • ​Aim for long-term capital appreciation and income from option premiums, investing in diversified portfolios of equities or ETFs and using option writing strategies.
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  Quantitative U.S. Long Short, Large Cap 130/30, and Quantitative U.S. Total Market Strategies:

  • ​Use quantitative analysis to take long positions in attractive stocks and short positions in unattractive stocks, based on multi-factor models and portfolio optimization.

Quantitative International Equity Strategy

• ​Seeks maximum long-term total return with reasonable risk, using proprietary multi-factor models to select foreign companies with reasonable prices, good fundamentals, and rising earnings expectations. Managers review optimization results for final security selection.

Fixed Income Strategies

• ​Utilize a disciplined risk management process, focusing on investment themes, idea generation, risk budgeting, portfolio construction, and ongoing risk management. Holdings may include U.S. Treasuries, agencies, investment-grade corporate bonds, and agency securities.

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