INDEPENDENT VERDICT
CG Core Value Fund is the long-running public-markets investment vehicle of Little Rock-based Circumference Group, not a newly formed generic value fund. The September 1, 2026 Form D/A reports $118.4 million cumulatively sold to 58 investors, including four non-accredited investors, with a $500,000 minimum, an indefinite Rule 506(b) offering and reliance on Section 3(c)(1). The amount sold is unchanged from the 2025 amendment, so there was no additional Form D capital reported during the latest filing year. The fund's history reaches back much further: its first sale occurred in October 2011 and its previous legal name was CG Tech/Telecom Equity Value Fund LP, which fits Circumference Group's historical concentration in technology, telecommunications and operationally complex businesses. The manager, The Circumference Group LLC, is a fully SEC-registered adviser under CRD 159012 / SEC 801-113735 and reported approximately $239.6 million of regulatory assets in its March 2026 Form ADV. The fund's distinctive feature is not simply low-multiple stock selection; Circumference uses an operator-led framework called the Core Value Assessment to identify companies where strategic complexity, operational problems or market impatience may create a gap between quoted price and sustainable long-term business value.
Circumference Group was founded in 2009 by Jeff Fox with a team combining investing and operating experience. Fox previously served as COO of Alltel Wireless, CEO of Convergys and later CEO of Endurance International Group, and his career included participation in Alltel's $27 billion acquisition by TPG and Goldman Sachs as well as the later transformations and sales of Convergys and Endurance. Circumference argues that this operating background gives it an advantage when public-market investors react negatively to restructuring, slowing growth, business-model transitions or strategic complexity. Its proprietary Core Value Assessment examines customer value propositions, market position, customer acquisition, service delivery, organizational scalability, leadership quality and company-specific operating metrics rather than relying mainly on valuation screens. John Lammers currently serves as CIO of the Core Value Fund and previously managed a global long-short corporate securities portfolio at Moore Capital Management after roles at Chesapeake Partners, Bear Stearns and Cravath. John Haley was the founding CIO and later co-CIO of the fund before becoming Senior Advisor, while Chad Brown helped launch the vehicle during his earlier tenure as Circumference's Director of Research. The combination helps explain the evolution from the original tech/telecom-focused name into a broader operational-value strategy without severing continuity with the original fund.
The strongest fund-specific evidence comes from Resources Connection, Inc., ticker RGP. In June 2025, Circumference Group, CG Core Value Fund, CG Core Value GP, Jeff Fox and related entities entered a formal Cooperation Agreement with Resources Connection after the Circumference group reported beneficial ownership of 1,289,243 shares, approximately 3.9% of the company at the time. The agreement led to Fox joining the RGP board, while subsequent SEC filings show the Core Value Fund itself directly holding the shares. By the 2026 proxy, the fund held 1,389,243 RGP shares, and Resources Connection explicitly stated that Fox had investment power over those shares because Circumference Group manages CG Core Value Fund. This is unusually strong evidence of the investment process in practice: the fund can build a material position in an operationally challenged or transitional public company and, when appropriate, move beyond passive ownership into negotiated governance participation. That does not make Circumference a permanent activist hedge fund or prove that every portfolio position involves board representation, but it demonstrates that management engagement and operational influence can become part of the strategy. Circumference's own public commentary provides another fund-level example: CIO John Lammers said the fund had owned Vimeo since 2022 and publicly discussed its generative-AI opportunity, balance-sheet strength and potential for renewed revenue growth. Again, this should be treated as evidence of historical investment thinking rather than proof of the fund's current 2026 position size.
The capital history shows substantial expansion but also a much more mature fundraising profile today. The first available 2013 Form D reported approximately $21.23 million sold. Cumulative subscriptions rose to about $26.31 million by 2015, then jumped sharply during 2017–2018 to more than $80 million, reached approximately $102.66 million by 2020, $105.15 million in 2021, $108.6 million in 2022, $112.5 million in 2023 and $117 million in 2024. The 2025 amendment increased the total to $118.4 million, while the latest 2026 amendment reports the same amount. These successive cumulative totals must not be added together. Circumference's latest adviser filing reports approximately $239.6 million in regulatory AUM and about $214.9 million of aggregate gross assets across six private funds, meaning the advisory business includes vehicles beyond Core Value. Its current disclosure materials identify Core Value Fund and other special-purpose or private investment structures, and Circumference also maintains a private-investment platform and venture activities. Those wider assets establish manager breadth but should not be attributed to Core Value Fund itself.
FINAL ASSESSMENT
CG Core Value Fund has one of the longest and most verifiable operating histories in this D-list. SEC records trace an uninterrupted offering back to 2011, show cumulative subscriptions of $118.4 million and directly link the fund to SEC-registered Circumference Group. The manager's website provides a detailed investment framework rather than generic value-investing language, and public-company filings supply unusually strong asset-level evidence through the fund's RGP ownership, cooperation agreement and Jeff Fox's board role. The main diligence questions are therefore portfolio concentration, current valuation, liquidity and performance rather than sponsor identity. Investors should obtain the complete current holdings schedule, audited returns, gross and net exposure, percentage of NAV in the largest five positions, private-company exposure, redemption history, current fee terms and rules governing board seats or other active engagement. An operator-led concentrated approach can exploit complexity that short-term markets misprice, but the same strategy can suffer when a turnaround takes longer than expected, management execution disappoints or a large position becomes difficult to exit.
KEY FINDINGS / FUND HISTORY / STRUCTURE
CG Core Value Fund LP is a Delaware private fund formerly named CG Tech/Telecom Equity Value Fund LP. Its first sale occurred October 18, 2011, and the current offering uses Rule 506(b) and Section 3(c)(1). The latest September 1, 2026 Form D/A reports an indefinite offering with $118.4 million cumulatively sold, 58 investors, four non-accredited investors, a $500,000 minimum, zero sales commissions, zero finder fees and zero related-person use of proceeds; the manager may waive the minimum in its discretion. Historical cumulative Form D amounts progressed from $21.23 million in 2013 to approximately $26.31 million in 2015, $77.05 million in 2017, $82.85 million in 2018, $102.66 million in 2020, $108.6 million in 2022, $112.5 million in 2023, $117 million in 2024 and $118.4 million in 2025. The 2026 amount remains $118.4 million, so the latest amendment reflects no new reported subscriptions. CG Core Value GP LLC is general partner, Circumference Group is the management company and Circumference Group Holdings sits above related control entities.
MANAGER / STRATEGY / TEAM
The Circumference Group LLC was founded by Jeff Fox in 2009 and became SEC registered on July 26, 2018 under CRD 159012 / SEC 801-113735. Its March 2026 Form ADV reports approximately $239.6 million of regulatory AUM, roughly $214.9 million of private-fund gross assets across six funds, 14 employees and a predominantly discretionary institutional/private-fund client base. Circumference's public-equity philosophy is a long-term absolute-value strategy focused on situations where strategic and operational complexity creates price dislocation. Its proprietary Core Value Assessment examines customer economics, market position, sales and customer acquisition, operating scalability, management quality, culture, financial performance and company-specific business metrics. Jeff Fox is founder and CEO; John Lammers is current CIO of Core Value Fund and brings prior Moore Capital global long-short experience; John Haley was founding CIO and is now Senior Advisor; Holly Larkin is COO. This combination of investment and operating experience is central to the manager's claim that it can distinguish temporary execution problems from permanent business impairment.
PUBLIC COMPANY PENETRATION / GOVERNANCE EVIDENCE
Resources Connection provides the clearest verified fund-level example. In June 2025, Circumference Group, CG Core Value Fund, CG Core Value GP, Circumference Group Holdings and Jeff Fox entered a Cooperation Agreement with RGP after the group disclosed 1,289,243 shares, approximately 3.9% of the company at the time. Fox was appointed to the board as part of the agreement. A subsequent Form 3 directly attributed those shares to CG Core Value Fund, and RGP's 2026 proxy states that the fund owned 1,389,243 shares while Fox retained investment power through his role at Circumference. The episode demonstrates that Core Value can build a meaningful public-company stake and participate in governance when management and the investor negotiate such involvement. Circumference also publicly identified Vimeo as a Core Value holding dating from 2022 and discussed its AI, balance-sheet and revenue-growth thesis in 2024. These examples provide useful historical portfolio evidence but should not be interpreted as a complete or unchanged 2026 portfolio.
WEBSITE / ENTITY PENETRATION / INVESTOR DILIGENCE
The legal fund name, former tech/telecom name, Little Rock address, CG Core Value GP, Circumference Group management relationship, Jeff Fox ownership/control role, John Lammers CIO position and official domain all reconcile across SEC filings and Circumference's own materials. SEC IAPD confirms that Circumference Group is a fully registered investment adviser rather than an ERA. Public records do not provide a complete Core Value NAV, current portfolio, audited annual returns, maximum drawdown, position concentration, public-versus-private allocation, management fee, performance allocation, prime broker, complete administrator stack or current redemption terms. Investors should specifically ask how much NAV is represented by RGP and other top-five positions, how often Circumference seeks board seats or cooperation agreements, whether private investments can be held inside Core Value, how long the fund will tolerate thesis deterioration before exiting, whether active governance can limit liquidity through insider-trading restrictions, and how the fund separates Core Value opportunities from Circumference's SPVs, private investments and venture activities.
CORE RISKS / SEC SNAPSHOT
The principal risks are concentrated public-equity exposure, turnaround and execution risk, small-/mid-cap liquidity, governance-engagement risk, board-related trading restrictions, key-person dependence, value traps, long holding periods, private-security exposure where permitted, investor-redemption concentration and the possibility that operational expertise does not translate into successful security selection. SEC snapshot: CG Core Value Fund LP, CIK 0001579867, SEC File No. 021-198418, Delaware LP, former name CG Tech/Telecom Equity Value Fund LP, One Information Way Suite 405, Little Rock, Arkansas 72202, phone 501-492-8400, first sale October 18, 2011, latest Form D/A September 1, 2026, pooled Other Investment Fund, Rule 506(b), Section 3(c)(1), indefinite offering, $118.4 million sold, 58 investors, four non-accredited investors, $500,000 minimum, zero commissions/finder fees/related-person proceeds and Holly Larkin signing as COO of the general partner.
PRIMARY EVIDENCE REVIEWED
SEC Form D and Form D/A filings for CG Core Value Fund from 2013 through September 2026; SEC IAPD and March 2026 Form ADV for The Circumference Group LLC; Circumference Group official Public Equity and Core Value Assessment materials; official biographies of Jeff Fox, John Lammers and John Haley; Circumference Group public commentary concerning Vimeo; Resources Connection Form 8-K and June 2025 Cooperation Agreement; CG Core Value Fund Form 3 ownership filing; and Resources Connection's 2026 proxy statement confirming the fund's updated share ownership and Jeff Fox's investment-power relationship.
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering and does not mean the SEC has approved, endorsed, audited or verified CG Core Value Fund, Circumference Group, Jeff Fox, John Lammers, Resources Connection, Vimeo, any investment thesis, historical performance or expected return. The $118.4 million Form D amount represents cumulative securities sold since the offering began and is not necessarily current fund NAV; Circumference Group's approximately $239.6 million firmwide regulatory AUM and roughly $214.9 million aggregate private-fund gross assets are separate manager-level measurements. Public ownership records for RGP and historical commentary concerning Vimeo provide evidence of investment activity at particular dates and should not be assumed to represent unchanged current positions. Investors should independently review current audited financial statements, holdings, concentration, fees, liquidity, redemption provisions and net performance before investing.