FOX POINT FUND SEC REVIEW 2026
INDEPENDENT VERDICT
Fox Point Fund LP is a long-running New York hedge fund whose SEC offering history now spans roughly two decades. The latest Form D/A, filed September 18, 2026 under CIK 0001420866, identifies a Delaware limited partnership with a first sale on August 1, 2006, an indefinite Rule 506(b) offering, Section 3(c)(1) investment-company exclusion and $166,602,000 cumulatively sold to 85 investors. The filing names Fox Point Performance LP as General Partner, Shober Holdings LLC as General Partner of that General Partner and Fox Point Capital Management LLC as Manager, all using 125 Park Avenue, 25th Floor, New York. This is not a recently organized fund relying on a single filing: SEC records from 2009, 2010, 2013, 2015, 2016, 2019, 2022 and subsequent years preserve the same legal issuer and management chain. The main verification story is therefore operating continuity. The more important 2026 diligence question is not whether Fox Point Fund exists, but how its current assets, investment strategy, performance and adviser-regulatory structure compare with the much clearer historical SEC record.
The capital history is particularly revealing because it shows both longevity and very limited recent subscription growth. A March 2009 Form D amendment reported $154.187 million sold to 80 investors and still listed a $1 million minimum subscription. By February 2015, cumulative sales had increased to $159.487 million with 81 investors. The current figure eventually reached $166.602 million and 85 investors, but public Form D indexes show that the same $166.602 million amount was reported in 2022, 2023, 2024, 2025 and again in September 2026. That does not establish that the fund has had exactly $166.6 million of NAV for four years. Form D reports cumulative sales, not redemptions, investment appreciation, losses or current investor capital. The flat filing figure instead indicates that no additional securities sales were reflected in those annual amendments. The 2026 filing also now reports a $0 Form D minimum, whereas the 2009 filing reported $1 million. That change should not be interpreted as proof that a new investor can enter with $0; the operative subscription minimum must come from the current PPM and subscription documents.
The legal management chain is another distinctive feature. Early filings identify Charles S. Anderson as General Partner of Fox Point Performance LP, while later filings show a layered structure in which Fox Point Performance LP is the fund's General Partner, Shober Holdings LLC is General Partner of Fox Point Performance, and Fox Point Capital Management LLC serves as Manager. Historical SEC filings identify Anderson as Managing Member of Shober Holdings and therefore connect him to the control chain. Scott Schweitzer signed historical amendments as CFO and later COO of Fox Point Capital Management, while the latest 2026 amendment was signed by Matthew Aquino as COO of the Manager. Those recurring entities and personnel create strong continuity evidence. At the same time, the public SEC Investment Adviser Public Disclosure record for Fox Point Capital Management LLC, CRD 157118 / SEC file 801-73299, currently states that its SEC investment-adviser registration was terminated effective March 30, 2021 and that it is not currently registered or filing as an exempt reporting adviser. Because the 2026 Form D still expressly identifies Fox Point Capital Management LLC as Manager, investors should ask for the current legal basis under which investment-management services are being provided and whether another registered adviser, exemption or different regulatory arrangement now applies.
That registration point deserves careful treatment rather than a negative assumption. Termination of SEC investment-adviser registration does not by itself establish misconduct, illegality or cessation of a private fund. Investment advisers can cease SEC registration for several reasons, including changes in regulatory assets, organizational structure, business model or reliance on a different exemption or adviser arrangement. Fox Point Fund itself has continued making annual Form D amendments after 2021, and the issuer's General Partner and Manager names remain consistent in the current filing. The public record reviewed does not disclose the fund's present investment strategy in enough detail to characterize it confidently as equity long/short, event-driven, credit, macro or another hedge-fund style. Historical Form ADV material would therefore be useful only as historical manager context unless confirmed against current offering documents. For FilingDossier purposes, it is more accurate to state that Fox Point is a long-running hedge fund with a stable legal structure and a current adviser-status question than to invent a portfolio strategy that the 2026 Form D does not disclose.
The unresolved investment questions are primarily quantitative. After an August 2006 first sale, investors should be able to evaluate nearly twenty years of monthly or annual net performance, maximum drawdown, volatility, gross and net exposure, leverage, liquidity, redemption history, portfolio concentration and realized investor distributions. None of those metrics appears in Form D. The $166.602 million cumulative amount sold also cannot tell investors whether current NAV is $50 million, $150 million, $300 million or another number because the filing explicitly declines to disclose aggregate NAV. The same is true for the current 85-investor figure: it is the number reported in the filing, not proof that the same 85 investors remain from prior years. Fox Point's strongest public evidence is regulatory continuity and an identifiable GP-manager chain. Its largest public-information gap is the absence of current portfolio and performance disclosure, combined with the need to reconcile Fox Point Capital Management's terminated SEC registration with its continuing Manager role in the 2026 offering.
SEC SNAPSHOT
LATEST FORM D/A: September 18, 2026 YEAR OF FORMATION: 2006 FUND CLASSIFICATION: Hedge Fund SECURITY TYPE: Equity / Pooled Investment Fund Interests FEDERAL EXEMPTION: Rule 506(b) OFFERING DURATION: More than one year LATEST CUMULATIVE AMOUNT SOLD: $166,602,000 LATEST REPORTED INVESTORS: 85 FORM D MINIMUM INVESTMENT: $0 SALES COMMISSIONS: $0 FINDERS' FEES: $0 RELATED-PERSON USE OF PROCEEDS: $0 MANAGEMENT FEES: Manager receives customary management fees according to Form D CURRENT NAV: Declined to disclose FORM D SIGNER: Matthew Aquino SIGNER TITLE: COO of the Manager
MANAGEMENT CHAIN
FUND GENERAL PARTNER: Fox Point Performance LP GENERAL PARTNER OF FOX POINT PERFORMANCE: Shober Holdings LLC FUND MANAGER: Fox Point Capital Management LLC HISTORICAL CONTROLLING PERSON: Charles S. Anderson HISTORICAL ROLE: General Partner / Managing Member within GP control chain HISTORICAL EXECUTIVE: Scott Schweitzer CURRENT FORM D SIGNER: Matthew Aquino CURRENT ADDRESS FOR GP / GP OF GP / MANAGER: 125 Park Avenue, 25th Floor, New York, NY 10017 ENTITY CONTINUITY: STRONG IMPORTANT: Fund, General Partner, GP of GP and Manager are separate legal entities
ADVISER REGULATORY STATUS
SEC FILE NUMBER: 801-73299 CIK IN HISTORICAL ADV: 0001385011 HISTORICAL SEC-REGISTERED ADVISER STATUS: CONFIRMED SEC REGISTRATION TERMINATION DATE: March 30, 2021 CURRENT IAPD STATUS: Not currently registered CURRENT ERA STATUS SHOWN BY IAPD: Not currently an Exempt Reporting Adviser 2026 FORM D MANAGER: Fox Point Capital Management LLC CURRENT LEGAL BASIS FOR ADVISORY ACTIVITY: REQUIRES CONFIRMATION CURRENT ALTERNATIVE FILING ADVISER: NOT IDENTIFIED IN PUBLIC SOURCES REVIEWED IMPORTANT: Registration termination alone is not evidence of misconduct IMPORTANT: Investors should obtain the current ADV / exemption analysis or other regulatory documentation
HISTORICAL CAPITAL FORMATION
2006 FIRST SALE: August 1, 2006 2009 CUMULATIVE SOLD: $154,187,000 2009 INVESTORS: 80 2009 MINIMUM INVESTMENT: $1,000,000 2015 CUMULATIVE SOLD: $159,487,000 2015 INVESTORS: 81 2022 CUMULATIVE SOLD: $166,602,000 2022 INVESTORS: 85 2023 CUMULATIVE SOLD: $166,602,000 2024 CUMULATIVE SOLD: $166,602,000 2025 CUMULATIVE SOLD: $166,602,000 2026 CUMULATIVE SOLD: $166,602,000 2026 INVESTORS: 85 NET NEW FORM D SALES SINCE 2022: $0 reflected in annual amendments IMPORTANT: Stable cumulative sales do not prove stable NAV IMPORTANT: Historical amendments must not be added together
CAPITAL INTERPRETATION
$166.602M: Latest cumulative securities sold under the continuing Regulation D offering $166.602M IS NOT: Current NAV $166.602M IS NOT: Current AUM $166.602M IS NOT: Current investor capital $166.602M IS NOT: Gross portfolio exposure REDEMPTIONS: Not shown in Form D amount sold INVESTMENT PROFITS: Not shown in Form D amount sold INVESTMENT LOSSES: Not shown in Form D amount sold INVESTOR DISTRIBUTIONS: Not shown in Form D amount sold CURRENT NAV RANGE: Explicitly declined in 2026 filing CORRECT METRIC FOR CURRENT ASSETS: Current audited financial statements / investor statements
MINIMUM INVESTMENT HISTORY
2009 FORM D MINIMUM: $1,000,000 2026 FORM D MINIMUM: $0 INTERPRETATION: Form D field changed over the life of the offering CURRENT PRACTICAL SUBSCRIPTION MINIMUM: REQUIRES CURRENT PPM IMPORTANT: $0 Form D minimum does not necessarily mean investors may subscribe with no minimum
ADDRESS HISTORY
EARLY ADDRESS: 101 Park Avenue, 21st Floor, New York, NY 10178 MID-PERIOD ADDRESS: 101 Park Avenue, 33rd Floor, New York, NY 10178 CURRENT ADDRESS: 125 Park Avenue, 25th Floor, New York, NY 10017 CURRENT PHONE: 212-984-2373 HISTORICAL PHONE: 212-984-2442 / other earlier numbers INTERPRETATION: Office changes occurred while the same fund CIK and legal issuer remained active
ENTITY PENETRATION
Fox Point Fund LP — SEC CONFIRMED CIK 0001420866 — SEC CONFIRMED Delaware LP — CONFIRMED 2006 formation / first-sale history — CONFIRMED September 18, 2026 amendment — CONFIRMED $166.602M cumulative sold — CONFIRMED 85 investors — CONFIRMED Rule 506(b) — CONFIRMED Section 3(c)(1) — CONFIRMED Fox Point Performance LP GP role — CONFIRMED Shober Holdings LLC control role — CONFIRMED Fox Point Capital Management LLC Manager role — CONFIRMED Charles S. Anderson historical control role — CONFIRMED Matthew Aquino 2026 COO / signer role — CONFIRMED Scott Schweitzer historical executive role — CONFIRMED Fox Point Capital Management CRD 157118 — CONFIRMED Historical SEC adviser registration — CONFIRMED March 30, 2021 adviser-registration termination — SEC IAPD CONFIRMED Continuing 2026 Manager role — CONFIRMED Current portfolio — NOT PUBLICLY DISCLOSED Current strategy details — NOT SUFFICIENTLY DISCLOSED IN CURRENT FORM D Current NAV — NOT DISCLOSED Current gross exposure — NOT DISCLOSED Current net exposure — NOT DISCLOSED Current leverage — NOT DISCLOSED Current largest positions — NOT DISCLOSED Current management fee rate — REQUIRES PPM Current incentive allocation — REQUIRES PPM Current high-water mark — REQUIRES PPM Current redemption terms — REQUIRES PPM Current auditor — REQUIRES FUND DOCUMENTS Current administrator — REQUIRES FUND DOCUMENTS Current prime broker — REQUIRES FUND DOCUMENTS
REGULATORY CONTINUITY ANALYSIS
2006 FUND LAUNCH: CONFIRMED 2009 PUBLIC FORM D: CONFIRMED 2010 PUBLIC FORM D: CONFIRMED 2013 PUBLIC FORM D: CONFIRMED 2014 PUBLIC FORM D: CONFIRMED 2015 PUBLIC FORM D: CONFIRMED 2016 PUBLIC FORM D: CONFIRMED 2019 PUBLIC FORM D: CONFIRMED 2022 PUBLIC FORM D: CONFIRMED 2023 PUBLIC FORM D: CONFIRMED 2024 PUBLIC FORM D: CONFIRMED 2025 PUBLIC FORM D: CONFIRMED 2026 PUBLIC FORM D: CONFIRMED APPROXIMATE OFFERING AGE: 20 years LEGAL ISSUER CIK CONTINUITY: STRONG GENERAL PARTNER CONTINUITY: STRONG MANAGER-NAME CONTINUITY: STRONG CURRENT ADVISER-REGISTRATION CONTINUITY: DISCONTINUED SINCE 2021 / REQUIRES EXPLANATION
STRATEGY DISCLOSURE LIMITATION
FORM D CLASSIFICATION: Hedge Fund CURRENT PUBLIC FORM D STRATEGY DETAIL: Minimal EQUITY LONG/SHORT: NOT CONFIRMED FROM CURRENT FORM D EVENT-DRIVEN: NOT CONFIRMED CREDIT: NOT CONFIRMED MACRO: NOT CONFIRMED MULTI-STRATEGY: NOT CONFIRMED CURRENT PORTFOLIO SECURITIES: NOT PUBLICLY DISCLOSED CURRENT INDUSTRY CONCENTRATION: NOT PUBLICLY DISCLOSED CURRENT GEOGRAPHIC CONCENTRATION: NOT PUBLICLY DISCLOSED IMPORTANT: Do not infer a specific hedge-fund strategy solely from old manager descriptions without confirming current documents
UNUSUAL DILIGENCE POINT — REGISTRATION
2020 FORM ADV: Fox Point Capital Management was SEC registered 2021 REGISTRATION TERMINATED: March 30, 2021 2022-2026 FUND FORM D FILINGS: Continued 2026 MANAGER NAME: Still Fox Point Capital Management LLC QUESTIONS CREATED BY THIS DIFFERENCE: What exemption or regulatory arrangement governs the Manager today POSSIBLE EXPLANATIONS: Organizational change; reduced regulatory AUM; adviser exemption; another adviser arrangement; other lawful regulatory basis PUBLIC EVIDENCE TO SELECT AMONG THOSE EXPLANATIONS: INSUFFICIENT CORRECT APPROACH: Request current legal and regulatory documentation INCORRECT APPROACH: Treat adviser-registration termination alone as proof of wrongdoing
CORE INVESTOR QUESTIONS
What is Fox Point Fund's current NAV How much investor capital remains after redemptions Why has cumulative Form D sales remained at $166.602M since at least 2022 Has the fund been closed to new investors Can existing investors add capital What is the current practical minimum investment Why did the Form D minimum decline from $1M historically to $0 What is the current investment strategy What percentage of NAV is long equity What percentage is short equity Does the fund own credit securities Does the fund use derivatives Does it trade options Does it use swaps Does it use futures What is current gross exposure What is current net exposure What is maximum permitted leverage How many positions are normally held What is the largest current position What percentage of NAV is represented by the ten largest positions What sectors dominate the portfolio What percentage of assets could take more than five trading days to liquidate What is annualized net return since August 2006 What is annualized net return over 3, 5, 10 and 15 years What is maximum historical drawdown How did the fund perform during 2008 How did the fund perform in March 2020 How did it perform during 2022 What was the longest recovery period What is annualized volatility What is the Sharpe ratio How much capital has been distributed since inception What is the management fee What is the incentive allocation Does a high-water mark apply Is there a hurdle rate What redemption frequency applies What redemption notice period applies Are gates permitted Can redemptions be suspended Are side pockets permitted Who is the fund administrator Who is the current auditor Who is the prime broker Who is the custodian Which counterparties are used What is the current role of Charles S. Anderson What is the current role of Matthew Aquino Who owns Fox Point Capital Management today Why was Fox Point Capital Management's SEC registration terminated in March 2021 What current exemption or adviser-registration framework applies Is another investment adviser currently responsible for portfolio management Has counsel provided investors with the current adviser-registration analysis Have the fund's investment powers changed since the 2021 registration termination Are the 85 reported investors all currently active LPs
CORE RISKS
Hedge-fund market risk; unknown current strategy exposure; concentration risk; leverage risk; short-selling risk if used; derivative risk if used; liquidity risk; counterparty risk; valuation risk; redemption risk; gating or suspension risk; key-person dependence; limited current public portfolio transparency; long operating history does not guarantee positive returns; current NAV is undisclosed; cumulative Form D sales do not equal current assets; flat cumulative sales since 2022 do not prove stable capital; historic $1M minimum does not establish today's subscription threshold; investment-adviser registration terminated in 2021 and current regulatory basis requires investor verification.
PRIMARY EVIDENCE REVIEWED
U.S. SECURITIES AND EXCHANGE COMMISSION Fox Point Fund LP CIK 0001420866 Form D/A September 18, 2026
U.S. SECURITIES AND EXCHANGE COMMISSION Fox Point Fund LP Historical Form D amendments 2009-2025
SEC INVESTMENT ADVISER PUBLIC DISCLOSURE Fox Point Capital Management LLC CRD 157118 SEC File 801-73299 Current registration-status record
FOX POINT CAPITAL MANAGEMENT Historical Form ADV March 26, 2020 Used for historical adviser identity and registration context
PUBLIC FORM D FILING HISTORY Used to compare cumulative sales, investor counts, minimum investment and management-chain continuity
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering.
It does not mean that the SEC has approved Fox Point Fund, Fox Point Performance, Shober Holdings, Fox Point Capital Management, Charles Anderson, Matthew Aquino or any investment strategy.
The September 18, 2026 amendment reports $166,602,000 cumulatively sold to 85 investors in an offering whose first sale occurred on August 1, 2006.
That is strong evidence of a long-running private hedge fund.
It is not current NAV.
It is not proof of current performance.
It is not evidence that $166.602 million remains invested today.
INDEPENDENT ASSESSMENT
Fox Point Fund has one of the longer continuous SEC offering histories in this batch.
The same legal fund has been filing for nearly twenty years.
Its management chain can be traced from Fox Point Fund to Fox Point Performance, Shober Holdings and Fox Point Capital Management, with Charles S. Anderson appearing historically in the controlling chain and Matthew Aquino signing the current amendment as COO of the Manager.
The capital history is equally distinctive.
Cumulative sales increased from $154.187 million in 2009 to $159.487 million in 2015 and eventually $166.602 million, but the current total has remained unchanged across several recent annual amendments.
That makes current NAV, redemptions and actual active investor capital much more important than the headline fundraising figure.
The most unusual current diligence issue is Fox Point Capital Management's regulatory status.
SEC IAPD shows the adviser's registration terminated in March 2021, yet the 2026 Form D continues to identify the same entity as Manager.
That does not establish wrongdoing and should not be treated as such.
It does mean that investors should verify the current regulatory basis for the Manager's activity rather than assuming that the historical SEC adviser registration is still active.
The legal fund is well documented.
The management chain is well documented.
The 2006-2026 offering continuity is well documented.
The weakest public areas are current strategy, current NAV, performance, fees, liquidity and the post-2021 adviser-regulatory framework.
Those are the issues that should drive present-day diligence.