Morgan Creek Capital Management, LLC

Morgan Creek Capital Management, LLC is an investment adviser headquartered in Chapel Hill, North Carolina. The firm is known for an endowment-style approach to portfolio construction and offers investment management across public and private markets. It files Form 13F with the SEC under CIK #0001623781, which makes its U.S.-listed, 13F-reportable long positions publicly observable on a quarterly schedule. Morgan Creek Capital Management was founded by Mark Yusko (Founder, CEO & CIO). In allocator due diligence, a key framing point is that a manager’s 13F typically represents the U.S. public equity sleeve (and certain related reportable instruments), not a complete representation of exposures where the firm also employs private investments, fund interests, or instruments not captured on Form 13F. For users of a 13F analytics platform, the practical value is access to Morgan Creek’s historical filings (13F History) to study disclosed positioning over time, while keeping a clear boundary between disclosed holdings and non-13F exposures.

Morgan Creek Capital Management is commonly associated with an endowment-style, multi-asset framework: a top-down allocation mindset that emphasizes diversification across return drivers, including public equities as well as alternative and private strategies where appropriate. The investment philosophy is frequently described as valuation-aware and cycle-conscious, seeking to build durable portfolios across regimes rather than relying on a single market beta. What the 13F does—and does not—tell you for this specific firm: • What is directly observable: the composition of the firm’s reportable U.S. long equity/ADR/ETF holdings each quarter, including position sizes and changes. • What is not observable in 13F: potential allocations to private investments, many hedge fund or fund vehicles, certain derivatives, cash management, non-U.S. ordinary shares, and any short exposure. In practice, allocators often use the 13F record to answer manager-specific implementation questions such as: • Is the disclosed equity sleeve concentrated in a handful of themes or issuers, or broadly distributed? • Do changes suggest strategic rebalancing (gradual adjustments) or tactical shifts (faster rotation across sectors/factors)? • Does the U.S. book appear benchmark-aware (sector balance similar to broad indices) or benchmark-agnostic (persistent tilts)? A Portfolio Simulator can then be used as a secondary lens to replicate the disclosed sleeve across reporting periods and to run Performance Backtests Online. For this manager, the most decision-useful 13F-derived diagnostic is often Top 10 Holdings Concentration, because it clarifies whether the U.S. equity sleeve is being used for high-conviction expression versus diversified implementation.

Morgan Creek Capital Management, LLC (CIK #0001623781) is a Chapel Hill, NC-based SEC-registered investment adviser founded by Mark Yusko and commonly associated with an endowment-style, valuation-aware, multi-asset investment framework. Its Form 13F filings provide a credible, repeatable dataset for analyzing how the firm expresses U.S. public-equity exposures over time. Allocator-relevant takeaways that are typically knowable from the 13F record: • The stability of core positions versus tactical rotation • The degree of concentration and the persistence of sector/factor tilts • The extent to which the U.S. sleeve appears to be a return-seeking engine versus an implementation component within a broader allocation program On-platform, the cleanest workflow is to reconstruct the firm’s disclosed holdings over multiple quarters, review concentration and sector drift, and then run historical replication for the U.S. long book. A Simulated Growth Chart can contextualize compounding behavior of the disclosed sleeve (normalized to a user-defined notional), while Alpha Generation vs S&P 500 can help separate benchmark-like exposure from differentiated positioning—subject to the important caveat that non-13F exposures may materially affect realized results. Diagnostic regime question: during equity risk-off episodes driven by tightening liquidity or rising real rates, does Morgan Creek’s disclosed 13F sleeve historically de-risk through sector/factor rotation (and reduced concentration), or does it maintain thematic exposure and rely on longer-horizon mean reversion?

Morgan Creek’s risk profile should be evaluated at two levels: (1) the risk of the disclosed 13F long-equity sleeve and (2) the broader portfolio context implied by a multi-asset/endowment approach (which may include meaningful non-13F exposures). 13F-visible risk considerations (directly inferable from filings under CIK #0001623781): • Equity beta and factor tilts: growth/value balance, quality, cyclicality, and any persistent tilts that can dominate outcomes during sharp factor rotations. • Concentration and single-name risk: sensitivity to idiosyncratic events if the book is top-heavy. • Sector clustering: drawdown patterns can be driven by persistent industry exposures (e.g., technology duration sensitivity, energy cyclicality, financials credit sensitivity). Multi-asset context (cannot be fully inferred from 13F, but relevant to interpretation): • If the broader program uses alternatives and private investments, the 13F sleeve may not reflect total portfolio liquidity or diversification. • If hedging is used elsewhere, the 13F sleeve alone can look “riskier” than the overall program; conversely, if the 13F sleeve is a primary risk engine, it may carry more of the portfolio’s directional exposure. Using a Backtesting Service on the 13F-replicated series can quantify drawdown tendencies of the disclosed equity sleeve—e.g., Max Drawdown Depth—but those statistics should be treated explicitly as “13F-sleeve behavior,” not the firm’s total client-portfolio experience.