ALTHUM ADVISORS LLC

ALTHUM ADVISORS LLC Part 2A of Form ADV Firm Brochure 1441 Brickell Av. Suite 1016, Miami, Fl 33131 +1 (305) 456-7645 As of: March 2026 This Brochure (the “Brochure”) provides information about the qualifications and business practices of Althum Advisors LLC (“ALTHUM” or the “Firm”). If you have any questions about the contents of this Brochure, please contact us at compliance@althumadvisors.com. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (the “SEC”) or by any state securities authority. information about Althum Advisors LLC Additional is also available on the SEC’s website at www.adviserinfo.sec.gov. You may also request a copy of our Brochure by contacting us at +1 (305) 456- 7645 or compliance@althumadvisors.com. Althum Advisors LLC is a registered investment adviser. Registration of an investment adviser does not imply that ALTHUM or any of our principals or employees possesses a particular level of skill or training. 1  Item 2 – Material Changes ALTHUM is required to advise you of any material changes to our business since our last annual update. You will receive a summary of any material changes to this and subsequent brochures within 120 days and without charge. You may also request a copy of the Brochure by contacting us at +1 (305) 456-7645 and/or by writing us an email at compliance@althumadvisors.com.  Changes have been made to the firm’s ownership structure. Please see Item 4. Information about ALTHUM is also available through the SEC’s public disclosure website (“IAPD” at www.adviserinfo.sec.gov). The SEC’s website also provides information about any persons affiliated with ALTHUM who are registered, or are required to be registered, as investment adviser representatives of ALTHUM. 2  Item 3 – Table of Contents Item 2 – Material Changes ............................................................................................................................... 2 Item 3 – Table of Contents .............................................................................................................................. 3 Item 4 – Advisory Business .............................................................................................................................. 4 Item 5 – Fees and Compensation .................................................................................................................... 6 Item 6 – Performance-Based Fees and Side-by-Side Management ................................................................. 0 Item 7 – Types of Clients .................................................................................................................................. 0 Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss ............................................................ 0 Item 9 – Disciplinary Information .................................................................................................................... 3 Item 10 – Other Financial Industry Activities and Affiliations .......................................................................... 3 Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ..................... 3 Item 12 – Brokerage Practices ......................................................................................................................... 8 Item 13 – Review of Accounts ......................................................................................................................... 9 Item 14 – Client Referrals and Other Compensation ....................................................................................... 9 Item 15 – Custody .......................................................................................................................................... 10 Item 16 – Investment Discretion.................................................................................................................... 11 Item 17 – Voting Client Securities .................................................................................................................. 11 Item 18 – Financial Information ..................................................................................................................... 11 Item 19 – Requirements for State-Registered Advisors ................................................................................. 11 SEGURA, FELIX ............................................................................................................................................... 13 LUZARDI, PABLO ............................................................................................................................................ 14 BIGURIA, SALVADOR ...................................................................................................................................... 15 ISOLA, RAFAEL ............................................................................................................................................... 16 OYADOMARI, ALDO ....................................................................................................................................... 17 PALACIOS, CARLOS ........................................................................................................................................ 18 3  Item 4 – Advisory Business Althum Advisors LLC is organized as a Florida limited liability company under the laws of the State of Florida and is registered as an investment adviser with the SEC. Althum Advisors LLC is directly owned by the following individuals and entities: Javier Zavala owns an indirect interest through JVV International Ltd; Felix Segura owns an indirect interest through FM Segura LLC; Rafael Isola owns an indirect interest through RII Advisor LLC; Salvador Biguria owns an indirect interest through Crimson Capital, S.A.; and, Pablo Luzardi owns an indirect interest through Le Brevent Limited. Javier Zavala and Felix Segura are the largest interest owners. ALTHUM provides investment advisory services to high-net-worth individuals, families, estates, trusts, corporations, or other qualified entities (the “Client” or “Clients”), mostly in Latin America. The Firm works with Clients to help them define appropriate investment objectives and to design and implement an investment process and individualized strategies with unique asset allocations that seek to achieve those objectives. Clients are provided with investment policy statements that include the recommended asset allocation strategy (the “Investment Policy Statement”). ALTHUM’s investment advisory services include, but are not limited to, asset allocation analysis, instrument and security selection, performance reporting, and portfolio monitoring. ALTHUM provides advisory services to Clients on a non-discretionary and discretionary basis. With respect to non- discretionary Clients, if the Client approves ALTHUM’s asset allocation and recommendation, the Firm can arrange or effect the approved transaction at the request and on behalf of the Client, if authorized to do so by the Client. Otherwise, it is incumbent upon the Client to implement the recommended strategy. With respect to discretionary Clients, the Firm arranges or effects transactions on behalf of the Client in order to implement the agreed upon investment strategy (please refer to the section on Investment Discretion for additional information on discretionary Clients). ALTHUM does not and will not have custody of Client assets. Clients select the financial institutions that custody their assets. ALTHUM can recommend a particular custodian to our Clients, at their request, but the Firm does not receive any compensation from the custodians for such recommendations (please refer to the section on Brokerage Practices for additional information). ALTHUM assists Clients in establishing investment objectives, return expectations, risk tolerance, measuring time horizons for their strategies, liquidity needs, and other Client-specific requirements, which are set forth in the Client’s Investment Policy Statement. The Investment Policy Statement also includes specific portfolio management parameters and associated restrictions by instrument type, asset class, sector, and geography, as applicable. Based on the Investment Policy Statement, ALTHUM offers investment advisory services regarding the following instruments, and, on occasion, others not included below:  Fixed income securities, including, but not limited to, investment grade and high yield corporate bonds  Municipal securities  Exchange traded funds 4   Equity securities: exchange listed, over the counter, and foreign securities  Private equity funds and direct private equity investments  Private debt funds and direct private debt investments  Real Estate funds and direct real estate investments  Hedge funds and other alternative investments  Certificates of deposit  Managed accounts  Mutual funds From time to time, ALTHUM offers non-advisory services to its clients including, but not limited to, reporting services and the coordination of the following: recommendations on legal representation, strategic business planning, wealth transfer planning, estate planning, succession planning, research on trustee selection, and certain administrative services. However, ALTHUM does not provide legal or tax advice. Clients may impose reasonable restrictions on investing in certain securities or types of securities for their account(s). When a Client requests certain restrictions, ALTHUM will review these and determine, in its sole discretion, if the conditions would materially impact the performance of a management strategy or prove overly burdensome to the Firm’s account management efforts before accepting such restrictions. If ALTHUM determines that the restrictions prove to have a material impact to the strategy designed, ALTHUM will notify the Client that it cannot continue with the advisory relationship. As of December 31st, 2025, The firm manages approximately $2,028,274,973 net assets on both a discretionary basis and non-discretionary basis. 5  Item 5 – Fees and Compensation ALTHUM charges Clients a fee for advisory services provided (the “Advisory Fee”). The Advisory Fee is established and defined in the investment advisory agreement executed between ALTHUM and the Client (the “Advisory Agreement”). Generally, the Advisory Fee is expressed as a percentage of assets under management (the “AUM”) and typically ranges from 0.35% to 1.00% of total AUM. Alternatively, the fee can be a fixed amount, based on the Client's current portfolio, and in some specific cases, a minimum annual Advisory Fee may apply. ALTHUM’s fee schedule is generally as follows: Annual Fee Assets Under Management Up to 1.0%: For AUM lesser than $10 million Up to 0.80%: For AUM from $10 million up to $15 million Up to 0.75%: For AUM from $15 million up to $20 million Up to 0.70%: For AUM from $20 million up to $25 million Up to 0.65%: For AUM from $25million up to $50 million Up to 0.55%: For AUM from $50 million up to $100 million Up to 0.50%: For AUM from $100 million up to $150 million Up to 0.45%: For AUM from $150 million up to $200 million Up to 0.35%: For AUM above 200 million In some instances, Advisory Fees are negotiable based upon the types of assets included in a Client’s portfolio, the complexity and size of the portfolio, the services to be provided, and other factors including the nature of the Client’s objectives as articulated in their risk profile. Generally, Advisory Fees are calculated and billed on a quarterly basis, payable in advance. Some Clients’ fee schedules and billing procedures may differ from the general process described herein, as provided in such Clients’ Advisory Agreements. Clients can elect to be billed directly for fees or to authorize ALTHUM to directly debit fees from Client accounts at the custodian. Upon termination of any account, any unearned fees will be promptly refunded Aside from fixed and minimum fees, Advisory Fees are based on the value of the Client’s portfolio as reported by the Client’s custodians, third-party fund managers, and other independent pricing services. Depending on each specific custodian, Advisory Fees are calculated based on either the portfolio value on the last day of the previous billing period or based upon the average daily market value of the portfolio during the billing period The specific methodology is disclosed in the Client Advisory Agreement and discussed as part of the Client onboarding process. Clients agree to the terms of their fee calculation methodology in the Client Advisory Agreement with ALTHUM. 6  Separate reporting or concierge service fees may be charged, and such fees are determined on a case-by case basis and are included and prominently disclosed in the Client’s Advisory Agreement. Clients may also incur certain expenses, such as brokerage commissions and markups, margin interest (if applicable), currency exchange costs, transfer of asset costs and other transactions costs, imposed by the transacting broker-dealers (“Brokers”), custodians, third-party investments, and other third-parties. These other expenses are not included in the Advisory Fee and are borne separately by the Client to the extent incurred (please refer to the Brokerage Practices section for additional information). ALTHUM may recommend investing a portion of a Client’s assets in shares of mutual funds or other investment companies, including exchange traded funds, as well as private funds. Assets invested in these funds bear other additional fees and expenses, which may include but are not limited to, expenses of organizing the funds, administration, accounting and tax, audit, legal, and filings and regulatory compliance. When investing in these types of securities, ALTHUM will recommend that Clients invest in the most cost effective share class. Clients invested in these funds should refer to the applicable fund’s offering documents or prospectus for complete information on other fees and expenses. In addition to fees, Clients may be responsible for certain out-of-pocket expenses for reasonable and direct costs incurred by ALTHUM on the Client’s behalf, as directed by the Client. These out-of-pocket expenses include payments made on behalf of a Client for Client expenses such as postage costs, utility bills, or other miscellaneous third-party expenses. All out-of-pocket expenses are pre-approved by the Client, in writing, before ALTHUM pays them. ALTHUM provides an invoice for such services, which is due upon receipt. Clients should note that similar advisory services can or cannot be available from other registered investment advisors for similar or lower fees. The size of an account and the nature of the advisory services provided factor into the fees charged. Item 6 – Performance-Based Fees and Side-by-Side Management ALTHUM does not charge performance-based fees to Clients. Item 7 – Types of Clients ALTHUM generally provides investment advisory services to Clients who are high net worth individuals, families, trusts, corporations, or other qualified entities that have a minimum of $5 million of investable assets. On certain instances, ALTHUM may provide its services to potential clients with less than $5 million of investable assets. Factors to consider when making this determination is the type of services requested, the type of investment strategy sought, relationship the potential client may have with ALTHUM and its affiliates. Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss ALTHUM gathers and analyzes Client information, such as investment objectives, investment experience, financial circumstances, and risk tolerances. ALTHUM’s investment philosophy is built around the concept of helping Clients achieve their investment objectives and goals in a manner that emphasizes liquidity, risk measurement and management, and investment cost efficiency. This process begins with the formulation of a broad asset allocation, first determined through a top-down process to establish long- term target allocations by asset class and is followed by a bottoms-up analysis of individual, investable instruments. 0  A. Methods of Analysis Based on a Client’s risk assessment, investment objectives, life events and preferences, assets are allocated across traditional asset classes, asset types, and individual investments. In selecting individual investments, ALTHUM’s methods of analysis include: Qualitative Analysis. This analysis is of particular relevance when evaluating third-party fund managers and fund management companies, and may include analysis of regulatory records, public records, background research, third-party fund manager team profiles, hiring processes, reference checks, audit results, and other analyses. Statistical Analysis. This involves the analysis of past market data, primarily price, volume, and volatility data, as well as statistical analysis based on that raw data. This statistical analysis may include, but is not limited to, correlations, beta, alpha, stress testing, peer benchmarking, and other analytical tools. Cyclical Analysis. This involves the analysis of business cycles to seek favorable conditions for buying and/or selling a security, sector, geography, or asset class. Investing in securities involves a substantial degree of risk of loss that Clients should be prepared to bear. All investments carry risk of loss and there is no guarantee that any investment strategy will meet its objective. B. Investment Strategies ALTHUM emphasizes the need for disciplined, long-term investment strategies (involving securities typically held at least a year) in order to achieve Clients’ objectives. Nevertheless, ALTHUM will selectively and occasionally use short-term investments (securities held less than a year) and trading (securities held for less than 30 days) for tactical reallocations in an effort to manage or moderate risk or to attempt to capture a specific investment opportunity. ALTHUM can utilize one or more of these investment strategies in an effort to achieve the risk-adjusted returns as articulated in the Client’s Investment Policy Statement. C. Risk of Loss Fixed-Income Securities. ALTHUM sometimes recommends investments in bonds or other fixed-income securities (or funds that hold these type of securities) to certain Clients, including, without limitation, sovereign debt, investment grade corporate debt securities, and “higher yielding” (and, therefore, higher risk) debt securities (or funds that hold these types of securities). Such securities may be below “investment grade” and may face ongoing uncertainties and exposure to adverse business, financial, or economic conditions that could lead to the issuer’s inability to make timely interest and principal payments. The market values of some of these lower rated debt securities tend to reflect individual corporate developments to a greater extent than that of higher rated securities, which react primarily to fluctuations in the general level of interest rates and tend to be more sensitive to economic conditions than higher rated securities. Issuers that issue lower rated debt securities are often highly leveraged and may not have access to more traditional methods of financing. Trading in such securities may be limited or disrupted by an economic recession, resulting in an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the debt issuers to repay principal and pay interest thereon and, therefore, increase the incidence of default for such securities. In the event of a default, there is the risk 1  of losing most or all of the assets invested in such defaulted security. D. ETF’s. ALTHUM also recommends investments in ETF’s to certain Clients. ETF’s are hybrid investment companies that may be registered as open-end investment companies or unit investment trusts, but which possess some of the characteristics of closed-end funds. ETF’s often hold a portfolio of common stocks, or bonds, that is intended to track the price and dividend (or interest) performance of a particular index. Certain ETF’s are actively managed, and the performance of such entities will be dependent upon third-party managers. The market price for ETF shares may be higher or lower than the ETF’s net asset value. With regard to sales not conducted in the market (which typically require the sale of a larger number of shares), the sale and redemption prices of ETF shares purchased from the issuer are based on the issuer’s net asset value. The total return on ETF investments will be reduced by the operating expenses and fees of such investment companies, including advisory fees. E. Other Risks. Additional risks involving ALTHUM’s investment strategies include, but are not limited to: General Economic and Market Conditions. General economic or market conditions may adversely affect the investments recommended to Clients. In addition, a downturn or contraction in the economy or in the capital markets, or in certain industries or geographic regions thereof, may restrict the opportunity to liquidate any such investments, each of which could prevent Clients from meeting their investment objectives. Illiquid Investments. Certain investments may be illiquid with no assurance that Clients will be able to realize on any such investment in a timely manner. Illiquidity may result from the absence of an established market for the investments, as well as legal or contractual restrictions on the investment’s resale. Private Funds. ALTHUM recommends investments in private funds to certain Clients. Investments in private funds involve risks distinct from those of publicly traded securities. Specific risks are explained in more detail with clients for whom we recommend investing in private funds. Also, Clients who invest in private funds will receive copies of the private funds’ offering documents, which also discuss the risks of such investments. Foreign Investments. ALTHUM may invest in opportunities located in countries outside the US. Accordingly, the business and financial results of Clients could be adversely affected due to social or judicial instability, acts or threats of terrorism, changes in governmental policies or policies of central banks, expropriation, nationalization and/or confiscation of assets, price controls, fund transfer restrictions, capital controls, exchange rate controls, taxes, inadequate intellectual property protection, unfavorable political and diplomatic developments, changes in legislation or regulations and other additional international developments or restrictive actions. Cyber Security Breaches and Identity Theft. Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The information and technology systems of ALTHUM and their respective investments may be vulnerable 2  to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by their respective professionals, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes. Although ALTHUM has implemented disaster recovery and business continuity plans to manage risks relating to these types of events, the failure of these systems and/or of disaster recovery plans for any reason could lead to an interruption in ALTHUM’s operations. Settlement Risks. Execution may expose a client to the credit risk of parties with whom the Adviser, on behalf of the Client and through the Broker-Dealer, trades and to the risk of settlement default. Clearing, settlement, and registration systems in emerging markets are less developed and may provide increased risks. ETF Risks including Net Asset Valuation and Tracking Error. ETF performance may not exactly match the performance of the index or market benchmark that the ETF is designed to track because 1) the ETF will incur expenses and transaction costs not incurred by any applicable index or market benchmark; 2) certain securities comprising the index or market benchmark tracked by the ETF may, from time to time, temporarily be unavailable; and 3) supply and demand in the market for either the ETF and/or for the securities held by the ETF may cause the ETF shares to trade at a premium or discount to the actual net asset value of the securities owned by the ETF. Certain ETF strategies may from time to time include the purchase of fixed income, commodities, foreign securities, American Depositary Receipts, or other securities for which expenses and commission rates could be higher than normally charged for exchange- traded equity securities, and for which market quotations or valuation may be limited or inaccurate. Clients should be aware that to the extent they invest in ETF securities they will pay two levels of advisory compensation – advisory fees charged by the Adviser plus any management fees charged by the sponsor of the ETF. An ETF typically includes embedded expenses that may reduce the fund's net asset value, and therefore directly affect the fund's performance and indirectly affect a client’s portfolio performance or an index comparison. Expenses of the fund may include investment management fees, custodian fees, brokerage commissions, and legal and accounting fees. ETF expenses may change from time to time at the sole discretion of the ETF sponsor. ETF tracking error and expenses may vary. Item 9 – Disciplinary Information ALTHUM and its employees have not been involved in any legal or disciplinary events that would be material to an evaluation of ALTHUM’s advisory business or the integrity of the Firm’s management. Item 10 – Other Financial Industry Activities and Affiliations No other financial industry activities and affiliations. Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ALTHUM has adopted a code of ethics (the “Code” or “Code of Ethics”) that imposes on each employee a duty to place the interests of Clients first. The Code requires officers, owners, and employees to, among other things, report to the Chief Compliance Officer (the “CCO”) any actual or potential conflict of interest relating to any Firm Client. The Code also imposes restrictions and safeguards on the reporting and use of 3  material, non-public information. Prevention of Insider Trading ALTHUM has adopted policies designed to prevent insider trading that are more fully described in the Code. Adviser’s policy on insider trading applies to securities trading and information handling by all Supervised Persons (including spouses, minor children and adult members of their households and any other relative of a Supervised Person on whose behalf Supervised Person is acting) for their own account or the account of any client of the Adviser. Adviser takes its obligation to detect and prevent insider trading with the utmost seriousness. Adviser may impose penalties for breaches of the policies and procedures contained in the Code, even in the absence of any indication of insider trading. Depending on the nature of the breach, penalties may include a letter of censure, profit “give ups,” fines, referrals to regulatory and self-regulatory bodies and dismissal. Personal Securities Transactions Periodic Reports As more fully described in the Code, Access Persons are required to submit reports detailing their personal securities holdings to the Chief Compliance Officer on an initial basis, and thereafter on a quarterly and annual bases. As an alternative to submitting quarterly transaction reports, Adviser requires persons who are Access Persons to submit brokerage statements or trade confirmations as long as such documents contain the information required under Rule 204A-1(b)(2)(i)(A)-(E) under the Advisers Act. Initial Public Offerings and Limited Public Offerings Access Persons must obtain prior written approval from the Chief Compliance Officer before investing in initial public offerings (“IPO’s”) or limited offerings (i.e., private placements). Review of Personal Securities Reports The Chief Compliance Officer (or designee) is responsible for reviewing the Access Person’s Quarterly Transaction Reports as well as the Initial Holdings Report and the Annual Holdings Report as part of ALTHUM’s duty to maintain and enforce its Code. 4  Outside Business Activities and Private Investments of Employees Unless otherwise consented by the Chief Compliance Officer, all employees are required to devote their full time and efforts to the ALTHUM’s business. As such, no person may make use of either his or her position as an employee or information acquired during employment or make personal investments in a manner that may create a conflict, or the appearance of a conflict, between the employee’s personal interests and ALTHUM’s interests. Accordingly, every employee is required to complete a disclosure form and have the form approved by the Chief Compliance Officer prior to serving in any of the capacities or making any of the investments more fully described in the Code. Reporting Violations All Supervised Persons (any officer, director, partner, and employee of Adviser) are required to report actual or known violations or suspected violations of the Code promptly to the Chief Compliance Officer or his designee. Any report of a violation or suspected violation of the Code will be treated as confidential to the extent permitted by law. As part of Adviser’s obligations to conduct an annual review of all of its policies and procedures pursuant to Rule 206(4)-7 of the Advisers Act, the Chief Compliance Officer shall review on an annual basis the adequacy of the Code and the effectiveness of its implementation. Acknowledgement of the Code Each employee will execute a written statement certifying that the employee has (i) received a copy of the Code of Ethics; (ii) read and understands the importance of strict adherence to such policies and procedures; and (iii) agreed to comply with the Code. Investments in Securities by the Adviser and its Personnel ALTHUM’s personnel or a related person of the ALTHUM may invest in the same or similar securities and investments as those recommended to or entered into on behalf of ALTHUM’s Clients. The results of the investment activities of the ALTHUM’s personnel or its related persons for their accounts may differ from the results achieved by or for Client accounts managed by ALTHUM. The conflicts raised by these circumstances are discussed below. ALTHUM may recommend or effect the purchase or sale of securities in which its related persons or an affiliate, directly or indirectly, has a position or interest, or of which a related or affiliated person buys or sells for itself. Such transactions may also include trading in securities in a manner inconsistent with the advice given to the ALTHUM’s clients. Activities and transactions for client accounts may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case had ALTHUM or related persons did not pursue a particular course of action with respect to the issuer of the securities Transactions undertaken by ALTHUM’s Clients may also adversely impact one or more Client accounts. Other clients of the Adviser may have, as a result of receiving reports or otherwise, access to information regarding ALTHUM’s transactions or views that may affect their transactions outside of accounts controlled by ALTHUM, and such transactions may negatively impact other Clients’ accounts. A Client’s account may also be adversely affected by cash flows and market movements arising from purchase and 5  sale transactions by, as well as increases of capital in and withdrawals of capital from, other Clients’ accounts. These effects can be more pronounced in less liquid markets. The results of the investment activities of a Client’s account may differ significantly from the results achieved by the ALTHUM’s related persons and from the results achieved by the ALTHUM for other Client accounts. As more fully described above, ALTHUM has adopted a Code of Ethics. Such Code of Ethics together with ALTHUM’s policies and procedures restrict the ability of certain officers and employees of the ALTHUM from engaging in securities transactions in any securities that its Clients have purchased, sold, or considered for purchase or sale, for an appropriate “black out” period. Other restrictions and reporting requirements are included in the ALTHUM’s procedures and Code of Ethics to minimize or eliminate conflicts of interest. The Code requires all officers, owners, and employees of the Firm to report monthly and annually their own and immediate family members’ security holdings and transactions to the CCO. Errors Errors may occur from time to time in transactions for client accounts. The ALTHUM will typically correct any such errors that are the fault of the ALTHUM or an affiliate at no cost to the Client, other than costs that the ALTHUM deems immaterial. To the extent that the subsequent sale of such securities generates a profit to ALTHUM, ALTHUM may retain such profits, and may, but is not required to, use such profits to offset errors in the future or pay other Client-related expenses. The ALTHUM will not be responsible for any errors that occur that are not the fault of the ALTHUM or any affiliate. 6  Privacy Policy ALTHUM considers your privacy our utmost concern. ALTHUM does not share information of Clients with non-affiliated third parties, except such information may be disclosed to process a transaction an investor has requested, to the extent the investor specifically authorized the disclosure, to service providers or joint marketers who agree to limit their use of such information, and to the extent required or specifically permitted by law or reasonably necessary to prevent fraud, unauthorized transactions, or liability. Clients or prospective Clients may request a copy of ALTHUM’s Code of Ethics by contacting the Firm at +1 (305) 456-7645 or at compliance@althumadvisors.com. 7  Item 12 – Brokerage Practices investment advice, the Client generally selects For non-discretionary its own Broker for the implementation of the Firm’s recommendations. However, the Client may ask the Firm to evaluate the quality of the Client’s relationship with its current Broker(s) and/or recommend a different Broker. In making such a recommendation, the Firm will evaluate the Client’s needs, as disclosed to the Firm, and will focus primarily on the financial strength, execution costs, and responsiveness of the Broker. However, such Clients are advised that they must independently evaluate these Brokers before opening an account or transacting business, and that they are not under any obligation to effect business through any recommended firm. When ALTHUM provides non-discretionary advisory services to certain Clients pursuant to which ALTHUM makes recommendations on purchasing, selling, holding, valuing, or exercising rights with respect to particular investments, it does not have discretion to effect purchases or sales on behalf of such Clients without their prior approval. It is highly likely that discretionary and non-discretionary Clients hold the same or similar securities. There may be timing differences related to the transmission of advice to a non- discretionary Client for consideration and the Client’s decision of whether or not to act on the advice. As a result, it is possible that trades or recommendations will be effected on behalf of discretionary Clients in advance of accounts for non-discretionary Clients. This could result in discretionary and non- discretionary Clients receiving more or less favorable execution prices on the same security and may result in potential differences in performance for the same security. There may be instances, where a client in a nondiscretionary relationship has granted ALTHUM authority to transmit orders to the custodian on its behalf. In cases where ALTHUM is authorized to order transactions on behalf of Clients, the Firm will seek to obtain “best execution,” the best available combination of execution, price (which includes the cost of the transaction), and other factors, among each Client’s list of approved Brokers. In seeking best execution, the Firm takes into account all factors it deems relevant including, but not limited to, the financial stability and reputation of the particular Broker, the ability to achieve prompt and reliable executions at favorable prices, and the operational efficiency with which transactions are effected. In instances where the client has a single custodian, ALTHUM will enter the transactions with that custodian and will monitor the competitiveness of transaction execution. On occasion, Clients require that their financial assets remain in the custody of various financial institutions that are not able to implement ALTHUM’s recommendations. In such instances, ALTHUM will select from the investment options available at such institutions in order to implement the Client’s investment strategy. In these circumstances, direction by a Client to use a particular financial institution may result in higher costs, less favorable investments, and (materially) different performance than if ALTHUM could freely recommend investments not limited to a particular financial institution or platform. ALTHUM executes all Client trades through each Client’s custodial Broker(s) or other Brokers approved by Clients. ALTHUM does not effect transactions with Brokers that have not been approved in advance by the Client. The Firm will attempt to negotiate lower commission schedules for Clients where possible. However, the most favorable execution may not be obtainable at all custodial Brokers, which may cost Clients more money. The Firm’s business model, which includes non-discretionary and directed brokerage accounts, does not support aggregating orders among Client accounts. This may or may not result in some Clients paying 8  higher brokerage commissions because of the Firm’s inability to reduce transaction costs through order aggregation. In addition, directed brokerage may result in Clients receiving less favorable prices. However, in the event of the purchase of a new issue, the sale of a particular security, or other investment related reasons, ALTHUM may aggregate orders in an attempt to receive a better execution price for its clients. Notwithstanding, ALTHUM seeks to allocate orders fairly between Clients and has established trade order procedures for both discretionary and non-discretionary accounts. For discretionary accounts, ALTHUM typically executes its recommendations in a random order immediately and normally within the same day, after the same trade has been submitted for pre-approval to all non-discretionary Clients the Firm has deemed to be suitable. Trade approvals from non-discretionary Clients are queued and executed in the order in which they are received. The use of different executing Brokers will likely result in some Clients paying different Broker-imposed trade fees compared to other Clients. In addition, the timing in which transactions are affected by various Brokers may result in different execution prices on transactions. The Firm does not have any soft dollar relationships. With respect to discretionary Clients, the Firm is responsible for selecting the Brokers used for a securities transaction from a Client’s approved Brokers list. In negotiating commission rates and selecting Brokers, the Firm seeks to obtain best execution, as described above. It is noted that since commission rates are generally negotiable, selecting Brokers on the basis of considerations which are not limited to applicable commission rates may, at times, result in higher transaction costs than would otherwise be obtainable. Item 13 – Review of Accounts ALTHUM’s portfolio managers monitor Clients’ portfolios on an ongoing basis. At least one primary portfolio manager is assigned to each Client. ALTHUM uses tools to monitor, record, analyze, and report estimated and unaudited Client account performance on a daily basis. Pricing data used for calculating performance, is provided the Client’s custodians, third-party fund managers, and other independent pricing services. At least quarterly, portfolio managers evaluate the performance of Client portfolios on an absolute, relative, and for compliance with the Client’s Investment Policy Statement. At least annually, the portfolio managers will review each Client’s Investment Policy Statement to confirm that it remains consistent with the Client’s stated goals and objectives. Item 14 – Client Referrals and Other Compensation ALTHUM does not receive any economic benefit from someone who is not a Client for providing investment advice or other advisory services to its Clients. ALTHUM may compensate person(s) for Client referrals. In such cases, ALTHUM will provide full disclosure to the Client on the referral agent and fee paid to such referral agent, this, in addition to providing other regulatory disclosures. 9  Item 15 – Custody ALTHUM does not have custody of any Client funds or securities, is not a qualified custodian, and does not provide custodial services to its clients. Clients select the Broker(s) or other qualified custodian to provide such services. In some instances, ALTHUM may recommend a particular custodian to its Clients, but the Firm does not receive any compensation, other services, or benefits from the custodians or their affiliates for doing so. 10  Item 16 – Investment Discretion ALTHUM generally receives discretionary (or non-discretionary) investment authority from its Clients at the outset of the advisory relationship. Depending on the terms of the applicable Advisory Agreement, ALTHUM’s authority may include the ability to execute trades or recommendations and select Brokers from a Client’s approved Broker list through which to execute transactions, on behalf of Clients. In making decisions as to which securities are to be bought or sold and the amounts thereof, the Firm will be guided by any reasonable Client-imposed guidelines or restrictions set forth in the Client’s Investment Policy Statement. Unless ALTHUM and the Client have entered into a non-discretionary arrangement, the Firm is generally not required to provide notice to consult with or seek the consent of its Clients prior to engaging in transactions. ALTHUM’s discretion is limited to purchasing and selling securities and ALTHUM is not authorized to transfer any funds or securities out of any Client account. Item 17 – Voting Client Securities ALTHUM does not have voting authority with respect to Client securities. Clients should receive all proxy materials from their account Broker or other qualified custodian. Clients are responsible for receipt and voting of proxies for all securities maintained in their portfolios. Upon a Client’s request, the Firm may provide information and advice to such Client regarding a particular vote by proxy, but Clients retain the responsibility for the determination and the actual act of voting. From time to time, ALTHUM may receive notices regarding class action lawsuits involving securities that are or were held by Clients. As a matter of policy, ALTHUM can assist Clients in gathering documentation, but refrains from serving as the lead plaintiff in class action matters and from submitting proofs of claim unless ALTHUM has accepted the authority to do so through the Client’s Advisory Agreement. Item 18 – Financial Information ALTHUM is not aware of any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to Clients and has never been subject to a bankruptcy petition. Item 19 – Requirements for State-Registered Advisors This section does not apply to ALTHUM. 11  ALTHUM ADVISORS LLC Brochure Supplement (Part 2B of Form ADV) 1441 Brickell Av. Suite 1016, Miami, Fl 33131 +1 (305) 456-7645 As of: December 31, 2025 Supervised Persons: Félix Segura Pablo Luzardi Salvador Biguria Rafael Isola Aldo Oyadomari Carlos Palacios Valeria Alvarado Alia Gonzales Mario Mujica Kathleen Fernandez All Supervised Persons can be reached at the address and telephone number listed above. This Brochure supplement (the “Supplement”) provides information about the above listed Supervised Persons that complements the ALTHUM Brochure. You should have received a copy of that Brochure. Please contact ALTHUM at +1 (305) 465-7645 or compliance@althumadvisors.com if you did not receive ALTHUM’s Brochure or if you have any questions about the contents of this Supplement. The information in this Supplement has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. Additional information about all Supervised Persons is available on the SEC’s website at www.adviserinfo.sec.gov. 12  SEGURA, FELIX Item 2 - Educational Background and Business Experience Education: Born in 1970 Education:  Babson College; Bachelor of Business Administration and Management 1992,  Harvard Business School; Masters in Business Administration 2002 Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office) Managing Partner, Senior Advisor Lima, Peru 2015 – Present   Credit Suisse Securities (USA), LLC Registered Representative 2015-2010 JP Morgan Securities, Inc. Registered Representative 2008-2010 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities Mr. Segura does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Felix Segura is a managing Member of ALTHUM and is responsible for his own supervision. Supervisory contact information: felix.segura@althumadvisors.com 13  LUZARDI, PABLO Item 2 - Educational Background and Business Experience Education: Born in 1979 Education:  Universidad de Buenos Aires (UBA); Bachelor of Business Administration 2002,  Tuck School of Business Administration; Masters in Business Administration 2002 Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office)  Managing Partner, Senior Advisor Buenos Aires, Argentina 2020 – Present LXG Capital LLC Partner, Managing Director Lima, Peru/ Buenos Aires, Argentina 2010-2020  Cordia Bancorp Private Equity Associate Washington DC, U.S.A. 2009-2010 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities Mr. Luzardi does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Pablo Luzardi is a Managing Member of ALTHUM and is responsible for his own supervision. Supervisory contact information: pablo.luzardi@althumadvisors.com 14  BIGURIA, SALVADOR Item 2 - Educational Background and Business Experience Education: Born in 1975 Education:  Massachusetts Institute of Technology (MIT); Bachelor of Science in Chemical Engineering 1997,  Harvard Business School; Masters in Business Administration 2002 Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office) • Managing Partner, Senior Advisor Guatemala City, Guatemala 2022 – Present IDC Group Managing Partner Guatemala City, Guatemala 2019-2022  Pantaleon Group Chief Sustainability Officer Chief Commercial Officer Brazil Country Manager Head of M&A and Business Development Guatemala City, Guatemala 2002-2019 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities Mr. Biguria does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Salvador Biguria is a Senior Member of ALTHUM and is responsible for his own supervision. Supervisory contact information: salvador.biguria@althumadvisors.com 15  ISOLA, RAFAEL Item 2 - Educational Background and Business Experience Education: Born in 1979 Education:  Universidad de Ciencias Aplicadas (UPC); Bachelor of Administration and Finance 2003,  HEC Paris School of Business; Masters in Business Administration 2010 Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office) Managing Partner, Senior Advisor Miami, U.S.A. 2019 – Present • Banco de Credito del Peru  Potfolio Manager Lima, Peru 2017-2019 J.P. Morgan Securities, Inc Investment specialist New York, U.S.A. 2010-2017 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities Mr. Isola does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Rafael Isola is a Senior Member of ALTHUM and is responsible for his own supervision. Supervisory contact information: rafael.isola@althumadvisors.com 16  OYADOMARI, ALDO Item 2 - Educational Background and Business Experience Education: Born in 1991 Education:  Pontificia Universidad Catolica del Peru (PUCP); Bachelor of industrial Engineering 2014,  The Fuqua School of Business; Masters in Business Administration 2014 Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office) Advisor Miami, U.S.A. 2024 – Present • Amazon  Finance Manager Washington, U.S.A. 2023 LXG Multi Family Office Advisor Analyst Lima, Peru 2015-2022  Pacifico Seguros Analyst Lima, Peru 2014-2015 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities Mr. Oyadomari does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Supervisory contact information: felix.segura@althumadvisors.com 17  PALACIOS, CARLOS Item 2 - Educational Background and Business Experience Education: Born in 1977 Education:  Universidad de Ciencias Aplicadas (UPC); Bachelor of industrial Engineering 1999,  Michigan Ross Business School; Masters in Business Administration 2007 Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office) Senior Advisor Lima, Peru 2023 – Present  • EFG Capital International Corp. Registered Representative Washington, U.S.A. 2020-2023 Inteligo Group Corp. Wealth Management Team Leader Lima, Peru 2014-2019  Banco de Credito del Peru Wealth Management Advisor Lima, Peru 2010-2014 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities Mr. Palacios does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Supervisory contact information: felix.segura@althumadvisors.com 18  ALVARADO, VALERIA Item 2 - Educational Background and Business Experience Education: Born in 1995 Education:  Universidad del Pacifico (UP); Bachelor of Economics 2018, Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office)  Advisor Associate Lima, Peru 2022 – Present LXG Multi Family Office Advisor Analyst Lima, Peru 2018-2022 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities Ms. Alvarado does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Supervisory contact information: felix.segura@althumadvisors.com 19  GONZALES, ALIA Item 2 - Educational Background and Business Experience Education: Born in 1998 Education:  Universidad de Lima; Bachelor of Economics 2022, Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office)  Advisor Associate Lima, Peru 2024 – Present LXG Multi Family Office Advisor Analyst Lima, Peru 2022-2024  BBVA Business Specialist Lima, Peru 2022 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities Ms. Gonzales does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Supervisory contact information: felix.segura@althumadvisors.com 20  MUJICA, MARIO Item 2 - Educational Background and Business Experience Education: Born in 1997 Education: • Universidad de Ciencias Aplicadas (UPC); Bachelor of Business Administration and Finance 2019, Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office)  Advisor Associate Lima, Peru 2024 – Present LXG Multi Family Office Advisor Analyst Lima, Peru 2022-2024  Ferreycorp S.A.A. Analyst Lima, Peru 2020-2022 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities Mr. Mujica does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Supervisory contact information: felix.segura@althumadvisors.com 21  FERNANDEZ, Kathleen Item 2 - Educational Background and Business Experience Education: Born in 1996 Education: • Universidad de Piura; Bachelor of Economics 2016 Business Experience:  Althum Advisors (formerly known as LXG Multi Family Office) Advisor Associate Lima, Peru 2022 – Present  SURA Perú Private Banker Lima, Perú 2021 – 2022 Investment Strategy Analyst Lima, Perú 2019-2021  LXG Multi Family Office Advisor Analyst Lima, Peru 2017-2019 Item 3 - Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities 22  Mrs. Fernandez does not have any outside business activity. Item 5 - Additional Compensation None Item 6 - Supervision Supervisory contact information: felix.segura@althumadvisors.com 23