United Value Capital, LLC

FIRM DISCLOSURE BROCHURE (Part 2A of Form ADV) United Value Capital, LLC 2668 North 350 East St. Provo, UT 84604 801-310-8101 September 8, 2026 DISCLAIMER: This FIRM BROCHURE provides information about the qualifications and business practices of UVCs, LLC. If you have any questions about the contents of this FIRM BROCHURE, please contact us at 801-310-8101. The information in this FIRM BROCHURE has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about United Value Capital LLC is available on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov. You can search this site by a unique identifying number known as a CRD number. Our firm’s CRD number is 300533. NOTE: While United Value Capital, LLC may refer to itself as a “registered investment advisor” or “RIA” Clients should be aware that registration itself does not imply any level or skill or training. Material Changes From Previous Version: No material changes exist since the firm’s last amendment on this FIRM BROCHURE (Form ADV Part 2A) prepared by United Value Capital, LLC. Most recent updates were to firm AUM and language around Qualified Clients on page 5.  Table of Contents (Part 2A of Form ADV) ................................................................................................................................ 1 ADVISORY BUSINESS .......................................................................................................................... 3 INTRODUCTION................................................................................................................................. 3 INITIAL CONSULTATION ................................................................................................................ 3 PORTFOLIO MANAGEMENT SERVICES ....................................................................................... 3 FEES AND COMPENSATION ............................................................................................................... 4 MANAGEMENT FEE FOR PORTFOLIO MANAGEMENT SERVICES ........................................ 4 PERFORMANCE-BASED FEES/ SIDE-BY-SIDE MANAGEMENT .................................................. 6 TYPES OF CLIENTS ............................................................................................................................... 6 METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS ........................... 6 DISCIPLINARY INFORMATION .......................................................................................................... 7 OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ............................................. 7 CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING ........................................................................................................................... 8 CODE OF ETHICS ............................................................................................................................... 8 PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING 8 BROKERAGE PRACTICES .................................................................................................................... 8 RESEARCH AND OTHER SOFT DOLLAR BENEFITS .................................................................. 9 DIRECTED BROKERAGE AND AGGREGATED ORDERS ........................................................... 9 REVIEW OF ACCOUNTS....................................................................................................................... 9 VOTING CLIENT SECURITIES ........................................................................................................... 10 CLIENT REFERRALS AND OTHER COMPENSATION ................................................................... 10 CUSTODY .............................................................................................................................................. 10 INVESTMENT DISCRETION .............................................................................................................. 10 FINANCIAL INFORMATION .............................................................................................................. 11 (Part 2B of Form ADV) .............................................................................................................................. 12 General Requirements ............................................................................................................................. 13 Investment Advisor Representative Information .................................................................................... 13 Educational and Business Experience ................................................................................................. 13 Educational Background: .................................................................................................................... 13 Business Experience ............................................................................................................................ 13 Disciplinary Information ......................................................................................................................... 13 Other Business Activities ........................................................................................................................ 14 Additional Compensation........................................................................................................................ 14 2  Supervision .............................................................................................................................................. 14 Requirements for State-Registered Advisors .......................................................................................... 14 Arbitration Claims ............................................................................................................................... 14 Self-Regulatory Organization or Administrative Proceedings ............................................................ 14 IAR Bankruptcy Petitions ................................................................................................................... 14 ADVISORY BUSINESS INTRODUCTION United Value Capital, LLC (hereafter “UVC”), is a fee-based investment adviser. UVC is organized as a Utah limited liability company. The firm was organized on December 6, 2017 by Robert Connelly and has conducted no commercial activity prior to the May 2019 application as an investment advisor. UVC’s business activities consist of providing investment advisory services including providing discretionary investment management services to qualified purchasers, individuals, and entities through separately managed accounts. The principal owner of UVC is Robert Connelly. INITIAL CONSULTATION UVC will begin by providing the Client a consultation. UVC uses the initial consultation to: • Introduce the Client to UVC’s firm, its services, investment philosophy, and staff; • Gather information about the Client’s investment objectives, financial condition, and risk tolerance, which UVC uses in forming its investment advice; and • Reach an agreement on the terms of service and compensation arrangements. The consultation must be completed before UVC will make any specific recommendations about the Client’s asset allocation or securities to buy or sell. At the conclusion of the initial consultation, the Client will sign UVC’s Investment Advisory Agreement, which serves as the contract between the Client and UVC, specifying the precise nature of services to be rendered by UVC and fees to be paid by the Client. PORTFOLIO MANAGEMENT SERVICES UVC provides discretionary investment management services to clients using separately managed accounts. UVC manages client accounts using a common investment strategy based on protecting savings above all else through buying securities at a discount to their intrinsic value. Prior to 3  establishing a client relationship, UVC evaluates whether this general strategy meets the investment goals for each prospective client and from this information, tailors services to the individual needs of its clients. UVC’s primary focus is to manage assets based on fundamental analysis that is rooted in the principles of value investing applied toward stocks (including domestic, foreign, and over-the-counter traded securities), mutual and exchange traded funds, bonds, warrants, and stock options. The securities in which UVC invests reflect a broad range of investment risk, including some securities that entail high degrees of risk, such as warrants, stock options, or foreign issuers. UVC does not provide any “wrap programs” (programs that bundle brokerage and advisory services under a single comprehensive fee) so all securities recommended by UVC may include additional transaction charges by the Client’s broker-dealer/custodian separate from UVC’s advisory fees. DISCRETIONARY PORTFOLIO MANAGEMENT Each client’s account is managed on the basis of the client’s financial situation and investment objectives in accordance with any reasonable restrictions imposed by the client on the management of the account. The Client will grant UVC limited trading authority (discretionary authority) in the Client’s brokerage account by executing the appropriate documents with the Client’s broker-dealer/custodian. The discretionary authority will allow UVC to enter securities transactions on the Client’s behalf, determining which securities and the amount of securities to buy or sell. Clients will be notified of all transactions by trade confirmations from their broker-dealer/custodian and through communication with UVC. UVC will also request the Client provide written authorization to allow UVC to automatically deduct its advisory fee from the Client’s account (discussed at greater length in the “FEES AND COMPENSATION” section of this FIRM BROCHURE); however, UVC will not have the authority to make any other withdrawals from the Client’s account(s) under management. Regarding current discretionary accounts, UVC has approximately $122,000,000 of discretionary assets under management. That amount represents 100% of the total assets under management of UVC. UVC recommends the Client grant discretionary authority to UVC so that it may execute recommendations in a timely fashion, but Clients should always review their brokerage account statements to verify the trading activity and withdrawals that occur in their account(s). FEES AND COMPENSATION MANAGEMENT FEE FOR PORTFOLIO MANAGEMENT SERVICES UVC’s compensation from separately managed account clients may take the form of either: (a) a fee based on a percentage of the client’s assets under management (the “Management Fee”) as shown in the table below: 4  Account Balance UP TO $100,000 AMOUNT OVER $100,000 Percentage of Assets Under Management per Annum 1.5 percent per annum 1 percent per annum or (b) a performance or incentive-based fee (the “Performance Fee”) for Qualified clients only. Qualified purchaser clients who qualify under Rule 205-3 of the Advisors act can choose either (not both) fee structure for their account(s). UVC’s Performance Fee will be assessed annually to qualified purchasers and is 20.0% of the increase in an account’s net assets during such calendar year above a 5% return threshold, coinciding with a high-water mark. The performance-based fee is calculated based on the gains less the losses in the clients account for a period no less than one year. For example, if a client’s account returned 5% or lower during any calendar year, UVC would be entitled to no fees. If a client’s account returned 5% or higher during any calendar year, UVC would be entitled to 20% of all profits over that 5% return. The following table helps explain the structure with hypothetical returns and fees associated: Client Account Annual Return Advisor Fee Less than 5% 5% 6% 9% $0 $0 20% of the 1% return in excess of the 5% hurdle rate 20% of the 4% return in excess of the 5% hurdle rate UVC believes this structure reasonable as it strongly aligns pay for performance thereby ensuring UVC only gets paid if the client first gets a satisfactory return. Once the 5% hurdle rate is met in a calendar year, then UVC shares 20% of all profits in excess of 5%. Please also reference the following section “Performance-Based Fees/Side-By-Side Management”. UVC does not negotiate its Management Fee or Performance Fee, but does offer discounts to select friends, employees, and family. UVC charges the Management Fee at the end of each calendar quarter and does not accept pre-payment or payment in advance. As the Management Fees are charged in arrears, UVC does not offer refunds as services have already been performed. For the first quarter a Client engages UVC or if a Client terminates the service during the quarter, the fee will be prorated for only those days that UVC rendered its services. For Clients that provide written authorization to their broker-dealer/custodian, UVC will arrange to have its fees automatically deducted from the Client’s brokerage account. In this case, the Client’s broker- dealer/custodian will send statements, at least quarterly, to the Client that will reflect the fee paid to UVC, but the Client should verify the accuracy of fees paid. UVC requests all Clients allow for the direct deduction of fees, but for those Clients that do not, UVC will send directly to the Client an invoice for UVC’s fees. This invoice will require payment within thirty days after the mailing date on the invoice. 5  PERFORMANCE-BASED FEES/ SIDE-BY-SIDE MANAGEMENT UVC plans to manage accounts that charged performance-based fees alongside accounts that are charged a fixed fee. This creates a conflict of interest that might incentivize UVC to favor accounts that are charged the Performance Fee. This conflict of interest is mitigated by the fact that UVC’s principal derives only a small portion of his overall income from UVC and the structure of the Performance Fee is such that a satisfactory annual return does not pay substantially (if any) more than the Management Fee. Scenarios and explanations comparing and detailing the two types of fee structures are covered extensively with all clients in the Initial Consultation. TYPES OF CLIENTS UVC will provide advisory services to various types of Clients, including: • Individuals: The majority of UVC’s Clients will be qualified purchasers and individuals seeking management services for their personal accounts. UVC requires a minimum initial account value of $100,000. There are no other conditions for opening or maintaining an account. Note: UVC may waive the minimum for select friends and family. • Small Businesses and Non-Profits: Occasionally, UVC will provide advisory services to small businesses and non-profits seeking management services for their organization’s interests. Portfolio Management Services will be restricted to small businesses and non-profits with an initial minimum account value of $250,000. There are no other conditions for opening or maintaining an account. Note: UVC may waive the minimum for select non-profits at UVC’s discretion. METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS For Portfolio Management Services, UVC uses fundamental analysis to determine the investments in a given portfolio. In its fundamental analysis, UVC seeks to determine the intrinsic value of equities based on a thorough analysis of the fundamental business factors of the given business at issue. UVC uses a “bottom up” analysis which is nothing more to say than we focus on each company one by one, analyzing the 6  business’ qualitative factors, the management team, the balance sheet, income statement, and statement of cash flows to determine what we believe to be the fair value. We place a primary emphasis on analyzing company financials and company-specific economics. We use a variety of tools in our analysis including, but not limited to, SEC filings, company reports, earnings calls, press releases, newspapers, industry trade publications, books, customer and employee interviews, and investment company reports. Despite the fundamental analysis performed by UVC, any investment in securities carries market risk and investors may lose their principal investment. For Portfolio Management Services, the investment strategies used will vary depending on the Client’s financial goals and risk tolerance. Generally, Clients seeking capital preservation with limited risk will be managed with strategies using fixed income products (e.g. bonds) whereas Clients seeking growth with greater risk will be managed with active strategies using stocks, mutual and exchange traded funds, warrants, and stock options. Stock options involve risks and are not suitable for all investors and contain unique risks different than those found in common stocks. Although UVC generally restricts it option activity to selling covered calls and selling puts, the risk of loss in trading options can be substantial. While UVC will not engage in day-trading, active strategies may entail additional risk due to a greater frequency in transactions, which may involve additional brokerage fees, transaction costs, and taxes. Strategies that include foreign offerings or over-the-counter securities could entail greater risk as these offerings have limited regulatory oversight, have less liquidity, and depend on the due diligence of the investor or investment adviser. DISCIPLINARY INFORMATION Neither UVC nor any of its related persons (including management and IA Reps) have had any legal or disciplinary events in their past. Clients and prospective Clients can always view the CRD records (registration records) for UVC or any of its IA Reps through the SEC’s Investment Adviser Public Disclosure (IAPD) website at www.adviserinfo.sec.gov or through FINRA’s BrokerCheck database online at www.finra.org/brokercheck if the IA Rep is also a broker-dealer agent. The CRD number for UVC is 300533 and the CRD numbers for management and IA Reps are listed alongside their biographical information in the accompanying BROCHURE SUPPLEMENT document. OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS UVC does not select other investment advisors for its clients nor does it receive any compensation from outside advisors. Neither UVC nor its management persons are registered, or have an application pending to register as a broker-dealer or a registered representative of a broker-dealer, a futures commission merchant, commodities pool operator, a commodity trading advisor, or an associated person of the foregoing entities. 7  UVC does not have a relationship with any broker-dealer, municipal securities dealer, government securities dealer or broker, an investment company or pooled investment vehicle, another financial planner, a futures commission merchant, commodity pool operator or commodity trading advisor, a banking or thrift institution, an accountant or accounting firm, a lawyer or law firm, an insurance company or agency, a pension consultant, a real estate broker or dealer, or a sponsor or syndicator of limited partnerships. CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING CODE OF ETHICS Pursuant to SEC Rule 204A-1, UVC has a Code of Ethics that promotes the fiduciary duty of UVC and its IA Reps. The Code of Ethics articulates the importance of trust as a foundation to the relationship between an investment adviser and its Clients and establishes policies and procedures to ensure that UVC and its IA Reps place the interests of the Clients first. The Code of Ethics requires that UVC and its IA Reps adhere to all applicable securities and related laws and regulations. The Code of Ethics also requires UVC and its IA Reps follow industry “best practices” involving confidential information, suitability of investments, personal trading on the part of UVC and its IA Reps, outside business activities of IA Reps, and the disclosure of conflicts of interest. A copy of the Adviser’s Code of Ethics is available upon request for any Client or prospective Client. PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING Neither UVC nor a related person currently recommends to client’s securities in which it has a material financial interest. IA Reps of UVC may have an interest in Client transactions insofar as they may personally invest in the same securities recommended to Advisory Clients. These transactions involve a conflict of interest as UVC or IA Reps may benefit from an increase in price from subsequent purchases by Advisory Clients. To address this conflict of interest, UVC and its IA Reps will adhere to the following procedures regarding their personal trading: (1) Client transactions will always be placed ahead of those for UVC, its management, and its IA Reps; (2) Neither Advisory Clients nor IA Reps will have enough funds invested in any given security to move the market in that particular security. BROKERAGE PRACTICES 8  UVC will recommend Interactive Brokers to all Advisory Clients that request a recommended broker- dealer and custodian. UVC recommends Interactive Brokers primarily for its relatively low transaction costs, speed of execution, financial strength, and UVC’s familiarity with its trading platform. Clients have no obligation to use Interactive Brokers for the broker-dealer and custodian, but if Clients seek to have UVC manage their accounts on a discretionary basis, the Client’s chosen broker-dealer and custodian must allow UVC to have trading authority within the account. RESEARCH AND OTHER SOFT DOLLAR BENEFITS While not a factor in UVC’s recommendation of INTERACTIVE BROKERS, INTERACTIVE BROKERS does offer proprietary research tools and publications created by INTERACTIVE BROKERS to their account holders. UVC will have access to these research tools and publications, which may be considered “soft dollar benefits” and constitute a conflict of interest. As UVC and its IA Reps have accounts at INTERACTIVE BROKERS, the benefits of the research tools and publications are already available to UVC regardless of the Client’s decision to invest with INTERACTIVE BROKERS. UVC will use INTERACTIVE BROKERS’s research tools and publications to service all Advisory Clients regardless of the broker-dealer/custodian they choose to use, but Clients who invest with INTERACTIVE BROKERS will also have their own access to the research tools and publications as INTERACTIVE BROKERS account holders. Again, Clients have no obligation to use INTERACTIVE BROKERS for their broker-dealer and custodian. DIRECTED BROKERAGE AND AGGREGATED ORDERS UVC will rely on Interactive Brokers (or the broker-dealer/custodian selected by the Client) for the execution of transactions and will not direct trades to specific brokers. As such, Clients may not receive the lowest price possible if they were to have their trades directed to specific brokers. UVC may, at times, aggregate sale and purchase orders of securities for advisory accounts with similar orders in order to obtain the best pricing averages and minimize trading costs. This practice is reasonably likely to result in administrative convenience or an overall economic benefit to UVC. Clients also benefit with better purchase or sale execution prices, lower commission expenses or beneficial timing of transactions, or a combination of these and other factors. Our policies and procedures mandate aggregating multiple orders. Aggregate orders will be allocated to client accounts in a systematic, non-preferential manner in such a manner that as an order fills, each account is immediately allotted the filled securities pro-rata ensuring that no one Client account is favored over another. REVIEW OF ACCOUNTS UVC reviews all Clients’ account holdings weekly and reviews individual Client accounts on a quarterly basis in conjunction with calculating their management fees. Clients are encouraged to meet with UVC at least once per year to review their account as a whole, ensuring that the management aligns with their current financial condition, goals and objectives. Intermittent reviews may further be triggered by substantial market fluctuation, economic or political events, or by changes in your financial status (such as retirement, termination of employment, relocation or inheritance). Clients are advised to 9  notify UVC promptly if there are any materials changes to their financial situations, investment objectives, or in the event they wish to place restrictions on their accounts. The custodian will send physical statement to all clients at least quarterly. UVC will not provide regular reports to clients in addition to these custodian statements. VOTING CLIENT SECURITIES For any security that entails a voting right in the underlying company, UVC does not have nor accept authority to vote Client securities. All voting issues, proxies, and solicitations will be communicated and delivered to Advisory Clients through the Client’s broker-dealer/custodian. Upon request, however, UVC may help explain or answer questions regarding a given voting issue. CLIENT REFERRALS AND OTHER COMPENSATION UVC does not compensate other financial professionals to refer their Clients to UVC for investment advisory services. UVC does not receive an economic benefit (such as sales awards or other prizes) from any third party for providing investment advice or other advisory services to its clients. CUSTODY Clients will engage an independent broker-dealer and custodian to maintain their accounts and so UVC will not have physical custody of Clients’ assets, monies, or securities. However, since UVC may withdraw advisory fees directly from Clients’ accounts (as described in the “FEES AND COMPENSATION” above), UVC is considered to have custody in a limited capacity. Again, this custody is due solely to the direct withdrawal of fees and does not entail all the same legal and regulatory requirements as an investment adviser with physical custody of Clients’ assets, monies, or securities. Accordingly, Clients will only receive account statements from their broker-dealer and custodian (though UVC may send invoices or other communication). INVESTMENT DISCRETION As described in the “ADVISORY BUSINESS” section of this FIRM BROCHURE), UVC will have investment discretion for Advisory Clients. Clients will select this option specifically in UVC’s Investment Advisory Agreement and will sign a trading authorization form with their broker-dealer/custodian. 10  When Advisory Clients grant discretionary authority to UVC, Clients may still place restrictions on the advisor, such as a prohibition on investing in specific securities, industries, or markets that the Client chooses. FINANCIAL INFORMATION UVC would be required to disclose additional financial information if it were to charge fees in advance, but as described in the “ADVISORY BUSINESS” section of this FIRM BROCHURE, UVC charges all advisory fees in arrears, upon delivery of a plan, or at the conclusion of a consultation. In any case, UVC, its management and IA Reps have no material financial information (e.g. bankruptcies, liens, judgments) in their backgrounds. REQUIREMENTS FOR STATE-REGISTERED ADVISERS UVC has one managing member: Robert Connelly. Their biographical information is given on the attached BROCHURE SUPPLEMENT document, ADV Part 2B. UVC does charge performance-based fees to qualified purchasers only, and only if those clients choose that fee structure as it is described above in the “FEES AND COMPENSATION” section. UVC has no other relationship or arrangement with any issuer of securities; or was ever found liable in either: (a) an arbitration, or (b) a civil, self-regulatory organization, or administrative proceeding. As none of these apply to UVC, its management persons, or IA Reps, UVC has no information to disclose in these regards. 11  Brochure Supplement (Part 2B of Form ADV) Robert Connelly United Value Capital, LLC 2668 North 350 East St. Provo, UT 84604 801-310-8101 February 2, 2024 This brochure supplement provides information about Robert Connelly that supplements the United Value Capital, LLC brochure. You should have received a copy of that Brochure. Please contact Robert Connelly, Managing Member, if you did not receive UVC’s brochure or if you have any questions about the contents of this supplement. Additional information about United Value Capital, LLC is available on the SEC’s website at www.adviserinfo.sec.gov under CRD number 300533 12  General Requirements Generally, UVC requires employees to hold a college or advanced degree or have relevant working experience in the securities industry. Any employee of UVC acting in a representative capacity will be appropriately licensed or registered as such. Investment Advisor Representative Information Robert Connelly, Investment Advisor Representative CRD Number: 6058729 Year of Birth: 1987 Educational and Business Experience Educational Background: B.Sc., University of Utah, 2011 Business Experience Fixed Income/Equity Analyst – January 2012 – April 2012 CSE Insurance Group Derivatives Analyst – April 2012 – July 2013 Royal Bank of Scotland Manager, Product Development – July 2013 – January 2015 BrainStorm, Inc. Investment Analyst/PM – January 2015 – June 2022 United Insurance Group Investment Analyst/PM May 2019 – Present United Value Capital Disciplinary Information Mr. Connelly does not have any legal or disciplinary events material to a client’s or prospective client’s evaluation. 13  Other Business Activities None. Additional Compensation Mr. Connelly does not receive any economic benefit from any third party for providing advisory services. Supervision Mr. Connelly is a Managing Member of UVC. Mr. Connelly is also responsible for providing advice to clients. UVC administers supervision through application of its written policies and procedures. Requirements for State-Registered Advisors Arbitration Claims None. Self-Regulatory Organization or Administrative Proceedings None. IAR Bankruptcy Petitions Robert Connelly has not been the subject of a bankruptcy petition at any time during the last 10 years. 14 

FIRM DISCLOSURE BROCHURE (Part 2A of Form ADV) United Value Capital, LLC 2668 North 350 East St. Provo, UT 84604 801-310-8101 September 8, 2026 DISCLAIMER: This FIRM BROCHURE provides information about the qualifications and business practices of UVCs, LLC. If you have any questions about the contents of this FIRM BROCHURE, please contact us at 801-310-8101. The information in this FIRM BROCHURE has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about United Value Capital LLC is available on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov. You can search this site by a unique identifying number known as a CRD number. Our firm’s CRD number is 300533. NOTE: While United Value Capital, LLC may refer to itself as a “registered investment advisor” or “RIA” Clients should be aware that registration itself does not imply any level or skill or training. Material Changes From Previous Version: No material changes exist since the firm’s last amendment on this FIRM BROCHURE (Form ADV Part 2A) prepared by United Value Capital, LLC. Most recent updates were to firm AUM and language around Qualified Clients on page 5.  Table of Contents (Part 2A of Form ADV) ................................................................................................................................ 1 ADVISORY BUSINESS .......................................................................................................................... 3 INTRODUCTION................................................................................................................................. 3 INITIAL CONSULTATION ................................................................................................................ 3 PORTFOLIO MANAGEMENT SERVICES ....................................................................................... 3 FEES AND COMPENSATION ............................................................................................................... 4 MANAGEMENT FEE FOR PORTFOLIO MANAGEMENT SERVICES ........................................ 4 PERFORMANCE-BASED FEES/ SIDE-BY-SIDE MANAGEMENT .................................................. 6 TYPES OF CLIENTS ............................................................................................................................... 6 METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS ........................... 6 DISCIPLINARY INFORMATION .......................................................................................................... 7 OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ............................................. 7 CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING ........................................................................................................................... 8 CODE OF ETHICS ............................................................................................................................... 8 PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING 8 BROKERAGE PRACTICES .................................................................................................................... 8 RESEARCH AND OTHER SOFT DOLLAR BENEFITS .................................................................. 9 DIRECTED BROKERAGE AND AGGREGATED ORDERS ........................................................... 9 REVIEW OF ACCOUNTS....................................................................................................................... 9 VOTING CLIENT SECURITIES ........................................................................................................... 10 CLIENT REFERRALS AND OTHER COMPENSATION ................................................................... 10 CUSTODY .............................................................................................................................................. 10 INVESTMENT DISCRETION .............................................................................................................. 10 FINANCIAL INFORMATION .............................................................................................................. 11 (Part 2B of Form ADV) .............................................................................................................................. 12 General Requirements ............................................................................................................................. 13 Investment Advisor Representative Information .................................................................................... 13 Educational and Business Experience ................................................................................................. 13 Educational Background: .................................................................................................................... 13 Business Experience ............................................................................................................................ 13 Disciplinary Information ......................................................................................................................... 13 Other Business Activities ........................................................................................................................ 14 Additional Compensation........................................................................................................................ 14 2  Supervision .............................................................................................................................................. 14 Requirements for State-Registered Advisors .......................................................................................... 14 Arbitration Claims ............................................................................................................................... 14 Self-Regulatory Organization or Administrative Proceedings ............................................................ 14 IAR Bankruptcy Petitions ................................................................................................................... 14 ADVISORY BUSINESS INTRODUCTION United Value Capital, LLC (hereafter “UVC”), is a fee-based investment adviser. UVC is organized as a Utah limited liability company. The firm was organized on December 6, 2017 by Robert Connelly and has conducted no commercial activity prior to the May 2019 application as an investment advisor. UVC’s business activities consist of providing investment advisory services including providing discretionary investment management services to qualified purchasers, individuals, and entities through separately managed accounts. The principal owner of UVC is Robert Connelly. INITIAL CONSULTATION UVC will begin by providing the Client a consultation. UVC uses the initial consultation to: • Introduce the Client to UVC’s firm, its services, investment philosophy, and staff; • Gather information about the Client’s investment objectives, financial condition, and risk tolerance, which UVC uses in forming its investment advice; and • Reach an agreement on the terms of service and compensation arrangements. The consultation must be completed before UVC will make any specific recommendations about the Client’s asset allocation or securities to buy or sell. At the conclusion of the initial consultation, the Client will sign UVC’s Investment Advisory Agreement, which serves as the contract between the Client and UVC, specifying the precise nature of services to be rendered by UVC and fees to be paid by the Client. PORTFOLIO MANAGEMENT SERVICES UVC provides discretionary investment management services to clients using separately managed accounts. UVC manages client accounts using a common investment strategy based on protecting savings above all else through buying securities at a discount to their intrinsic value. Prior to 3  establishing a client relationship, UVC evaluates whether this general strategy meets the investment goals for each prospective client and from this information, tailors services to the individual needs of its clients. UVC’s primary focus is to manage assets based on fundamental analysis that is rooted in the principles of value investing applied toward stocks (including domestic, foreign, and over-the-counter traded securities), mutual and exchange traded funds, bonds, warrants, and stock options. The securities in which UVC invests reflect a broad range of investment risk, including some securities that entail high degrees of risk, such as warrants, stock options, or foreign issuers. UVC does not provide any “wrap programs” (programs that bundle brokerage and advisory services under a single comprehensive fee) so all securities recommended by UVC may include additional transaction charges by the Client’s broker-dealer/custodian separate from UVC’s advisory fees. DISCRETIONARY PORTFOLIO MANAGEMENT Each client’s account is managed on the basis of the client’s financial situation and investment objectives in accordance with any reasonable restrictions imposed by the client on the management of the account. The Client will grant UVC limited trading authority (discretionary authority) in the Client’s brokerage account by executing the appropriate documents with the Client’s broker-dealer/custodian. The discretionary authority will allow UVC to enter securities transactions on the Client’s behalf, determining which securities and the amount of securities to buy or sell. Clients will be notified of all transactions by trade confirmations from their broker-dealer/custodian and through communication with UVC. UVC will also request the Client provide written authorization to allow UVC to automatically deduct its advisory fee from the Client’s account (discussed at greater length in the “FEES AND COMPENSATION” section of this FIRM BROCHURE); however, UVC will not have the authority to make any other withdrawals from the Client’s account(s) under management. Regarding current discretionary accounts, UVC has approximately $122,000,000 of discretionary assets under management. That amount represents 100% of the total assets under management of UVC. UVC recommends the Client grant discretionary authority to UVC so that it may execute recommendations in a timely fashion, but Clients should always review their brokerage account statements to verify the trading activity and withdrawals that occur in their account(s). FEES AND COMPENSATION MANAGEMENT FEE FOR PORTFOLIO MANAGEMENT SERVICES UVC’s compensation from separately managed account clients may take the form of either: (a) a fee based on a percentage of the client’s assets under management (the “Management Fee”) as shown in the table below: 4  Account Balance UP TO $100,000 AMOUNT OVER $100,000 Percentage of Assets Under Management per Annum 1.5 percent per annum 1 percent per annum or (b) a performance or incentive-based fee (the “Performance Fee”) for Qualified clients only. Qualified purchaser clients who qualify under Rule 205-3 of the Advisors act can choose either (not both) fee structure for their account(s). UVC’s Performance Fee will be assessed annually to qualified purchasers and is 20.0% of the increase in an account’s net assets during such calendar year above a 5% return threshold, coinciding with a high-water mark. The performance-based fee is calculated based on the gains less the losses in the clients account for a period no less than one year. For example, if a client’s account returned 5% or lower during any calendar year, UVC would be entitled to no fees. If a client’s account returned 5% or higher during any calendar year, UVC would be entitled to 20% of all profits over that 5% return. The following table helps explain the structure with hypothetical returns and fees associated: Client Account Annual Return Advisor Fee Less than 5% 5% 6% 9% $0 $0 20% of the 1% return in excess of the 5% hurdle rate 20% of the 4% return in excess of the 5% hurdle rate UVC believes this structure reasonable as it strongly aligns pay for performance thereby ensuring UVC only gets paid if the client first gets a satisfactory return. Once the 5% hurdle rate is met in a calendar year, then UVC shares 20% of all profits in excess of 5%. Please also reference the following section “Performance-Based Fees/Side-By-Side Management”. UVC does not negotiate its Management Fee or Performance Fee, but does offer discounts to select friends, employees, and family. UVC charges the Management Fee at the end of each calendar quarter and does not accept pre-payment or payment in advance. As the Management Fees are charged in arrears, UVC does not offer refunds as services have already been performed. For the first quarter a Client engages UVC or if a Client terminates the service during the quarter, the fee will be prorated for only those days that UVC rendered its services. For Clients that provide written authorization to their broker-dealer/custodian, UVC will arrange to have its fees automatically deducted from the Client’s brokerage account. In this case, the Client’s broker- dealer/custodian will send statements, at least quarterly, to the Client that will reflect the fee paid to UVC, but the Client should verify the accuracy of fees paid. UVC requests all Clients allow for the direct deduction of fees, but for those Clients that do not, UVC will send directly to the Client an invoice for UVC’s fees. This invoice will require payment within thirty days after the mailing date on the invoice. 5  PERFORMANCE-BASED FEES/ SIDE-BY-SIDE MANAGEMENT UVC plans to manage accounts that charged performance-based fees alongside accounts that are charged a fixed fee. This creates a conflict of interest that might incentivize UVC to favor accounts that are charged the Performance Fee. This conflict of interest is mitigated by the fact that UVC’s principal derives only a small portion of his overall income from UVC and the structure of the Performance Fee is such that a satisfactory annual return does not pay substantially (if any) more than the Management Fee. Scenarios and explanations comparing and detailing the two types of fee structures are covered extensively with all clients in the Initial Consultation. TYPES OF CLIENTS UVC will provide advisory services to various types of Clients, including: • Individuals: The majority of UVC’s Clients will be qualified purchasers and individuals seeking management services for their personal accounts. UVC requires a minimum initial account value of $100,000. There are no other conditions for opening or maintaining an account. Note: UVC may waive the minimum for select friends and family. • Small Businesses and Non-Profits: Occasionally, UVC will provide advisory services to small businesses and non-profits seeking management services for their organization’s interests. Portfolio Management Services will be restricted to small businesses and non-profits with an initial minimum account value of $250,000. There are no other conditions for opening or maintaining an account. Note: UVC may waive the minimum for select non-profits at UVC’s discretion. METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS For Portfolio Management Services, UVC uses fundamental analysis to determine the investments in a given portfolio. In its fundamental analysis, UVC seeks to determine the intrinsic value of equities based on a thorough analysis of the fundamental business factors of the given business at issue. UVC uses a “bottom up” analysis which is nothing more to say than we focus on each company one by one, analyzing the 6  business’ qualitative factors, the management team, the balance sheet, income statement, and statement of cash flows to determine what we believe to be the fair value. We place a primary emphasis on analyzing company financials and company-specific economics. We use a variety of tools in our analysis including, but not limited to, SEC filings, company reports, earnings calls, press releases, newspapers, industry trade publications, books, customer and employee interviews, and investment company reports. Despite the fundamental analysis performed by UVC, any investment in securities carries market risk and investors may lose their principal investment. For Portfolio Management Services, the investment strategies used will vary depending on the Client’s financial goals and risk tolerance. Generally, Clients seeking capital preservation with limited risk will be managed with strategies using fixed income products (e.g. bonds) whereas Clients seeking growth with greater risk will be managed with active strategies using stocks, mutual and exchange traded funds, warrants, and stock options. Stock options involve risks and are not suitable for all investors and contain unique risks different than those found in common stocks. Although UVC generally restricts it option activity to selling covered calls and selling puts, the risk of loss in trading options can be substantial. While UVC will not engage in day-trading, active strategies may entail additional risk due to a greater frequency in transactions, which may involve additional brokerage fees, transaction costs, and taxes. Strategies that include foreign offerings or over-the-counter securities could entail greater risk as these offerings have limited regulatory oversight, have less liquidity, and depend on the due diligence of the investor or investment adviser. DISCIPLINARY INFORMATION Neither UVC nor any of its related persons (including management and IA Reps) have had any legal or disciplinary events in their past. Clients and prospective Clients can always view the CRD records (registration records) for UVC or any of its IA Reps through the SEC’s Investment Adviser Public Disclosure (IAPD) website at www.adviserinfo.sec.gov or through FINRA’s BrokerCheck database online at www.finra.org/brokercheck if the IA Rep is also a broker-dealer agent. The CRD number for UVC is 300533 and the CRD numbers for management and IA Reps are listed alongside their biographical information in the accompanying BROCHURE SUPPLEMENT document. OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS UVC does not select other investment advisors for its clients nor does it receive any compensation from outside advisors. Neither UVC nor its management persons are registered, or have an application pending to register as a broker-dealer or a registered representative of a broker-dealer, a futures commission merchant, commodities pool operator, a commodity trading advisor, or an associated person of the foregoing entities. 7  UVC does not have a relationship with any broker-dealer, municipal securities dealer, government securities dealer or broker, an investment company or pooled investment vehicle, another financial planner, a futures commission merchant, commodity pool operator or commodity trading advisor, a banking or thrift institution, an accountant or accounting firm, a lawyer or law firm, an insurance company or agency, a pension consultant, a real estate broker or dealer, or a sponsor or syndicator of limited partnerships. CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING CODE OF ETHICS Pursuant to SEC Rule 204A-1, UVC has a Code of Ethics that promotes the fiduciary duty of UVC and its IA Reps. The Code of Ethics articulates the importance of trust as a foundation to the relationship between an investment adviser and its Clients and establishes policies and procedures to ensure that UVC and its IA Reps place the interests of the Clients first. The Code of Ethics requires that UVC and its IA Reps adhere to all applicable securities and related laws and regulations. The Code of Ethics also requires UVC and its IA Reps follow industry “best practices” involving confidential information, suitability of investments, personal trading on the part of UVC and its IA Reps, outside business activities of IA Reps, and the disclosure of conflicts of interest. A copy of the Adviser’s Code of Ethics is available upon request for any Client or prospective Client. PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING Neither UVC nor a related person currently recommends to client’s securities in which it has a material financial interest. IA Reps of UVC may have an interest in Client transactions insofar as they may personally invest in the same securities recommended to Advisory Clients. These transactions involve a conflict of interest as UVC or IA Reps may benefit from an increase in price from subsequent purchases by Advisory Clients. To address this conflict of interest, UVC and its IA Reps will adhere to the following procedures regarding their personal trading: (1) Client transactions will always be placed ahead of those for UVC, its management, and its IA Reps; (2) Neither Advisory Clients nor IA Reps will have enough funds invested in any given security to move the market in that particular security. BROKERAGE PRACTICES 8  UVC will recommend Interactive Brokers to all Advisory Clients that request a recommended broker- dealer and custodian. UVC recommends Interactive Brokers primarily for its relatively low transaction costs, speed of execution, financial strength, and UVC’s familiarity with its trading platform. Clients have no obligation to use Interactive Brokers for the broker-dealer and custodian, but if Clients seek to have UVC manage their accounts on a discretionary basis, the Client’s chosen broker-dealer and custodian must allow UVC to have trading authority within the account. RESEARCH AND OTHER SOFT DOLLAR BENEFITS While not a factor in UVC’s recommendation of INTERACTIVE BROKERS, INTERACTIVE BROKERS does offer proprietary research tools and publications created by INTERACTIVE BROKERS to their account holders. UVC will have access to these research tools and publications, which may be considered “soft dollar benefits” and constitute a conflict of interest. As UVC and its IA Reps have accounts at INTERACTIVE BROKERS, the benefits of the research tools and publications are already available to UVC regardless of the Client’s decision to invest with INTERACTIVE BROKERS. UVC will use INTERACTIVE BROKERS’s research tools and publications to service all Advisory Clients regardless of the broker-dealer/custodian they choose to use, but Clients who invest with INTERACTIVE BROKERS will also have their own access to the research tools and publications as INTERACTIVE BROKERS account holders. Again, Clients have no obligation to use INTERACTIVE BROKERS for their broker-dealer and custodian. DIRECTED BROKERAGE AND AGGREGATED ORDERS UVC will rely on Interactive Brokers (or the broker-dealer/custodian selected by the Client) for the execution of transactions and will not direct trades to specific brokers. As such, Clients may not receive the lowest price possible if they were to have their trades directed to specific brokers. UVC may, at times, aggregate sale and purchase orders of securities for advisory accounts with similar orders in order to obtain the best pricing averages and minimize trading costs. This practice is reasonably likely to result in administrative convenience or an overall economic benefit to UVC. Clients also benefit with better purchase or sale execution prices, lower commission expenses or beneficial timing of transactions, or a combination of these and other factors. Our policies and procedures mandate aggregating multiple orders. Aggregate orders will be allocated to client accounts in a systematic, non-preferential manner in such a manner that as an order fills, each account is immediately allotted the filled securities pro-rata ensuring that no one Client account is favored over another. REVIEW OF ACCOUNTS UVC reviews all Clients’ account holdings weekly and reviews individual Client accounts on a quarterly basis in conjunction with calculating their management fees. Clients are encouraged to meet with UVC at least once per year to review their account as a whole, ensuring that the management aligns with their current financial condition, goals and objectives. Intermittent reviews may further be triggered by substantial market fluctuation, economic or political events, or by changes in your financial status (such as retirement, termination of employment, relocation or inheritance). Clients are advised to 9  notify UVC promptly if there are any materials changes to their financial situations, investment objectives, or in the event they wish to place restrictions on their accounts. The custodian will send physical statement to all clients at least quarterly. UVC will not provide regular reports to clients in addition to these custodian statements. VOTING CLIENT SECURITIES For any security that entails a voting right in the underlying company, UVC does not have nor accept authority to vote Client securities. All voting issues, proxies, and solicitations will be communicated and delivered to Advisory Clients through the Client’s broker-dealer/custodian. Upon request, however, UVC may help explain or answer questions regarding a given voting issue. CLIENT REFERRALS AND OTHER COMPENSATION UVC does not compensate other financial professionals to refer their Clients to UVC for investment advisory services. UVC does not receive an economic benefit (such as sales awards or other prizes) from any third party for providing investment advice or other advisory services to its clients. CUSTODY Clients will engage an independent broker-dealer and custodian to maintain their accounts and so UVC will not have physical custody of Clients’ assets, monies, or securities. However, since UVC may withdraw advisory fees directly from Clients’ accounts (as described in the “FEES AND COMPENSATION” above), UVC is considered to have custody in a limited capacity. Again, this custody is due solely to the direct withdrawal of fees and does not entail all the same legal and regulatory requirements as an investment adviser with physical custody of Clients’ assets, monies, or securities. Accordingly, Clients will only receive account statements from their broker-dealer and custodian (though UVC may send invoices or other communication). INVESTMENT DISCRETION As described in the “ADVISORY BUSINESS” section of this FIRM BROCHURE), UVC will have investment discretion for Advisory Clients. Clients will select this option specifically in UVC’s Investment Advisory Agreement and will sign a trading authorization form with their broker-dealer/custodian. 10  When Advisory Clients grant discretionary authority to UVC, Clients may still place restrictions on the advisor, such as a prohibition on investing in specific securities, industries, or markets that the Client chooses. FINANCIAL INFORMATION UVC would be required to disclose additional financial information if it were to charge fees in advance, but as described in the “ADVISORY BUSINESS” section of this FIRM BROCHURE, UVC charges all advisory fees in arrears, upon delivery of a plan, or at the conclusion of a consultation. In any case, UVC, its management and IA Reps have no material financial information (e.g. bankruptcies, liens, judgments) in their backgrounds. REQUIREMENTS FOR STATE-REGISTERED ADVISERS UVC has one managing member: Robert Connelly. Their biographical information is given on the attached BROCHURE SUPPLEMENT document, ADV Part 2B. UVC does charge performance-based fees to qualified purchasers only, and only if those clients choose that fee structure as it is described above in the “FEES AND COMPENSATION” section. UVC has no other relationship or arrangement with any issuer of securities; or was ever found liable in either: (a) an arbitration, or (b) a civil, self-regulatory organization, or administrative proceeding. As none of these apply to UVC, its management persons, or IA Reps, UVC has no information to disclose in these regards. 11  Brochure Supplement (Part 2B of Form ADV) Robert Connelly United Value Capital, LLC 2668 North 350 East St. Provo, UT 84604 801-310-8101 February 2, 2024 This brochure supplement provides information about Robert Connelly that supplements the United Value Capital, LLC brochure. You should have received a copy of that Brochure. Please contact Robert Connelly, Managing Member, if you did not receive UVC’s brochure or if you have any questions about the contents of this supplement. Additional information about United Value Capital, LLC is available on the SEC’s website at www.adviserinfo.sec.gov under CRD number 300533 12  General Requirements Generally, UVC requires employees to hold a college or advanced degree or have relevant working experience in the securities industry. Any employee of UVC acting in a representative capacity will be appropriately licensed or registered as such. Investment Advisor Representative Information Robert Connelly, Investment Advisor Representative CRD Number: 6058729 Year of Birth: 1987 Educational and Business Experience Educational Background: B.Sc., University of Utah, 2011 Business Experience Fixed Income/Equity Analyst – January 2012 – April 2012 CSE Insurance Group Derivatives Analyst – April 2012 – July 2013 Royal Bank of Scotland Manager, Product Development – July 2013 – January 2015 BrainStorm, Inc. Investment Analyst/PM – January 2015 – June 2022 United Insurance Group Investment Analyst/PM May 2019 – Present United Value Capital Disciplinary Information Mr. Connelly does not have any legal or disciplinary events material to a client’s or prospective client’s evaluation. 13  Other Business Activities None. Additional Compensation Mr. Connelly does not receive any economic benefit from any third party for providing advisory services. Supervision Mr. Connelly is a Managing Member of UVC. Mr. Connelly is also responsible for providing advice to clients. UVC administers supervision through application of its written policies and procedures. Requirements for State-Registered Advisors Arbitration Claims None. Self-Regulatory Organization or Administrative Proceedings None. IAR Bankruptcy Petitions Robert Connelly has not been the subject of a bankruptcy petition at any time during the last 10 years. 14