DUNHAM

Dunham runs a manager selection and monitoring process that evaluates institutional sub-advisors on performance, investment process, organizational stability, and alignment with fund mandates. The firm retains full discretion to replace sub-advisors, which is structurally different from a fund-of-funds that buys and sells positions in underlying vehicles. Specific selection criteria and quantitative thresholds are proprietary and not publicly detailed, but Dunham's prospectus disclosures confirm it can terminate sub-advisory agreements without shareholder vote.

Dunham is an asset manager, not a family office. Despite sharing the founder's surname, it operates as an investment advisory firm and mutual fund sponsor organized to serve retail and institutional clients through financial intermediaries. It does not manage a single family's capital, nor does it function as a multi-family office.

Dunham's known vehicle set is limited to publicly registered mutual funds and separately managed accounts. There is no public record of private equity, venture capital, direct co-investment, or hedge fund vehicles sponsored by the firm. An allocator seeking private-markets exposure through Dunham would need to look at the real-asset or alternative-themed mutual funds the complex has registered.

Portfolio management authority is divided: each fund's sub-advisor makes day-to-day security selection decisions within the mandate, while Dunham — led by Jeffrey Dunham as CEO — controls manager selection, asset allocation framework, and the decision to retain or replace sub-advisors. This dual structure means investment decision accountability sits with a named institutional sub-advisor for security-level outcomes and with Dunham for manager-level outcomes.

Dunham offers both mutual funds and separately managed account (SMA) strategies through its advisor-sold distribution. The SMA business can accommodate institutional minimums and customization depending on mandate, though the firm's public footprint is weighted toward the mutual fund trust. An institutional allocator would typically interface through an intermediary platform or as a direct SMA client rather than through the fund complex's retail share classes.