Kanen Wealth Management LLC

As of May 22, 2026, we manage a total of $404,611,703 in client assets. Of the total, $400,603,544 is managed on a discretionary basis and $4,008,159 on a non-discretionary basis. Item 11: Code of Ethics, Participation, or Interest in Client Transactions and Personal Trading As of January 23, 2025, Mr. Garrett Larson, a Senior Equity Analyst at Kanen Wealth Management was appointed to the Board of Directors of Data I/O Corporation. Kanen Wealth Management owns shares of Data I/O Corporation, and supervises Mr. Larson’s potential conflicts of interest and handling of material non-public information, according to its Code of Ethics. Please refer to

Full Brochure Available Whenever you would like to receive a complete copy of our Firm Brochure, please contact us by telephone at: (631) 863-3100 or by email at: info@kanenadvisory.com.

TABLE OF CONTENTS (Item 3)

MATERIAL CHANGES (Item 2).......................................................................................................................................2 TABLE OF CONTENTS (Item 3) ......................................................................................................................................3 ADVISORY SERVICES (Item 4) .......................................................................................................................................4 FEES AND COMPENSATION (Item 5)............................................................................................................................5 PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT (Item 6) ........................................................9 TYPES OF CLIENTS (Item 7) ........................................................................................................................................... 10 METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS (Item 8) ........................................ 11 DISCIPLINARY INFORMATION (Item 9) .................................................................................................................... 16 OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS (Item 10)........................................................ 17 CODE OF ETHICS, PARTICIPATION, OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING (Item 11) ........................................................................................................................................................................... 17 BROKERAGE PRACTICES (Item 12) ............................................................................................................................. 20 REVIEW OF ACCOUNTS (Item 13)................................................................................................................................ 24 CLIENT REFERRALS AND OTHER COMPENSATION (Item 14) ..............................................................................25 CUSTODY (Item 15) ........................................................................................................................................................23 INVESTMENT DISCRETION (Item 16).........................................................................................................................26 VOTING CLIENT SECURITIES (Item 17) .....................................................................................................................26 FINANCIAL INFORMATION (Item 18).........................................................................................................................27 ADDITIONAL DISCLOSURES .......................................................................................................................................27 Important Information Regarding Retirement Accounts .........................................................................................27 ERISA Fiduciary Advisor .......................................................................................................................................27 Retirement Account Rollover Options...................................................................................................................28

ADVISORY SERVICES (Item 4) About Our Business Kanen Wealth Management LLC (referred to herein as “we,” “us,” “our,” or “Kanen Wealth Management”) is a wealth management firm that is registered as an investment advisor pursuant to the investment advisor laws and regulations of the U.S. Securities and Exchange Commission. We began managing investments and providing financial advice in February of 2016. Our principal place of business is in the state of Florida. David L. Kanen is the principal owner and chief compliance officer.

Types of Advisory Services We are a boutique wealth management firm that offers portfolio construction advice, recommends marketresponsive investment strategies, conducts alternative investment fund analysis, manages investment assets for an affiliated pooled investment vehicle, and provides investment company advisory services to an affiliated mutual fund. A detailed explanation of each service is as follows: Portfolio Management Services We offer investment management, portfolio construction, and other advisory services to meet clients' investment goals and objectives. Our portfolio management strategies encompass recommendations that align with a value-based investment philosophy utilizing undervalued equities with long-term growth expectations. When providing portfolio management advice and recommendations, we consider a client’s net worth or annual income, other financial circumstances, and comprehensive investment goals. We typically recommend small-cap equities, common stocks, preferred stocks, and fixed-income securities to implement our portfolio management strategies. Our client’s investment portfolios are monitored actively for tactical responses to market and economic variations. Alternative Investments Advisement Occasionally, clients request that we analyze and evaluate unaffiliated third-party alternative investments. Such alternative investments include but are not limited to interests in unaffiliated private equity funds, hedge funds, venture capital funds, etc. Our alternative investment advisement services include but are not limited to initial and ongoing due diligence and investment monitoring services. Investment Management Services to a Private Fund We are the general partner of Philotimo Fund, LP, a Delaware limited partnership, pooled investment vehicle, and private investment fund along with Philotimo SPV I, LP, and Philotimo SPV II, LP a pair of Delaware limited partnership, pooled investment vehicle, and private investment funds (the “Funds”). As the general partner, we offer partnership interests in the Funds to prospective investors. We have discretionary authority to manage all assets held by the Funds. Our investment advice to the Funds is tailored to the Fund’s investment objectives, strategies, and restrictions as disclosed in the Fund’s governing disclosure documents or confidential private placement memorandum (hereinafter, “PPM”). Our management services to the Fund utilizes value-based analysis that emphasizes catalysts and focuses primarily on undervalued equities with long-term growth expectations. The catalysts are likely to include but are not limited to stock buybacks, spin-offs, restructurings, and activism to improve performance results. We also use proprietary screening methods and sourcing of ideas. Please note that the Fund may invest in other securities, but the Fund’s primary focus is high absolute returns using undervalued equity securities. Clients are under no obligation to become an investor in the Fund. This Brochure is not an offer to sell or a solicitation of an offer to buy interests in the Fund. Such an investment is only made after an investor receives and reviews the Fund’s PPM and execution of certain agreements. A copy of the PPM is available upon request; however, acceptance as an investor is not guaranteed. Please also review Item 7 herein for specific investor qualification criteria. Investment Company (Mutual Fund) Advisory Services Our firm provides investment company advisory services. We are the investment advisor to the Philotimo Focused Growth and Income Fund (the “Mutual Fund”), an affiliate mutual fund offered by an open-end mutual fund company, World Funds Trust. The investment objective of the Mutual Fund is to seek current income and long-term growth through investments in equity securities of small-capitalization (“small-cap”) companies, exchange-traded funds (“ETFs”), fixed-income securities, and cash equivalents. Our management of the Mutual fund is based on its investment objective as fully disclosed in the Mutual Fund’s Prospectus and Statement of Additional Information (“SAI”) (hereinafter, the “Mutual Fund disclosure documents”).

Tailored Services Portfolio Management Services Our portfolio management advice and services are based on the individual needs of a client after analyzing and thoroughly evaluating the client’s goals, objectives, investment horizon, and risk tolerance. Clients may impose restrictions on investing in certain asset classes or specific types of securities by advising their investment advisor representative of such limitations. Alternative Investments Advisement Our alternative investment advisement services consider the client’s financial circumstances, needs, objectives, goals, and risk tolerance. Investment Management Services to Private Funds Our investment management services to the Funds are based on the specific investment objectives of the Funds. We do not provide tailored investment advice to investors in the Funds. Therefore, investors in the Funds may not impose restrictions. Investment Company (Mutual Fund) Advisory Services Clients (shareholders) cannot impose restrictions on the asset classes or specific types of securities chosen for the Mutual Fund. We manage the Mutual Fund portfolio based on the investment objective outlined in the disclosure documents. These documents are provided to prospective clients at the time of purchasing shares of the Mutual Fund. Nonetheless, before investing, clients should carefully review the Mutual Fund disclosure documents for details regarding all terms and conditions applicable to investing in the Mutual Fund. The Mutual Fund disclosure documents are also available online at philotimomutualfunds.com.

Wrap Fee Programs We are not a participant in any wrap fee program.

Assets under Management As of May 22, 2026, we manage a total of $404,611,703 in client assets. Of the total, $400,603,544 is managed on a discretionary basis and $4,008,159 on a non-discretionary basis.

FEES AND COMPENSATION (Item 5) Advisory Fees We earn fees and compensation by constructing investment portfolios, recommending market-responsive investment strategies, conducting alternative investment fund analysis, managing the investment assets of a private investment fund, and providing advisory services to the Mutual Fund. The details regarding our fees and compensation are as follows: Portfolio Management Services Our fee schedule for portfolio management services is as follows: Assets Under Management First $2,500,000 Next $2,500,000 Next $2,000,000 Over $7,000,000

Annual Rate 2.0% 1.5% 1.0% Negotiable

Sample Fee Calculation: Investments of $7,000,000 $2,500,000 @ 2.0% $2,500,000 @ 1.5% $2,000,000 @ 1.0% (Effective blended rate of 1.54%) Quarterly Fees of $26,875 | Annual Fees of $107,500 Our fee schedule for portfolio management services is negotiable. The final fee is outlined in our investment management agreement. Please also review Item 7, Types of Clients, for more details regarding our minimum investment value of $200,000. We reserve the right to adjust advisory fees and/or waive our minimum requirements for portfolio management services based on other criteria (e.g., pre-existing relationships, related accounts, the anticipation of additional assets, etc.) that we deem pertinent.

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