There can be no assurance that the Funds will be able to maintain the ability to borrow financial instruments sold short. The Advisory Board must also provide consent before Trend Capital GP LLC may take certain actions, as fully described in the Funds offering documents. Some non-U.S. markets have a higher potential for price volatility and relative. 29 Aug 2019 by Joel St.Germain. No guarantee or representation is made that an Opportunities Master Fund SPs investment program will be successful or that its investment objectives will be 13 met. As such, there are many factors upon which market participants may have divergent views. Repurchase and Reverse Repurchase Agreements. 3. Delray Beach, Florida, United States . The respective general partner (or other Trend Capital affiliate) may, in its sole discretion, waive, reduce or calculate differently the incentive allocation with respect to certain investors. The portfolio turnover rate of those investments may be significant and could involve substantial brokerage commissions and other transaction costs. View Ashwin's Email (It's Free) 5 free lookups per month. Trend Capital has broad investment authority, and may trade in any type of security, issuer or group of related issuers, country, region and sector that it believes will help the Funds achieve their investment objective. The level of interest rates generally and the rates at which the Funds can borrow particularly, will affect the operating results of the Funds. Trend Capital Opportunities GP LLC is the general partner of the Opportunities Onshore and Class M Shareholder of the Opportunities Master. If you recommend or select other investment advisers for your clients and you receive compensation directly or indirectly from those advisers that creates a material conflict of interest, or if you have other business relationships with those advisers that create a material conflict of interest, describe these practices and discuss the material conflicts of interest these practices create and how you address them. While the Funds intend to invest a substantial portion of the portfolio in liquid securities, there can be no assurance that any of these securities will not become illiquid at some point in time. Bloomberg Daybreak Asia. The financial instruments necessary to satisfy the exercise of an uncovered call option may be unavailable for purchase, except at much higher prices, thereby reducing or eliminating the value of the premium. The Registered Agent on file for this company is R Scott Beach and is located at Day Pitnet Llp One East Putnam Ave, Greenwich, CT . Trend Capital also compensates Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) for its clients introduced to the Trend Macro Funds. If your advisory firm or a management person has been involved in a legal or disciplinary event that is not listed in Items 9.A, 9.B, or 9.C, but nonetheless is material to a clients or prospective clients evaluation of your advisory business or the integrity of its management, you must disclose the event. A criminal or civil action in a domestic, foreign or military court of competent jurisdiction in which your firm or a management person. Trend Capital has established an Advisory Board for Trend Macro Fund (the Advisory Board), the members of which serve as members of the Board of Directors of the Trend Macro Offshore. Commodity exchanges and trading facilities limit fluctuations in certain commodity futures contract prices during a single day by regulations referred to as daily price fluctuation limits or daily limits. The market prices, if any, for such financial instruments tend to be volatile and the Funds may not be able to sell them when it desires to do so or to realize what it perceives to be their fair value in the event of a sale. Interests/Shares are sold only to qualified investors who are accredited investors under Rule 501 of Regulation D of the Securities Act of 1933, as amended, and qualified purchasers as such term is defined in Section 2(a)(51)of the Investment Company Act of 1940, as amended. There are 2 other people named Ashwin Vasan on AllPeople. A principal risk in trading currencies is the rapid fluctuation in the market prices of currency contracts. Describe the content and indicate the frequency of regular reports you provide to clients regarding their accounts. Securities futures contracts are subject to the same risks as other securities, as well as to the greater volatility and risks of futures trading. Although these financial 28 instruments may be resold in privately negotiated transactions, because there is less liquidity for these financial instruments, the prices realized from these sales could be less than those originally paid by the Funds. Secondly, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market. To the extent any Managed Account applies a more stringent standard, Trend Capital will comply with the applicable restrictions. Company/Fund Name: Trend Capital Management LP, Address: 1800 N. Military Trail, Suite 475, Boca Raton, FL, 33431, United States. Prepayment Risk. Prior to voting any proxies, Trend Capital seeks to identify any potential conflicts of interest related to the proxy in question and, if required for certain Managed Accounts, escalate to the appropriate personnel for such Managed Account. Fundamental analysis produces positive results only to the extent that Trend Capital correctly predicts how external factors (such as government regulation, new technologies and political and economic events) will influence the market price of a given investment. Ashwin has. Further, the Chief Compliance Officer periodically reviews Trend Capitals investments to ensure consistency with applicable law and regulations. If you do not have authority to vote client securities, disclose this fact. Among other things, the Code of Ethics (i) requires that all employees comply with federal securities laws, (ii) requires that all employees submit to Trend Capital reports containing their personal securities holdings and transactions in reportable securities and that Trend Capital review such reports, (iii) requires all employees to obtain pre-approval of transactions in their personal accounts (except open-end mutual funds) and (iv) contains policies and procedures designed to prevent the misuse of material, non-public information. Sovereign Debt. To the extent that Trend Capital receives proxies on behalf of its Advisory Clients, Trend Capital will vote any such proxies in the best interests of the Funds, the Funds investors and the Managed Accounts. The Funds may trade on exchanges or markets located outside the U.S. Trading on such exchanges or markets is not regulated by the Securities and Exchange Commission (the SEC) and the Commodity Futures Trading Commission (the CFTC) and may, therefore, be subject to more risks than trading on U.S. exchanges, such as the risks of exchange controls, expropriation, burdensome taxation, moratoria and political or diplomatic events. There can be no assurance that the investment program will be successful in a given set of market conditions, or that it is the most successful system available. Managed Accounts:As described in Item 4.A above, Trend Capital also provides advisory servicesto Managed Accounts, the fees for which are separately negotiated with theadvisory client. The Funds are designed only for experienced and sophisticated persons who are able to bear the risk of substantial impairment or total loss of their investment in the Funds. A short sale creates the risk of a theoretically unlimited loss, in that the price of the underlying financial instrument could theoretically increase without limit, thus increasing the cost to the Funds of buying those financial instruments to cover the short position. Trading in derivatives can result in large amounts of operational leverage. Reset here, 1999 - 2023 citywire.com. Trend Capital can provide further details or a copy of the Firms Allocation Policy upon request. Please contact Trend Capital for further information. Describe the types of clients to whom you generally provide investment advice, such as individuals, trusts, investment companies, or pension plans. Trend Capital ERISA GP LLC is the general partner of the ERISA Master 2 Fund. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. Trend Capital recognizes that certain potential conflicts of interests may arise in connection with the personal trading activities of individuals associated with Trend Capital. The information in thisBrochure has not been approved or verified by the United States Securities and ExchangeCommission (the SEC) or by any state securities authority.Additional information about Trend Capital is also available on the SECs website atwww.adviserinfo.sec.gov.Trend Capital is registered as an investment adviser with the SEC under the U.S. InvestmentAdvisers Act of 1940, as amended (the Advisers Act). Like other leveraged investments, any purchase or sale of a futures contract may result in losses that exceed the amount invested. If applicable, explain that you may be unable to achieve most favorable execution of client transactions. If the Funds are required to liquidate all or a portion of its portfolio quickly, the Funds may realize significantly less than the value at which it previously recorded those investments. The incentive allocation, if any, will be determined as of each fiscal year end and, with respect to capital withdrawn/redeemed other than as of a fiscal year end, as of the time of such withdrawal/redemption with respect to the withdrawn/redeemed amount. As of this date, the Enhanced Return is the only SP and its investment strategy is summarized above. The instruments and borrowings utilized by the Funds to leverage investments may be collateralized by the Funds portfolio. Trend Capital aggregates Advisory Client orders to achieve more efficient execution or to provide for equitable treatment among accounts to the extent possible, under existing laws and regulations. Online data isn't stored in a "cloud," of course. All such referral activities will be conducted in accordance with SEC Rule 206(4)-3 under the Advisers Act as well as relevant SEC guidance. If your clients either may or must pay your fees in advance, disclose this fact. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients. When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the derivative and the underlying investment sought to be hedged may prevent the Funds from achieving the intended hedging effect or expose the Funds to risk of loss. Describe the types of advisory services you offer. Ashwin Vasan, Trend Capitals Chief Investment Officer, reviews the Advisory Clients trading accounts on a daily basis. Managed account trade error policies are the subject of negotiated agreements and may vary. Stock Index Options. Location. Prospective investors are provided with an offering memorandum prior to their investment and are encouraged to carefully review the offering memorandum, along with all other relevant offering documents and to be sure that the proposed investment is consistent with their investment goals and tolerance for risk. Restricted Financial Instruments. Such intervention often is intended directly to influence prices and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. no role in management of the business). Trend Capital also compensates Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) for its clients introduced to the Trend Macro Funds. In that event, it may be difficult for the Fund to trade and/or value the positions that trade in the affected markets, and the Fund may be exposed to significant movements in the perceived value of instruments without having the ability to trade or value those instruments as well as prohibit the ability to conduct in-person investment research. illiquidity compared to the U.S. capital markets. The Opportunities Master Fund SPs may utilize such investment techniques as option transactions, margin transactions, short sales, leverage and derivatives trading, which may create or increase volatility and can increase the adverse impact to which the Opportunities Master Fund SPs investment portfolios may be subject. Each Fund is not limited as to the amount of capital or exposure which may be committed to any one issuer, industry, sector, strategy, country or geographic region. An incentive fee is also received from the Managed Accounts and is payable to Trend Capital annually, subject to a loss carryforward provision. Accordingly, successful use by the Funds of options on stock indices will be subject to Trend Capitals ability to correctly predict movements in the direction of the stock market generally or of particular industries or market segments. Explain whether clients may impose restrictions on investing in certain securities or types of securities. Conversely, when interest rates rise, the value of fixed-income instruments generally can be expected to decline. Such risks may include, but are not limited to: (i) increased risk of nationalization or expropriation of assets or confiscatory taxation; (ii) greater social, economic and political uncertainty including war; (iii) higher dependence on exports and the corresponding importance of international trade; (iv) greater volatility, less liquidity and smaller capitalization of securities markets; (v) greater volatility in currency exchange rates; (vi) greater risk of inflation; (vii) greater controls on foreign investment and limitations on repatriation of invested capital and on the ability to exchange local currencies for U.S. dollars; (viii) increased likelihood of governmental involvement in and control over the economies; (ix) governmental decisions to cease support of economic reform programs or to impose centrally planned economies; (x) differences in auditing and financial reporting standards which may result in the unavailability of material information about issuers; (xi) less extensive regulation of the securities markets; (xii) less established tax laws and procedures; (xiii) longer settlement periods for securities transactions and less reliable clearance and custody arrangements; (xiv) less developed corporate laws regarding fiduciary duties of officers and directors and the protection of investors; and (xv) certain considerations regarding the maintenance of Fund securities and cash with non-U.S. brokers and securities depositories. In exchange for a significant investment in the Trend Macro Feeder Funds at launch, a share of the gross revenue of Trend Capital and its affiliated general partner entities has been granted to affiliates of Shumway Capital. In general, Trend Capital seeks to achieve this investment objective by taking both long and short positions in a variety of fixed income instruments and derivatives, foreign currencies,foreign exchange forwards and foreign exchange derivatives, as well as in various derivative products linked to credit and equity indices. The Enhanced Return sizing due to additional leverage and resulting liquidity is expected to differ from Trend Macro Fund from time-to-time, depending on the portfolio assets. If a conflict is identified, the Chief Compliance Officer will then decide (which may be in consultation with outside legal counsel or third-party compliance consultants) as to whether the conflict is material or not. Trend Capital may retain an independent third party to vote proxies in certain situations (including situations where a material conflict of interest is identified). Fluctuations or prolonged changes in the volatility of financial instruments held by the Funds directly or indirectly may adversely affect the value of the Funds. Describe how you address conflicts of interest between you and your clients with respect to voting their securities. This risk may cause some or all of the Funds gains to be unrealized. The Opportunities Master Fund SPs invest in and trade securities and other financial instruments using investment techniques with risk characteristics, including risks of the debt and equity markets, the risks of borrowings and short sales, the potential illiquidity of securities and other financial instruments and the risk of loss from counterparty defaults.
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