With respect to certain countries there may be the possibility of expropriation or confiscatory taxation, political, economic or social instability, limitation on the removal of funds or other assets or the repatriation of profits, restrictions on investment opportunities, the imposition of trading controls, withholding or other taxes on interest, dividends, capital gain, other income or gross sales proceeds, import duties or other protectionist measures, various laws enacted for the protection of creditors, greater risks of nationalization or diplomatic developments which could adversely affect the Funds investments in those countries. In the case of expected credit improvement, the Funds may write credit default protection in which it receives spread income. Even those markets which Trend Capital expects to be liquid can experience periods, possibly extended periods, of illiquidity. Thus, an increase in the value of the U.S. dollar compared to the other currencies in which the Funds may make investments will reduce the effect of increases and magnify the U.S. dollar equivalent of the effect of decreases in the prices of the Funds financial instruments in their local markets. Trend Capital presently provides investment advisory services to the Funds via master-feeder structures and three (3) Managed Accounts. Futures Contracts Risks. 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. The price of stock index futures contracts may not correlate perfectly with the movement in the underlying stock index because of certain market distortions. Trend Capital need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost or spread. The Advisory Board must also provide consent before Trend Capital GP LLC may take certain actions, as fully described in the Funds offering documents. Additionally, such events may have a substantial effect on economies and securities markets, and could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Funds investments. If you are an SEC-registered adviser, briefly describe your code of ethics adopted pursuant to SEC rule 204A-1 or similar state rules. Derivative securities and instruments, or derivatives, include securities, instruments and contracts which are derived from and are valued in relation to one or more underlying securities, financial benchmarks or indices. ERISA). Operational Leverage. 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. Describe the methods of analysis and investment strategies you use in formulating investment advice or managing assets. Changes in interest rates can affect the value of the Funds investments in fixed income instruments. Such employee transactions will be reviewed in the best interests of the Advisory Clients and will be denied by the Compliance Department if there is a risk of potential adverse consequences to the Advisory Clients. Thus, the leverage offered by trading in derivatives will magnify the gains and losses experienced by the Funds and could cause the Funds net asset value to be subject to wider fluctuations than would be the case if the Funds did not use the leverage feature of derivatives. In addition, neither Trend Capital nor the Funds will be required to offer such additional and/or different rights and/or terms to any or all of the other investors in the Funds, except as specified in the Trend Macro Fund MFN Policy Statement. Each Fund or SP, as applicable, will bear its own (and a pro-rata share of its master funds or master fund SPs, as applicable) operating and other expenses, including, but not limited to, investment-related expenses (e.g., expenses that, in Trend Capitals discretion, are related to the investment of that Funds/SPs assets, whether or not such investments are consummated, such as brokerage commissions, expenses relating to short sales, clearing and settlement charges, custodial fees, interest expenses, initial and variation margin and other transactional charges, fees or costs, bank service fees, investment-related travel and lodging expenses, consulting, advisory, investment banking, valuation and other professional fees relating to particular investments or contemplated investments, researchrelated expenses, including, without limitation, news and quotation equipmentand services, market data services and fees to third-party providers of research and/or portfolio risk management services), legal expenses (including with respect to litigation and threatened litigation, if any), any expenses associated with regulatory filings made in connection with the Funds/SPs operations and/or holdings, accounting, audit and tax advice and preparation expenses(including preparation costs of financial statements, tax returns, reports to investors), accounting software, printing and mailing costs, market information systems and computer software and information expenses, fees of pricing services, valuation firms, the costs and expenses of third-party risk management products and services, insurance costs (including, without limitation, directors and officers insurance, errors and omissions insurance and other similar policies for the benefit of the Fund), filing and registration fees, fees of the administrator, fees of the Master Fund Advisory Board (if applicable), fees of the Funds/SPs (and its pro rata share of the Master Funds) officers (including AML Officers), the management fee, any extraordinary expenses (including indemnification or litigation expenses and any judgments or settlements paid in connection therewith), all other costs and expenses arising out of the Funds/SPs indemnification obligation, any entity-level taxes, fees or other governmental charges levied against a Fund, wind-up and liquidation expenses and other similar expenses related to a Fund/SP. Once the price of a futures contract for a particular commodity has increased or decreased by an amount equal to the daily limit, positions in the commodity cannot be taken or liquidated unless traders are willing to effect trades at or within the limit. The Funds also could experience losses if derivatives are poorly correlated with its other investments. Over-the-Counter Trading. Some examples of the key drivers of trends for each asset class that are modeled are outlined below: Interest RatesInflation Model both the long-term trend in inflation as well as its short-term direction.Monetary Policy Model appropriate monetary policy settings via Taylor Rule analysis.Term Premium Model the term structure of interest rates to assess whether risk premiums are overstated or understated. The value of a derivative depends largely upon price movements in the underlying asset. Incentive AllocationIn addition, the applicable Funds general partner (or other Trend Capital affiliate) may receive an incentive allocation if net profits allocated to the respective master funds capital account exceed net losses allocated to that account, subject to a loss carryforward provision. Futures prices are highly volatile. Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia. If more than 50% of your revenue from advisory clients results from commissions and other compensation for the sale of investment products you recommend to your clients, including asset-based distribution fees from the sale of mutual funds, disclose that commissions provide your primary or, if applicable, your exclusive compensation.Not applicable. The company's principal address is 1800 . Trend Capital provides investors with unaudited statements of the relevant Funds performance at least monthly and tax information and audited financial information annually. CreditDebt Sustainability Model the long-term solvency of a country.Fiscal Financing Outlook Model the gross and net issuance needs of a sovereign in a given year.Balance of Payments Model the ability of a country to pay back its foreign debt with foreign exchange earnings.EquityRisk Sentiment Model whether investors are actively seeking out or avoiding risky assets.Valuation Model the valuation of equity indices measured against longerterm measures of earnings. . For purposes of this Brochure, each such account is referred to as a Managed Account and together with the Funds, the Advisory Clients. Describe the types of products and services you or any of your related persons acquired with client brokerage commissions (or markups or markdowns) within your last fiscal year. All fees charged to the sub-fund are disclosed in the Prospectus and Prospectus Supplement for the sub-fund. 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 . The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying financial instrument 27 below the exercise price of the option. These instruments carry a higher risk that the issuer will be unable to pay principal and interest when due. The Funds may experience increased interest rate risk to the extent they invest, if at all, in lower rated instruments, debt instruments with longer maturities, debt instruments paying no interest (such as zero coupon debt instruments) or debt instruments paying non-cash interest in the form of other debt instruments. There can be no assurance that Trend Capital will be able to locate investment opportunities or to exploit such trends. Delray Beach, Florida, United States . Investing in these markets may involve heightened risks (some of which could be significant) and special considerations not typically associated with investing in other more established economies or securities markets. To the extent any Managed Account applies a more stringent standard, Trend Capital will comply with the applicable restrictions. This requires different skills and techniques than predicting changes in the price of individual stocks. The adverse effects of prepayments may impact the Funds portfolio in two ways. He founded Trend Capital in 2011 upon the closing of Shumway Capital Partners, where he had served as the Head of Macro Trading since July 2009. Restricted financial instruments may involve a high degree of business and financial risk which may result in substantial losses. 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. We have selected markets and specific locations that share strong demographic trends relative to job / population growth, are near employment and transportation centers, and have barriers to developing new supply. Ashwin Vasan is the Founder and CIO of Trend Capital Management LP. Trend Capital seeks to identify those trends that it believes are not priced in by the market and uses technical analysis and other factors to identify the entry and exit points it believes are most appropriate. Also, the Funds may invest in financial instruments, such as structured products, derivatives and other types of unregistered financial instruments. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. Portfolio Manager at Shumway Capital . The Funds receive or pay, as the case may be, only the net amount of the two payments. Please see terms and conditions for restrictions on use of Citywire's Fund Manager database. Describe whether (and, if so, how) your clients can direct your vote in a particular solicitation. Fixed-Income Financial Instruments. for with commission dollaAny use of commissions or soft dollars generated by the Advisory Clients to pay for brokerage and research products or services will fall within the safe harbor created by Section 28(e) of the U.S. Securities Exchange Act of 1934, as amended. The management fee for Class C and Class D Interests/Shares is at the annual rate of 1.5%, provided the aggregate subscription amount (less any withdrawals/redemptions other than withdrawals/redemptions of aggregate net profits, which, for this purpose, any amounts withdrawn or redeemed will be first applied against aggregate net profits, if any) meets or exceeds a threshold amount set forth in the applicable offering documents. Describe the procedures you follow before you assume this authority (e.g., execution of a power of attorney). Combined with stop losses, such hedges are intended to protect the portfolio in the event trades move meaningfully against the direction the Trend Capital anticipated when making the investment. The management fee will be prorated for any period that is less than a full month. If you have, or will accept, authority to vote client securities, briefly describe your voting policies and procedures, including those adopted pursuant to SEC rule 206(4)-6. You must state clearly that you are discussing only material changes since the last annual update of your brochureand you must provide the date of the last annual update of your brochure. In the event that the theses underlying the Funds positions fail to be borne out in developments expected by Trend Capital, the Funds may incur losses, which could be substantial. Historically, Managed Accounts were generally managed pari passu, subject to applicable legal, regulatory or investment restrictions, with the Trend Macro Fund, but more recent Managed Accounts have expanded mandates with respect to exposure to certain types of instruments, markets and/or leverage than the Trend Macro Fund. Trend Capital may retain an independent third party to vote proxies in certain situations (including situations where a material conflict of interest is identified). For documentation purposes, Trend Capital will always provide the date of the last annual update of the Brochure. While the Firm has taken steps to mitigate the adverse consequences that could arise from the occurrence of a market disruption event, the inability to predict the timing, location, source and severity of such event or events make it 20 difficult to provide assurances that the Funds would not suffer adverse consequences should a market disruption event occur. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. Indicate whether you periodically review client accounts or financial plans. Generally, there is no public or over-the-counter trading market for these financial instruments and the Funds might only be able to liquidate these positions at highly disadvantageous prices, if at all. 4. was the subject of any order, judgment, or decree permanently or temporarily enjoining, or otherwise limiting, your firm or a management person from engaging in any investment-related activity, or from violating any investment-related statute, rule, or order Not applicable. Currency swaps involve the exchange of cash flows on a notional amount of two or more currencies based on their relative future values. Avanath Capital 1920 Main Street, Suite 150, Irvine, CA 92614 Managed account trade error policies are the subject of negotiated agreements and may vary. 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. All such reports are written. Such intervention is often intended to influence prices directly. As such, there is a potential conflict of interest related to managing accounts that provide Trend Capital with higher performance-based compensation alongside accounts that provide lower performance-based compensation. Possible Effects of Speculative Position Limits. Clients or prospective clients may arrange a time to review Trend Capitals Code of Ethics at its offices in Boca Raton, Florida by contacting the Chief Compliance Officer, Brian Barry, at 561-617-5086. Ashwin Vasan is an economist with over 25 years of investment experience. Unless registered for sale, restricted financial instruments can be sold only in privately negotiated transactions or pursuant to an exemption from registration (e.g., under Rule 144A of the Securities Act). The Firm has adopted and implemented a compliance program, including a Valuation Committee that reviews performance tracking and position differences, to monitor its Funds and Managed Accounts for adherence to investment objectives and a fair allocation process to help mitigate any potential conflicts. Currency transactions made on a spot basis are for cash at the spot rate prevailing in the currency market for buying or selling currency. 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. Like other leveraged investments, any purchase or sale of a futures contract may result in losses that exceed the amount invested. Governments from time to time intervene, directly and by regulation, in certain markets, particularly those dealing in precious metals. Explain to clients that they may obtain a copy of your proxy voting policies and procedures upon request. Please contact Trend Capital for further information. Disclose that clients will incur brokerage and other transaction costs and direct clients to the section(s) of your brochure that discuss brokerage. Concentration of Investments. The limitation of potential (and actual) loss in any period of time is pivotal to the investment framework of the Trend Macro Fund or Enhanced Return. If you review client accounts on other than a periodic basis, describe the factors that trigger a review. Currency and Exchange Rate Risks. The Advisory Board provides advice and counsel to Trend Capital and its affiliate general partner entity, Trend Capital GP LLC, on various matters, including assisting in the identification and resolution of any actual or potential conflicts of interest involving Trend Capital and/or any of its affiliates with respect to Trend Macro Fund. Explain how a client may obtain a refund of a pre-paid fee if the advisory contract is terminated before the end of the billing period. Executive Officer Director Promoter Clarification of Response (if Necessary): Manager of the General Partner Relationship: Executive Officer Director X Promoter Clarification of Response (if Necessary): Investment Manager 4. Commodity-related instruments may also experience greater price fluctuations than the relevant commodity. While the Funds intend to invest in a diversified portfolio, they are not subject to formal diversification guidelines or formal policies limiting the leverage used by the Funds. Volatility Risk. Emerging and Developing Markets. Securities futures contracts are subject to the same risks as other securities, as well as to the greater volatility and risks of futures trading. The Funds expect to borrow or utilize other forms of leverage (on a secured or unsecured basis) for any purpose, including to increase investment capacity, cover operating expenses, or for clearance of transactions. 2022 Trend Capital Management LP, All Rights Reserved. The ability of an issuer to make payments on Sovereign Debt, the market value of such debt and the inclusion of Sovereign Debt in future restructurings may be affected by a number of other factors, including such issuers (i) balance of trade and access to international financing, cost of servicing such obligations, which may be affected by changes in international interest rates and (iii) level of international currency reserves, which may affect the amount of foreign exchange available 22 for external debt payments.
ashwin vasan trend capital
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