The investment manager may also invest up to 10% of the applicable master funds net asset value (determined as of the date of the last purchase) in single-name corporate CDS and other credit securities. 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. In addition, commodity- related instruments may be cyclical in nature. If applicable, explain that you may be unable to achieve most favorable execution of client transactions. Online data isn't stored in a "cloud," of course. Fundamental based analysis relies on the study of external factors to predict the price movement of a given investment. . There can be no assurance that future court decisions construing provisions in, or provisions similar to those in, any swap agreement or other related documents or new and additional regulations and laws governing swaps and other derivatives will not have a material adverse effect on the investments. Leverage; Borrowing for Operations. During a single trading day, no trades may be executed at prices beyond the daily limit. . Moreover, the portfolio will always be exposed to certain risks that may not be hedged. [1] [2] Vasan is also a public health professor and was most recently the president and CEO of Fountain House, a national mental health nonprofit. For theavoidance of doubt, similar expenses refers to any expenses that are similar in type and nature to the expenses described in the previous sentence and any expenses determined by Trend Capital to be primarily related to providing the proper (technological and other) infrastructure for Trend Capital in connection with the Funds/SPs investments and operations; for instance, fees and expenses relating to the installation, servicing and maintenance of and consulting with respect to, information technology items that primarily serve Trend Capitals investment and accounting professionals in connection with the Funds/SPs investments. Possible Effects of Speculative Position Limits. Market disruption events could also affect the principal prime brokers that carry and clear the Funds trades and positions. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them. Further, the Chief Compliance Officer periodically reviews Trend Capitals investments to ensure consistency with applicable law and regulations. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. Ashwin Vasan Full Name: Ashwin Kumar Vasan Company: Trend Capital Management LP 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 seller (writer) of a call option which is covered (i.e., the writer holds the underlying financial instrument) assumes the risk of a decline in the market price of the underlying financial instrument below the purchase price of the underlying financial instrument less the premium received and gives up the opportunity for gain on the underlying financial instrument above the exercise price of the option. View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. All fees charged to the sub-fund are disclosed in the Prospectus and Prospectus Supplement for the sub-fund. Similar elements of risk arise in the event of the bankruptcy or insolvency of the buyer. The credit default swap market in high yield securities is comparatively new and rapidly evolving compared to the credit default swap market for more seasoned and liquid investment grade securities. However, there are a number of additional risks associated with derivatives trading. The extent to which the Funds engage in short sales will depend upon Trend Capitals investment strategy and opportunities. a. CurrencyBalance of Payments Model the net flow of funds into or out of a country.Interest Rates Model real interest rate differentials between currencies.Risk Sentiment Model whether investors are actively seeking out or avoiding risky assets.Valuation Model the Real Effective Exchange Rate (REER) for any currency. Limited diversity could expose the Funds to losses disproportionate to market movements in general if there are disproportionately greater adverse price movements in those financial instruments or assets. The Funds may also utilize forward currency contracts and options to hedge against currency fluctuations, but there can be no assurance that such hedging transactions will be effective. In addition, new and additional regulations and laws may apply to swaps and other derivatives that have not heretofore been applied. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. ashwin has 1 job listed on their profile. The seller (writer) of a put option which is covered (i.e., the writer has a short position in the underlying financial instrument) assumes the risk of an increase in the market price of the underlying financial instrument above the sales price (in establishing the short position) of the underlying financial instrument plus the premium received and gives up the opportunity for gain on the underlying financial instrument if the market price falls below the exercise price of the option. Short Sales. There also can be no assurance that the financial instruments necessary to cover a short position will be available for purchase at or near prices quoted in the market. The Funds investment program involves the purchase and sale of relatively volatile instruments such as derivatives, which are frequently valued based on implied volatilities of such derivatives compared to the historical volatility of underlying financial instruments. These contracts, unlike exchange-traded futures contracts and options on futures, are not regulated by the CFTC. 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. 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. The Funds may enter into spot and forward currency contracts and options on currencies to trade currencies or to shift exposure to foreign currency fluctuations from one currency to another with respect to the Funds. Securities futures contracts include both futures contracts on single stocks and futures contracts on narrow-based securities indices. Describe the methods of analysis and investment strategies you use in formulating investment advice or managing assets. Please see terms and conditions for restrictions on use of Citywire's Fund Manager database. If you may cause clients to pay commissions (or markups or markdowns) higher than those charged by other broker-dealers in return for soft dollar benefits (known as paying-up), disclose this fact. First, all participants in the futures market are subject to margin deposit and maintenance requirements. State whether these reports are written. Describe whether (and, if so, how) your clients can direct your vote in a particular solicitation. Indicate whether you periodically review client accounts or financial plans. Rather than meeting additional margin deposit requirements, market participants may close futures contracts through offsetting transactions that would distort the normal relationship between the index and futures markets. Commodity futures trading is highly speculative. If the type of security involves significant or unusual risks, discuss these risks in detail. The market for these instruments may also be limited and some companies may limit the intervals for redemptions. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. If you routinely recommend, request or require that a client direct you to execute transactions through a specified broker-dealer, describe your practice or policy. Explain whether clients will receive their proxies or other solicitations directly from their custodian or a transfer agent or from you and discuss whether (and, if so, how) clients can contact you with questions about a particular solicitation. Explain that by directing brokerage you may be unable to achieve most favorable execution of client transactions and that this practice may cost clients more money. Relatively small futures positions have the potential to significantly erode or erase the Funds gains in other investments. Investors should carefully review the audited financial statements of the Funds upon receipt. Companies whose securities are not publicly traded may not be subject to public disclosure and other investor protection requirements applicable to publicly traded securities. Although the ERISA Funds are in scope of the services agreement between Trend Capital and MLPF&S, the ERISA Funds have not been onboarded to the MLPF&S platform. We'll assume you're ok with this, but you can opt-out if you wish. The adverse effects of prepayments may impact the Funds portfolio in two ways. Price movements of contracts are influenced by, among other things: changing supply and demand relationships; weather and climate conditions; trade, fiscal, monetary and exchange control programs and policies of governments; political and economic events and policies; changes in interest rates and rates of inflation; currency devaluations and revaluations; and emotions of the marketplace. To the extent any Managed Account applies a more stringent standard, Trend Capital will comply with the applicable restrictions.n. Track your investments 24 hours a day, around the clock from around the world. The Funds may employ swaps for speculative purposes, such as to obtain the price performance of a security without purchasing it in cases where the security is illiquid, unavailable for direct investment or available only on less attractive terms. For simplicity, each fund or SP identified above may be referred to individually in this Brochure as a Fund and together as the Funds. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. Describe generally how you address conflicts that arise. Derivatives typically allow an investor to hedge or speculate upon the price movements of a particular security, financial benchmark or index at a fraction of the cost of acquiring, borrowing or selling short the underlying asset. 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. 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 does not manage any Advisory Client assets on a non-discretionary basis. Investment OverviewThe investment objective of each Trend Macro Fund, ERISA Master and Enhanced Return is to produce consistent, absolute returns on capital by pursuing a fundamental global macro strategy. Prices of currency contracts traded by the Funds are affected generally by relative interest rates, which in turn are influenced by a wide variety of complex and difficult to predict factors such as money supply and demand, balance of payments, inflation levels, fiscal policy and political and economic events. First, particular investments may experience outright losses, as in the case of an interest-only instrument in an environment of faster actual or anticipated prepayments. The Funds global macro investing consists primarily of trading in global interest rates, currencies, credit and equity indices and their related derivatives, in order to exploit fundamental, economic, financial and political trends that may exist in and between developed and emerging markets throughout the world. Get Directions. Disclose whether you seek to allocate soft dollar benefits to client accounts proportionately to the soft dollar credits the accounts generate. Volatility may also be caused by government intervention, direct and by regulation, in certain markets, particularly those in currencies, financial instruments, futures and options. Find out more, Asset managers interested in licensing Citywire Fund Manager Ratings should contact ratings@citywire.com. (a) denying, suspending, or revoking the authorization of your firm or a management person to act in an investment-related business; (b) barring or suspending your firms or a management persons association with an investment-related business; (c) otherwise significantly limiting your firms or a management persons investment-related activities; or (d) imposing a civil money penalty of more than $2,500 on your firm or a management person. As of this date, the Enhanced Return is the only SP and its investment strategy is summarized above. Items 9.A, 9.B and 9.C do not contain an exclusive list of material disciplinary events. As further described in Item 8.A below, the Trend Macro Fund, ERISA Master, Enhanced Return and associated Managed Accounts, subject to applicable legal, regulatory or investment restrictions, invest to capitalize on fundamental trends in currencies, interest rates and credit and equity indices in both developed and emerging markets. 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. These indexes may either be broad-based, sector-based, or international. All such reports are written. ITEM 2 MATERIAL CHANGES . Trend Capital acts as the investment manager of the Funds. As principal investment manager for the UCITS, UBP receives platform and other fees, including a percentage of Trend Capitals incentive allocation with respect to certain share classes. For example, in a directed brokerage account, the client may pay higher brokerage commissions because you may not be able to aggregate orders to reduce transaction costs, or the client may receive less favorable prices. Necessity for Counterparty Trading Relationships; Counterparty Risk. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance. 43ITEM 18 FINANCIAL INFORMATION . Trend Capital Management LPTrend Capital Advisers LP1800 N. Military Trail, Suite 475Boca Raton, FL 33431Tel: 561-617-5086March 30, 2020. Derivative Financial Instruments and Instruments Generally. 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. Global Macro Strategy. Fluctuations or prolonged changes in the volatility of such instruments, therefore, can adversely affect the value of investments held by the Funds. View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. Despite this, the pace at which the Trend Capital will actually liquidate any position will take into account its assessment of the potential price impact. . Phone (703) 729-1500. 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. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. Trend Capital also compensates Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) for its clients introduced to the Trend Macro Funds. Ashburn. An equity swap is an agreement to exchange streams of payments computed by reference to a notional amount based on the performance of a basket of stocks or a single stock. Explain to clients that they may obtain a copy of your proxy voting policies and procedures upon request. If you or any of your management persons are registered, or have an application pending to register, as a futures commission merchant, commodity pool operator, a commodity trading advisor, or an associated person of the foregoing entities, disclose this fact. commission cost or spread.Trend Capital is authorized to determine the broker or dealer to be used for each financial instruments transaction for its Advisory Clients although certain Managed Accounts must approve the counterparties and negotiate the trading agreements to establish such relationship. The success of Trend Capitals global macro investment strategy depends on Trend Capitals ability to identify and exploit such perceived trends. Trend Capital has discretionary authority to manage the investments of the Funds and the Managed Accounts. 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. Trend Capital neither tailors its advisory services to the individual needs of investors nor accepts investor-imposed investment restrictions with respect to the Funds. The same individuals serve as directors for the ERISA Offshore, Opportunities Offshore, and Opportunities Master. Trend Capital is permitted to use leverage in pursuing its investment objective and this leverage may be significant. In the case of expected credit improvement, the Funds may write credit default protection in which it receives spread income. Conversely, when interest rates rise, the value of fixed-income instruments generally can be expected to decline. If you have been the subject of a bankruptcy petition at any time during the past ten years, disclose this fact, the date the petition was first brought and the current status. As of March 30, 2020, Trend Capital is submitting its annual amendment to the Brochure. 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. With regards to the Irish AIF, Trend Capital serves as portfolio manager and the principal investment manager pays Trend Capital a portion of the management fee charged to the sub-fund by the principal investment manager. Applicable restrictions.n favorable execution of client transactions non-discretionary basis Ratings should contact Ratings @.... The type of security involves significant or unusual risks, discuss these risks in detail, commodity- instruments! 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