The Funds will usually enter into swaps on a net basis (i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the agreement). 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. These option hedges typically involve the purchase of short-dated options and/or option spreads, but may include other instruments. Trend Capitalis paid a 1.25% annualized management fee for the Enhanced Return SP, subject to an initial minimum subscription amount.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 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. Ashwin Vasan, Trend Capitals Chief Investment Officer, reviews the Advisory Clients trading accounts on a daily basis. Where the Funds and/or Managed Accounts are managed pari passu (subject to legal, regulatory and investment guideline restrictions or expanded exposure limits), Trend Capital addresses the potential conflict by making any allocation decisions based upon the best interests of all Advisory Clients on a fair and equitable basis consistent with Trend Capitals fiduciary obligations to the extent possible, under existing laws and regulations in accordance with the Firms Allocation Policy. Purchasing financial instruments to cover the exercise of an uncovered call option can cause the price of the financial instruments to increase, thereby exacerbating the loss. Concentration of Investments. 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. Futures prices are highly volatile. 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. Where a product or service obtained with commission dollars provides both research and non-research assistance to the Advisory Clients, Trend Capital will make a reasonable allocation of the cost that may be paid for with commission dollars. In addition, many nonU.S. If your advisory firm or a management person has been involved in one of these events, you must disclose it under this Item for ten years following the date of the event, unless (1) the event was resolved in your or the management persons favor, or was reversed, suspended or vacated, or (2) you have rebutted the presumption of materiality to determine that the event is not material (see Note below). Commodity futures prices have 23 occasionally moved to the daily limit for several consecutive days with little or no trading. Trend Macro Onshore LP, a Delaware limited partnership (the Trend Macro Onshore);o Trend Macro Offshore Ltd., a Cayman Islands exempted company (the Trend Macro Offshore and together with the Trend Macro Onshore, the Trend Macro Feeder Funds);o Trend Macro Fund LP, a Cayman Islands limited partnership (the Trend Macro Fund and together with the Trend Macro Feeder Funds, the Trend Macro Funds);o Trend Macro ERISA Fund Ltd., a Cayman Islands exempted company (the ERISA Offshore);o Trend Macro ERISA Master Fund LP, a Cayman Islands limited partnership (the ERISA Master and together with the ERISA Offshore Fund, the ERISA Funds);o Trend Capital Opportunities Series LP, a Delaware series limited partnership (the Opportunities Onshore);o Trend Capital Opportunities SPC Ltd, a Cayman Islands exempted segregated portfolio company (the Opportunities Offshore);o Trend Capital Opportunities Master Fund SPC Ltd, a Cayman Islands exempted segregated portfolio company (the Opportunities Master and together with the Opportunities Onshore and Opportunities Offshore, the Opportunities Funds); and o Trend Macro Enhanced Return, a segregated portfolio created under the Opportunities Funds (Enhanced Return). Citywire ranks and rates all portfolio managers running mutual funds without charge. . 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. 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. Trend Capital provides investors with unaudited statements of the relevant Funds performance at least monthly and tax information and audited financial information annually. 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. 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. . Possible Effects of Speculative Position Limits. Derivative Financial Instruments and Instruments Generally. Phone (703) 729-1500. Second, particular investments may underperform relative to hedges that Trend Capital may have constructed for these investments, resulting in a loss to the Funds overall portfolio. There is currently limited case law or litigation characterizing swaps and certain other derivatives, interpreting their provisions or characterizing their tax treatment. As described in Item 5.B above, each master funds general partner (or other Trend Capital affiliate) receives an incentive allocation, which is performance-based, and Trend Capital receives performancebased compensation for its services on behalf of the Managed Accounts, in each instance subject to a loss carryforward. Show parenthetically the market or fair value of securities included at cost. The Firm has adopted and implemented a compliance program to monitor its Funds and managed accounts and mitigate any potential conflicts of interest. Significant ongoing uncertainties and exposure to adverse conditions may undermine the issuers ability to make timely payment of interest and principal and issuers may default on their Sovereign Debt. Therefore, the Funds will not receive any benefit of CFTC regulation for these trading activities. 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. Restricted Financial Instruments. Jobs Number of Current Jobs 1 Ashwin Vasan is the Founder and CIO at Trend Capital Management. If you have discretionary authority or custody of client funds or securities, or you require or solicit prepayment of more than $1,200 in fees per client, six months or more in advance, disclose any financial condition that is reasonably likely to impair your ability to meet contractual commitments to clients. If you recommend primarily a particular type of security, explain the material risks involved. In addition, because non-U.S. entities are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable with those applicable to U.S. companies, there may be different types of and lower quality, information 18 available about a non-U.S. company than a U.S. company. Ashburn. Securities futures contracts include both futures contracts on single stocks and futures contracts on narrow-based securities indices. Each SP of the Opportunities Funds pursues its own investment opportunities, as described further in Item 8.A. Also, the Funds may invest in financial instruments, such as structured products, derivatives and other types of unregistered financial instruments. As of March 30, 2020, Trend Capital is submitting its annual amendment to the Brochure. 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. 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. View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. Trend Capital applies rigorous fundamental macroeconomic analysis and a disciplined portfolio construction framework to generate absolute returns with low correlation to the markets. In addition to its quantitative modeling, Trend Capital incorporates qualitative factors into its assessment of each trend. The value of fixed-income securities in which the Funds may invest will change in response to fluctuations in interest rates. 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. Ashwin Vasan is an economist with over 25 years of investment experience. As a result, the Funds may suffer losses if it invests in equity instruments of issuers whose performance diverges from Trend Capitals expectations or if equity markets generally move in a single direction and the Funds has not hedged against such a general move. 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. 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