A forward currency contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces the Funds exposure with respect to their investment to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. If you recommend primarily a particular type of security, explain the material risks involved. Also, please let us know if you would like detailed information about how any proxies were actually voted by calling the Chief Compliance Officer, Brian Barry, at 561-617-5086. Margin requirements for commodities trading are set by the individual commodity exchanges or other trading facility for each type of commodity contract based upon the perceived volatility of each type of contract. 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. If you and the brokerdealer are affiliates or have another economic relationship that creates a material conflict of interest, describe the relationship and discuss the conflicts of interest it presents. In addition, commodity- related instruments may be cyclical in nature. 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. Market disruption events could also affect the principal prime brokers that carry and clear the Funds trades and positions. 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. . For documentation purposes, Trend Capital will always provide the date of the last annual update of the Brochure. This website uses cookies to improve your experience. At or before the maturity of a forward currency contract, the Funds may either make delivery of the currency, or terminate its contractual obligation to deliver the currency by buying an offsetting contract obligating it to buy, on the same maturity date, the same amount of the currency. The Funds may hold cash or cash equivalent instruments at any point in time. Show parenthetically the market or fair value of securities included at cost. The participants in such markets are typically not subject to the credit 16 evaluation and regulatory oversight to which members of exchange-based markets are subject. Trend Capital recognizes that certain potential conflicts of interests may arise in connection with the personal trading activities of individuals associated with Trend Capital. 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. The Funds may trade forward contracts. Ashwin Kumar Vasan is an employee with Trend Capital Management LP, a hedge fund company. Ashwin Vasan (born November 15, 1980) is an American physician and epidemiologist serving as the 44th commissioner of the New York City Department of Health and Mental Hygiene. The Advisory Board must also provide consent before Trend Capital GP LLC may take certain actions, as fully described in the Funds offering documents. 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. 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. If you or a related person recommends securities to clients, or buys or sells securities for client accounts, at or about the same time that you or a related person buys or sells the same securities for your own (or the related persons own) account, describe your practice and discuss the conflicts of interest it presents. 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). 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. Relatively small futures positions have the potential to significantly erode or erase the Funds gains in other investments. 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. Find out more, Asset managers interested in licensing Citywire Fund Manager Ratings should contact ratings@citywire.com. Since they are new products, securities futures contracts have relatively low liquidity and no trading history. 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. All such compensation is fully disclosed to each prospective investor consistent with applicable law. Disclose the date as of which you calculated the amounts. If the Funds invest in derivatives at inopportune times or incorrectly judge market conditions, the investments may lower the return of the Funds or result in a loss. To the extent any Managed Account applies a more stringent standard, Trend Capital will comply with the applicable restrictions.n. It is critical that investors refer to the relevant offering documents for a complete understanding of how Trend Capital is compensated for its advisory services. Volatility Risk. Margin requirements vary not only by the type of commodity contract, but also depending upon whether the transaction is for bona fide hedging as defined in Section 1.3(z) of the CFTC Regulations. Bloomberg Daybreak Asia. Describe how clients may obtain information from you about how you voted their securities. An affiliate entity of Trend Capital serves as the general partner to the Funds. The Funds may purchase and sell call and put options on stock indices listed on securities exchanges or traded in the over-the-counter market. Explain the procedures you used during your last fiscal year to direct client transactions to a particular broker-dealer in return for soft dollar benefits you received. There can be no assurance that Trend Capital will be able to locate investment opportunities or to exploit such trends. There may be limited information available about the issuers of the financial instruments which may make valuation of such financial instruments difficult or uncertain. He received his BA in Economics from the University of Nebraska, his MA in Economics from San Diego State University and completed three years of PhD work at New York University. It is possible that as a result of war, terrorist act, natural disaster, outbreaks of infectious disease, epidemic, pandemic or other serious public health concern, or geopolitical or other extraordinary or unforeseen circumstance or event, one or more of these markets may cease operating for a limited or indeterminate period of time. Except to the extent that values are independently affected by currency exchange rate fluctuations, when interest rates decline, the value of fixedincome securities generally can be expected to rise. Commodity futures prices have 23 occasionally moved to the daily limit for several consecutive days with little or no trading. 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. A principal risk in trading currencies is the rapid fluctuation in the market prices of currency contracts. As noted above, certain proposed legislation could limit the trading of speculators (such as the Funds) in the futures markets. 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. Similarly, even if more than ten years have passed since the date of the event, you must disclose the event if it is so serious that it remains material to a clients or prospective clients evaluation. 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. The relevant offering documents contain a detailed description of applicable fees. Forgot your password? Trend Capital, its employees, affiliates or their related persons may buy, sell or otherwise invest in securities for their own accounts that they also recommend to the Funds. 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. Identify the related person and if the relationship or arrangement creates a material conflict of interest with clients, describe the nature of the conflict and how you address it. In markets in which liquid options are available, Trend Capital often implements option hedges against trades in the Trend Macro Funds or Enhanced Returns portfolio. Short selling involves selling financial instruments which are not owned by the short seller and borrowing them for delivery to the purchaser, with an obligation to replace the borrowed financial instruments at a later date. Explain that when you use client brokerage commissions (or markups or markdowns) to obtain research or other products or services, you receive a benefit because you do not have to produce or pay for the research, products or services. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. Managed account trade error policies are the subject of negotiated agreements and may vary. Trend Capital presently provides investment advisory services to the Funds and the Managed Accounts, which provide Trend Capital with varying levels of compensation due to varying compensation structures. Futures Contracts Risks. Describe the types of clients to whom you generally provide investment advice, such as individuals, trusts, investment companies, or pension plans. The Funds may purchase low rated or unrated debt instruments. Securities futures contracts include both futures contracts on single stocks and futures contracts on narrow-based securities indices. Describe any relationship or arrangement that is material to your advisory business or to your clients that you or any of your management persons have with any related person listed below. Exchanges. In addition, the Funds may bear, along with other shareholders of an ETF, its pro rata portion of the ETFs expenses, including management fees. Non-U.S. 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. The Funds expect to establish relationships to obtain financing, derivative intermediation and prime brokerage services that permit the Funds to trade in a variety of markets or asset classes over time; however, there can be no assurance that the Funds will be able to establish or maintain such relationships. View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners, Alternative UCITS - Emerging Market Equity Including Asia. 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. Investors should carefully review the audited financial statements of the Funds upon receipt. If you charge advisory fees in addition to commissions or markups, disclose whether you reduce your advisory fees to offset the commissions or markups.Not applicable. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. The seller of an uncovered call option assumes the risk of a Theoretically unlimited increase in the market price of the underlying financial instrument above the exercise price of the option. 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. Ash lives in Boca Raton, Florida with his wife Mari and their two children. All such reports are written. Indias Buzzing Economic Activity Belies Fears of a Slowdown, Oaktrees Marks Sees End to Junk-Bond Rally With Defaults Rising, China Reopening Not Enough to Power Thai Growth to 4% in 2023, Feds Logan Indicates Support for Slower US Rate-Hike Pace, Indonesia, Malaysia Enter Final Laps of Rate-Hike Cycle, Amazon Fined for Worker Safety Violations in Three US States, Tesla Is on Both Offense and Defense in Its First-Ever Price War, Musk Has More to Lose If He Tries to Skip Twitter Debt Payment, Newsletter Service Mailchimp Says It Was HackedAgain, Apple to Expand Smart-Home Lineup, Taking On Amazon and Google, GOP Prods Raimondo on Export-Control Files, Citing China Concern, Yellen, Liu Avoid Airing Complaints as US-China Tone Warms, Preparingfor the Worst asAmazon, Microsoft Cut Jobs, Credit Suisse to Pay Upfront Cash Bonuses to Senior Staff, Usain Bolt Lost $12 Million in Savings to a Scam, TV Shoots Drop 24% in Los Angeles Signaling Fewer Shows, Greta Thunbergs Run-In With PoliceIs Good for the Planet, A Giant Auto Market Is Short of EV Buyers, A Shrinking China Needs to Tap Its Best Source of Prosperity, Chinas Reopening Is theBoost theFlagging World Economy Needs, Puddle Jumpers Pointthe Way to Greener Aviation, What Tech Job Cuts Say About Silicon Valleyand the Rest of the Economy, Columbia Hires Economist Nemat Shafik as First Female Leader, Southwest Pilots Plan Vote to Authorize Strike After Holiday Travel Chaos, Chesapeake CEO Urges Slowdown in Natural Gas Output After Price Plunge, NJ Accountant Pleads Guilty in $1.3 Billion Green Tax Fraud Case, The White House Is Considering Broad Actions to ExpandTenant Protections, The School Board Queen Endorsed by Florida Governor Ron DeSantis, The School Board Queen: How a Florida Mom Is Shaking Up US Education, Ryan Salame Invested Big In ASmall Town, Now Its Tangled Up In FTXs Fallout(Podcast), Fight to Regulate Crypto atCrossroads as Ripple Ruling Looms, Chief Investment Officer/Founder, Trend Capital Management LP. There are 191 active home listings and 9 new homes for sale in Ashburn, VA. Homes in Ashburn, VA were selling for a median price of $685,000 in November 2022. If you or any of your supervised persons accepts performance-based fees that is, fees based on a share of capital gains on or capital appreciation of the assets of a client (such as a client that is a hedge fund or other pooled investment vehicle) disclose this fact. Trend Capital Management LP is a Delaware limited partnership that was formed in May 2011 to manage entities that capitalize on fundamental trends in currencies, interest rates, and credit and equity indices in both developed and emerging markets. Refer to Item 12 for further information. In addition, governments from time to time intervene, directly and by regulation, in these markets, with the specific effect, or intention, of influencing prices which 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. 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). Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. View ashwin vasan's profile on LinkedIn, the world's largest professional community. If forward prices go up, the Funds will suffer a loss to the extent the price of the currency they have agreed to buy exceeds the price of the currency they have agreed to sell. Ashwin Vasan has served as Chief Investment Officer of Trend Capital Management LP since 2011. 29 Aug 2019 by Joel St.Germain. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. Because of the low margin deposits normally required in futures trading, an extremely high degree of leverage is typical of a futures trading account. They are treated as both futures and securities and, therefore, are subject to the joint jurisdiction of SEC and the CFTC. Illiquidity. Each Fund or SP, as applicable, will bear all of its (and the pro-rata share of its corresponding master funds or master fund SPs, as applicable) legal and other organizational expenses incurred in the formation of that Fund (its master fund or master fund SP and, each SP shall also pay 20% of the organizational expenses incurred in formation of the Opportunities Funds umbrella structure) and its ongoing capital-raising activities, including all expenses relating to the offer and sale of interests/shares. These instruments may offer higher yields than do higher rated instruments, but generally involve greater price volatility. Flexible Investment Approach. The Funds may take advantage of opportunities with respect to certain other derivative instruments that are not presently contemplated for use or are not currently available, but may be developed, to the extent such opportunities are deemed by Trend Capital to be consistent with the investment objective of the Funds. We'll assume you're ok with this, but you can opt-out if you wish. This interest is passive (i.e. 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. Each such document constitutes a legal, valid and binding obligation of the investor, enforceable in accordance with their respective terms. Trend Capital is of the view that its long-term business interests are best served by adherence to the principle that investors interests come first. It typically will not concentrate the portfolio in individual positions or groups of correlated positions to the extent that losses from such areas of concentration would be so extreme that the portfolio could not possibly generate returns from other positions mitigating or exceeding such losses. Explain how often you bill clients or deduct your fees. In addition, brokers may provide other services that are beneficial to Trend Capital, but not necessarily beneficial to the Funds, including, without limitation, capital introduction, marketing assistance, consulting with respect to technology, operations or equipment and other services or items. . These actions could adversely affect the Funds operations and profitability. Ashwin Vasan ~ Background Report ~ Principal Excel Known Addresses for Trend Capital Management Lp. Management fees from the Managed Accounts are payable monthly in arrears. a. Further, Trend Capital charges the Funds fees based on a percentage of assets under management via the management fee and performance via the incentive allocation. 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. Live market coverage co-anchored from Hong Kong and New York. No credit card required. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. Fluctuations or prolonged changes in the volatility of such instruments, therefore, can adversely affect the value of investments held by the Funds. Trend Capital Management Founder and CIO Recent News and Activity There is no recent news or activity for this profile. The information contained in this Item 8 is a summary only and is qualified in its entirety by the relevant Advisory Clients offering documents. 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. The Funds may incur risks associated with the sale and purchase of call options. Markets never sleep, and neither does Bloomberg. If your clients either may or must pay your fees in advance, disclose this fact. The management fee will be prorated for any period that is less than a full month. The Funds expect to use and may use a high degree of, leverage as part of the Funds investment program. These instruments carry a higher risk that the issuer will be unable to pay principal and interest when due. Trend Capital and its management persons have no other relationships or arrangements with any of the related persons listed above that are material to Trend Capitals advisory business or its clients. The value of fixed-income securities in which the Funds may invest will change in response to fluctuations in interest rates. In addition, the Funds assets are also subject to the risk of the failure of any of the exchanges on which its positions trade or of its clearinghouses or counterparties. 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. SEC registration does not imply acertain level of skill or training. 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. 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. If you are an SEC-registered adviser, briefly describe your code of ethics adopted pursuant to SEC rule 204A-1 or similar state rules. Trend Capital provides discretionary investment advisory services to its Advisory Clients by managing and directing the investment and reinvestment of their assets. 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. If you accept discretionary authority to manage securities accounts on behalf of clients, disclose this fact and describe any limitations clients may (or customarily do) place on this authority. Date as of which you calculated the amounts Asset managers interested in licensing fund... Clients may obtain information from you about how you voted their securities to fluctuations in interest rates and! 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