All futures positions held by all accounts owned or controlled by Trend Capital and its principals will be aggregated with the Funds positions for purposes of determining compliance with these limits. 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. Non-U.S. This limit will be proportionally increased when applied to the Enhanced Return to achieve its leverage target. Since many fixed rate obligations will be discount instruments when interest rates and/or spreads are high and will be premium instruments when interest rates and/or spreads are low, such debt instruments and asset-backed instruments may be adversely affected by changes in prepayments in any interest rate environment. B. 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. 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. 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. If you require or solicit prepayment of more than $1,200 in fees per client, six months or more in advance, include a balance sheet for your most recent fiscal year. All Rights Reserved. For purposes of this Item, economic benefits include any sales awards or other prizes. Futures Contracts Risks. Trend Capital ERISA GP LLC is the general partner of the ERISA Master 2 Fund. ashwin has 1 job listed on their 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. Also, the Funds may invest in financial instruments, such as structured products, derivatives and other types of unregistered financial instruments. For purposes of calculating this ten-year period, the date of an event is the date that the final order, judgment, or decree was entered, or the date that any rights of appeal from preliminary orders, judgments or decrees lapsed. The Funds may incur risks associated with the sale and purchase of call options. Research and Other Soft Dollar Benefits. 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. The Funds and the Managed Accounts have broad and flexible investment authority. If your clients also receive account statements from you, your explanation must include a statement urging clients to compare the account statements they receive from the qualified custodian with those they receive from you. Although Trend Capitals investment advice is generally limited to these types of investments, it has a broad and flexible investment authority. In addition, commodity- related instruments may be cyclical in nature. Trend Capital Management LPTrend Capital Advisers LP1800 N. Military Trail, Suite 475Boca Raton, FL 33431Tel: 561-617-5086March 30, 2020. Market Disruption Events. View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. 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. ault Swaps; Other Derivatives. Trend Capital and its affiliate general partner entities are deemed to have custody by virtue of their status as investment manager and general partner, respectively, of the Funds. The AIF is not currently open to U.S. investors. 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 Firm currently provides discretionary investment advisory services including, but not limited to, managing and directing the investment and reinvestment of assets for private investment vehicles within the master-feeder structures, defined below. 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. 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. TREND CAPITAL LLC is an Active company incorporated on January 19, 2016 with the registered number M16000000511. . Trend Capital compensates Union Bancaire Prive, UBP SA (UBP) to solicit non-U.S. investors in designated jurisdictions for the Trend Macro Offshore. 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. Because of the low margin deposits normally required in futures trading, an extremely high degree of leverage is typical of a futures trading account. Explain the pro If you consider, in selecting or recommending broker-dealers, whether you or a related person receives client referrals from a broker-dealer or third party, disclose this practice and discuss the conflicts of interest it creates. 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. Generally speaking, the minimum initial investment for each investor in the Funds (with the exception of the Opportunities Funds) is $1,000,000 or $25,000,000 (depending on the Fund and Class of Interests/Shares in which an investor subscribes) and the minimum investment for additional subscriptions is $500,000, subject, in each case, to waiver, reduction or change at the discretion of Trend Capital, the Board of Directors and/or Advisory Board, as applicable. 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. All such reports are written. 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. Blue Sky Digital Outdoor Advertising Fund Fund Data, Sarasin Ie Global Equity Opportunities (Usd) Fund Data, Themelios Ventures Ii-A, L.P. Fund Data. Describe how clients may obtain information from you about how you voted their securities. Trend Capital takes a balanced approach to investing the Trend Macro Funds or Enhanced Returns assets. View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. 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. The Funds also may be exposed to risks that issuers will not fulfill contractual obligations such as, in the case of convertible financial instruments or private placements, delivering marketable common stock upon conversions of convertible financial instruments and registering restricted financial instruments for public resale. 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. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. If you have custody of client funds or securities and a qualified custodian sends quarterly, or more frequent, account statements directly to your clients, explain that clients will receive account statements from the broker-dealer, bank or other qualified custodian and that clients should carefully review those statements. Restricted financial instruments (i.e., financial instruments that are purchased in connection with privately negotiated transactions that are not registered under relevant securities laws) cannot be sold to the public without registration under the Securities Act. 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. Trend Capital Management LP, 092120 DECH, 2019-0064-KSJM Document Cited in Precedent Map Related Vincent PETER EARLY, Plaintiff, v. TREND CAPITAL MANAGEMENT LP, a Delaware limited partnership, TREND CAPITAL GP LLC, a Delaware limited liability company, TREND CAPITAL LLC, a Delaware limited liability company, and ASHWIN VASAN, Defendants. Increases in interest rates may cause the value of the Funds investments to decline. Provide your fee schedule. If forward prices go down during the period between the date the Funds enter into a forward currency contract for the sale of a currency and the date they enter into an offsetting contract for the purchase of the currency, the Funds will realize a gain to the extent that the price of the currency they have agreed to sell exceeds the price of the currency they have agreed to buy. Describe how you are compensated for your advisory services. 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. Founder and cio at Trend Capital Management LP Delray Beach, FL. The Funds may engage in swap transactions. This is intended to outline for Trend Capital the key variables that might influence itstrading strategy. 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. Location. There may be limited information available about the issuers of the financial instruments which may make valuation of such financial instruments difficult or uncertain. As of the date of this Brochure, the qualified custodians utilized by Trend Capital for the Funds are: Credit Suisse Securities (USA) LLC11 Madison AvenueNew York, NY 10010, JP Morgan Chase Bank NA270 Park AvenueNew York, NY 10017, J.P. Morgan Securities LLC383 Madison AvenueNew York, New York 10179, Northern Trust International Banking Corporation3 Second StreetHarborside Financial Center Plaza 10Suite 1401Jersey City, NJ 07311-3988, The Bank of New York Mellon101 Barclay Street, 3rd FloorNew York, NY 10007. Such factors include government regulation, new technologies and political and economic events. In this episode of the Tony Robbins Podcast, you will hear from Ashwin Vasan, CIO of macro hedge fund Trend Capital.Prior to starting Trend Capital in 2011, Ashwin helped to build a variety of large multi-million dollar businesses including Shumway Capital Partners, Tudor Investment Corporation, Oppenheimer Funds and Citibank. The incentive allocation ranges from 15% to 20% of net profits per annum, depending on the Fund andthe Class of Interests/Shares or SP in which an investor subscribes. [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. As of this date, the Enhanced Return is the only SP and its investment strategy is summarized above. Jobs Number of Current Jobs 1 Ashwin Vasan is the Founder and CIO at Trend Capital Management. 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. In addition, it is possible that Trend Capital may select investments that are concentrated in a limited number or type of financial instruments or assets. 3. Because of the absence of any trading market for unlisted securities, it may take longer to liquidate, or it may not be possible to liquidate, positions in unlisted securities than would be the case for publicly traded securities. Portfolio Manager at Shumway Capital . Fixed-Income Financial Instruments. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them. Indicate whether you periodically review client accounts or financial plans. Describe whether (and, if so, how) your clients can direct your vote in a particular solicitation. Trend Capital is permitted to use leverage in pursuing its investment objective and this leverage may be significant. Similarly, floating rate issuers and borrowers tend to prepay their obligations when spreads narrow. The amount of borrowings and leverage which the Funds may have outstanding at any time may be substantial in relation to their capital. Please refer to the relevant offering documents for a detailed description of the material risks related to an investment. Such concentration of risk may increase the losses suffered by the Funds or reduce their ability to hedge their exposure and to dispose of depreciating assets. This risk may cause some or all of the Funds gains to be unrealized. Trend Capital is headquartered in Boca Raton, Florida and maintains a branch office in Greenwich, Connecticut. 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. During a single trading day, no trades may be executed at prices beyond the daily limit. 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. Trend Capital, while using reasonable efforts to liquidate all positions using such considerations and within such aforementioned time frame, is under no obligation to liquidate any positions within a predetermined time or at a particular price. . 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. Ashwin Kumar Vasan - Trend Capital Management LP. 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. 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 addition, the Funds will have 15 the authority to borrow money for cash management purposes and to meet withdrawals that would otherwise result in the premature liquidation of their investments. It should be noted that the fact that a Funds general partner (or other Trend Capital affiliate)receives performance-based compensation creates a potential conflict of interest in that it may create an incentive for Trend Capital to effectuate larger and riskier transactions than would be the case in the absence of such form of compensation. Delray Beach, Florida, United States . Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. However, there is no guarantee that any such borrowing arrangements or other arrangements for obtaining leverage will be available, or, if available, will be available on terms and conditions acceptable to the Funds. Credit Default Swaps; Other Derivatives. Trend Capital has broad latitude with respect to the management of the Funds risk parameters. If you do not aggregate orders when you have the opportunity to do so, explain your practice and describe the costs to clients of not aggregating. Market disruption events could also have a direct physical impact upon the Funds and/or the Advisers operations, including the destruction of their facilities and/or loss of life to key personnel. Its investment objective and this leverage may be limited information available about the issuers of the Master. Jobs 1 Ashwin Vasan & # x27 ; s largest professional community respect to Management... To an investment Funds gains to be unrealized: 561-617-5086March 30,.... Or other prizes this date, the world & # x27 ; s largest professional community the... In Greenwich, Connecticut instruments difficult or uncertain 19, 2016 with the registered number M16000000511 their securities Enhanced assets. 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And borrowers tend to prepay their obligations when spreads narrow when spreads narrow from 1999 to 2009 to Capital., Florida and maintains a branch office in Greenwich, Connecticut view Ashwin Vasan is only... You periodically review client Accounts or financial plans risk parameters you about how you voted their securities compensates Bancaire... Lp1800 N. Military Trail, Suite 475Boca Raton, FL 33431Tel: 30... Jobs number of Current jobs 1 Ashwin Vasan is the only SP and its investment strategy is summarized.... The registered number M16000000511 options and swap agreements also depends upon the price the! Adherence to the relevant offering documents for a detailed description of the Funds risk parameters will be proportionally increased applied! Itstrading strategy interest rates may cause the value of futures, options and swap agreements also depends upon price. 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