Reset here, 1999 - 2023 citywire.com. Because the value of an index option depends upon movements in the level of the index rather than the price of a particular stock, whether the Funds will realize gains or losses from the purchase or writing of options on indices depends upon movements in the level of stock prices in the stock market generally or, in the case of certain indices, in an industry or market segment, rather than movements in the price of particular stocks. Please refer to the offering documents of the Funds for a detailed description of the material risks related in an investment in the Funds. 1. broker-dealer, municipal securities dealer, or government securities dealer or broker, 2. investment company or other pooled investment vehicle (including a mutual fund, closed-end investment company, unit investment trust, private investment company or hedge fund, and offshore fund), 3. other investment adviser or financial planner, 4. futures commission merchant, commodity pool operator, or commodity trading advisor, 11. sponsor or syndicator of limited partnerships. 100 W Putnam Ave Greenwich, CT 06830. These actions could adversely affect the Funds operations and profitability. 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. Provide your fee schedule. 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. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. 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. These contracts, unlike exchange-traded futures contracts and options on futures, are not regulated by the CFTC. 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. 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). Although these financial 28 instruments may be resold in privately negotiated transactions, because there is less liquidity for these financial instruments, the prices realized from these sales could be less than those originally paid by the Funds. 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. This limit will be proportionally increased when applied to the Enhanced Return to achieve its leverage target. Ashwin Vasan is the Founder and CIO of Trend Capital Management LP. The frequency at which prepayments (including voluntary prepayments by the obligors and accelerations due to defaults) occur on fixed income instruments will be affected by a variety of factors including the prevailing level of interest rates and spreads as well as economic, demographic, tax, social, legal and other factors. Online data isn't stored in a "cloud," of course. These instruments may offer higher yields than do higher rated instruments, but generally involve greater price volatility. An affiliate entity of Trend Capital serves as the general partner to the Funds. Trend Capital intends to trade primarily in liquid instruments globally, in both developed and emerging markets. Non-U.S. Investments. For purposes of this Item, economic benefits include any sales awards or other prizes. TCM may not transact business in states where it is not appropriately registered unless TCM is excluded or exempted from registration in those states. If you recommend primarily a particular type of security, explain the material risks involved. Trend Capital is headquartered in Boca Raton, Florida and maintains a branch office in Greenwich, Connecticut. Disclose whether you use soft dollar benefits to service all of your clients accounts or only those that paid for the benefits. These instruments carry a higher risk that the issuer will be unable to pay principal and interest when due. Currency transactions made on a spot basis are for cash at the spot rate prevailing in the currency market for buying or selling currency. The use of leverage should allow the Funds to make additional investments, thereby increasing their exposure to assets, such that their total assets may be greater than their capital; however, leverage may also magnify the volatility of changes in the value of the Funds portfolio. There are 2 other people named Ashwin Vasan on AllPeople. This Brochure provides information about the qualifications and business practices of TrendCapital Management LP and Trend Capital Advisers LP (collectively, Trend Capital orthe Firm). 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. Qualifications of the independent public accountant and any accompanying independent public accountants report must conform to Article 2 of SEC Regulation S-X. If you provide investment advice only with respect to limited types of investments, explain the type of investment advice you offer and disclose that your advice is limited to those types of investments. rend Macro Funds assets in a way that it will be flat or positive carry in aggregate, including the cost of its hedging program. As a result, a relatively small price movement in a futures contract may result in substantial losses to the Funds. 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. 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. 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. View company leaders and background information for Trend Capital Management Lp. However, manager ratings logos and full ratings performance data are only shown for groups that license the ratings for marketing purposes. The Funds also could experience losses if derivatives are poorly correlated with its other investments. These transactions are not exchange-traded so that no clearinghouse or exchange stands ready to meet the obligations of the contract. Explain how you will determine the amount of the refund.As described in Item 5.B above, investors in the Funds generally pay management fees in advance. Delray Beach, Florida, United States . All Rights Reserved. Prospective investors are provided with an offering memorandum prior to their investment and are encouraged to carefully review the offering memorandum, along with all other relevant offering documents and to be sure that the proposed investment is consistent with their investment goals and tolerance for risk. Bloomberg Daybreak Asia. 3. Refer to Item 12 for further information. As noted above, certain proposed legislation could limit the trading of speculators (such as the Funds) in the futures markets. Founder and cio at Trend Capital Management LP Delray Beach, FL. The risk of nonperformance by the obligor on a security or instrument may be greater than and the ease with which the Funds can dispose of or enter into closing transactions with respect to a security or instrument may be less than, the risk associated with an exchange traded security. Industry Group Agriculture Banking & Financial Services Business Services Energy Coal Mining Electric Utilities ITEM 2 MATERIAL CHANGES . Lenders providing financing to the Funds can apply essentially discretionary margin, haircut, and financing and collateral valuation policies. 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. 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. While the Funds may enter into hedging transactions to seek to manage risk, such transactions may result in a poorer overall performance for the Funds than if it had not engaged in any such hedging transaction. Moreover, the portfolio will always be exposed to certain risks that may not be hedged. 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. 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. Flexible Investment Approach. Show parenthetically the market or fair value of securities included at cost. 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. Because of the low margin deposits normally required in futures trading, an extremely high degree of leverage is typical of a futures trading account. 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. Emphasis is placed on trade construction, including how each trades volatility and correlations affect the overall portfolio characteristics, in hopes of maximizing risk/return of the Trend Macro Fund or Enhanced Return. Ashwin has. It is anticipated that the Funds may invest in financial instruments issued by a government, its agencies, instrumentalities or its central bank (Sovereign Debt). 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. 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. Trend Capital may use additional qualified custodians in the future, including custodians designated for specific transactions in foreign markets. The value of a derivative depends largely upon price movements in the underlying asset. Commodity futures trading is highly speculative. The terms for the Trend Macro Feeder Funds, the ERISA Offshore and the Opportunities Funds are disclosed in detail in the relevant Funds offering documents and supplement(s) (where applicable) provided to prospective investors prior to their investment. It is critical that investors refer to the relevant offering documents for a complete understanding of that Advisory Clients investment objectives and strategies. 2022 Trend Capital Management LP, All Rights Reserved. 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. Trading instructions may have to be modified and the Funds positions may need to be liquidated to avoid exceeding these limits. Necessity for Counterparty Trading Relationships; Counterparty Risk. 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. Explain to clients that they may obtain a copy of your proxy voting policies and procedures upon request. Because investments in instruments issued by non-U.S. issuers involve non-U.S. dollar currencies and because the Funds may temporarily hold funds in bank deposits in such currencies during the completion of its investment program, the Funds may be affected favorably or unfavorably by changes in currency rates (including as a result of the devaluation of a non-U.S. currency) and in exchange control regulations and may incur transaction costs in connection with conversions between various currencies. Trend Capitals trading program relies on a fundamental-based approach in identifying potential investments. For example, if the seller of financial instruments to the Funds under a reverse repurchase agreement defaults on its obligation to repurchase the underlying financial instruments, as a result of its bankruptcy or otherwise, the Funds will seek to dispose of such financial instruments, which action could involve costs or delays. 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. If you manage client assets, disclose the amount of client assets you manage discretionary basis and the amount of client assets you manage on a non- discretionary basis. Ashwin Vasan is an economist with over 25 years of investment experience. 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. The company's principal address is 1800 . Location. Ashwin Vasan Overview Ashwin Vasan has been associated with six companies, according to public records. Describe the factors that you consider in selecting or recommending brokerdealers for client transactions and determining the reasonableness of their compensation (e.g., commissions). Trading in Currencies. Sovereign Debt may include securities that Trend Capital believes are likely to be included in restructurings of the external debt obligations of the issuer in question. Trend Macro Funds and ERISA Funds:Trend Capital is paid by the respective master fund a monthly management fee computed on the value of the Partnerships capital accounts/net asset value of the Fund. Daily Price Fluctuation Limits. If a conflict is identified, the Chief Compliance Officer will then decide (which may be in consultation with outside legal counsel or third-party compliance consultants) as to whether the conflict is material or not. 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. 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. The company's filing status is listed as Active and its File Number is 1037733. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. 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. Purchasing financial instruments to close out a short position can itself cause the price of the financial instruments to rise further, thereby exacerbating the loss. 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. In the future, when Trend Capital amends the Brochure for its annual update (or otherwise) and the amended version contains material changes from the last annual update, it will identify and discuss those changes either on this page or as a separate document accompanying the Brochure. 29 Aug 2019 by Joel St.Germain. The Funds may engage in swap transactions. Trend Capital presently provides investment advisory services to the Funds via master-feeder structures and three (3) Managed Accounts. Derivatives not traded on exchanges also are not subject to the same type of government regulation as exchange traded securities and many of the protections afforded to participants in a regulated environment may not be available in connection with the transactions. On average, homes in Ashburn, VA sell after 20 days on the market compared to 275 days last year. First, all participants in the futures market are subject to margin deposit and maintenance requirements. 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. Ashburn, a city in Virginia's Loudoun County about 34 miles from Washington D.C., is widely known as the Data Center Capital of the World. 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. An inability to establish or maintain such relationships is likely to limit the Funds trading activities or their ability to engage in certain transactions, could result in losses and might prevent the Funds from trading at optimal rates and terms. 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. TREND CAPITAL GP LLC; TREND CAPITAL GAUCHO GP . 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. Trend Capital may retain an independent third party to vote proxies in certain situations (including situations where a material conflict of interest is identified). This requires different skills and techniques than predicting changes in the price of individual stocks. Disclose that clients will incur brokerage and other transaction costs and direct clients to the section(s) of your brochure that discuss brokerage. 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. SEC registration does not imply acertain level of skill or training. 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. 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. Such intervention is often intended to influence prices directly. Therefore, the Funds will not receive any benefit of CFTC regulation for these trading activities. In a reverse repurchase transaction, the Funds buy financial instruments issued from a broker-dealer or financial institution, subject to the obligation of the broker-dealer or financial institution to repurchase such financial instruments at the price paid by the Funds, plus interest at a negotiated rate. 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. No credit card required. 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. If the Funds engage in an offsetting transaction, it will incur a gain or loss to the extent that there has been movement in forward currency contract prices. 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. Trading in derivatives can result in large amounts of operational leverage. However, there are a number of additional risks associated with derivatives trading. Blue Sky Digital Outdoor Advertising Fund Fund Data, Sarasin Ie Global Equity Opportunities (Usd) Fund Data, Themelios Ventures Ii-A, L.P. Fund Data. Both Trend Capital and its consultants travel frequently and visit most of the various countries in which the Funds invest. 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. Disclose the date as of which you calculated the amounts. Such investments experience greater volatility in market value due to changes in interest rates than debt obligations that provide for regular payments of interest. Moreover, a disruption in the financing, derivative intermediation and prime brokerage services provided by any party before the Funds establish additional relationships could have a significant impact on the Funds business due to the Funds reliance on such counterparties. The Funds may trade forward contracts. Risks in investments in non-U.S. securities, futures, commodities and other financial instruments may also include reduced and less reliable information about issuers and markets, less stringent accounting standards, illiquidity of securities and markets, higher brokerage commissions and custody fees. illiquidity compared to the U.S. capital markets. Such intervention often is intended directly to influence prices and 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. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. Live market coverage co-anchored from Hong Kong and New York. Avanath Capital 1920 Main Street, Suite 150, Irvine, CA 92614 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. In general, neither Trend Capital nor the Funds will be required to notify any or all of the other investors in the Funds of any such Side Letters or any of the rights and/or terms or provisions thereof, except as specified in Trend Macro Funds MFN (most-favored nations) Policy Statement, which requires that Trend Capital notify certain investors of any new Side Letters and offer such investors equally favorable terms as those granted in the new Side Letter. Trend Capital has broad latitude with respect to the management of the Funds risk parameters. Managed Accounts:As described in Item 4.A above, Trend Capital also provides advisory servicesto Managed Accounts, the fees for which are separately negotiated with theadvisory client. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. 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. Increases in interest rates may cause the value of the Funds investments to decline. ETFs are also subject to certain additional risks, including, without limitation, the risk that their prices may not correlate perfectly with changes in the prices of the underlying securities they are designed to track and the risk of trading in an ETF halting due to market conditions or other reasons, based on the policies of the exchange upon which the ETF trades. In general, premium securities (securities whose market values exceed their principal or par amounts) are adversely affected by faster than anticipated prepayments and discount securities (securities whose principal or par amounts exceed their market values) are adversely affected by slower than anticipated prepayments. Regardless, the Firm does not direct order flow for client referrals. They are treated as both futures and securities and, therefore, are subject to the joint jurisdiction of SEC and the CFTC. Ashwin Vasan, Trend Capitals Chief Investment Officer, reviews the Advisory Clients trading accounts on a daily basis. 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. In addition, as referenced in Item 2 above, the offering documents for the Funds disclose specific trade error policies. If you or a related person invests in the same securities (or related securities, e.g., warrants, options or futures) that you or a related person recommends to clients, describe your practice and discuss the conflicts of interest this presents and generally how you address the conflicts that arise in connection with personal trading. The material changes since Trend Capital submitted its most recent annual amendment to the Brochure on March 29, 2019 include: As of June 30, 2019, Trend Capital Gaucho Fund LP and its offshore feeder, Trend Capital Offshore LP were terminated and capital was returned to investors. Although outside the period referenced, Permal Ash Macro Ltd is expected to wind down as a Managed Account (defined below) and the underlying investors representing a majority of its net asset value will subscribe directly into Trend Macro Fund LP on April 1, 2020. The Firm has included as an additional risk factor in Item 8.B, Market Disruption Events, which addresses the potential impact of significant events such as the recent COVID-19 pandemic. Markets never sleep, and neither does Bloomberg. View ashwin vasan's profile on LinkedIn, the world's largest professional community. 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. . 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. 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. Fluctuations or prolonged changes in the volatility of such instruments, therefore, can adversely affect the value of investments held by the Funds. Accordingly, successful use by the Funds of options on stock indices will be subject to Trend Capitals ability to correctly predict movements in the direction of the stock market generally or of particular industries or market segments. Trend Capital Management LP - Boca Raton - Ashwin Vasan in General Discussions Trend Capital Management LP is a discretionary global macro hedge fund manager. If you or a related person recommends to clients, or buys or sells for client accounts, securities in which you or a related person has a material financial interest, describe your practice and discuss the conflicts of interest it presents. Trend Capital is not currently aware of any financial condition that is reasonably likely to impair its ability to meet contractual commitments to clients. 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