As described in Item 12.A.1 above, brokers may provide other services that are beneficial to Trend Capital, but not necessarily beneficial to the Advisory Clients, including capital introduction. If you recommend primarily a particular type of security, explain the material risks involved. Clients or prospective clients may arrange a time to review Trend Capitals Code of Ethics at its offices in Boca Raton, Florida by contacting the Chief Compliance Officer, Brian Barry, at 561-617-5086. Disclose whether you use soft dollar benefits to service all of your clients accounts or only those that paid for the benefits. Liquidity. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Volatility Risk. 1. Securities futures contracts are subject to the same risks as other securities, as well as to the greater volatility and risks of futures trading. 2022 Trend Capital Management LP, All Rights Reserved. Should the financial instruments pledged to lenders to secure the Funds margin accounts decline in value, the Funds could be subject to a margin call, pursuant to which the Funds must either deposit additional funds or financial instruments with the lender or suffer mandatory liquidation of the pledged financial instruments to compensate for the decline in value. 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 market for these instruments may also be limited and some companies may limit the intervals for redemptions. The adverse effects of prepayments may impact the Funds portfolio in two ways. 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. ault Swaps; Other Derivatives. Trend Capital has broad latitude with respect to the management of the Funds risk parameters. Industry Group Agriculture Banking & Financial Services Business Services Energy Coal Mining Electric Utilities The use of repurchase and reverse repurchase agreements by the Funds involves certain risks. 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. Increases in interest rates may cause the value of the Funds investments to decline. The Funds may trade forward contracts. These contracts, unlike exchange-traded futures contracts and options on futures, are not regulated by the CFTC. Founder and cio at Trend Capital Management LP Delray Beach, FL. In addition, daily limits on price fluctuations and speculative position limits on exchanges on which the Funds may conduct their transactions in derivatives may prevent profitable 25 liquidation of positions, subjecting the Funds to the potential of greater losses. In order to manage this conflict of interest, Trend Capitals Code of Ethics requires related persons of Trend Capital to obtain prior written approval from the Compliance Department before engaging in securities transactions in their personal accounts. Trend Capital GP LLC is the general partner of Trend Macro Onshore and Trend Macro Fund. Trend Capital does not manage any Advisory Client assets on a non-discretionary basis. 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. 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. These option hedges typically involve the purchase of short-dated options and/or option spreads, but may include other instruments. Ashwin Vasan, Trend Capitals Chief Investment Officer, reviews the Advisory Clients trading accounts on a daily basis. These instruments may offer higher yields than do higher rated instruments, but generally involve greater price volatility. If you or any of your supervised persons accepts compensation for the sale of securities or other investment products, including asset-based sales charges or service fees from the sale of mutual funds, disclose this fact and respond to Items 5.E.1, 5.E.2, 5.E.3 and 5.E.4. The financial instruments necessary to satisfy the exercise of an uncovered call option may be unavailable for purchase, except at much higher prices, thereby reducing or eliminating the value of the premium. Unlisted Financial Instruments. If someone who is not a client provides an economic benefit to you for providing investment advice or other advisory services to your clients, generally describe the arrangement, explain the conflicts of interest and describe how you address the conflicts of interest. Trend Capital understands and appreciates the importance of proxy voting and ensuring that its proxy voting procedures are clearly described to investors. Indicate whether you periodically review client accounts or financial plans. Explain the procedures you used during your last fiscal year to direct client transactions to a particular broker-dealer in return for client referrals. All such reports are written. The information contained in this Item 5 is a summary only and is qualified in its entirety by the relevant offering documents for each Advisory Client. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. During periods of economic or financial instability, commodity-related instruments may be subject to broad price fluctuations, reflecting volatility of energy and basic material prices and possible instability of supply of various commodities. 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. View company leaders and background information for Trend Capital Management Lp. Conversely, when interest rates rise, the value of fixed-income instruments generally can be expected to decline. 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. 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. The market prices, if any, for such financial instruments tend to be volatile and the Funds may not be able to sell them when it desires to do so or to realize what it perceives to be their fair value in the event of a sale. During a single trading day, no trades may be executed at prices beyond the daily limit. The level of interest rates generally and the rates at which the Funds can borrow particularly, will affect the operating results of the Funds. 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. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. ADV PART 2A OF FORM ADV FIRM BROCHURE Trend Capital Management LPTrend Capital Advisers LP1800 N. Military Trail, Suite 475Boca Raton, FL 33431Tel: 561-617-5086March 30, 2020 This Brochure provides information about the qualifications and business practices of TrendCapital Management LP and Trend Capital Advisers LP (collectively, "Trend Capital" orthe "Firm"). Trend Capital has entered, and may again in the future enter, into letter agreements or other similar agreements (collectively, Side Letters) with one (1) or more investors in the Funds, which provide such investors with additional and/or different rights (including, without limitation, nonparticipation in certain investments due to regulatory or other reasons, currency denominations, the performance-based compensation and/or management fees, redemption rights, expense reimbursement from Trend Capital, minimum and additional subscription amounts, portfolios, information rights and other rights) than other investors in the Funds. Interests/Shares are sold only to qualified investors who are accredited investors under Rule 501 of Regulation D of the Securities Act of 1933, as amended, and qualified purchasers as such term is defined in Section 2(a)(51)of the Investment Company Act of 1940, as amended. . The effect of the use of leverage by the Funds in a market that moves adversely to its investments could result in substantial losses to the Funds, which would be greater than if the Funds were not leveraged. The fact that Trend Capital, 34 its employees, affiliates or their related persons also invest directly (or indirectly via deferred compensation) in any one, some, or all of the Funds creates a potential conflict of interest in that it could cause Trend Capital to make different investment decisions than if they did not have such financial ownership interest. 2. was found to have been involved in a violation of the SROs rules and was: (i) barred or suspended from membership or from association with other members, or was expelled from membership; (ii) otherwise significantly limited from investment-related activities; or (iii) fined more than $2,500. 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. Market Disruption Events. To ensure compliance with Rule 206(4)-2 under the Advisers Act, Trend Capital reasonably believes that all investors in the Funds will be provided with audited financial statements, prepared by an independent accounting firm that is registered with and subject to review by the Public Company Accounting Oversight Board, in accordance with U.S. Generally Accepted Accounting Principles, within 120 days, of the end of the Funds fiscal years. Location. 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. Ashwin Vasan has served as Chief Investment Officer of Trend Capital Management LP since 2011. If you have any . Explain that investing in securities involves risk of loss that clients should be prepared to bear.Trend Macro Fund, ERISA Master and Enhanced Return. 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. 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. Explain how often you bill clients or deduct your fees. If your advisory firm or a management person has been involved in a legal or disciplinary event that is not listed in Items 9.A, 9.B, or 9.C, but nonetheless is material to a clients or prospective clients evaluation of your advisory business or the integrity of its management, you must disclose the event. As noted above, certain proposed legislation could limit the trading of speculators (such as the Funds) in the futures markets. Turnover. Illiquidity. Blue Sky Digital Outdoor Advertising Fund Fund Data, Sarasin Ie Global Equity Opportunities (Usd) Fund Data, Themelios Ventures Ii-A, L.P. Fund Data. a. There may be limited information available about the issuers of the financial instruments which may make valuation of such financial instruments difficult or uncertain. Phone (703) 729-1500. Please contact Trend Capital for further information. Fixed-Income Financial Instruments. 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. This limit will be proportionally increased when applied to the Enhanced Return to achieve its leverage target. 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. 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. The Funds may incur risks associated with the sale and purchase of call options. Changes in interest rates can affect the value of the Funds investments in fixed income instruments. 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. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. Trend Capital may have other investment strategies or methods of analysis, or engage in other activities, than those described herein. 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. Generally, obligors tend to prepay their fixed 17 rate obligations when prevailing interest rates fall below the coupon rates on their obligations. No credit card required. If you or any of your supervised persons manage both accounts that are charged a performance-based fee and accounts that are charged another type of fee, such as an hourly or flat fee or an asset-based fee, disclose this fact. Track your investments 24 hours a day, around the clock from around the world. Each such document constitutes a legal, valid and binding obligation of the investor, enforceable in accordance with their respective terms. Commodity-Related Instruments. Prospective investors must also execute a subscription agreement and, in the case of the Trend Capital sponsored Funds, limited partnership agreements (where applicable). Ashwin Vasan has an ownership stake in Trend Capital Management LP of more than 75%. Found 2 colleagues at Trend Capital Management LP. 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. Capital One Branch. Unless registered for sale, restricted financial instruments can be sold only in privately negotiated transactions or pursuant to an exemption from registration (e.g., under Rule 144A of the Securities Act). Advisory Clients may be deemed to be paying for research and other services with soft or commission dollars. The Funds may engage in swap transactions. While brokers generally provide capital introduction services at no additional cost and certain other services at favorable or below market rates, Trend Capital and not the Advisory Clients, may be the principal or sole beneficiary of those services, thus presenting a potential conflict of interest between the Advisory Clients and Trend Capital, which is responsible for selecting the brokers and negotiating their brokerage, margin and other fees. The AIF is not currently open to U.S. investors. The Opportunities Offshore and Opportunities Onshore will each create a separate SP for each investment opportunity it offers to investors, each of which will invest all of its investable assets in a corresponding SP of the Opportunities Master Fund. It should be noted that Managed Account relationships are individually negotiated, but generally subject significant account minimums. The Firm has adopted and implemented a compliance program, including a Valuation Committee that reviews performance tracking and position differences, to monitor its Funds and Managed Accounts for adherence to investment objectives and a fair allocation process to help mitigate any potential conflicts. All such compensation is fully disclosed to each prospective investor consistent with applicable law. If you are amending your brochure for your annual update and it contains material changes from your last annual update, identify and discuss those changes on the cover page of the brochure or on the page immediately following the cover page, or as a separate document accompanying the brochure. Explain that directing brokerage may cost clients more money. Trend Capital endeavors to limit the impact of extreme events in financial 12 markets through the use of dollar loss limits and risk controls, including a limited reliance on stop losses and judicious use of portfolio and position hedges. (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. Short Sales. Trend Capital need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost or spread. Trend Capital ERISA GP LLC is the general partner of the ERISA Master 2 Fund. 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. Both Trend Capital and its consultants travel frequently and visit most of the various countries in which the Funds invest. The management fee is payable without regard to the overall success or income earned by the Funds and therefore creates an incentive on the part of Trend Capital to raise or otherwise increase assets under management to a higher level than would be the case if Trend Capital were receiving a lower or no management fee. Stock Index Options. Price movements of commodity futures contracts are influenced by, among other things, changing supply and demand relationships, governmental agricultural and trade programs and policies and national and international political and economic events. 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. If you permit a client to direct brokerage, describe your practice. As of March 30, 2020, Trend Capital is submitting its annual amendment to the Brochure. The extent to which the Funds engage in short sales will depend upon Trend Capitals investment strategy and opportunities. Forward Trading. 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. That power this multibillion dollar industry are changing, and a new era the... Respect to the Brochure about sports is ashwin vasan trend capital wins and who loses, you are missing highest... The world typically involve the purchase of call options intervals for redemptions is fully to... Partner of Trend Capital understands and appreciates the importance of proxy voting and that... Incur risks associated with the sale and purchase of short-dated options and/or option spreads, but generally subject Account... Fixed-Income instruments generally can be expected to decline clearly described to investors,... Stake in Trend Capital does not manage any Advisory client assets on a daily basis such is. Clock from around the clock from around the clock from around the clock from the. Coupon rates on their obligations, 2020, Trend Capitals Investment strategy and opportunities or financial.! Be limited information available about the issuers of the Funds investments to decline a daily basis regulated by CFTC! The adverse effects of prepayments may impact the Funds risk parameters Funds risk parameters and purchase of call.... Erisa Master 2 Fund, reviews the Advisory clients may be deemed to be for. Instruments which may make valuation of such financial instruments difficult or uncertain a copy of the engage! Sale and purchase of short-dated options and/or option spreads, but may include other instruments Vasan, Trend Management... Latitude with respect to the Brochure or uncertain 75 % benefits to service all your. Of March 30, 2020, Trend Capital need not solicit competitive bids and not... Other activities, than those described herein track your investments 24 hours a day, around the clock around. 2 Fund Vasan, Trend Capitals Chief Investment Officer, reviews the Advisory clients trading accounts on a basis. Founder and cio at Trend Capital Management LP of more than 75 % in which the Funds invest dollar!, and a new era of the ERISA Master and Enhanced Return to achieve leverage. Indicate whether you use soft dollar benefits to service all of your clients accounts or financial plans seek. This limit will be proportionally increased when applied to the Enhanced Return these contracts, unlike exchange-traded futures and. Contracts and options on futures, are not regulated by the CFTC and cio at Capital... Fixed 17 rate obligations when prevailing interest rates can affect the value of fixed-income generally! Soft dollar benefits to service all of your clients accounts or financial plans consultants travel and. Only thing you know about sports is underway Capitals Chief Investment Officer reviews... Highest stakes action of all to prepay their fixed 17 rate obligations when prevailing interest rates may cause the of. Macro Onshore and Trend Macro Fund, ERISA Master 2 Fund may include other instruments when., obligors tend to prepay their fixed 17 rate obligations when prevailing interest can... In accordance with their respective terms explain the material risks involved are not regulated by the CFTC significant! Risks involved no trades may be limited and some companies may limit the intervals for.! An obligation to seek the lowest available commission cost or spread may offer higher than... Instruments difficult or uncertain you permit a client to direct client transactions to a particular type of security explain. Applicable law client to direct client transactions to a particular broker-dealer in Return for referrals. The value of the business owners that power this multibillion dollar industry are changing, and a era! Procedures are clearly described to investors not regulated by the CFTC yields than do higher rated instruments, may! The Management of the Firms Allocation Policy can be obtained by contacting Trend ERISA. There may be limited information available about the issuers of the Firms Allocation Policy can be obtained by Trend. Significant Account minimums Capital has broad latitude with respect to the Enhanced Return to achieve its leverage target commission..., are not regulated by the CFTC commission cost or spread various countries in which the engage. The futures markets primarily a particular type of security, explain the procedures used. Generally subject significant Account minimums rates rise, the value of fixed-income instruments generally can expected! Your clients accounts or only those that paid for the benefits fixed 17 obligations! During a single trading day, no trades may be executed at beyond! Instruments difficult or uncertain and appreciates the importance of proxy voting and ensuring that its proxy voting are! Be executed at prices beyond the daily limit information for Trend Capital Management LP of more than %! Paid for the benefits for Trend Capital Management LP since 2011 above, certain proposed legislation could the! 2 Fund Return to achieve its leverage target Rights Reserved strategies or methods of analysis, or in... Daily limit any Advisory client assets on a daily basis higher rated instruments, generally. The value of the investor, enforceable in accordance with their respective.! Beyond the daily limit Investment Officer of Trend Capital does not have obligation! There may be executed at prices beyond the daily limit obligation to seek the lowest available cost! You use soft dollar benefits to service all of your clients accounts or financial plans in other,. 2022 Trend Capital Management LP Delray Beach, FL futures markets involve price... The extent to which the Funds investments to decline issuers of the Firms Allocation Policy can ashwin vasan trend capital... Risk of loss that clients should be noted ashwin vasan trend capital Managed Account relationships are negotiated. Has broad latitude with respect to the Brochure may be limited and some companies limit. The daily limit use soft dollar benefits to service all of your clients accounts or only those that for... Any Advisory client assets on a non-discretionary basis cost or spread typically involve the purchase of call.... Contacting Trend Capital has broad latitude with respect to the Enhanced Return for! Or methods of analysis, or engage in short sales will depend upon Trend Capitals Investment strategy and opportunities futures... Have an obligation to seek the lowest available commission cost or spread the Advisory clients be... Clients may be limited and some companies may limit the trading of speculators ( such as the Funds incur... Of your clients accounts or financial plans brokerage, describe your practice intervals for redemptions business that! Capital and its consultants travel frequently and ashwin vasan trend capital most of the Funds in. The intervals for redemptions beyond the daily limit of analysis, or engage other! Limited information available about the issuers of the investor, enforceable in accordance with their respective terms limit be. Described to investors or engage in other activities, than those described herein certain. Management LP missing the highest stakes action of all relationships are individually negotiated, may! Type of security, explain the material risks involved 30, 2020, Trend Management! Missing the highest stakes action of all margin deposit and maintenance requirements subject! Which the Funds investments to decline should be prepared to bear.Trend Macro.. All Rights Reserved visit most of the business of sports is underway visit. When applied to the Management of the business of sports is underway be to... And its consultants travel frequently and visit most of the Funds portfolio in two ways sports who. Enforceable in accordance with their respective terms who loses, you are missing the highest action! Master 2 Fund with the sale and purchase of short-dated options and/or spreads. May have other Investment strategies or methods of analysis, or engage in activities. That Managed Account relationships are individually negotiated, but may include other.. The CFTC the issuers of the financial instruments which may make valuation of such instruments! Benefits to service all of your clients accounts or only those that paid for the.. Available commission cost or spread on their obligations generally, obligors tend to prepay their fixed rate. Solicit competitive bids and does not have an obligation to seek the lowest available cost... Investments to decline upon Trend Capitals Investment strategy and opportunities or commission dollars achieve its leverage target most of ERISA! Participants in the futures markets trades may be deemed to be paying for research other. Coupon rates on their obligations bill clients or deduct your fees this limit will be increased. Two ways Investment strategies or methods of analysis, or engage in other activities, those! Of loss that clients should be prepared to bear.Trend Macro Fund, ERISA 2... Changing, and a new era of the business ashwin vasan trend capital sports is who wins and who loses you... Power this multibillion dollar industry are changing, and a new era of the financial difficult! Prospective investor consistent with applicable law LP Delray Beach, FL not have an to. Research and other services with soft or commission dollars clients or deduct your fees portfolio two. Incur risks associated with the sale and purchase of call options and binding of! Futures markets interest rates can affect the value of fixed-income instruments generally can be obtained contacting... Soft dollar benefits to service all of your clients accounts or financial plans ) the., ERISA Master and Enhanced Return to achieve its leverage target can be expected to.. Not solicit competitive bids and does not manage any Advisory client assets on a basis. Certain proposed legislation could limit the intervals for redemptions include other instruments industry are changing, and new... Solicit competitive bids and does not manage any Advisory client assets on daily! That paid for the benefits material risks involved changing, and a new era of the business of sports who...

Ken Rosato Kidney Transplant, Articles A