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. In addition, many nonU.S. 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. Rather than meeting additional margin deposit requirements, market participants may close futures contracts through offsetting transactions that would distort the normal relationship between the index and futures markets. On average, homes in Ashburn, VA sell after 20 days on the market compared to 275 days last year. The Registered Agent on file for this company is R Scott Beach and is located at Day Pitnet Llp One East Putnam Ave, Greenwich, CT . Disclose whether the fees are negotiable.The Funds offer interests or shares, as applicable, only to certain qualified investors and admission in the Funds is not open to the general public. T. The Funds may incur risks associated with the sale and purchase of put options. In addition, significant disparities may exist between bid and asked prices for derivatives that are not traded on an exchange. In addition to its quantitative modeling, Trend Capital incorporates qualitative factors into its assessment of each trend. 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 value of these financial instruments generally will vary with the performance of the issuer and movements in the equity markets. Trend Capital may invest in zero coupon bonds and deferred interest bonds, which are debt obligations issued at a significant discount from face value. These investments involve special risks not usually associated with investing in securities of U.S. companies or the Federal, state or local government. 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. Ash lives in Boca Raton, Florida with his wife Mari and their two children. The company's filing status is listed as Active and its File Number is 1037733. Trend Capital Management Founder and CIO Recent News and Activity There is no recent news or activity for this profile. As noted above, an incentive fee is also received from the Managed Accounts and is payable annually, in arrears, subject to a loss carryforward provision. If you have discretionary authority or custody of client funds or securities, or you require or solicit prepayment of more than $1,200 in fees per client, six months or more in advance, disclose any financial condition that is reasonably likely to impair your ability to meet contractual commitments to clients. 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. 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. Describe the types of advisory services you offer. 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. 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. In sizing trades, Trend Capital emphasizes liquidity and generally expects that a substantial portion of the positions could be liquidated in a short period of time under normal market conditions and any remaining positions could be liquidated within a month under normal market conditions. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. 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. Risk Disclosure. 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. If your clients either may or must pay your fees in advance, disclose this fact. Trading in derivatives can result in large amounts of operational leverage. . An administrative proceeding before the SEC, any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority in which your firm or a management person, 1. was found to have caused an investment-related business to lose its authorization to do business; or, 2. was found to have been involved in a violation of an investmentrelated statute or regulation and was the subject of an order by the agency or authority. Global Macro Strategy. In the event that the theses underlying the Funds positions fail to be borne out in developments expected by Trend Capital, the Funds may incur losses, which could be substantial. The lack of evaluation and oversight of over-the-counter markets exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. 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. Increases in interest rates may cause the value of the Funds investments to decline. The value of fixed-income securities in which the Funds may invest will change in response to fluctuations in interest rates. Trend Capital neither tailors its advisory services to the individual needs of investors nor accepts investor-imposed investment restrictions with respect to the Funds. This interest is passive (i.e. Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia. 2. TREND CAPITAL LLC is an Active company incorporated on January 19, 2016 with the registered number M16000000511. The extent to which the Funds engage in short sales will depend upon Trend Capitals investment strategy and opportunities. Conversely, when interest rates rise, the value of fixed-income instruments generally can be expected to decline. Before joining Tudor, he was a Portfolio Manager at Oppenheimer Funds with oversight of the international fixed income business. Ashwin Vasan is the Founder and CIO of Trend Capital Management LP. . Describe how you are compensated for your advisory services. 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. Trend Capital will always select brokers on the basis of seeking best execution and may consider capital introduction services as one among many relevant factors. Investment StrategyTrend Capital seeks to identify and capitalize on fundamental trends in interest rates, currencies and credit and equity indices in both developed and emerging markets. 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. 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. The Funds may also purchase credit default protection even in the case in which it does not own the referenced instrument if, in the judgment of Trend Capital, there is a high likelihood of credit deterioration. Describe the types of clients to whom you generally provide investment advice, such as individuals, trusts, investment companies, or pension plans. Portfolio Manager at Shumway Capital . The success of Trend Capitals global macro investment strategy depends on Trend Capitals ability to identify and exploit such perceived trends. This could prevent the prompt liquidation of unfavorable positions and subject the Funds to substantial losses. Founder and cio at Trend Capital Management LP Delray Beach . Ashwin Vasan Full Name: Ashwin Kumar Vasan Company: Trend Capital Management LP Trend Capital presently provides investment advisory services to the Funds via master-feeder structures and three (3) Managed Accounts. 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. However, there are a number of additional risks associated with derivatives trading. . Flexible Investment Approach. Trend Capital deducts fees from Fund assets. Market Disruption Events. 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. 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. 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. financial markets are not as developed or as efficient as those in the U.S. and as a result, price volatility may be higher for the Funds investments. As of this date, the Enhanced Return is the only SP and its investment strategy is summarized above. In general, Trend Capital seeks to achieve this investment objective by taking both long and short positions in a variety of fixed income instruments and derivatives, foreign currencies,foreign exchange forwards and foreign exchange derivatives, as well as in various derivative products linked to credit and equity indices. As principal investment manager for the UCITS, UBP receives platform and other fees, including a percentage of Trend Capitals incentive allocation with respect to certain share classes. The Funds may purchase low rated or unrated debt instruments. 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). 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 Enhanced Return sizing due to additional leverage and resulting liquidity is expected to differ from Trend Macro Fund from time-to-time, depending on the portfolio assets. ShareTweet Ashwin Kumar Vasan Ashwin Kumar Vasan is an employee with Trend Capital Management LP, a hedge fund company. 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. The production and marketing of commodities may be affected by actions and changes in governments. Trend Capitals principal owner is Ashwin Vasan. 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. The Funds global macro investing consists primarily of trading in global interest rates, currencies, credit and equity indices and their related derivatives, in order to exploit fundamental, economic, financial and political trends that may exist in and between developed and emerging markets throughout the world. Explain how often you bill clients or deduct your fees. Generally, the Funds will not be restricted from dealing with any particular counterparties. Regardless, the Firm does not direct order flow for client referrals. While zero coupon bonds do not require the periodic payment of interest, deferred interest bonds generally provide for a period of delay before the regular payment of interest begins. All personnel of Trend Capital are required to certify their compliance with the Code of Ethics. Trend Capitalis paid a 1.25% annualized management fee for the Enhanced Return SP, subject to an initial minimum subscription amount.The respective general partner (or other Trend Capital affiliate) may, in its sole discretion, waive, reduce or calculate differently the incentive allocation with respect to certain investors. The amount of borrowings and leverage which the Funds may have outstanding at any time may be substantial in relation to their capital. The UCITS is not open to U.S. investors. A stock index fluctuates with changes in the market values of the stocks included in the index. In addition, as referenced in Item 2 above, the offering documents for the Funds disclose specific trade error policies. Trend Capital places trades for execution for the Advisory Clients with broker-dealers on the basis of seeking best execution and in consideration of relevant factors, including, but not limited to, commission rates, reliability, financial responsibility, strength of the broker and the ability of the broker to efficiently execute transactions, the brokers facilities and the brokers provision or payment of the costs of brokerage and research services that are of benefit to the Advisory Clients or Trend Capital. These transactions are not exchange-traded so that no clearinghouse or exchange stands ready to meet the obligations of the contract. Such services and items may influence Trend Capitals selection of brokers. 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. Describe any other types of fees or expenses clients may pay in connection with your advisory services, such as custodian fees or mutual fund expenses. Please refer to the offering documents of the Funds for a detailed description of the material risks related in an investment in the Funds. It is critical that investors refer to the relevant offering documents for a complete understanding of that Advisory Clients investment objectives and strategies. ault Swaps; Other Derivatives. 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. No credit card required. Ashburn Market Trends; Ashburn, VA, Summary. Limited diversity could expose the Funds to losses disproportionate to market movements in general if there are disproportionately greater adverse price movements in those financial instruments or assets. The Funds may invest in credit default swaps. Trend Capital will generally follow the guidelines set forth below in aggregating client orders for investments: In general, trades will be allocated pro-rata to Advisory Client accounts, based on each Advisory Client accounts net assets under management; No Advisory Client will be favored over any other Advisory Client; When trades are aggregated, if all such orders are not filled at the same price, Trend Capital will generally average the prices paid and each participating Advisory Client will generally be allocated investments on an average price basis for that investment position on a given business day and transaction costs will be shared pro rata based on each Advisory Clients participation in the transaction, provided, however, that in instances in which exchange rules do not permit allocation based on average price, trades shall be filled 38 and allocated as follows: Instances in which exchange rules do not permit allocation based on average price, by using splits and rounding, all trades are allocated to each Advisory Client based on ownership percentages. 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. 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