Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. 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 applies rigorous fundamental macroeconomic analysis and a disciplined portfolio construction framework to generate absolute returns with low correlation to the markets. 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. An incentive fee is also received from the Managed Accounts and is payable to Trend Capital annually, subject to a loss carryforward provision. If you or a related person directly or indirectly compensates any person who is not your supervised person for client referrals, describe the arrangement and the compensation. 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. Trend Capital has established an Advisory Board for Trend Macro Fund (the Advisory Board), the members of which serve as members of the Board of Directors of the Trend Macro Offshore. There is also less regulation, generally, of the markets in non-U.S. countries than there is in the United States. 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. Founder and cio at Trend Capital Management LP Delray Beach . Find more info on AllPeople about Ashwin Vasan and Trend Capital Management LP, as well as people who work for similar businesses nearby, colleagues for other branches, and more people with a similar name. Because of the low margin deposits normally required in futures trading, an extremely high degree of leverage is typical of a futures trading account. 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. Secondly, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market. 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. If you accept discretionary authority to manage securities accounts on behalf of clients, disclose this fact and describe any limitations clients may (or customarily do) place on this authority. Conversely, when interest rates rise, the value of fixed-income instruments generally can be expected to decline. For Trend Macro Fund and the ERISA Fund, the management fee is computed at the annual rate of 2.0% of each capital account or share class established in connection with Class A Interests/Shares. The Funds may engage in swap transactions. Trend Capital Advisers LP is a Delaware limited partnership that was formed in February 2017 to advise certain managed accounts, the Opportunities Funds and their SPs. Live market coverage co-anchored from Hong Kong and New York. If the type of security involves significant or unusual risks, discuss these risks in detail. Trend Capital Opportunities GP LLC is the general partner of the Opportunities Onshore and Class M Shareholder of the Opportunities Master. If you or any of your management persons are registered, or have an application pending to register, as a broker-dealer or a registered representative of a brokerdealer, disclose this fact. 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. 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. Generally, obligors tend to prepay their fixed 17 rate obligations when prevailing interest rates fall below the coupon rates on their obligations. Dun & Bradstreet Data last . The incentive allocation, if any, will be determined as of each fiscal year end and, with respect to capital withdrawn/redeemed other than as of a fiscal year end, as of the time of such withdrawal/redemption with respect to the withdrawn/redeemed amount. 2022 Trend Capital Management LP, All Rights Reserved. Track your investments 24 hours a day, around the clock from around the world. Trend Capital provides investment advisory services to the Funds, which are private investment vehicles. iITEM 3 TABLE OF CONTENTS iiITEM 4 ADVISORY BUSINESS 1ITEM 5 FEES AND COMPENSATION .. 4ITEM 6 PERFORMANCE-BASED FEES AND SIDE-BY-SIDEMANAGEMENT .. 8ITEM 7 TYPES OF CLIENTS .. 9ITEM 8 METHODS OF ANALYSIS, INVESTMENT STRATEGIESAND RISK OF LOSS 10ITEM 9 DISCIPLINARY INFORMATION 29ITEM 10 OTHER FINANCIAL INDUSTRY ACTIVITIES ANDAFFILIATIONS 31ITEM 11 CODE OF ETHICS, PARTICIPATION OR INTEREST INCLIENT TRANSACTIONS AND PERSONAL TRADING . 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. 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 investment strategy for any future SP will be described in detail in the applicable PPM Supplement. 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. 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. 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. A stock index fluctuates with changes in the market values of the stocks included in the index. Online data isn't stored in a "cloud," of course. Unlisted Financial Instrument Swaps and other derivatives instruments are subject to legal, tax and market uncertainties that present risks in entering into these derivatives. All personnel of Trend Capital are required to certify their compliance with the Code of Ethics. The value of fixed-income securities in which the Funds may invest will change in response to fluctuations in interest rates. 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. 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. Exchanges. Companies whose securities are not publicly traded may not be subject to public disclosure and other investor protection requirements applicable to publicly traded securities. 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. The same individuals serve as directors for the ERISA Offshore, Opportunities Offshore, and Opportunities Master. The level of interest rates generally and the rates at which the Funds can borrow particularly, will affect the operating results of the Funds. Operational Leverage. If you routinely recommend, request or require that a client direct you to execute transactions through a specified broker-dealer, describe your practice or policy. There can be no assurance that Trend Capital will be able to locate investment opportunities or to exploit such trends. Discuss whether and under what conditions you aggregate the purchase or sale of securities for various client accounts. 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. Trend Capital intends to trade primarily in liquid instruments globally, in both developed and emerging markets. 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. The Firm has adopted aTrend Capital, its employees, affiliates or their related persons are invested in the Funds, either directly or through the Trend Capitals and/or general partners (or equivalent) investments in the Funds. When deemed appropriate for a large or strategic investor, Trend Capital has established, and may again in the future establish, a Managed Account that will tailor its investment objectives to those of the specific investor (including restrictions on investing in certain types of securities) and/or be subject to different terms and/or fees than those of the Funds. There can be no assurance that the Funds will be able to secure or maintain adequate financing. TREND CAPITAL GP LLC; TREND CAPITAL GAUCHO GP . 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. This risk may cause some or all of the Funds gains to be unrealized. With respect to the Opportunities Funds, the minimum initial and additional investment amounts depend on the particular SP in which an investor subscribes. Please let us know if you have any questions about, or would like to be provided with a copy of, our proxy voting procedures. As of December 31, 2019, Trend Capital and its affiliates have $1,690,535,398 of regulatory assets under management and $1,348,292,058 of net assets under management, which are managed on a discretionary basis. These instruments may offer higher yields than do higher rated instruments, but generally involve greater price volatility. There can be no assurance that the Funds will be able to maintain the ability to borrow financial instruments sold short. 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. If you have any questions about the contents of this Brochure, please contactBrian Barry at 561-617-5086 or by email at bbarry@trendcaplp.com. Ashwin Vasan (born November 15, 1980) is an American physician and epidemiologist serving as the 44th commissioner of the New York City Department of Health and Mental Hygiene. Notwithstanding the foregoing, in Trend Macro Offshore, ERISA Offshore or Opportunities Offshore, the minimum initial investment may never be less than the then-current minimum as prescribed by the Mutual Funds Law (as amended) of the Cayman Islands (currently $100,000USD). If there are legal or disciplinary events that are material to a clients or prospective clients evaluation of your advisory business or the integrity of your management, disclose all material facts regarding those events. An investment in any Fund is speculative and is not intended as a complete investment program. Trend Capital recognizes that certain potential conflicts of interests may arise in connection with the personal trading activities of individuals associated with Trend Capital. Ashwin Vasan Software Engineer at Amazon Web Services (AWS) Seattle, Washington, United States500+ connections Join to connect University of Colorado Boulder Activity I had a conversation with. Currency and Exchange Rate Risks. 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. Securities Futures Contracts. 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. The Funds are not required to hedge any particular risk in connection with a particular transaction or its portfolio generally and may elect to not hedge its risks at all. Trend Capitals principal owner is Ashwin Vasan. Ashwin has. 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. Prepayment Risk. 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. Address 44151 Ashburn Shopping Plaza. In addition, significant disparities may exist between bid and asked prices for derivatives that are not traded on an exchange. Corporate debt securities, mortgagebacked securities, bank loans, mezzanine investments and certain other investments that may be purchased and sold are traded in private, unregistered transactions and subject to restrictions on resale. 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. In addition, new and additional regulations and laws may apply to swaps and other derivatives that have not heretofore been applied. Governments from time to time intervene, directly and by regulation, in certain markets, particularly those dealing in precious metals. 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. Trend Capital deducts fees from Fund assets. There may be limited information available about the issuers of the financial instruments which may make valuation of such financial instruments difficult or uncertain. Bloomberg Daybreak Asia. ITEM 2 MATERIAL CHANGES . Founder and cio at Trend Capital Management LP Delray Beach . Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. In addition, governments from time to time intervene, directly and by regulation, in these markets, with the specific effect, or intention, of influencing prices which may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. The expiration or termination of available financing for leveraged positions and the requirement to post collateral in respect of changes in the fair value of leveraged exposures or changes in advance rates or other terms and conditions of the Funds repurchase agreements, can rapidly result in adverse effects to its access to liquidity and its ability to maintain leveraged positions and may cause the Funds to incur material losses. Market Disruption Events. 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 CFTC and certain exchanges and trading facilities have established speculative position limits on the maximum net long or net short positions that any person may hold or control in particular commodities. Ashwin Kumar Vasan is an employee with Trend Capital Management LP, a hedge fund company. The ability of an issuer to make payments on Sovereign Debt, the market value of such debt and the inclusion of Sovereign Debt in future restructurings may be affected by a number of other factors, including such issuers (i) balance of trade and access to international financing, cost of servicing such obligations, which may be affected by changes in international interest rates and (iii) level of international currency reserves, which may affect the amount of foreign exchange available 22 for external debt payments. First, particular investments may experience outright losses, as in the case of an interest-only instrument in an environment of faster actual or anticipated prepayments. 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