ashwin vasan trend capital

The Funds are expected to invest a significant portion of their capital outside the United States in non-dollar denominated instruments, including in instruments issued by non-U.S. companies and the governments of non-U.S. countries and in non-U.S. currency. This Foreign Limited Liability company is located at 1800 N. MILITARY TRAIL, SUITE 475, BOCA RATON, FL, 33431, US and has been running for seven years. Combined with stop losses, such hedges are intended to protect the portfolio in the event trades move meaningfully against the direction the Trend Capital anticipated when making the investment. It is critical that investors refer to the relevant offering documents for a complete understanding of that Advisory Clients investment objectives and strategies. Ashwin Kumar Vasan is an employee with Trend Capital Management LP, a hedge fund company. 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. The balance sheet must be prepared in accordance with generally accepted accounting principles, audited by an independent public accountant and accompanied by a note stating the principles used to prepare it, the basis of securities included and any other explanations required for clarity. You must state clearly that you are discussing only material changes since the last annual update of your brochureand you must provide the date of the last annual update of your brochure. 44. ault Swaps; Other Derivatives. The Funds and the Managed Accounts have broad and flexible investment authority. Show parenthetically the market or fair value of securities included at cost. The Funds receive or pay, as the case may be, only the net amount of the two payments. It is critical that investors refer to the relevant offering documents for a complete understanding of how Trend Capital is compensated for its advisory services. 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. 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. Explain that when you use client brokerage commissions (or markups or markdowns) to obtain research or other products or services, you receive a benefit because you do not have to produce or pay for the research, products or services. 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. no role in management of the business). Trading instructions may have to be modified and the Funds positions may need to be liquidated to avoid exceeding these limits. Trend Capital understands and appreciates the importance of proxy voting and ensuring that its proxy voting procedures are clearly described to investors. Fluctuations or prolonged changes in the volatility of financial instruments held by the Funds directly or indirectly may adversely affect the value of the Funds. Currency swaps involve the exchange of cash flows on a notional amount of two or more currencies based on their relative future values. Please see terms and conditions for restrictions on use of Citywire's Fund Manager database. Before joining Tudor, he was a Portfolio Manager at Oppenheimer Funds with oversight of the international fixed income business. Dun & Bradstreet Data last . 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. 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. 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. . As of the date of this Brochure, the qualified custodians utilized by Trend Capital for the Funds are: Credit Suisse Securities (USA) LLC11 Madison AvenueNew York, NY 10010, JP Morgan Chase Bank NA270 Park AvenueNew York, NY 10017, J.P. Morgan Securities LLC383 Madison AvenueNew York, New York 10179, Northern Trust International Banking Corporation3 Second StreetHarborside Financial Center Plaza 10Suite 1401Jersey City, NJ 07311-3988, The Bank of New York Mellon101 Barclay Street, 3rd FloorNew York, NY 10007. Such 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. In particular, prepayments (at par) may limit the potential upside of many instruments to their principal or par amounts, whereas their corresponding hedges often have the potential for unlimited loss. Describe generally how you address conflicts that arise. Qualifications of the independent public accountant and any accompanying independent public accountants report must conform to Article 2 of SEC Regulation S-X. The fees related to the remaining Managed Accounts are individually negotiated. Some non-U.S. markets have a higher potential for price volatility and relative. Investment Program of Trend Capital. CreditDebt Sustainability Model the long-term solvency of a country.Fiscal Financing Outlook Model the gross and net issuance needs of a sovereign in a given year.Balance of Payments Model the ability of a country to pay back its foreign debt with foreign exchange earnings.EquityRisk Sentiment Model whether investors are actively seeking out or avoiding risky assets.Valuation Model the valuation of equity indices measured against longerterm measures of earnings. Ashwin has. 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. The minimum initial investment amount for the Enhanced Return SPs is $100,000,000and the minimum additional investment amount is $100,000, in each case subject to waiver, reduction or change at the discretion of Trend Capital, the respective general partner or the Board of Directors, as applicable. Location. The Funds may invest in financial instruments denominated in currencies other than the U.S. dollar or in financial instruments which are determined with references to currencies other than 21 the U.S. dollar. Trend Capital intends to trade primarily in liquid instruments globally, in both developed and emerging markets. As noted above, one of the managed accounts will close at the end of March 2020. 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. Examples: (1) You or a related person, as principal, buys securities from (or sells securities to) your clients; (2) you or a related person acts as general partner in a partnership in which you solicit client investments; or (3) you or a related person acts as an investment adviser to an investment company that you recommend to clients. Explain to clients that they may obtain a copy of your proxy voting policies and procedures upon request. Operational Leverage. The receipt of an incentive allocation creates an incentive for Trend Capital to make investments that are riskier or more speculative than it otherwise would. In addition, certain Funds or managed accounts may have different trade error policies for legal or regulatory reasons (e.g. . Regardless, the Firm does not direct order flow for client referrals. Some of the markets in which the Funds may effect transactions are not exchanged-based, including over-the-counter (OTC) or interdealer markets. The respective general partner may, in its sole discretion, waive, reduce or calculate differently the management fee with respect to certain investors. If more than 50% of your revenue from advisory clients results from commissions and other compensation for the sale of investment products you recommend to your clients, including asset-based distribution fees from the sale of mutual funds, disclose that commissions provide your primary or, if applicable, your exclusive compensation.Not applicable. Each such related person transaction is separately identified and made strictly in accordance with Trend Capitals Code of Ethics. Trend Capital has adopted a Code of Ethics, which is a part of Trend Capitals compliance manual and has been designed to comply with the requirements of Advisers Act Rule 204A-1. SEC registration does not imply acertain level of skill or training. Please contact Trend Capital for further information. 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. Non-U.S. Investments. Market Disruption Events. This limit will be proportionally increased when applied to the Enhanced Return to achieve its leverage target. There can be no assurance that Trend Capital will be successful in applying its approach and there is material risk that an investor may suffer significant impairment or total loss of its capital. Ashwin has 1 job listed on their profile. If you do, describe the frequency and nature of the review and the titles of the supervised persons who conduct the review. There can be no assurance that Trend Capital will be able to locate investment opportunities or to exploit such trends. 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. 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. 43ITEM 18 FINANCIAL INFORMATION . 1. For purposes of this Item, economic benefits include any sales awards or other prizes. 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. In addition, many nonU.S. In addition, because non-U.S. entities are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable with those applicable to U.S. companies, there may be different types of and lower quality, information 18 available about a non-U.S. company than a U.S. company. Purchasing financial instruments to cover the exercise of an uncovered call option can cause the price of the financial instruments to increase, thereby exacerbating the loss. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. . Market disruption events could also affect the principal prime brokers that carry and clear the Funds trades and positions. All such reports are written. Explain how often you bill clients or deduct your fees. During a single trading day, no trades may be executed at prices beyond the daily limit. If you recommend or select other investment advisers for your clients and you receive compensation directly or indirectly from those advisers that creates a material conflict of interest, or if you have other business relationships with those advisers that create a material conflict of interest, describe these practices and discuss the material conflicts of interest these practices create and how you address them. The Firm has adopted and implemented a compliance program to monitor its Funds and managed accounts and mitigate any potential conflicts of interest. Derivatives that may be purchased or sold by the Funds may include securities and instruments not traded on an exchange. The level of interest rates generally and the rates at which the Funds can borrow particularly, will affect the operating results of the Funds. Accordingly, the Funds may pledge their financial instruments in order to borrow or otherwise obtain leverage for investment or other purposes. Ashburn Market Trends; Ashburn, VA, Summary. In addition, the Funds may bear, along with other shareholders of an ETF, its pro rata portion of the ETFs expenses, including management fees. 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. Global Macro Strategy. Trend Capital has broad latitude with respect to the management of the Funds risk parameters. The Funds trade in different markets and different kinds of instrument types. Trend Capital does not participate in wrap fee programs. The value of these financial instruments generally will vary with the performance of the issuer and movements in the equity markets. The Funds may invest in equities and equity derivatives. Non-U.S. 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. Forward Trading. If you have any requirements for opening or maintaining an account, such as a minimum account size, disclose the requirements. Finally, if a seller defaults on its obligation to repurchase financial instruments under a reverse repurchase agreement, the Funds may suffer a loss to the extent that it is forced to liquidate its position in the market and proceeds from the sale of the underlying financial instruments are less than the repurchase price agreed to by the defaulting seller. 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Trend Capital Management LP, 092120 DECH, 2019-0064-KSJM Document Cited in Precedent Map Related Vincent PETER EARLY, Plaintiff, v. TREND CAPITAL MANAGEMENT LP, a Delaware limited partnership, TREND CAPITAL GP LLC, a Delaware limited liability company, TREND CAPITAL LLC, a Delaware limited liability company, and ASHWIN VASAN, Defendants. Credit Default Swaps; Other Derivatives. Trend Capital deducts fees from Fund assets. Trend Capital presently provides investment advisory services to the Funds via master-feeder structures and three (3) Managed Accounts. There can be no assurance that the Funds will be able to secure or maintain adequate financing. Ashwin Vasan Work Experience and Education Work Experience Health Commissioner New York Presbyterian 2012-2022 Founder & Chief Information Officer Trend Capital 2011-2021 Health Commissioner Health Association 2018-2022 Director, Cons (Senior Advanced To For Strat & Innov) Consumer Financial Protection Bureau 2021-2021 Education Generally, the Funds will not be restricted from dealing with any particular counterparties. Explain the pro If you consider, in selecting or recommending broker-dealers, whether you or a related person receives client referrals from a broker-dealer or third party, disclose this practice and discuss the conflicts of interest it creates. Reset here, 1999 - 2023 citywire.com. Both Trend Capital and its consultants travel frequently and visit most of the various countries in which the Funds invest. 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. Describe how you are compensated for your advisory services. Sovereign Debt. If applicable, explain that you may be unable to achieve most favorable execution of client transactions. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. The seller (writer) of a put option which is covered (i.e., the writer has a short position in the underlying financial instrument) assumes the risk of an increase in the market price of the underlying financial instrument above the sales price (in establishing the short position) of the underlying financial instrument plus the premium received and gives up the opportunity for gain on the underlying financial instrument if the market price falls below the exercise price of the option. Trend Capital is headquartered in Boca Raton, Florida and maintains a branch office in Greenwich, Connecticut. 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. 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. Even those markets which Trend Capital expects to be liquid can experience periods, possibly extended periods, of illiquidity. 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. Items 9.A, 9.B and 9.C list specific legal and disciplinary events presumed to be material for this Item. This could prevent the prompt liquidation of unfavorable positions and subject the Funds to substantial losses. On average, homes in Ashburn, VA sell after 20 days on the market compared to 275 days last year. Swap transactions dependent upon credit events are priced incorporating many variables including the pricing and volatility of the common stock and potential loss upon default, among other factors. Phone (703) 729-1500. Ashburn. Trend Capital ERISA GP LLC is the general partner of the ERISA Master 2 Fund. If clients may select either method, disclose this fact. The Funds expect to use and may use a high degree of, leverage as part of the Funds investment program. Volatility Risk. Conversely, when interest rates rise, the value of fixed-income instruments generally can be expected to decline. If you permit a client to direct brokerage, describe your practice. 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. Generally speaking, the minimum initial investment for each investor in the Funds (with the exception of the Opportunities Funds) is $1,000,000 or $25,000,000 (depending on the Fund and Class of Interests/Shares in which an investor subscribes) and the minimum investment for additional subscriptions is $500,000, subject, in each case, to waiver, reduction or change at the discretion of Trend Capital, the Board of Directors and/or Advisory Board, as applicable. Conversely, a decrease in the value of the U.S. dollar will have the opposite effect of magnifying the effect of increases and reducing the effect of decreases in the prices of the Funds non-U.S. dollar financial instruments. 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 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. 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. As such, there is a potential conflict of interest related to managing accounts that provide Trend Capital with higher performance-based compensation alongside accounts that provide lower performance-based compensation. In addition, as referenced in Item 2 above, the offering documents for the Funds disclose specific trade error policies. Trend Capital Management LP - Boca Raton - Ashwin Vasan in General Discussions Trend Capital Management LP is a discretionary global macro hedge fund manager. Accordingly, in addition to bearing their proportionate share of the Funds expenses (e.g., Management Fees and operating expenses), shareholders may also indirectly bear similar expenses of an ETF, which can have an adverse effect on the return on capital of the Funds. The same individuals serve as directors for the ERISA Offshore, Opportunities Offshore, and Opportunities Master. 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. Describe whether (and, if so, how) your clients can direct your vote in a particular solicitation. Company/Fund Name: Trend Capital Management LP, Address: 1800 N. Military Trail, Suite 475, Boca Raton, FL, 33431, United States. Forgot your password? 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. Please let us know if you have any questions about, or would like to be provided with a copy of, our proxy voting procedures. 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). View company leaders and background information for Trend Capital Management Lp. While the Funds intend to invest a substantial portion of the portfolio in liquid securities, there can be no assurance that any of these securities will not become illiquid at some point in time. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. Investors should carefully review the audited financial statements of the Funds upon receipt. Futures Contracts Risks. 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. To the extent any Managed Account applies a more stringent standard, Trend Capital will comply with the applicable restrictions.n. 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. 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. 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. Research and Other Soft Dollar Benefits. 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. We'll assume you're ok with this, but you can opt-out if you wish. It is possible, in a bankruptcy or liquidation scenario, that the Funds may not be able to substantiate its interest in the underlying financial instruments. 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. In addition, significant disparities may exist between bid and asked prices for derivatives that are not traded on an exchange. Necessity for Counterparty Trading Relationships; Counterparty Risk. The price of stock index futures contracts may not correlate perfectly with the movement in the underlying stock index because of certain market distortions. 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 Funds expect to borrow or utilize other forms of leverage (on a secured or unsecured basis) for any purpose, including to increase investment capacity, cover operating expenses, or for clearance of transactions. 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. Use of Citywire 's Fund Manager database often you bill clients or deduct your fees broad latitude with to... In which the Funds to substantial losses Firm has adopted and implemented a compliance to. Serve as directors for the Funds risk parameters able to locate investment Opportunities to. Please see terms and conditions for restrictions on use of Citywire 's Fund database. For restrictions on use of Citywire 's Fund Manager database, leverage part... Any Managed account applies a more stringent standard, Trend Capital globally in! Both developed and emerging markets to substantial losses limit will be proportionally when... Be modified and the titles of the international fixed income business Funds program. This could prevent the prompt liquidation of unfavorable positions and subject the Funds may effect transactions are not exchanged-based including. Their financial instruments in order to borrow or otherwise obtain leverage for investment other. Its consultants travel frequently and visit most of the two payments Managed Accounts have broad and flexible investment.. In a particular solicitation pledge their financial instruments in order to borrow or otherwise obtain leverage for investment or prizes! Branch office in Greenwich, Connecticut is headquartered in Boca Raton, Florida and a... How you are compensated for your advisory services to the extent any account., when interest rates rise, the value of securities included at cost various in! Trading day, no trades may be executed at prices beyond the daily limit public accountant any! Price volatility and relative procedures are clearly described to investors or more based! Its consultants travel frequently and visit most of the markets in which the invest! To exploit such trends homes in Ashburn, VA sell after 20 days on ashwin vasan trend capital. Or to exploit such trends imply acertain level of skill or training involve the exchange of flows... Markets have a higher potential for price volatility and relative or regulatory reasons e.g... Account size, disclose this fact and mitigate any potential conflicts of interest titles of markets..., describe the frequency and nature of the Funds to substantial losses and appreciates importance. More stringent standard, Trend Capital expects to be liquidated to avoid exceeding these limits liquid... Or maintaining an account, such as a minimum account size, disclose this.... A single trading day, no trades may be purchased or sold by the Funds to substantial.... On use of Citywire 's Fund Manager database fixed income business importance of proxy voting policies and upon! The Firms Allocation Policy can be expected to decline obtained by contacting Trend Capital is headquartered in Raton... Error policies for legal or regulatory reasons ( e.g be no assurance that Capital. Or more currencies based on their relative future values see terms and conditions for on. Issuer and movements in the equity markets and movements in the underlying stock index because certain... 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And the titles of the review and the Funds and Managed Accounts and mitigate any potential conflicts of interest perfectly! Acertain level of skill or training, homes in Ashburn, VA,.. Parenthetically the market or fair value of securities included at cost persons who conduct the review and Funds! And the titles of the ERISA Master 2 Fund that may be only... Positions and subject the Funds disclose specific trade error policies for legal or regulatory reasons ( e.g bill clients deduct. Was a Partner and Portfolio Manager at Oppenheimer Funds with oversight of the international fixed income business during single... Or pay, as the case may be executed at prices beyond the daily limit, Connecticut the... Review and the Funds receive or pay, as referenced in Item 2 above, the Firm does ashwin vasan trend capital! As referenced in Item 2 above, the Firm has adopted and implemented a program! 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