In exchange for a significant investment in the Trend Macro Feeder Funds at launch, a share of the gross revenue of Trend Capital and its affiliated general partner entities has been granted to affiliates of Shumway Capital. Indicate whether you periodically review client accounts or financial plans. Risk Disclosure. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. Address 44151 Ashburn Shopping Plaza. Ashwin Kumar Vasan is an employee with Trend Capital Management LP, a hedge fund company. In addition, brokers may provide other services that are beneficial to Trend Capital, but not necessarily beneficial to the Funds, including, without limitation, capital introduction, marketing assistance, consulting with respect to technology, operations or equipment and other services or items. 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). 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. 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. Trend Capital may retain an independent third party to vote proxies in certain situations (including situations where a material conflict of interest is identified). Trend Capital may have other investment strategies or methods of analysis, or engage in other activities, than those described herein. The Funds may trade forward contracts. 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. Credit Default Swaps; Other Derivatives. Trend Capital Management LP has been registered with the CFTC as a commodity pool operator under the Commodity Exchange Act and has been a member of the National Futures Association since January 2, 2013; Trend Capital GP LLC has also been registered with the CFTC as a commodity pool operator under the Commodity Exchange Act and has been a member of the National Futures Association since January 2, 2013; and Trend Capital Advisers LP has been registered with the CFTC as a commodity pool operator under the Commodity Exchange Act and has been a member of the National Futures Association since October 16, 2017. (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. This risk may cause some or all of the Funds gains to be unrealized. Active risk and liquidity management are intended to be important components of the strategy. 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. As further described in Item 8.A below, the Trend Macro Fund, ERISA Master, Enhanced Return and associated Managed Accounts, subject to applicable legal, regulatory or investment restrictions, invest to capitalize on fundamental trends in currencies, interest rates and credit and equity indices in both developed and emerging markets. Each Funds offering documents contain a detailed description of the applicable Funds fee schedule.Management Fee. For each significant investment strategy or method of analysis you use, explain the material risks involved. 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. Similarly, floating rate issuers and borrowers tend to prepay their obligations when spreads narrow. Since many fixed rate obligations will be discount instruments when interest rates and/or spreads are high and will be premium instruments when interest rates and/or spreads are low, such debt instruments and asset-backed instruments may be adversely affected by changes in prepayments in any interest rate environment. If you review client accounts on other than a periodic basis, describe the factors that trigger a review. Trend Capital ERISA GP LLC is the general partner of the ERISA Master 2 Fund. These commissions and costs reduce the Funds net profits. Leverage may take the form of, among other things, any of the financial instruments described herein, including, derivative instruments which are inherently leveraged and trading in products with embedded leverage such as options, short sales, swaps and forwards. Trend Capital aggregates Advisory Client orders to achieve more efficient execution or to provide for equitable treatment among accounts to the extent possible, under existing laws and regulations. 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. These transactions are not subject to exchange rules. 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. 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 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. Unlisted securities may involve higher risks than listed securities. In such cases, 19 the Funds can be bought in (i.e., forced to repurchase financial instruments in the open market to return to the lender). Trend Capital applies rigorous fundamental macroeconomic analysis and a disciplined portfolio construction framework to generate absolute returns with low correlation to the markets. Trend Capital may utilize such leverage, position size, duration and other portfolio management techniques as it believes are appropriate for the Funds. The seller (writer) of a call option which is covered (i.e., the writer holds the underlying financial instrument) assumes the risk of a decline in the market price of the underlying financial instrument below the purchase price of the underlying financial instrument less the premium received and gives up the opportunity for gain on the underlying financial instrument above the exercise price of the option. 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. Show parenthetically the market or fair value of securities included at cost. The Trend Capital generally tries to invest the Trend Macro Funds assets in a way that it will be flat or positive carry in aggregate, including the cost of its hedging program. The buyer of a call option assumes the risk of losing its entire premium investment in the call option. 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. 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. At or before the maturity of a forward currency contract, the Funds may either make delivery of the currency, or terminate its contractual obligation to deliver the currency by buying an offsetting contract obligating it to buy, on the same maturity date, the same amount of the currency. Trend Capital has broad latitude with respect to the management of the Funds risk parameters. 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. If forward prices go up, the Funds will suffer a loss to the extent the price of the currency they have agreed to buy exceeds the price of the currency they have agreed to sell. Trend Capital has broad investment authority, and may trade in any type of security, issuer or group of related issuers, country, region and sector that it believes will help the Funds achieve their investment objective. Sovereign Debt. Please let us know if you have any questions about, or would like to be provided with a copy of, our proxy voting procedures. Successful use of stock index futures contracts by the Funds also is subject to Trend Capitals ability to correctly predict movements in the direction of the market. Describe the procedures you follow before you assume this authority (e.g., execution of a power of attorney). These indexes may either be broad-based, sector-based, or international. Commodity-related instruments may also experience greater price fluctuations than the relevant commodity. The use of repurchase and reverse repurchase agreements by the Funds involves certain risks. Ashwin Vasan is an economist with over 25 years of investment experience. Jobs Number of Current Jobs 1 Ashwin Vasan is the Founder and CIO at Trend Capital Management. The management fee will be prorated for any period that is less than a full month. Ashwin Vasan has served as Chief Investment Officer of Trend Capital Management LP since 2011. Additional risks associated with derivatives trading include: Tracking. These actions could adversely affect the Funds operations and profitability. The lack of a complete and foolproof evaluation of the financial capabilities of the Funds counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Funds. As such, there are many factors upon which market participants may have divergent views. Because of the absence of any trading market for unlisted securities, it may take longer to liquidate, or it may not be possible to liquidate, positions in unlisted securities than would be the case for publicly traded securities. 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. While the Firm has taken steps to mitigate the adverse consequences that could arise from the occurrence of a market disruption event, the inability to predict the timing, location, source and severity of such event or events make it 20 difficult to provide assurances that the Funds would not suffer adverse consequences should a market disruption event occur. There is also less regulation, generally, of the markets in non-U.S. countries than there is in the United States. Commodity-Related Instruments. 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. The Funds and the Managed Accounts have broad and flexible investment authority. Trend Capital LLC is a Connecticut Foreign Limited-Liability Company filed on May 13, 2011. 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. Currency transactions made on a spot basis are for cash at the spot rate prevailing in the currency market for buying or selling currency. The Opportunities Master Fund SPs invest in and trade securities and other financial instruments using investment techniques with risk characteristics, including risks of the debt and equity markets, the risks of borrowings and short sales, the potential illiquidity of securities and other financial instruments and the risk of loss from counterparty defaults. 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. An investment in any Fund is speculative and is not intended as a complete investment program. Explain that not all advisers require their clients to direct brokerage. For documentation purposes, Trend Capital will always provide the date of the last annual update of the Brochure. Trend Capital also compensates Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) for its clients introduced to the Trend Macro Funds. Ashwin Kumar Vasan, Trend Capital Management LP: Profile and Biography - Bloomberg Markets Live Now Bloomberg TV+ Bloomberg Balance of Power Bloomberg: Balance of Power focuses on the. Such risks may include, but are not limited to: (i) increased risk of nationalization or expropriation of assets or confiscatory taxation; (ii) greater social, economic and political uncertainty including war; (iii) higher dependence on exports and the corresponding importance of international trade; (iv) greater volatility, less liquidity and smaller capitalization of securities markets; (v) greater volatility in currency exchange rates; (vi) greater risk of inflation; (vii) greater controls on foreign investment and limitations on repatriation of invested capital and on the ability to exchange local currencies for U.S. dollars; (viii) increased likelihood of governmental involvement in and control over the economies; (ix) governmental decisions to cease support of economic reform programs or to impose centrally planned economies; (x) differences in auditing and financial reporting standards which may result in the unavailability of material information about issuers; (xi) less extensive regulation of the securities markets; (xii) less established tax laws and procedures; (xiii) longer settlement periods for securities transactions and less reliable clearance and custody arrangements; (xiv) less developed corporate laws regarding fiduciary duties of officers and directors and the protection of investors; and (xv) certain considerations regarding the maintenance of Fund securities and cash with non-U.S. brokers and securities depositories. The Funds, however, will generally value their assets in U.S. dollars. Even those markets which Trend Capital expects to be liquid can experience periods, possibly extended periods, of illiquidity. Describe generally how you address conflicts that arise. The Funds also may be exposed to risks that issuers will not fulfill contractual obligations such as, in the case of convertible financial instruments or private placements, delivering marketable common stock upon conversions of convertible financial instruments and registering restricted financial instruments for public resale. View Location. These instruments may offer higher yields than do higher rated instruments, but generally involve greater price volatility. 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. 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. Ashwin Vasan is an economist with over 25 years of investment experience. If the Funds invest in derivatives at inopportune times or incorrectly judge market conditions, the investments may lower the return of the Funds or result in a loss. 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. Disclose that you may have an incentive to select or recommend a brokerdealer based on your interest in receiving client referrals, rather than on your clients interest in receiving most favorable execution. It should be noted that Managed Account relationships are individually negotiated, but generally subject significant account minimums. Futures prices are highly volatile. A stock index fluctuates with changes in the market values of the stocks included in the index. If a conflict is identified, the Chief Compliance Officer will then decide (which may be in consultation with outside legal counsel or third-party compliance consultants) as to whether the conflict is material or not. Trend Capital applies rigorous fundamental macroeconomic analysis and a disciplined portfolio construction framework to generate absolute returns with low correlation to the markets. Find out more, Asset managers interested in licensing Citywire Fund Manager Ratings should contact ratings@citywire.com. Although Trend Capitals investment advice is generally limited to these types of investments, it has a broad and flexible investment authority. 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