";s:4:"text";s:27471:"Describe whether you deduct fees from clients assets or bill clients for fees incurred. All such referral activities will be conducted in accordance with SEC Rule 206(4)-3 under the Advisers Act as well as relevant SEC guidance. Once the price of a futures contract for a particular commodity has increased or decreased by an amount equal to the daily limit, positions in the commodity cannot be taken or liquidated unless traders are willing to effect trades at or within the limit. 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. Trend Capitals trading program relies on a fundamental-based approach in identifying potential investments. The Funds receive or pay, as the case may be, only the net amount of the two payments. If your clients either may or must pay your fees in advance, disclose this fact. 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. Describe the types of advisory services you offer. The practice of leveraging and the use of derivatives, swaps, futures and options, may subject an investment portfolio to greater risk of adverse impact. Trend Capital is of the view that its long-term business interests are best served by adherence to the principle that investors interests come first. 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"). 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 that investing in securities involves risk of loss that clients should be prepared to bear.Trend Macro Fund, ERISA Master and Enhanced Return. Describe the procedures you follow before you assume this authority (e.g., execution of a power of attorney). As such, there are many factors upon which market participants may have divergent views. View company leaders and background information for Trend Capital Management Lp. Call Options. Currency swaps involve the exchange of cash flows on a notional amount of two or more currencies based on their relative future values. Hedging Transactions. 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. In the case of expected credit improvement, the Funds may write credit default protection in which it receives spread income. The amount of borrowings and leverage which the Funds may have outstanding at any time may be substantial in relation to their capital. Leverage; Borrowing for Operations. Trend Capital deducts fees from Fund assets. Interest Rate Risk. Avanath Capital 1920 Main Street, Suite 150, Irvine, CA 92614 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. All such compensation is fully disclosed to each prospective investor consistent with applicable law. Commodity futures prices have 23 occasionally moved to the daily limit for several consecutive days with little or no trading. 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. 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. In general, neither Trend Capital nor the Funds will be required to notify any or all of the other investors in the Funds of any such Side Letters or any of the rights and/or terms or provisions thereof, except as specified in Trend Macro Funds MFN (most-favored nations) Policy Statement, which requires that Trend Capital notify certain investors of any new Side Letters and offer such investors equally favorable terms as those granted in the new Side Letter. 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. Swap Transactions. Moreover, the portfolio will always be exposed to certain risks that may not be hedged. Investment Program of Trend Capital. Ashwin has 1 job listed on their profile. 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. However, there are a number of additional risks associated with derivatives trading. Found 2 colleagues at Trend Capital Management LP. Possible Effects of Speculative Position Limits. If your clients also receive account statements from you, your explanation must include a statement urging clients to compare the account statements they receive from the qualified custodian with those they receive from you. ault Swaps; Other Derivatives. While the Funds may enter into hedging transactions to seek to manage risk, such transactions may result in a poorer overall performance for the Funds than if it had not engaged in any such hedging transaction. Trend Capital also provides discretionary investment advisory services to three (3) additional accounts, as either the investment adviser or portfolio manager. 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. 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. 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). For each significant investment strategy or method of analysis you use, explain the material risks involved. Commodity futures trading is highly speculative. Please see terms and conditions for restrictions on use of Citywire's Fund Manager database. The Funds and the Managed Accounts have broad and flexible investment authority. Provide your fee schedule. Conversely, when interest rates rise, the value of fixed-income instruments generally can be expected to decline. These instruments carry a higher risk that the issuer will be unable to pay principal and interest when due. 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. Dun & Bradstreet Data last . 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. Trend Capital acts as the investment manager of the Funds. 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. 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 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. An affiliate entity of Trend Capital also serves as a general partner to the Master Funds and each feeder fund that is structured as a limited partnership and the Class M Shareholder with respect to the Opportunities Master. Trend Capital understands and appreciates the importance of proxy voting and ensuring that its proxy voting procedures are clearly described to investors. These instruments may offer higher yields than do higher rated instruments, but generally involve greater price volatility. Even those markets which Trend Capital expects to be liquid can experience periods, possibly extended periods, of illiquidity. All fees charged to the sub-fund are disclosed in the Prospectus and Prospectus Supplement for the sub-fund. Such services and items may influence Trend Capitals selection of brokers. This could prevent the prompt liquidation of unfavorable positions and subject the Funds to substantial losses. In addition, commodity- related instruments may be cyclical in nature. 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. The market for these instruments may also be limited and some companies may limit the intervals for redemptions. The information contained in this Item 8 is a summary only and is qualified in its entirety by the relevant Advisory Clients offering documents. 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. Restricted financial instruments may involve a high degree of business and financial risk which may result in substantial losses. Disclose that clients will incur brokerage and other transaction costs and direct clients to the section(s) of your brochure that discuss brokerage. With regards to the Irish AIF, Trend Capital serves as portfolio manager and the principal investment manager pays Trend Capital a portion of the management fee charged to the sub-fund by the principal investment manager. Thus, the Funds face the risk that their counterparties may not perform their obligations. 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. In addition, as referenced in Item 2 above, the offering documents for the Funds disclose specific trade error policies. 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. View Location. 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. In addition, new and additional regulations and laws may apply to swaps and other derivatives that have not heretofore been applied. . Trend Capital neither tailors its advisory services to the individual needs of investors nor accepts investor-imposed investment restrictions with respect to the Funds. . It is possible that as a result of war, terrorist act, natural disaster, outbreaks of infectious disease, epidemic, pandemic or other serious public health concern, or geopolitical or other extraordinary or unforeseen circumstance or event, one or more of these markets may cease operating for a limited or indeterminate period of time. Explain that clients have the option to purchase investment products that you recommend through other brokers or agents that are not affiliated with you.Not applicable. Liquidity. In addition, governmental or regulatory authorities may impose trading or travel restrictions that could adversely affect the Firms ability to effectively conduct the Funds business or conduct investment related travel to the countries in which the Funds invest. For simplicity, each fund or SP identified above may be referred to individually in this Brochure as a Fund and together as the Funds. Managed Account payment terms are specifically negotiated, with payment generally in arrears. 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. 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. Ashwin Vasan Overview Ashwin Vasan has been associated with six companies, according to public records. Futures Contracts Risks. Purchasing financial instruments to close out a short position can itself cause the price of the financial instruments to rise further, thereby exacerbating the loss. 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. 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. Please refer to the offering documents of the Funds for a detailed description of the material risks related in an investment in the Funds. The purpose of these visits is to ascertain the views of domestic policymakers, both private and public, assess the state of domestic businesses and business conditions, understand domestic politics and understand local investor sentiment as well as supply/demand conditions, so that these qualitative factors may be incorporated into Trend Capitals portfolio decisions. Unfavorable economic conditions also could increase funding costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Funds. Explain whether clients may impose restrictions on investing in certain securities or types of securities. The management fee for Class C and Class D Interests/Shares is at the annual rate of 1.5%, provided the aggregate subscription amount (less any withdrawals/redemptions other than withdrawals/redemptions of aggregate net profits, which, for this purpose, any amounts withdrawn or redeemed will be first applied against aggregate net profits, if any) meets or exceeds a threshold amount set forth in the applicable offering documents. The Funds may enter into spot and forward currency contracts and options on currencies to trade currencies or to shift exposure to foreign currency fluctuations from one currency to another with respect to the Funds. . If you participate in wrap fee programs by providing portfolio management services, (1) describe the differences, if any, between how you manage wrap fee accounts and how you manage other accounts, and (2) explain that you receive a portion of the wrap fee for your services. Such factors include government regulation, new technologies and political and economic events. Trend Capital Management LPTrend Capital Advisers LP1800 N. Military Trail, Suite 475Boca Raton, FL 33431Tel: 561-617-5086March 30, 2020. Loudoun County has similar renown and is called "The Center of the Internet" and "Data Center Alley.". The management fee will be prorated for any period that is less than a full month. Trend Capital has broad latitude with respect to the management of the Funds risk parameters. A criminal or civil action in a domestic, foreign or military court of competent jurisdiction in which your firm or a management person. 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. 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. Ashwin Vasan is the Founder and CIO of Trend Capital Management LP. Advisory Clients may be deemed to be paying for research and other services with soft or commission dollars. The Funds may invest in exchange traded funds 24 (ETFs), which are shares of publicly-traded unit investment trusts, open-end funds, or depository receipts that seek to track the performance and dividend yield of specific indexes or companies in related industries. 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. All such reports are written. The UCITS is not open to U.S. investors. 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. Among other things, the Code of Ethics (i) requires that all employees comply with federal securities laws, (ii) requires that all employees submit to Trend Capital reports containing their personal securities holdings and transactions in reportable securities and that Trend Capital review such reports, (iii) requires all employees to obtain pre-approval of transactions in their personal accounts (except open-end mutual funds) and (iv) contains policies and procedures designed to prevent the misuse of material, non-public information. Stock Index Futures. Trend Capital does not manage any Advisory Client assets on a non-discretionary basis. 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. Necessity for Counterparty Trading Relationships; Counterparty Risk. A self-regulatory organization (SRO) proceeding in which your firm or a management person. 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. Executive Officer Director Promoter Clarification of Response (if Necessary): Manager of the General Partner Relationship: Executive Officer Director X Promoter Clarification of Response (if Necessary): Investment Manager 4. 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 credit default swap market in high yield securities is comparatively new and rapidly evolving compared to the credit default swap market for more seasoned and liquid investment grade securities. No guarantee or representation is made that an Opportunities Master Fund SPs investment program will be successful or that its investment objectives will be 13 met. 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. Trend Capital ERISA GP LLC is the general partner of the ERISA Master 2 Fund. Trend Capital and its management persons have no other relationships or arrangements with any of the related persons listed above that are material to Trend Capitals advisory business or its clients. Concentration of Investments. There can be no assurance that the Funds will be able to secure or maintain adequate financing. 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. Such investments experience greater volatility in market value due to changes in interest rates than debt obligations that provide for regular payments of interest. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. The investment manager may also invest up to 10% of the applicable master funds net asset value (determined as of the date of the last purchase) in single-name corporate CDS and other credit securities. Ashwin Vasan, Ramesh Parameswar, Brian Goldenberg, Bryan Getz and Brian Barry are each registered as principals and associated persons of Trend Capital Management LP, Trend Capital GP LLC and Trend Capital Advisers LP and Amy Bordonaro Collins is registered as an associated person of Trend Capital Management LP, Trend Capital GP LLC and Trend Capital Advisers LP. 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. Ash lives in Boca Raton, Florida with his wife Mari and their two children. For purposes of calculating this ten-year period, the date of an event is the date that the final order, judgment, or decree was entered, or the date that any rights of appeal from preliminary orders, judgments or decrees lapsed. 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. Trend Capital is not currently aware of any financial condition that is reasonably likely to impair its ability to meet contractual commitments to clients. This risk may cause some or all of the Funds gains to be unrealized. The fees related to the remaining Managed Accounts are individually negotiated. Trend Capital provides investors with unaudited statements of the relevant Funds performance at least monthly and tax information and audited financial information annually. Increases in interest rates may cause the value of the Funds investments to decline. Trend Capital need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost or spread. 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. The incentive allocation ranges from 15% to 20% of net profits per annum, depending on the Fund andthe Class of Interests/Shares or SP in which an investor subscribes. ";s:7:"keyword";s:26:"ashwin vasan trend capital";s:5:"links";s:243:"Should I Be A Veterinarian Quiz,
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