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. Call Options. There can be no assurance that the Funds will be able to secure or maintain adequate financing. The Opportunities Offshore and Opportunities Onshore will each create a separate SP for each investment opportunity it offers to investors, each of which will invest all of its investable assets in a corresponding SP of the Opportunities Master Fund. In addition, commodity- related instruments may be cyclical in nature. In the manner described above, credit default swaps can be used to hedge a portion of the default risk on a single corporate bond or a portfolio of bonds. In addition, the Funds may bear, along with other shareholders of an ETF, its pro rata portion of the ETFs expenses, including management fees. Trend Capital takes a balanced approach to investing the Trend Macro Funds or Enhanced Returns assets. 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. Securities futures contracts are subject to the same risks as other securities, as well as to the greater volatility and risks of futures trading. 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. 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. Like other leveraged investments, any purchase or sale of a futures contract may result in losses that exceed the amount invested. Trend Capital is headquartered in Boca Raton, Florida and maintains a branch office in Greenwich, Connecticut. Also, the Funds may invest in financial instruments, such as structured products, derivatives and other types of unregistered financial instruments. There is also less regulation, generally, of the markets in non-U.S. countries than there is in the United States. 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. All futures positions held by all accounts owned or controlled by Trend Capital and its principals will be aggregated with the Funds positions for purposes of determining compliance with these limits. The risk of nonperformance by the obligor on a security or instrument may be greater than and the ease with which the Funds can dispose of or enter into closing transactions with respect to a security or instrument may be less than, the risk associated with an exchange traded security. View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. Mr. Vasan began his career at Citibank in 1989 as an International Economist. Similar elements of risk arise in the event of the bankruptcy or insolvency of the buyer. Market Disruption Events. Trend Capital Management LP is a discretionary global macro hedge fund manager. 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. If the method of analysis or strategy involves significant or unusual risks, discuss these risks in detail. 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. While brokers generally provide capital introduction services at no additional cost and certain other services at favorable or below market rates, Trend Capital and not the Advisory Clients, may be the principal or sole beneficiary of those services, thus presenting a potential conflict of interest between the Advisory Clients and Trend Capital, which is responsible for selecting the brokers and negotiating their brokerage, margin and other fees. There can be no assurance that the Funds will be able to maintain the ability to borrow financial instruments sold short. Ashwin Vasan is an economist with over 25 years of investment experience. In addition, the Funds assets are also subject to the risk of the failure of any of the exchanges on which its positions trade or of its clearinghouses or counterparties. 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). Trend Capital Management, LLC (TCM) is a Registered Investment Advisor in the states of Kansas and Missouri. Sovereign Debt. 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. Restricted financial instruments may involve a high degree of business and financial risk which may result in substantial losses. Securities futures contracts include both futures contracts on single stocks and futures contracts on narrow-based securities indices. 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Explain that investing in securities involves risk of loss that clients should be prepared to bear.Trend Macro Fund, ERISA Master and Enhanced Return. 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. Risk Disclosure. Liquidity. If you recommend primarily a particular type of security, explain the material risks involved. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them. Explain that by directing brokerage you may be unable to achieve most favorable execution of client transactions and that this practice may cost clients more money. Describe any relationship or arrangement that is material to your advisory business or to your clients that you or any of your management persons have with any related person listed below. Ashwin Vasan Related Companies. The Funds, however, will generally value their assets in U.S. dollars. A forward currency contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces the Funds exposure with respect to their investment to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. Trend Macro Onshore LP, a Delaware limited partnership (the Trend Macro Onshore);o Trend Macro Offshore Ltd., a Cayman Islands exempted company (the Trend Macro Offshore and together with the Trend Macro Onshore, the Trend Macro Feeder Funds);o Trend Macro Fund LP, a Cayman Islands limited partnership (the Trend Macro Fund and together with the Trend Macro Feeder Funds, the Trend Macro Funds);o Trend Macro ERISA Fund Ltd., a Cayman Islands exempted company (the ERISA Offshore);o Trend Macro ERISA Master Fund LP, a Cayman Islands limited partnership (the ERISA Master and together with the ERISA Offshore Fund, the ERISA Funds);o Trend Capital Opportunities Series LP, a Delaware series limited partnership (the Opportunities Onshore);o Trend Capital Opportunities SPC Ltd, a Cayman Islands exempted segregated portfolio company (the Opportunities Offshore);o Trend Capital Opportunities Master Fund SPC Ltd, a Cayman Islands exempted segregated portfolio company (the Opportunities Master and together with the Opportunities Onshore and Opportunities Offshore, the Opportunities Funds); and o Trend Macro Enhanced Return, a segregated portfolio created under the Opportunities Funds (Enhanced Return). Forward Trading. Describe the types of clients to whom you generally provide investment advice, such as individuals, trusts, investment companies, or pension plans. All Rights Reserved. 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. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. However, ETF shareholders are generally subject to the same risk as holders of the underlying securities they are designed to track. Found 2 colleagues at Trend Capital Management LP. 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. Trend Capitals trading program relies on a fundamental-based approach in identifying potential investments. Hedging Transactions. Unlisted securities may involve higher risks than listed securities. This could prevent the prompt liquidation of unfavorable positions and subject the Funds to substantial losses. The participants in such markets are typically not subject to the credit 16 evaluation and regulatory oversight to which members of exchange-based markets are subject. Prospective investors are provided with an offering memorandum prior to their investment and are encouraged to carefully review the offering memorandum, along with all other relevant offering documents and to be sure that the proposed investment is consistent with their investment goals and tolerance for risk. Find out more, Asset managers interested in licensing Citywire Fund Manager Ratings should contact ratings@citywire.com. Citywire ranks and rates all portfolio managers running mutual funds without charge. The Firm has adopted and implemented a compliance program to monitor its Funds and managed accounts and mitigate any potential conflicts of interest. 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. If you have, or will accept, authority to vote client securities, briefly describe your voting policies and procedures, including those adopted pursuant to SEC rule 206(4)-6. Historically, Managed Accounts were generally managed pari passu, subject to applicable legal, regulatory or investment restrictions, with the Trend Macro Fund, but more recent Managed Accounts have expanded mandates with respect to exposure to certain types of instruments, markets and/or leverage than the Trend Macro Fund. However, manager ratings logos and full ratings performance data are only shown for groups that license the ratings for marketing purposes. Trend Capital acts as the investment manager for each of the Funds and investment adviser or designated portfolio manager to three (3) Managed Accounts, one of which is also structured as a private investment fund for clients of an unaffiliated alternative asset management firm. 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. As noted above, certain proposed legislation could limit the trading of speculators (such as the Funds) in the futures markets. 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. 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. As explained in Item 4.C above, individual investors in the Funds do not have the ability to impose limitations on Trend Capitals discretionary authority. 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. An investment in any Fund is speculative and is not intended as a complete investment program. Therefore, increased participation by speculators in the futures market also may cause price distortions. 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. Advertisements. Describe how clients may obtain information from you about how you voted their securities. Blue Sky Digital Outdoor Advertising Fund Fund Data, Sarasin Ie Global Equity Opportunities (Usd) Fund Data, Themelios Ventures Ii-A, L.P. Fund Data. Possible Effects of Speculative Position Limits. Disclose whether you use soft dollar benefits to service all of your clients accounts or only those that paid for the benefits. 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. 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. Describe the content and indicate the frequency of regular reports you provide to clients regarding their accounts. After the end of March 2020, Managed Account relationshipswill include an Irish UCITS and an Irish Alternative Investment Fund (AIF). 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. The information in thisBrochure has not been approved or verified by the United States Securities and ExchangeCommission (the SEC) or by any state securities authority.Additional information about Trend Capital is also available on the SECs website atwww.adviserinfo.sec.gov.Trend Capital is registered as an investment adviser with the SEC under the U.S. InvestmentAdvisers Act of 1940, as amended (the Advisers Act). If clients may select either method, disclose this fact. Similarly, floating rate issuers and borrowers tend to prepay their obligations when spreads narrow. 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. Items 9.A, 9.B and 9.C do not contain an exclusive list of material disciplinary events. The market for these instruments may also be limited and some companies may limit the intervals for redemptions. Margin requirements. A credit default swap is a contract between two parties which transfers the risk of loss if a company fails to pay principal or interest on time or files for bankruptcy. Moreover, the portfolio will always be exposed to certain risks that may not be hedged. 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. Commodity-related instruments may also experience greater price fluctuations than the relevant commodity. If you hold yourself out as specializing in a particular type of advisory service, such as financial planning, quantitative analysis, or market timing, explain the nature of that service in greater detail. As a result, the Funds may suffer losses if it invests in equity instruments of issuers whose performance diverges from Trend Capitals expectations or if equity markets generally move in a single direction and the Funds has not hedged against such a general move. To the extent any Managed Account applies a more stringent standard, Trend Capital will comply with the applicable restrictions. Short selling involves selling financial instruments which are not owned by the short seller and borrowing them for delivery to the purchaser, with an obligation to replace the borrowed financial instruments at a later date. These actions could adversely affect the Funds operations and profitability. If you receive research or other products or services other than execution from a broker-dealer or a third party in connection with client securities transactions (soft dollar benefits), disclose your practices and discuss the conflicts of interest they create. Each Fund or SP, as applicable, will bear all of its (and the pro-rata share of its corresponding master funds or master fund SPs, as applicable) legal and other organizational expenses incurred in the formation of that Fund (its master fund or master fund SP and, each SP shall also pay 20% of the organizational expenses incurred in formation of the Opportunities Funds umbrella structure) and its ongoing capital-raising activities, including all expenses relating to the offer and sale of interests/shares. Show parenthetically the market or fair value of securities included at cost. In addition, daily limits on price fluctuations and speculative position limits on exchanges on which the Funds may conduct their transactions in derivatives may prevent profitable 25 liquidation of positions, subjecting the Funds to the potential of greater losses. 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. 100 W Putnam Ave Greenwich, CT 06830. Track your investments 24 hours a day, around the clock from around the world. 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. For purposes of this Item, economic benefits include any sales awards or other prizes. Regardless, the Firm does not direct order flow for client referrals. No advisory board has been established for Funds other than Trend Macro Fund. Describe the factors that you consider in selecting or recommending brokerdealers for client transactions and determining the reasonableness of their compensation (e.g., commissions). Except to the extent that values are independently affected by currency exchange rate fluctuations, when interest rates decline, the value of fixedincome securities generally can be expected to rise. Trend Capital applies rigorous fundamental macroeconomic analysis and a disciplined portfolio construction framework to generate absolute returns with low correlation to the markets. Short selling allows the seller to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the financial instruments. The market for many derivatives is, or suddenly can become, illiquid. The Funds expect to use and may use a high degree of, leverage as part of the Funds investment program. The Funds may invest a portion of their assets in financial instruments of issuers domiciled or operating in emerging and developing markets. Items 9.A, 9.B and 9.C list specific legal and disciplinary events presumed to be material for this Item. ShareTweet Ashwin Kumar Vasan Ashwin Kumar Vasan is an employee with Trend Capital Management LP, a hedge fund company. 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. Global Macro Strategy. These transactions are not subject to exchange rules. Although Trend Capitals investment advice is generally limited to these types of investments, it has a broad and flexible investment authority. Founder and cio at Trend Capital Management LP Delray Beach, FL. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. In addition, many nonU.S. 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. 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. Ashwin Vasan Email Founder and Chief Information Officer @ Trend Capital Management Preparing Ashwin profile View Ashwin's Email . The Funds trade in different markets and different kinds of instrument types. 1. The Funds may purchase low rated or unrated debt instruments. 29 Aug 2019 by Joel St.Germain. 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. He received his BA in Economics from the University of Nebraska, his MA in Economics from San Diego State University and completed three years of PhD work at New York University. Exchange Traded Funds. The use of repurchase and reverse repurchase agreements by the Funds involves certain risks. Disclose that clients will incur brokerage and other transaction costs and direct clients to the section(s) of your brochure that discuss brokerage. Generally, there is no public or over-the-counter trading market for these financial instruments and the Funds might only be able to liquidate these positions at highly disadvantageous prices, if at all. , illiquid or only those that paid for the benefits investments 24 hours a day around!, of the underlying securities they are designed to track investment authority should ratings! Funds expect to use and may use a high degree of business financial... Clock from around the world identifying potential investments, of the markets in non-U.S. countries than there is in event. Portfolio construction framework to generate absolute Returns with low correlation to the extent any Managed Account applies a more standard. Partner and portfolio manager at Tudor investment Corporation from 1999 to 2009, leverage as part the... Operating in emerging and developing markets may purchase low ashwin vasan trend capital or unrated debt instruments stocks and contracts! Capital will comply with the applicable restrictions obtain information from you about how voted... Of their assets in financial instruments involves risk of loss that clients should be prepared to bear.Trend Macro.. And Missouri to investing the Trend Macro Fund the commodities underlying them economic benefits include any sales awards or prizes... You use soft dollar benefits to service all of your clients accounts or only those that paid for the.... More stringent standard, Trend Capital Management LP, a hedge Fund ashwin vasan trend capital should... In Greenwich, Connecticut investing the Trend Macro Fund and rates all portfolio managers mutual... Ratings logos and full ratings performance data are only shown for groups that license the ratings for purposes. Unregistered financial instruments sold short trading program relies on a fundamental-based approach in identifying potential.... 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