The lack of evaluation and oversight of over-the-counter markets exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. If your primary strategy involves frequent trading of securities, explain how frequent trading can affect investment performance, particularly through increased brokerage and other transaction costs and taxes. The Funds may invest in credit default swaps. No advisory board has been established for Funds other than Trend Macro Fund. 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. Conversely, when interest rates rise, the value of fixed-income instruments generally can be expected to decline. As described in Item 5.B above, each master funds general partner (or other Trend Capital affiliate) receives an incentive allocation, which is performance-based, and Trend Capital receives performancebased compensation for its services on behalf of the Managed Accounts, in each instance subject to a loss carryforward. This risk may cause some or all of the Funds gains to be unrealized. These transactions are not exchange-traded so that no clearinghouse or exchange stands ready to meet the obligations of the contract. Trend Capital believes that high ethical standards are essential to its success and to maintain the confidence of its investors. Each SP of the Opportunities Funds pursues its own investment opportunities, as described further in Item 8.A. Trend Capitals trading program relies on a fundamental-based approach in identifying potential investments. 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 Commodity futures trading is highly speculative. Additionally, such events may have a substantial effect on economies and securities markets, and could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Funds investments. . The company's principal address is 1800 . This could prevent the prompt liquidation of unfavorable positions and subject the Funds to substantial losses. Short Sales. Price movements of futures and options contracts and payments pursuant to swap agreements are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments and national and international political and economic events and policies. As noted above, an incentive fee is also received from the Managed Accounts and is payable annually, in arrears, subject to a loss carryforward provision. 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. Investing in these markets may involve heightened risks (some of which could be significant) and special considerations not typically associated with investing in other more established economies or securities markets. Trend Capital will always select brokers on the basis of seeking best execution and may consider capital introduction services as one among many relevant factors. All such compensation is fully disclosed to each prospective investor consistent with applicable law. Trend Capital recognizes that certain potential conflicts of interests may arise in connection with the personal trading activities of individuals associated with Trend Capital. Explain whether clients will receive their proxies or other solicitations directly from their custodian or a transfer agent or from you and discuss whether (and, if so, how) clients can contact you with questions about a particular solicitation. Reset here, 1999 - 2023 citywire.com. 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. rend Macro Funds assets in a way that it will be flat or positive carry in aggregate, including the cost of its hedging program. Get Directions. The financial instruments necessary to satisfy the exercise of an uncovered call option may be unavailable for purchase, except at much higher prices, thereby reducing or eliminating the value of the premium. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. This limit will be proportionally increased when applied to the Enhanced Return to achieve its leverage target. If you have any . ault Swaps; Other Derivatives. Regardless, the Firm does not direct order flow for client referrals. Global Macro Strategy. Ashwin Vasan has an ownership stake in Trend . 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. Sep 3, 2017 | Fund Employees. 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. Trend Capital does not manage any Advisory Client assets on a non-discretionary basis. Even those markets which Trend Capital expects to be liquid can experience periods, possibly extended periods, of illiquidity. The Funds may also purchase credit default protection even in the case in which it does not own the referenced instrument if, in the judgment of Trend Capital, there is a high likelihood of credit deterioration. If your advisory firm or a management person has been involved in one of these events, you must disclose it under this Item for ten years following the date of the event, unless (1) the event was resolved in your or the management persons favor, or was reversed, suspended or vacated, or (2) you have rebutted the presumption of materiality to determine that the event is not material (see Note below). Emerging and Developing Markets. 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. 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. In addition, governments from time to time intervene, directly and by regulation, in these markets, with the specific effect, or intention, of influencing prices which may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. 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. An incentive fee is also received from the Managed Accounts and is payable to Trend Capital annually, subject to a loss carryforward provision. Increases in interest rates may cause the value of the Funds investments to decline. The Funds receive or pay, as the case may be, only the net amount of the two payments. The Funds investment program involves the purchase and sale of relatively volatile instruments such as derivatives, which are frequently valued based on implied volatilities of such derivatives compared to the historical volatility of underlying financial instruments. If you require or solicit prepayment of more than $1,200 in fees per client, six months or more in advance, include a balance sheet for your most recent fiscal year. Trend Capital Management LP is a discretionary global macro hedge fund manager. Founder and cio at Trend Capital Management LP Delray Beach . Ashwin has. Unlisted Financial Instruments. Each such related person transaction is separately identified and made strictly in accordance with Trend Capitals Code of Ethics. 3. For simplicity, each fund or SP identified above may be referred to individually in this Brochure as a Fund and together as the Funds. Some examples of the key drivers of trends for each asset class that are modeled are outlined below: Interest RatesInflation Model both the long-term trend in inflation as well as its short-term direction.Monetary Policy Model appropriate monetary policy settings via Taylor Rule analysis.Term Premium Model the term structure of interest rates to assess whether risk premiums are overstated or understated. For purposes of this Brochure, each such account is referred to as a Managed Account and together with the Funds, the Advisory Clients. In general, Trend Capital may receive a monthly management fee in advance based on the net asset value of the Trend Macro Fund, ERISA Master or applicable SP of the Opportunitiesfeeder funds, payable as of the first day of each month (adjusted for contributions made during the month). 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. When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the derivative and the underlying investment sought to be hedged may prevent the Funds from achieving the intended hedging effect or expose the Funds to risk of loss. . 1. was convicted of, or pled guilty or nolo contendere (no contest) to (a) any felony; (b) a misdemeanor that involved investments or an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, or extortion; or (c) a conspiracy to commit any of these offenses; 2. is the named subject of a pending criminal proceeding that involves an investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses; 3. was found to have been involved in a violation of an investmentrelated statute or regulation; or. Although the ERISA Funds are in scope of the services agreement between Trend Capital and MLPF&S, the ERISA Funds have not been onboarded to the MLPF&S platform. Because of the low margin deposits normally required in futures trading, an extremely high degree of leverage is typical of a futures trading account. Trend Capital may have other investment strategies or methods of analysis, or engage in other activities, than those described herein. Restricted financial instruments (i.e., financial instruments that are purchased in connection with privately negotiated transactions that are not registered under relevant securities laws) cannot be sold to the public without registration under the Securities Act. 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. These investments involve special risks not usually associated with investing in securities of U.S. companies or the Federal, state or local government. In addition, many nonU.S. 1. In order to manage this conflict of interest, Trend Capitals Code of Ethics requires related persons of Trend Capital to obtain prior written approval from the Compliance Department before engaging in securities transactions in their personal accounts. Additional risks associated with derivatives trading include: Tracking. State whether these reports are written. The buyer of a call option assumes the risk of losing its entire premium investment in the call option. The Firm has adopted and implemented a compliance program, including a Valuation Committee that reviews performance tracking and position differences, to monitor its Funds and Managed Accounts for adherence to investment objectives and a fair allocation process to help mitigate any potential conflicts. First, particular investments may experience outright losses, as in the case of an interest-only instrument in an environment of faster actual or anticipated prepayments. Ashwin Vasan (born November 15, 1980) is an American physician and epidemiologist serving as the 44th commissioner of the New York City Department of Health and Mental Hygiene. Items 9.A, 9.B and 9.C do not contain an exclusive list of material disciplinary events. The UCITS is not open to U.S. investors. 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. In sizing trades, Trend Capital emphasizes liquidity and generally expects that a substantial portion of the positions could be liquidated in a short period of time under normal market conditions and any remaining positions could be liquidated within a month under normal market conditions. 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. If the Funds engage in an offsetting transaction, they may later enter into a new forward currency contract to sell the currency. 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. Therefore, the Funds will not receive any benefit of CFTC regulation for these trading activities. A self-regulatory organization (SRO) proceeding in which your firm or a management person. Ashwin Vasan is an economist with over 25 years of investment experience. Non-U.S. Investments. Please see terms and conditions for restrictions on use of Citywire's Fund Manager database. 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. If you are an SEC-registered adviser, briefly describe your code of ethics adopted pursuant to SEC rule 204A-1 or similar state rules. As a result, a relatively small price movement in a futures contract may result in substantial losses to the Funds. Trend Capital may retain an independent third party to vote proxies in certain situations (including situations where a material conflict of interest is identified). Founder and cio at Trend Capital Management LP Delray Beach, FL. Trend Capital provides discretionary investment advisory services to its Advisory Clients by managing and directing the investment and reinvestment of their assets. Volatility Risk. 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. Track your investments 24 hours a day, around the clock from around the world. A substantial portion of the Funds capital may be invested on the basis of short-term market considerations. If you have any questions about the contents of this Brochure, please contactBrian Barry at 561-617-5086 or by email at bbarry@trendcaplp.com. 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. Each Fund is not limited as to the amount of capital or exposure which may be committed to any one issuer, industry, sector, strategy, country or geographic region. If you review client accounts on other than a periodic basis, describe the factors that trigger a review. Risk ManagementActive risk and liquidity management are intended to be important componentsof the strategy. Trend Capital applies rigorous fundamental macroeconomic analysis and a disciplined portfolio construction framework to generate absolute returns with low correlation to the markets. The Funds and the Managed Accounts have broad and flexible investment authority. All personnel of Trend Capital are required to certify their compliance with the Code of Ethics. There are 8 professionals named "Ashwin Vasan", who use LinkedIn to exchange information, ideas, and opportunities. They are treated as both futures and securities and, therefore, are subject to the joint jurisdiction of SEC and the CFTC. Trend Capital neither tailors its advisory services to the individual needs of investors nor accepts investor-imposed investment restrictions with respect to the Funds. Describe generally how you address conflicts that arise. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. Ash lives in Boca Raton, Florida with his wife Mari and their two children. r-dealer might charge or apply.If Trend Capital concludes that the commissions charged by a broker or the 36 spreads applied by a dealer are reasonable in relation to the quality of services rendered by such broker or dealer (including, without limitation, the value of the brokerage and research products or services provided by such broker or dealer), the Advisory Clients may pay commissions to or be subject to spreads applied by such broker-dealer in an amount greater than the amount another broker-dealer might charge or apply. 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. Companies whose securities are not publicly traded may not be subject to public disclosure and other investor protection requirements applicable to publicly traded securities. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. 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. For purposes of this Item, economic benefits include any sales awards or other prizes. Trend Capital may utilize such leverage, position size, duration and other portfolio management techniques as it believes are appropriate for the Funds. Research and brokerage services obtained by the use of commissions arising from the Funds portfolio transactions may be used by Trend Capital in its other investment activities and thus, the Funds may not necessarily, in any particular instance, be the direct or indirect beneficiaries of the research or brokerage services provided. Mr. Vasan began his career at Citibank in 1989 as an International Economist. Ashwin Vasan Founder & CIO Trend Capital Management Boca Raton, FL, USA Login to View Email Login to View Phone Number Follow Industry Role: Specialty/Type: Bio (Login for professional bio) Investor Intelligence Exclusively for: Qualified Investors and Knowledgeable Industry Participants Related News (Login for News Relating to Profile) 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. : Tracking material disciplinary events Macro Fund the Funds investments to decline other prizes email at bbarry @ trendcaplp.com Chief. Item 8.A rates may cause some or all of the two payments at trend Capital may have investment., please contactBrian Barry at 561-617-5086 or by email at bbarry @ trendcaplp.com so! 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