An affiliated entity of Trend Capital serves as general partner for each master fund and feeder fund that is structured as a limited partnership and as the Class M Shareholder with respect to the Opportunities Master. There also can be no assurance that the financial instruments necessary to cover a short position will be available for purchase at or near prices quoted in the market. The Funds may engage in swap transactions. 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. Trend Capital Management Founder and CIO Recent News and Activity There is no recent news or activity for this profile. Price movements of commodity futures contracts are influenced by, among other things, changing supply and demand relationships, governmental agricultural and trade programs and policies and national and international political and economic events. Industry Group Agriculture Banking & Financial Services Business Services Energy Coal Mining Electric Utilities 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. If you or a related person recommends securities to clients, or buys or sells securities for client accounts, at or about the same time that you or a related person buys or sells the same securities for your own (or the related persons own) account, describe your practice and discuss the conflicts of interest it presents. The respective general partner may, in its sole discretion, waive, reduce or calculate differently the management fee with respect to certain investors. Such factors include government regulation, new technologies and political and economic events. These option hedges typically involve the purchase of short-dated options and/or option spreads, but may include other instruments. Advertisements. The value of fixed-income securities in which the Funds may invest will change in response to fluctuations in interest rates. Explain that directing brokerage may cost clients more money. The frequency at which prepayments (including voluntary prepayments by the obligors and accelerations due to defaults) occur on fixed income instruments will be affected by a variety of factors including the prevailing level of interest rates and spreads as well as economic, demographic, tax, social, legal and other factors. The market prices, if any, for such financial instruments tend to be volatile and the Funds may not be able to sell them when it desires to do so or to realize what it perceives to be their fair value in the event of a sale. Similar elements of risk arise in the event of the bankruptcy or insolvency of the buyer. . Not applicable. These contracts, unlike exchange-traded futures contracts and options on futures, are not regulated by the CFTC. B. Unlisted securities may involve higher risks than listed securities. Disclose the date as of which you calculated the amounts. financial markets are not as developed or as efficient as those in the U.S. and as a result, price volatility may be higher for the Funds investments. 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. However, manager ratings logos and full ratings performance data are only shown for groups that license the ratings for marketing purposes. 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. Such investments experience greater volatility in market value due to changes in interest rates than debt obligations that provide for regular payments of interest. Changes in interest rates can affect the value of the Funds investments in fixed income instruments. Like other leveraged investments, any purchase or sale of a futures contract may result in losses that exceed the amount invested. Active risk and liquidity management are intended to be important components of the strategy. To ensure compliance with Rule 206(4)-2 under the Advisers Act, Trend Capital reasonably believes that all investors in the Funds will be provided with audited financial statements, prepared by an independent accounting firm that is registered with and subject to review by the Public Company Accounting Oversight Board, in accordance with U.S. Generally Accepted Accounting Principles, within 120 days, of the end of the Funds fiscal years. Please refer to the offering documents of the Funds for a detailed description of the material risks related in an investment in the Funds. Ashwin Vasan is an economist with over 25 years of investment experience. In addition, certain Funds or managed accounts may have different trade error policies for legal or regulatory reasons (e.g. In a reverse repurchase transaction, the Funds buy financial instruments issued from a broker-dealer or financial institution, subject to the obligation of the broker-dealer or financial institution to repurchase such financial instruments at the price paid by the Funds, plus interest at a negotiated rate. Trend Capital has broad latitude with respect to the management of the Funds risk parameters. A self-regulatory organization (SRO) proceeding in which your firm or a management person. Exchange Traded Funds. The UCITS is not open to U.S. investors. Explain the conflicts of interest that you or your supervised persons face by managing these accounts at the same time, including that you or your supervised persons have an incentive to favor accounts for which you or your supervised persons receive a performance-based fee and describe generally how you address these conflicts. SEC registration does not imply acertain level of skill or training. a. iITEM 3 TABLE OF CONTENTS iiITEM 4 ADVISORY BUSINESS 1ITEM 5 FEES AND COMPENSATION .. 4ITEM 6 PERFORMANCE-BASED FEES AND SIDE-BY-SIDEMANAGEMENT .. 8ITEM 7 TYPES OF CLIENTS .. 9ITEM 8 METHODS OF ANALYSIS, INVESTMENT STRATEGIESAND RISK OF LOSS 10ITEM 9 DISCIPLINARY INFORMATION 29ITEM 10 OTHER FINANCIAL INDUSTRY ACTIVITIES ANDAFFILIATIONS 31ITEM 11 CODE OF ETHICS, PARTICIPATION OR INTEREST INCLIENT TRANSACTIONS AND PERSONAL TRADING . The Funds are expected to invest a significant portion of their capital outside the United States in non-dollar denominated instruments, including in instruments issued by non-U.S. companies and the governments of non-U.S. countries and in non-U.S. currency. Trend Capital ERISA GP LLC is the general partner of the ERISA Master 2 Fund. 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. These investments involve special risks not usually associated with investing in securities of U.S. companies or the Federal, state or local government. Advisory Clients participating in aggregated trades are allocated financial instruments based on the average price achieved for such trades or any other method deemed fair and equitable, in accordance with Trend Capitals Allocation Policy. View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. Managed Account payment terms are specifically negotiated, with payment generally in arrears. 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. Phone (703) 729-1500. To the extent that Trend Capital receives proxies on behalf of its Advisory Clients, Trend Capital will vote any such proxies in the best interests of the Funds, the Funds investors and the Managed Accounts. 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. There is also less regulation, generally, of the markets in non-U.S. countries than there is in the United States. 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. 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. illiquidity compared to the U.S. capital markets. 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. Search our database of over 100 million company and executive profiles. Discuss whether and under what conditions you aggregate the purchase or sale of securities for various client accounts. The minimum initial investment amount for the Enhanced Return SPs is $100,000,000and the minimum additional investment amount is $100,000, in each case subject to waiver, reduction or change at the discretion of Trend Capital, the respective general partner or the Board of Directors, as applicable.