All personnel of Trend Capital are required to certify their compliance with the Code of Ethics. Trading in derivatives can result in large amounts of operational leverage. Trend Capitals trading program relies on a fundamental-based approach in identifying potential investments. In addition, as referenced in Item 2 above, the offering documents for the Funds disclose specific trade error policies. Ashwin Vasan ~ Background Report ~ Principal Excel Known Addresses for Trend Capital Management Lp. We'll assume you're ok with this, but you can opt-out if you wish. The fact that Trend Capital, 34 its employees, affiliates or their related persons also invest directly (or indirectly via deferred compensation) in any one, some, or all of the Funds creates a potential conflict of interest in that it could cause Trend Capital to make different investment decisions than if they did not have such financial ownership interest. The Firm has adopted aTrend Capital, its employees, affiliates or their related persons are invested in the Funds, either directly or through the Trend Capitals and/or general partners (or equivalent) investments in the Funds. Volatility Risk. Market disruption events could also affect the principal prime brokers that carry and clear the Funds trades and positions. A principal risk in trading currencies is the rapid fluctuation in the market prices of currency contracts. It is anticipated that the Funds may invest in financial instruments issued by a government, its agencies, instrumentalities or its central bank (Sovereign Debt). Some non-U.S. markets have a higher potential for price volatility and relative. This is intended to outline for Trend Capital the key variables that might influence itstrading strategy. Explain to clients that they may obtain a copy of your proxy voting policies and procedures upon request. These investments involve special risks not usually associated with investing in securities of U.S. companies or the Federal, state or local government. Refer to Item 12 for further information. 43ITEM 18 FINANCIAL INFORMATION . First, all participants in the futures market are subject to margin deposit and maintenance requirements. 1. The material changes since Trend Capital submitted its most recent annual amendment to the Brochure on March 29, 2019 include: As of June 30, 2019, Trend Capital Gaucho Fund LP and its offshore feeder, Trend Capital Offshore LP were terminated and capital was returned to investors. Although outside the period referenced, Permal Ash Macro Ltd is expected to wind down as a Managed Account (defined below) and the underlying investors representing a majority of its net asset value will subscribe directly into Trend Macro Fund LP on April 1, 2020. The Firm has included as an additional risk factor in Item 8.B, Market Disruption Events, which addresses the potential impact of significant events such as the recent COVID-19 pandemic. Industry Group Agriculture Banking & Financial Services Business Services Energy Coal Mining Electric Utilities . Restricted financial instruments may involve a high degree of business and financial risk which may result in substantial losses. The use of leverage should allow the Funds to make additional investments, thereby increasing their exposure to assets, such that their total assets may be greater than their capital; however, leverage may also magnify the volatility of changes in the value of the Funds portfolio. 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. If you are amending your brochure for your annual update and it contains material changes from your last annual update, identify and discuss those changes on the cover page of the brochure or on the page immediately following the cover page, or as a separate document accompanying the brochure. If you or any of your supervised persons manage both accounts that are charged a performance-based fee and accounts that are charged another type of fee, such as an hourly or flat fee or an asset-based fee, disclose this fact. 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. The same individuals serve as directors for the ERISA Offshore, Opportunities Offshore, and Opportunities Master. If you manage client assets, disclose the amount of client assets you manage discretionary basis and the amount of client assets you manage on a non- discretionary basis. 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. The AIF is not currently open to U.S. investors. The companies were formed over a two year period with the most recent being incorporated four years ago in May of 2018. Ashwin Vasan Related Companies. 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. There can be no assurance that future court decisions construing provisions in, or provisions similar to those in, any swap agreement or other related documents or new and additional regulations and laws governing swaps and other derivatives will not have a material adverse effect on the investments. These commissions and costs reduce the Funds net profits. 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. If you routinely recommend, request or require that a client direct you to execute transactions through a specified broker-dealer, describe your practice or policy. Daily Price Fluctuation Limits. The expiration or termination of available financing for leveraged positions and the requirement to post collateral in respect of changes in the fair value of leveraged exposures or changes in advance rates or other terms and conditions of the Funds repurchase agreements, can rapidly result in adverse effects to its access to liquidity and its ability to maintain leveraged positions and may cause the Funds to incur material losses. 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. Risks in investments in non-U.S. securities, futures, commodities and other financial instruments may also include reduced and less reliable information about issuers and markets, less stringent accounting standards, illiquidity of securities and markets, higher brokerage commissions and custody fees. 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. View Location. Trend Capitals evaluation of the creditworthiness of their counterparties may not prove sufficient. Lenders providing financing to the Funds can apply essentially discretionary margin, haircut, and financing and collateral valuation policies. 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. Thus, an increase in the value of the U.S. dollar compared to the other currencies in which the Funds may make investments will reduce the effect of increases and magnify the U.S. dollar equivalent of the effect of decreases in the prices of the Funds financial instruments in their local markets. The Opportunities Master Fund SPs may utilize such investment techniques as option transactions, margin transactions, short sales, leverage and derivatives trading, which may create or increase volatility and can increase the adverse impact to which the Opportunities Master Fund SPs investment portfolios may be subject. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. Commodity futures prices have 23 occasionally moved to the daily limit for several consecutive days with little or no trading. A substantial portion of the Funds capital may be invested on the basis of short-term market considerations. 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. With respect to the Opportunities Funds, the minimum initial and additional investment amounts depend on the particular SP in which an investor subscribes. 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. Ashburn, a city in Virginia's Loudoun County about 34 miles from Washington D.C., is widely known as the Data Center Capital of the World. 3. Show parenthetically the market or fair value of securities included at cost. Describe the types of clients to whom you generally provide investment advice, such as individuals, trusts, investment companies, or pension plans. Explain that investing in securities involves risk of loss that clients should be prepared to bear.Trend Macro Fund, ERISA Master and Enhanced Return. 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. 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. Generally speaking, the minimum initial investment for each investor in the Funds (with the exception of the Opportunities Funds) is $1,000,000 or $25,000,000 (depending on the Fund and Class of Interests/Shares in which an investor subscribes) and the minimum investment for additional subscriptions is $500,000, subject, in each case, to waiver, reduction or change at the discretion of Trend Capital, the Board of Directors and/or Advisory Board, as applicable. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. Call Options. Forward Trading. Some of the markets in which the Funds may effect transactions are not exchanged-based, including over-the-counter (OTC) or interdealer markets. 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. 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. SEC registration does not imply acertain level of skill or training. 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. 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. To the extent unhedged, the value of the Funds assets will fluctuate with U.S. dollar exchange rates as well as with price changes of their investments in the various local markets and currencies. ashwin has 1 job listed on their profile. In particular, prepayments (at par) may limit the potential upside of many instruments to their principal or par amounts, whereas their corresponding hedges often have the potential for unlimited loss. Conversely, a decrease in the value of the U.S. dollar will have the opposite effect of magnifying the effect of increases and reducing the effect of decreases in the prices of the Funds non-U.S. dollar financial instruments. Commodity Interest Trading may be Volatile. 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. 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. Commodity-related instruments may also experience greater price fluctuations than the relevant commodity. This Foreign Limited Liability company is located at 1800 N. MILITARY TRAIL, SUITE 475, BOCA RATON, FL, 33431, US and has been running for seven years. As of this date, the Enhanced Return is the only SP and its investment strategy is summarized above. 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 you have any questions about the contents of this Brochure, please contactBrian Barry at 561-617-5086 or by email at bbarry@trendcaplp.com. Margin requirements for commodities trading are set by the individual commodity exchanges or other trading facility for each type of commodity contract based upon the perceived volatility of each type of contract. If you or a related person directly or indirectly compensates any person who is not your supervised person for client referrals, describe the arrangement and the compensation. Also, please let us know if you would like detailed information about how any proxies were actually voted by calling the Chief Compliance Officer, Brian Barry, at 561-617-5086. If you do, describe the frequency and nature of the review and the titles of the supervised persons who conduct the review. The Funds may purchase low rated or unrated debt instruments. Futures prices are highly volatile. 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. Derivatives typically allow an investor to hedge or speculate upon the price movements of a particular security, financial benchmark or index at a fraction of the cost of acquiring, borrowing or selling short the underlying asset. If someone who is not a client provides an economic benefit to you for providing investment advice or other advisory services to your clients, generally describe the arrangement, explain the conflicts of interest and describe how you address the conflicts of interest. Describe how you are compensated for your advisory services. 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. The adverse effects of prepayments may impact the Funds portfolio in two ways. 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. Price movements of derivative contracts are also 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. Reset here, 1999 - 2023 citywire.com. If you provide investment advice only with respect to limited types of investments, explain the type of investment advice you offer and disclose that your advice is limited to those types of investments. 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. Trend Capital also serves as a sub-adviser to certain investment vehicles that are not offered to United States investors and the Firm relies on the principal investment manager for those investment vehicles to provide updates regarding offering materials and disclosures in compliance with applicable laws. The Funds trade in different markets and different kinds of instrument types. ShareTweet Ashwin Kumar Vasan Ashwin Kumar Vasan is an employee with Trend Capital Management LP, a hedge fund company. For purposes of this Brochure, each such account is referred to as a Managed Account and together with the Funds, the Advisory Clients. . Disclose that clients will incur brokerage and other transaction costs and direct clients to the section(s) of your brochure that discuss brokerage. Fluctuations or prolonged changes in the volatility of such instruments, therefore, can adversely affect the value of investments held by the Funds. This limit will be proportionally increased when applied to the Enhanced Return to achieve its leverage target. If the Funds engage in an offsetting transaction, they may later enter into a new forward currency contract to sell the currency. 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. The practice of leveraging and the use of derivatives, swaps, futures and options, may subject an investment portfolio to greater risk of adverse impact. Ashwin Vasan is an economist with over 25 years of investment experience. Source. Trend Capital acts as the investment manager of the Funds. 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. 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. Live market coverage co-anchored from Hong Kong and New York. Address 44151 Ashburn Shopping Plaza. The Enhanced Return sizing due to additional leverage and resulting liquidity is expected to differ from Trend Macro Fund from time-to-time, depending on the portfolio assets. Trend Capital has adopted a Code of Ethics, which is a part of Trend Capitals compliance manual and has been designed to comply with the requirements of Advisers Act Rule 204A-1. Investors should carefully review the audited financial statements of the Funds upon receipt. This website uses cookies to improve your experience. 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. Additional risks associated with derivatives trading include: Tracking. In addition, new and additional regulations and laws may apply to swaps and other derivatives that have not heretofore been applied. Describe the procedures you follow before you assume this authority (e.g., execution of a power of attorney). Futures Contracts Risks. TREND CAPITAL GP LLC; TREND CAPITAL GAUCHO GP . 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"). Research and Other Soft Dollar Benefits. 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. 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. An affiliate entity of Trend Capital serves as the general partner to the Funds. 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. 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. Each SP of the Opportunities Funds pursues its own investment opportunities, as described further in Item 8.A. Trend Capital provides discretionary investment advisory services to its Advisory Clients by managing and directing the investment and reinvestment of their assets. Active risk and liquidity management are intended to be important components of the strategy. 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. Ashburn Market Trends; Ashburn, VA, Summary. Trend Capital may invest in zero coupon bonds and deferred interest bonds, which are debt obligations issued at a significant discount from face value. 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. 1. broker-dealer, municipal securities dealer, or government securities dealer or broker, 2. investment company or other pooled investment vehicle (including a mutual fund, closed-end investment company, unit investment trust, private investment company or hedge fund, and offshore fund), 3. other investment adviser or financial planner, 4. futures commission merchant, commodity pool operator, or commodity trading advisor, 11. sponsor or syndicator of limited partnerships. 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. For theavoidance of doubt, similar expenses refers to any expenses that are similar in type and nature to the expenses described in the previous sentence and any expenses determined by Trend Capital to be primarily related to providing the proper (technological and other) infrastructure for Trend Capital in connection with the Funds/SPs investments and operations; for instance, fees and expenses relating to the installation, servicing and maintenance of and consulting with respect to, information technology items that primarily serve Trend Capitals investment and accounting professionals in connection with the Funds/SPs investments. 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. 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. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. Trend Capital Management LP - Boca Raton - Ashwin Vasan in General Discussions Trend Capital Management LP is a discretionary global macro hedge fund manager. Further, the Chief Compliance Officer periodically reviews Trend Capitals investments to ensure consistency with applicable law and regulations. 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. 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