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. View company leaders and background information for Trend Capital Management Lp. As of March 30, 2020, Trend Capital is submitting its annual amendment to the Brochure. Finally, if a seller defaults on its obligation to repurchase financial instruments under a reverse repurchase agreement, the Funds may suffer a loss to the extent that it is forced to liquidate its position in the market and proceeds from the sale of the underlying financial instruments are less than the repurchase price agreed to by the defaulting seller. Risk ManagementActive risk and liquidity management are intended to be important componentsof the strategy. 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. Margin requirements for transactions that are not bona fide hedging are significantly higher than for bona fide hedging transactions. Market disruption events could also affect the principal prime brokers that carry and clear the Funds trades and positions. Disclose that you may have an incentive to select or recommend a brokerdealer based on your interest in receiving the research or other products or services, rather than on your clients interest in receiving most favorable execution. Trend Capital also compensates Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) for its clients introduced to the Trend Macro Funds. Trend Capital does not manage any Advisory Client assets on a non-discretionary basis. Forward Trading. Unlisted securities may involve higher risks than listed securities. ERISA). View Location. We'll assume you're ok with this, but you can opt-out if you wish. Volatility. These investments involve special risks not usually associated with investing in securities of U.S. companies or the Federal, state or local government. Credit Default Swaps; Other Derivatives. Some non-U.S. markets have a higher potential for price volatility and relative. 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. 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. An equity swap is an agreement to exchange streams of payments computed by reference to a notional amount based on the performance of a basket of stocks or a single stock. Restricted Financial Instruments. 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. 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. An affiliate entity of Trend Capital serves as the general partner to the Funds. Describe any other types of fees or expenses clients may pay in connection with your advisory services, such as custodian fees or mutual fund expenses. 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. 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. Items 9.A, 9.B and 9.C do not contain an exclusive list of material disciplinary events. 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. 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. 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. Reset here, 1999 - 2023 citywire.com. All such reports are written. Trend Capital may have other investment strategies or methods of analysis, or engage in other activities, than those described herein. Thus, the Funds face the risk that their counterparties may not perform their obligations. Operational Leverage. If you or a related person invests in the same securities (or related securities, e.g., warrants, options or futures) that you or a related person recommends to clients, describe your practice and discuss the conflicts of interest this presents and generally how you address the conflicts that arise in connection with personal trading. 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. All Rights Reserved. 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. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. These option hedges typically involve the purchase of short-dated options and/or option spreads, but may include other instruments. commission cost or spread.Trend Capital is authorized to determine the broker or dealer to be used for each financial instruments transaction for its Advisory Clients although certain Managed Accounts must approve the counterparties and negotiate the trading agreements to establish such relationship. An inability to establish or maintain such relationships is likely to limit the Funds trading activities or their ability to engage in certain transactions, could result in losses and might prevent the Funds from trading at optimal rates and terms. They are treated as both futures and securities and, therefore, are subject to the joint jurisdiction of SEC and the CFTC. Ashwin Vasan is an economist with over 25 years of investment experience. The receipt of an incentive allocation creates an incentive for Trend Capital to make investments that are riskier or more speculative than it otherwise would. 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. 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. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them. . Significant ongoing uncertainties and exposure to adverse conditions may undermine the issuers ability to make timely payment of interest and principal and issuers may default on their Sovereign Debt. If the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the Funds ability to dispose of the underlying financial instruments may be restricted. State whether these reports are written. All personnel of Trend Capital are required to certify their compliance with the Code of Ethics. The Advisory Board must also provide consent before Trend Capital GP LLC may take certain actions, as fully described in the Funds offering documents. 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. This interest is passive (i.e. Describe generally how you address conflicts that arise. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. It is anticipated that the Funds may invest in financial instruments issued by a government, its agencies, instrumentalities or its central bank (Sovereign Debt). 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. Avanath Capital 1920 Main Street, Suite 150, Irvine, CA 92614 The amount of borrowings and leverage which the Funds may have outstanding at any time may be substantial in relation to their capital. However, there are a number of additional risks associated with derivatives trading. In that event, it may be difficult for the Fund to trade and/or value the positions that trade in the affected markets, and the Fund may be exposed to significant movements in the perceived value of instruments without having the ability to trade or value those instruments as well as prohibit the ability to conduct in-person investment research. 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. 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. Markets never sleep, and neither does Bloomberg. 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. 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. Special risks may apply to instruments that are invested in by the Funds in the future that cannot be determined at this time or until such instruments are developed or invested in by the Funds. 44. The same individuals serve as directors for the ERISA Offshore, Opportunities Offshore, and Opportunities Master. Trend Capital can provide further details or a copy of the Firms Allocation Policy upon request. If you do, describe the frequency and nature of the review and the titles of the supervised persons who conduct the review. Regardless, the Firm does not direct order flow for client referrals. Trend . . Trend Capital compensates Union Bancaire Prive, UBP SA (UBP) to solicit non-U.S. investors in designated jurisdictions for the Trend Macro Offshore. 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. Fluctuations or prolonged changes in the volatility of such instruments, therefore, can adversely affect the value of investments held by the Funds. 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. 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. There can be no assurance that the investment program will be successful in a given set of market conditions, or that it is the most successful system available. The effect of the use of leverage by the Funds in a market that moves adversely to its investments could result in substantial losses to the Funds, which would be greater than if the Funds were not leveraged. Ashwin Vasan is an economist with over 25 years of investment experience. 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. In addition, certain Funds or managed accounts may have different trade error policies for legal or regulatory reasons (e.g. Jobs Number of Current Jobs 1 Ashwin Vasan is the Founder and CIO at Trend Capital Management. In this episode of the Tony Robbins Podcast, you will hear from Ashwin Vasan, CIO of macro hedge fund Trend Capital.Prior to starting Trend Capital in 2011, Ashwin helped to build a variety of large multi-million dollar businesses including Shumway Capital Partners, Tudor Investment Corporation, Oppenheimer Funds and Citibank. The Advisory Board provides advice and counsel to Trend Capital and its affiliate general partner entity, Trend Capital GP LLC, on various matters, including assisting in the identification and resolution of any actual or potential conflicts of interest involving Trend Capital and/or any of its affiliates with respect to Trend Macro Fund. If you do not aggregate orders when you have the opportunity to do so, explain your practice and describe the costs to clients of not aggregating. 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. The respective general partner (or other Trend Capital affiliate) may, in its sole discretion, waive, reduce or calculate differently the incentive allocation with respect to certain investors. The investment strategy for any future SP will be described in detail in the applicable PPM Supplement. . Before joining Tudor, he was a Portfolio Manager at Oppenheimer Funds with oversight of the international fixed income business. 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 terms for the Trend Macro Feeder Funds, the ERISA Offshore and the Opportunities Funds are disclosed in detail in the relevant Funds offering documents and supplement(s) (where applicable) provided to prospective investors prior to their investment. 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. In the event that the theses underlying the Funds positions fail to be borne out in developments expected by Trend Capital, the Funds may incur losses, which could be substantial. For purposes of this Item, economic benefits include any sales awards or other prizes. If you charge advisory fees in addition to commissions or markups, disclose whether you reduce your advisory fees to offset the commissions or markups.Not applicable. Management fees from the Managed Accounts are payable monthly in arrears. 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. Disclose that clients will incur brokerage and other transaction costs and direct clients to the section(s) of your brochure that discuss brokerage. Explain that not all advisers require their clients to direct brokerage. To the extent any Managed Account applies a more stringent standard, Trend Capital will comply with the applicable restrictions. 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. Trading in derivatives can result in large amounts of operational leverage. The Registered Agent on file for this company is R Scott Beach and is located at Day Pitnet Llp One East Putnam Ave, Greenwich, CT . 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. 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. Describe how clients may obtain information from you about how you voted their securities. Trend Capital has broad latitude with respect to the management of the Funds risk parameters. Trend Capital Management LPTrend Capital Advisers LP1800 N. Military Trail, Suite 475Boca Raton, FL 33431Tel: 561-617-5086March 30, 2020. Address 44151 Ashburn Shopping Plaza. Refer to Item 12 for further information. 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. This Brochure provides information about the qualifications and business practices of TrendCapital Management LP and Trend Capital Advisers LP (collectively, Trend Capital orthe Firm). 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). 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