The purpose of these visits is to ascertain the views of domestic policymakers, both private and public, assess the state of domestic businesses and business conditions, understand domestic politics and understand local investor sentiment as well as supply/demand conditions, so that these qualitative factors may be incorporated into Trend Capitals portfolio decisions. Portfolio No one trade idea, 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. Like other leveraged investments, any purchase or sale of a futures contract may result in losses that exceed the amount invested. Investment OverviewThe investment objective of each Trend Macro Fund, ERISA Master and Enhanced Return is to produce consistent, absolute returns on capital by pursuing a fundamental global macro strategy. If the Funds are required to liquidate all or a portion of its portfolio quickly, the Funds may realize significantly less than the value at which it previously recorded those investments. 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. View ashwin vasan's profile on LinkedIn, the world's largest professional community. Unfavorable economic conditions also could increase funding costs, limit access to the capital markets or result in a decision by lenders not to extend credit to the Funds. Derivative Financial Instruments and Instruments Generally. In addition, credit default swaps can be used to implement Trend Capitals view that a particular credit, or group of credits, will experience credit improvement. 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 management fee is payable without regard to the overall success or income earned by the Funds and therefore creates an incentive on the part of Trend Capital to raise or otherwise increase assets under management to a higher level than would be the case if Trend Capital were receiving a lower or no management fee. There are 2 other people named Ashwin Vasan on AllPeople. Trend Capital may use additional qualified custodians in the future, including custodians designated for specific transactions in foreign markets. These contracts, unlike exchange-traded futures contracts and options on futures, are not regulated by the CFTC. There can be no assurance that Trend Capital will be able to locate investment opportunities or to exploit such trends. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. 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. Discuss whether and under what conditions you aggregate the purchase or sale of securities for various client accounts. The use of repurchase and reverse repurchase agreements by the Funds involves certain risks. Thus, the leverage offered by trading in derivatives will magnify the gains and losses experienced by the Funds and could cause the Funds net asset value to be subject to wider fluctuations than would be the case if the Funds did not use the leverage feature of derivatives. 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. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. The market for these instruments may also be limited and some companies may limit the intervals for redemptions. 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. 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. . 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. Active risk and liquidity management are intended to be important components of the strategy. Derivatives, especially when traded in large amounts, may not be liquid in all circumstances, so that in volatile markets the Funds may not be able to close out a position without incurring a loss. 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. 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. Trend Capital understands and appreciates the importance of proxy voting and ensuring that its proxy voting procedures are clearly described to investors. 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. Ashwin has 1 job listed on their profile. Describe the procedures you follow before you assume this authority (e.g., execution of a power of attorney). Fundamental based analysis relies on the study of external factors to predict the price movement of a given investment. Second, particular investments may underperform relative to hedges that Trend Capital may have constructed for these investments, resulting in a loss to the Funds overall portfolio. The Funds may purchase low rated or unrated debt instruments. Daily Price Fluctuation Limits. Forward Trading. 3. Necessity for Counterparty Trading Relationships; Counterparty Risk. Equity Financial Instruments. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. Live market coverage co-anchored from Hong Kong and New York. Trend Capital applies rigorous fundamental macroeconomic analysis and a disciplined portfolio construction framework to generate absolute returns with low correlation to the markets. 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 presently provides investment advisory services to the Funds and the Managed Accounts, which provide Trend Capital with varying levels of compensation due to varying compensation structures. Trend Capital and its affiliate general partner entities are deemed to have custody by virtue of their status as investment manager and general partner, respectively, of the Funds. A principal risk in trading currencies is the rapid fluctuation in the market prices of currency contracts. 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. This website uses cookies to improve your experience. Securities futures contracts are subject to the same risks as other securities, as well as to the greater volatility and risks of futures trading. Each Funds offering documents contain a detailed description of the applicable Funds fee schedule.Management Fee. Trend Capitalis paid a 1.25% annualized management fee for the Enhanced Return SP, subject to an initial minimum subscription amount.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. Founder and cio at Trend Capital Management LP Delray Beach, FL. If the Funds engage in an offsetting transaction, they may later enter into a new forward currency contract to sell the currency. Explain the procedures you used during your last fiscal year to direct client transactions to a particular broker-dealer in return for soft dollar benefits you received. Although Trend Capitals investment advice is generally limited to these types of investments, it has a broad and flexible investment authority. However, ETF shareholders are generally subject to the same risk as holders of the underlying securities they are designed to track. 2. Changes by lenders in any of the foregoing may result in large margin calls, loss of financing and forced liquidations of positions at disadvantageous prices. Trend Capital Management LP is a Delaware limited partnership that was formed in May 2011 to manage entities that capitalize on fundamental trends in currencies, interest rates, and credit and equity indices in both developed and emerging markets. The ability of an issuer to make payments on Sovereign Debt, the market value of such debt and the inclusion of Sovereign Debt in future restructurings may be affected by a number of other factors, including such issuers (i) balance of trade and access to international financing, cost of servicing such obligations, which may be affected by changes in international interest rates and (iii) level of international currency reserves, which may affect the amount of foreign exchange available 22 for external debt payments. These transactions are not exchange-traded so that no clearinghouse or exchange stands ready to meet the obligations of the contract. If your clients either may or must pay your fees in advance, disclose this fact. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying financial instrument 27 below the exercise price of the option. 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 may utilize such leverage, position size, duration and other portfolio management techniques as it believes are appropriate for the Funds. Describe the methods of analysis and investment strategies you use in formulating investment advice or managing assets. Therefore, increased participation by speculators in the futures market also may cause price distortions. In the case of expected credit improvement, the Funds may write credit default protection in which it receives spread income. Clients or prospective clients may arrange a time to review Trend Capitals Code of Ethics at its offices in Boca Raton, Florida by contacting the Chief Compliance Officer, Brian Barry, at 561-617-5086. C. A. 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. Trend Capital is not currently aware of any financial condition that is reasonably likely to impair its ability to meet contractual commitments to clients. If you have discretionary authority or custody of client funds or securities, or you require or solicit prepayment of more than $1,200 in fees per client, six months or more in advance, disclose any financial condition that is reasonably likely to impair your ability to meet contractual commitments to clients. Trend Capital neither tailors its advisory services to the individual needs of investors nor accepts investor-imposed investment restrictions with respect to the Funds. 100 W Putnam Ave Greenwich, CT 06830. 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. 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. He founded Trend Capital in 2011 upon the closing of Shumway Capital Partners, where he had served as the Head of Macro Trading since July 2009. Emerging and Developing Markets. These actions could adversely affect the Funds operations and profitability. The limitation of potential (and actual) loss in any period of time is pivotal to the investment framework of the Trend Macro Fund or Enhanced Return. Some of the markets in which the Funds may effect transactions are not exchanged-based, including over-the-counter (OTC) or interdealer markets. The seller (writer) of a call option which is covered (i.e., the writer holds the underlying financial instrument) assumes the risk of a decline in the market price of the underlying financial instrument below the purchase price of the underlying financial instrument less the premium received and gives up the opportunity for gain on the underlying financial instrument above the exercise price of the option. Ashwin Vasan is the Founder and CIO of Trend Capital Management LP. Ashwin Vasan - Senior Advisor to the Director - Consumer Financial Protection Bureau | LinkedIn View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. for with commission dollaAny use of commissions or soft dollars generated by the Advisory Clients to pay for brokerage and research products or services will fall within the safe harbor created by Section 28(e) of the U.S. Securities Exchange Act of 1934, as amended. In markets in which liquid options are available, Trend Capital often implements option hedges against trades in the Trend Macro Funds or Enhanced Returns portfolio. Jobs Number of Current Jobs 1 Ashwin Vasan is the Founder and CIO at Trend Capital Management. Prices of currency contracts traded by the Funds are affected generally by relative interest rates, which in turn are influenced by a wide variety of complex and difficult to predict factors such as money supply and demand, balance of payments, inflation levels, fiscal policy and political and economic events. Unlisted Financial Instruments. Ashwin Vasan is an economist with over 25 years of investment experience. 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. 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. The Funds expect to use and may use a high degree of, leverage as part of the Funds investment program. 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. Conversely, when interest rates rise, the value of fixed-income instruments generally can be expected to decline. Where a product or service obtained with commission dollars provides both research and non-research assistance to the Advisory Clients, Trend Capital will make a reasonable allocation of the cost that may be paid for with commission dollars. If you or any of your supervised persons accepts compensation for the sale of securities or other investment products, including asset-based sales charges or service fees from the sale of mutual funds, disclose this fact and respond to Items 5.E.1, 5.E.2, 5.E.3 and 5.E.4. 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. Exchanges. 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. If you have any requirements for opening or maintaining an account, such as a minimum account size, disclose the requirements. In addition, brokers may provide other services that are beneficial to Trend Capital, but not necessarily beneficial to the Funds, including, without limitation, capital introduction, marketing assistance, consulting with respect to technology, operations or equipment and other services or items. Since they are new products, securities futures contracts have relatively low liquidity and no trading history. 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