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. Ashwin Vasan has served as Chief Investment Officer of Trend Capital Management LP since 2011. View company leaders and background information for Trend Capital Management Lp. 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. 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. Describe the content and indicate the frequency of regular reports you provide to clients regarding their accounts. 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. 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. If the method of analysis or strategy involves significant or unusual risks, discuss these risks in detail. Further, Trend Capital charges the Funds fees based on a percentage of assets under management via the management fee and performance via the incentive allocation. There can be no assurance that Trend Capital will be able to locate investment opportunities or to exploit such trends. When deemed appropriate for a large or strategic investor, Trend Capital has established, and may again in the future establish, a Managed Account that will tailor its investment objectives to those of the specific investor (including restrictions on investing in certain types of securities) and/or be subject to different terms and/or fees than those of the Funds. This Brochure provides information about the qualifications and business practices of TrendCapital Management LP and Trend Capital Advisers LP (collectively, Trend Capital orthe Firm). Concentration of Investments. In addition, as referenced in Item 2 above, the offering documents for the Funds disclose specific trade error policies. Prepayment Risk. Such 3 investment objectives, fee arrangements and terms are individually negotiated and it should be noted that any such Managed Account relationships are generally subject to significant account minimums. The market for these instruments may also be limited and some companies may limit the intervals for redemptions. 100 W Putnam Ave Greenwich, CT 06830. No advisory board has been established for Funds other than Trend Macro Fund. Securities futures contracts include both futures contracts on single stocks and futures contracts on narrow-based securities indices. Despite this, the pace at which the Trend Capital will actually liquidate any position will take into account its assessment of the potential price impact. View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners, Alternative UCITS - Emerging Market Equity Including Asia. Trend Capital applies rigorous fundamental macroeconomic analysis and a disciplined portfolio construction framework to generate absolute returns with low correlation to the markets. 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 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 Funds may trade forward contracts. Purchasing financial instruments to close out a short position can itself cause the price of the financial instruments to rise further, thereby exacerbating the loss. Ashwin Vasan Full Name: Ashwin Kumar Vasan Company: Trend Capital Management LP 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. Trend Capital takes a balanced approach to investing the Trend Macro Funds or Enhanced Returns assets. Commodity-Related Instruments. Flexible Investment Approach. 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 . Sovereign Debt. They are treated as both futures and securities and, therefore, are subject to the joint jurisdiction of SEC and the CFTC. Trend Capital Management Founder and CIO Recent News and Activity There is no recent news or activity for this profile. Overnight on Wall Street is daytime in Asia. 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. Ashwin Vasan, Ramesh Parameswar, Brian Goldenberg, Bryan Getz and Brian Barry are each registered as principals and associated persons of Trend Capital Management LP, Trend Capital GP LLC and Trend Capital Advisers LP and Amy Bordonaro Collins is registered as an associated person of Trend Capital Management LP, Trend Capital GP LLC and Trend Capital Advisers LP. 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. The use of repurchase and reverse repurchase agreements by the Funds involves certain risks. Therefore, many of the risks applicable to trading the underlying asset are also applicable to derivatives trading. The Funds may incur risks associated with the sale and purchase of call options. There is currently limited case law or litigation characterizing swaps and certain other derivatives, interpreting their provisions or characterizing their tax treatment. Explain how often you bill clients or deduct your fees. Fundamental analysis produces positive results only to the extent that Trend Capital correctly predicts how external factors (such as government regulation, new technologies and political and economic events) will influence the market price of a given investment. Margin requirements. However, manager ratings logos and full ratings performance data are only shown for groups that license the ratings for marketing purposes. If there are legal or disciplinary events that are material to a clients or prospective clients evaluation of your advisory business or the integrity of your management, disclose all material facts regarding those events. 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. The buyer of a call option assumes the risk of losing its entire premium investment in the call option. Trend Capital deducts fees from Fund assets. Disclose whether you use soft dollar benefits to service all of your clients accounts or only those that paid for the benefits. If you permit a client to direct brokerage, describe your practice. Ashwin Vasan is an economist with over 25 years of investment experience. 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. Commodity exchanges and trading facilities limit fluctuations in certain commodity futures contract prices during a single day by regulations referred to as daily price fluctuation limits or daily limits. Ash lives in Boca Raton, Florida with his wife Mari and their two children. First, all participants in the futures market are subject to margin deposit and maintenance requirements. 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) 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. Emphasis is placed on trade construction, including how each trades volatility and correlations affect the overall portfolio characteristics, in hopes of maximizing risk/return of the Trend Macro Fund or Enhanced Return. 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. 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. 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. ault Swaps; Other Derivatives. For purposes of this Brochure, each such account is referred to as a Managed Account and together with the Funds, the Advisory Clients. Additional risks associated with derivatives trading include: Tracking. 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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. 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. Trend Capital has entered, and may again in the future enter, into letter agreements or other similar agreements (collectively, Side Letters) with one (1) or more investors in the Funds, which provide such investors with additional and/or different rights (including, without limitation, nonparticipation in certain investments due to regulatory or other reasons, currency denominations, the performance-based compensation and/or management fees, redemption rights, expense reimbursement from Trend Capital, minimum and additional subscription amounts, portfolios, information rights and other rights) than other investors in the Funds. CurrencyBalance of Payments Model the net flow of funds into or out of a country.Interest Rates Model real interest rate differentials between currencies.Risk Sentiment Model whether investors are actively seeking out or avoiding risky assets.Valuation Model the Real Effective Exchange Rate (REER) for any currency. Trend Capital presently provides investment advisory services to the Funds via master-feeder structures and three (3) Managed Accounts. The information contained in this Item 5 is a summary only and is qualified in its entirety by the relevant offering documents for each Advisory Client. Combined with stop losses, such hedges are intended to protect the portfolio in the event trades move meaningfully against the direction the Trend Capital anticipated when making the investment. In general, third party solicitors may receive a portion of the fees otherwise payable to Trend Capital. 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). The practice of leveraging and the use of derivatives, swaps, futures and options, may subject an investment portfolio to greater risk of adverse impact. 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. , therefore, many of the risks applicable to derivatives trading include: Tracking reports you provide to clients their... Mari and their two children CIO Recent News or Activity for this profile bill clients or deduct fees... Will be able to locate investment opportunities or to exploit such trends no Recent News or for! Capital Management LP since 2011 premium investment in the futures market are subject to margin deposit and requirements. 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