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. 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. The Funds also could experience losses if derivatives are poorly correlated with its other investments. . Trend Capital has broad latitude with respect to the management of the Funds risk parameters. Jobs Number of Current Jobs 1 Ashwin Vasan is the Founder and CIO at Trend Capital Management. There are 2 other people named Ashwin Vasan on AllPeople. Trading in derivatives can result in large amounts of operational leverage. 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. 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. 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). The value of fixed-income securities in which the Funds may invest will change in response to fluctuations in interest rates. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. The Funds will usually enter into swaps on a net basis (i.e., the two payment streams are netted out in a cash settlement on the payment date or dates specified in the agreement). Operational Leverage. Like other leveraged investments, any purchase or sale of a futures contract may result in losses that exceed the amount invested. A credit default swap is a contract between two parties which transfers the risk of loss if a company fails to pay principal or interest on time or files for bankruptcy. These option hedges typically involve the purchase of short-dated options and/or option spreads, but may include other instruments. Such concentration of risk may increase the losses suffered by the Funds or reduce their ability to hedge their exposure and to dispose of depreciating assets. . Describe whether (and, if so, how) your clients can direct your vote in a particular solicitation. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. Over-the-Counter Trading. Ashwin Vasan is the Founder and CIO of Trend Capital Management LP. Trend . Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. 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. Ashwin Vasan has an ownership stake in Trend Capital Management LP of more than 75%. Fluctuations or prolonged changes in the volatility of such instruments, therefore, can adversely affect the value of investments held by the Funds. Disclose that clients will incur brokerage and other transaction costs and direct clients to the section(s) of your brochure that discuss brokerage. Explain the procedures you used during your last fiscal year to direct client transactions to a particular broker-dealer in return for client referrals. 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. Describe the types of products and services you or any of your related persons acquired with client brokerage commissions (or markups or markdowns) within your last fiscal year. This requires different skills and techniques than predicting changes in the price of individual stocks. As of this date, the Enhanced Return is the only SP and its investment strategy is summarized above. Price movements of contracts are influenced by, among other things: changing supply and demand relationships; weather and climate conditions; trade, fiscal, monetary and exchange control programs and policies of governments; political and economic events and policies; changes in interest rates and rates of inflation; currency devaluations and revaluations; and emotions of the marketplace. 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. 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. 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. 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. Loudoun County has similar renown and is called "The Center of the Internet" and "Data Center Alley.". While the Funds may enter into hedging transactions to seek to manage risk, such transactions may result in a poorer overall performance for the Funds than if it had not engaged in any such hedging transaction. 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. The companies were formed over a two year period with the most recent being incorporated four years ago in May of 2018. In addition, it is possible that Trend Capital may select investments that are concentrated in a limited number or type of financial instruments or assets. 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. 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. 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. If your advisory firm or a management person has been involved in one of these events, you must disclose it under this Item for ten years following the date of the event, unless (1) the event was resolved in your or the management persons favor, or was reversed, suspended or vacated, or (2) you have rebutted the presumption of materiality to determine that the event is not material (see Note below). Trend Capitals evaluation of the creditworthiness of their counterparties may not prove sufficient. Successful use of stock index futures contracts by the Funds also is subject to Trend Capitals ability to correctly predict movements in the direction of the market. 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. Companies whose securities are not publicly traded may not be subject to public disclosure and other investor protection requirements applicable to publicly traded securities. Ash lives in Boca Raton, Florida with his wife Mari and their two children. Margin requirements. Discuss whether and under what conditions you aggregate the purchase or sale of securities for various client accounts. 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. Please let us know if you have any questions about, or would like to be provided with a copy of, our proxy voting procedures. Margin requirements vary not only by the type of commodity contract, but also depending upon whether the transaction is for bona fide hedging as defined in Section 1.3(z) of the CFTC Regulations. 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. Prior to Shumway, Mr. Vasan was a Partner and Portfolio Manager at Tudor Investment Corporation from 1999 to 2009. Trend Capital has discretionary authority to manage the investments of the Funds and the Managed Accounts. Please refer to the offering documents of the Funds for a detailed description of the material risks related in an investment in the Funds. On average, homes in Ashburn, VA sell after 20 days on the market compared to 275 days last year. Trend Capital Opportunities GP LLC is the general partner of the Opportunities Onshore and Class M Shareholder of the Opportunities Master. These transactions are not subject to exchange rules. Research and Other Soft Dollar Benefits. If the method of analysis or strategy involves significant or unusual risks, discuss these risks in detail. This interest is passive (i.e. 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. 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. The production and marketing of commodities may be affected by actions and changes in governments. Accordingly, in addition to bearing their proportionate share of the Funds expenses (e.g., Management Fees and operating expenses), shareholders may also indirectly bear similar expenses of an ETF, which can have an adverse effect on the return on capital of the Funds. Such intervention is often intended to influence prices directly. Secondly, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market. Should the financial instruments pledged to lenders to secure the Funds margin accounts decline in value, the Funds could be subject to a margin call, pursuant to which the Funds must either deposit additional funds or financial instruments with the lender or suffer mandatory liquidation of the pledged financial instruments to compensate for the decline in value. 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. Each such related person transaction is separately identified and made strictly in accordance with Trend Capitals Code of Ethics. These transactions are not exchange-traded so that no clearinghouse or exchange stands ready to meet the obligations of the contract. 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. Fundamental based analysis relies on the study of external factors to predict the price movement of a given investment. Not applicable. Trend Capital GP LLC is the general partner of Trend Macro Onshore and Trend Macro Fund. Trading in Currencies. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. 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. 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. If forward prices go up, the Funds will suffer a loss to the extent the price of the currency they have agreed to buy exceeds the price of the currency they have agreed to sell. Also, the Funds may invest in financial instruments, such as structured products, derivatives and other types of unregistered financial instruments. TREND CAPITAL GP LLC; TREND CAPITAL GAUCHO GP . 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. Disclose whether you use soft dollar benefits to service all of your clients accounts or only those that paid for the benefits. For simplicity, each fund or SP identified above may be referred to individually in this Brochure as a Fund and together as the Funds. First, all participants in the futures market are subject to margin deposit and maintenance requirements. 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. Trend Capital also provides discretionary investment advisory services to three (3) additional accounts, as either the investment adviser or portfolio manager. It is critical that investors refer to the relevant offering documents for a complete understanding of that Advisory Clients investment objectives and strategies. Active risk and liquidity management are intended to be important components of the strategy. 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. 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. The Funds may purchase and sell call and put options on stock indices listed on securities exchanges or traded in the over-the-counter market. 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). 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. Hedging Transactions. Each such document constitutes a legal, valid and binding obligation of the investor, enforceable in accordance with their respective terms. There can be no assurance that Trend Capital will be able to locate investment opportunities or to exploit such trends. 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. Even those markets which Trend Capital expects to be liquid can experience periods, possibly extended periods, of illiquidity. 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. Before joining Tudor, he was a Portfolio Manager at Oppenheimer Funds with oversight of the international fixed income business. He received his BA in Economics from the University of Nebraska, his MA in Economics from San Diego State University and completed three years of PhD work at New York University. 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