The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance. Trend Capital Management LP has been registered with the CFTC as a commodity pool operator under the Commodity Exchange Act and has been a member of the National Futures Association since January 2, 2013; Trend Capital GP LLC has also been registered with the CFTC as a commodity pool operator under the Commodity Exchange Act and has been a member of the National Futures Association since January 2, 2013; and Trend Capital Advisers LP has been registered with the CFTC as a commodity pool operator under the Commodity Exchange Act and has been a member of the National Futures Association since October 16, 2017. Ashwin Vasan Related Companies. 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. 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. The applicable fee share is disclosed in the Prospectus and related Prospectus Supplement. Trend Capital also compensates Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) for its clients introduced to the Trend Macro Funds. No advisory board has been established for Funds other than Trend Macro Fund. The AIF is not currently open to U.S. investors. At times, certain market makers have refused to quote prices for forward contracts, or have quoted prices with an unusually wide spread between the price at which they are prepared to buy and sell. Describe the procedures you follow before you assume this authority (e.g., execution of a power of attorney). ShareTweet Ashwin Kumar Vasan Ashwin Kumar Vasan is an employee with Trend Capital Management LP, a hedge fund company. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. Please refer to the offering documents of the Funds for a detailed description of the material risks related in an investment in the Funds. If your primary strategy involves frequent trading of securities, explain how frequent trading can affect investment performance, particularly through increased brokerage and other transaction costs and taxes. 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. Bloomberg Daybreak Asia. Choose the right Crunchbase solution for you Start Your Free Trial Changes in interest rates can affect the value of the Funds investments in fixed income instruments. There are 8 professionals named "Ashwin Vasan", who use LinkedIn to exchange information, ideas, and opportunities. no role in management of the business). If you have, or will accept, authority to vote client securities, briefly describe your voting policies and procedures, including those adopted pursuant to SEC rule 206(4)-6. Advisory Clients may be deemed to be paying for research and other services with soft or commission dollars. Exchanges. An administrative proceeding before the SEC, any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority in which your firm or a management person, 1. was found to have caused an investment-related business to lose its authorization to do business; or, 2. was found to have been involved in a violation of an investmentrelated statute or regulation and was the subject of an order by the agency or authority. The investment strategy for any future SP will be described in detail in the applicable PPM Supplement. As of March 30, 2020, Trend Capital is submitting its annual amendment to the Brochure. 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. Explain that when you use client brokerage commissions (or markups or markdowns) to obtain research or other products or services, you receive a benefit because you do not have to produce or pay for the research, products or services. Trading in derivatives can result in large amounts of operational leverage. The instruments and borrowings utilized by the Funds to leverage investments may be collateralized by the Funds portfolio. 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. Futures Contracts Risks. They are treated as both futures and securities and, therefore, are subject to the joint jurisdiction of SEC and the CFTC. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them. Founder and cio at Trend Capital Management LP Delray Beach . 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. The information in thisBrochure has not been approved or verified by the United States Securities and ExchangeCommission (the SEC) or by any state securities authority.Additional information about Trend Capital is also available on the SECs website atwww.adviserinfo.sec.gov.Trend Capital is registered as an investment adviser with the SEC under the U.S. InvestmentAdvisers Act of 1940, as amended (the Advisers Act). Describe generally how you address conflicts that arise. 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. Explain the procedures you used during your last fiscal year to direct client transactions to a particular broker-dealer in return for client referrals. In addition, certain Funds or managed accounts may have different trade error policies for legal or regulatory reasons (e.g. Source. Trend Capital is not currently aware of any financial condition that is reasonably likely to impair its ability to meet contractual commitments to clients. Daily Price Fluctuation Limits. The buyer of a call option assumes the risk of losing its entire premium investment in the call option. If you and the brokerdealer are affiliates or have another economic relationship that creates a material conflict of interest, describe the relationship and discuss the conflicts of interest it presents. Non-U.S. 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. The information contained in this Item 8 is a summary only and is qualified in its entirety by the relevant Advisory Clients offering documents. Each SP of the Opportunities Funds pursues its own investment opportunities, as described further in Item 8.A. Forward Trading. Derivatives that may be purchased or sold by the Funds may include securities and instruments not traded on an exchange. 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. 44. 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 markets in which liquid options are available, Trend Capital often implements option hedges against trades in the Trend Macro Funds or Enhanced Returns portfolio. The Funds investment program involves the purchase and sale of relatively volatile instruments such as derivatives, which are frequently valued based on implied volatilities of such derivatives compared to the historical volatility of underlying financial instruments. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. Unless registered for sale, restricted financial instruments can be sold only in privately negotiated transactions or pursuant to an exemption from registration (e.g., under Rule 144A of the Securities Act). 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. If you or any of your supervised persons accepts performance-based fees that is, fees based on a share of capital gains on or capital appreciation of the assets of a client (such as a client that is a hedge fund or other pooled investment vehicle) disclose this fact. Prospective investors must recognize that in investing in the Funds, they are placing their capital indirectly under the full discretionary management of Trend Capital and authorizing Trend Capital indirectly to trade for the Funds. 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. Ashwin has 1 job listed on their profile. Advertisements. 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. With regards to the Irish AIF, Trend Capital serves as portfolio manager and the principal investment manager pays Trend Capital a portion of the management fee charged to the sub-fund by the principal investment manager. Explain whether (and, if so, how) you tailor your advisory services to the individual needs of clients. Trend Capital need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost or spread. 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. 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. Ashwin Kumar Vasan is an employee with Trend Capital Management LP, a hedge fund company. First, all participants in the futures market are subject to margin deposit and maintenance requirements. 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