1. Cayman Emerging Manager Platform
Black Swan Dexteritas Inc. is a registered Investment Fund Manager, Portfolio Manager,
Commodity Trading Manager and Exempt Market Dealer with the Ontario Securities
Commission and was appointed by Emerging Asset Management Ltd., a registered mutual
fund with the Cayman Islands Monetary Authority, to offer a segregated portfolio in which
accredited investors can purchase shares in the BSD Global Tech Hedge Fund pursuant to
the terms of the Memorandum for the Cayman Emerging Manager Platform SPC and the
Sub-Fund Supplement.
Valuation Date
Minimum Investment
Redemptions
MER Ceiling
Management Fee
Performance Fee
High Water Mark
Hurdle Rate
Last business day of month
$150,000
Monthly
2%
2%
20%
Yes
8%
The BSD Global Tech Hedge Fund invests in mispriced stocks across a dozen global
technology subsectors ranging from small to large capitalization. A set of proprietary
quantitative criteria is applied to the universe of North American listed technology stocks to
identify potential portfolio holdings. Upon finding a suitable investment for our portfolio, we
engage in further due diligence including but not limited to analyzing company business
model, quarterly/annual reports, earnings/conference calls, and proprietary research. Stocks
that are fundamentally sound and offer diversification benefits are then added to the portfolio
with an optimized target weighting. A stock position is closed out once it has reached our
estimated intrinsic value.
BSD also manages a derivatives hedging overlay of the portfolio by evaluating macro
fundamentals, technicals and capital flow investment changes, and using futures and options
on equity indices, ETFs, fixed income products, commodities and currencies to opportunistically
capitalize on these events. The derivatives are positioned to lessen the volatility of our
downside risk and complement our long bias mandate.
* Performance figures are gross of management and performance fees.
DISCLAIMER: The information and opinions expressed herein are current as of this document date and Black Swan Dexteritas Inc. assumes no obligation to provide updates or advise on further
developments. Any reference should not be considered as investment advice or a recommendation to buy or sell nor should it be considered as any indication of the portfolio of any Black Swan Dexteritas
investment fund or how it will be invested. Commissions, trailing commissions, management fees and expenses may all be associated with fund investments. Please read the prospectus before investing.
Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
GLOBAL TECHNOLOGY HEDGE FUND
ABOUT BLACK SWAN DEXTERITASFUND PLATFORM
TERMS AND CONDITIONS
Return Since Inception
Number of Holdings
Correlation (Benchmark)
Standard Deviation
16.26%
34
0.88
0.76%
PERFORMANCE*
Apple Inc.
Samsung Electronics Co. Ltd.
Visa Inc.
Amazon.com Inc.
Equinix Inc.
13.4%
6.2%
5.6%
5.3%
4.6%
TOP 5 HOLDINGS
Black Swan Dexteritas Inc.
175 Bloor Street East, South Tower, Suite #807
Toronto, ON M4W 3R8, Canada
Kim Bolton
President and Portfolio Manager
kim@blackswandexteritas.com
1 (416) 360-3421
Jeremy Lin, CFA
Investment Analyst
jeremy@blackswandexteritas.com
1 (416) 849 1925
Communication Equipment
Internet Software
Application Software
Consumer Services
Semiconductors
Technology Real Estate
Computers & Peripherals
Electronic Equipment & Instruments
Telecom
Cash
Industrial
21.1%
15.2%
15.1%
14.0%
9.0%
7.5%
4.7%
4.3%
3.5%
3.4%
2.2%
CONTACT INFORMATION
INVESTMENT STRATEGY
ALLOCATION BY MARKET CAP ALLOCATION BY TECH SUBSECTOR
COMPOUNDED RETURNS SINCE INCEPTION* as of January 31, 2015
MONTHLY RETURNS SINCE INCEPTION* as of January 31, 2015
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
1.32% 0.35% 2.82% 4.55%
-2.08% 3.63% -2.07% -4.39% 2.38% 2.80% 2.21% 3.53% -1.64% 4.95% 2.89% -1.51%
2013
2014
2015
10.69%
0.53% 0.53%
Launch Date
Total Assets
Structure
Eligible Investors
RRSP Eligibility
Benchmark
Investment Manager
Investment Advisor
Custodian / Prime Broker
Fund Administrator
Auditor
Legal Advisors
October 1st, 2013
$5,300,000
Segregated Portfolio
Foreign Investors
No
50% Nasdaq Composite and
50% Russell 2000
Emerging Asset Management Ltd.,
Bermuda
Black Swan Dexteritas Inc., Toronto
Interactive Brokers LLC, Greenwich,
CT
Apex Fund Services, Bermuda /
Toronto
Deloitte LLP
Walkers LLP, Stikeman Elliott, Toronto
15.00%
9/30/13
11/7/13
12/18/13
1/30/14
3/12/14
4/22/14
6/2/14
7/11/14
8/20/14
9/30/14
11/7/14
12/18/14
1/30/15
Blend of 50% Nasdaq Composite Index and 50% Russell 2000 Index
BSD Global Technology Hedge Fund
0.00%
7.50%
22.50%
-7.50%
Small Cap
Under $2B
7%
Mid Cap
$2B to $10B
13%
Large Cap
Over $10B
80%