The document provides information on long/short equity hedge funds:
- Long/short equity funds buy stocks they believe will increase in value and short stocks they believe will decrease, aiming to outperform markets while reducing risk.
- They have flexibility to take long or short positions and can generate returns in both rising and falling markets.
- Studies show long/short equity funds have outperformed the S&P 500 with lower volatility, providing better risk-adjusted returns over the past 10 years.
This deck consists of total of seventy slides. It has PPT slides highlighting important topics of Investment Portfolio Management Power Point Presentation Slides . This deck comprises of amazing visuals with thoroughly researched content. Each template is well crafted and designed by our PowerPoint experts. Our designers have included all the necessary PowerPoint layouts in this deck. From icons to graphs, this PPT deck has it all. The best part is that these templates are easily customizable. Just click the DOWNLOAD button shown below. Edit the colour, text, font size, add or delete the content as per the requirement. Download this deck now and engage your audience with this ready made presentation.
This deck consists of total of seventy slides. It has PPT slides highlighting important topics of Investment Portfolio Management Power Point Presentation Slides . This deck comprises of amazing visuals with thoroughly researched content. Each template is well crafted and designed by our PowerPoint experts. Our designers have included all the necessary PowerPoint layouts in this deck. From icons to graphs, this PPT deck has it all. The best part is that these templates are easily customizable. Just click the DOWNLOAD button shown below. Edit the colour, text, font size, add or delete the content as per the requirement. Download this deck now and engage your audience with this ready made presentation.
noorulhadi Lecturer at Govt College of Management Sciences, noorulhadi99@yahoo.com
i have prepared these slides and still using in mylectures, Reference: Portfolio management by S kevin and online sources
Analyse of the endowment model employed by Harvard and Yale and identify the reasons why Harvard made more losses than the other endowment funds in 2009
A Study on the Performance of Mutual Fund Scheme in IndiaIJAEMSJORNAL
A mutual fund is a trust that encompasses the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciation realized is shared by its unit holders in proportion to the number of units owned by them. Thus, Mutual Fund is one of the most effective instruments for the small & medium investors for investment and offers opportunity to them to participate in capital market with low level of risk. It also provides the facility of diversification i.e. investors can invest across different types of schemes. Indian Mutual Fund has achieved a lot of popularity since last two decades. For a long time UTI enjoyed the monopoly in mutual fund industry. But with the passage of time many new players came in the market and thus the mutual fund industry faces a lot of competition. Now a day this industry has become the major player of the financial system. Therefore it becomes important to investigate the mutual fund performance at continuous basis. The wide variety of schemes floated by these mutual fund companies gave wide investment choice for the investors. Among wide variety of funds equity, diversified fund is considered as substitute for direct stock market investment. In present paper an attempt has been made to investigate the performance of the open ended, growth oriented, equity diversified schemes on the basis of return and risk evaluation. The analysis was achieved by assessing various financial tests like Average Return, Standard Deviation, Beta, Coefficient of Determination (R2), Alpha, Sharpe Ratio and Treynor Ratio whose results will be useful for investors for taking better investment decisions. The data has been taken from various websites of mutual fund schemes and from amfiindia.com. The analysis depicts that majority of funds selected for study have outperformed under Sharpe Ratio as well as Treynor Ratio.
Investors have lost trillions. Advisors have lost the respect and confidence of their clients and their practices have suffered from declining AUM and client outflows. Traditional models have failed.
Hybrid Portfolio Theory provides an alternative to advisors and investors that want to safeguard their portfolio from unexpected negative black swan events, while positioning for the opportunity to benefit from positive asymmetrical outcomes.
by G-10
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Rasik Rownak Hossain
Shakib Fardous
Md. Rakibul Islam
Effat Ara Saima
Rafia Sultana
Tanvir Ahmed
Md.Shahidul Islam
SK Shourov Ahemmed
Tamjedul Alam Evan
Romana Haque Saima
Sarkar Muhammad Shohag
Khademul Islam
Jannatul Ferdous
Sheikh Hamim Hasan
Toufique Ul Haque Tuhin
Kerobin Hasda
Through examining their nature and mechanisms, identifying their spin-offs and analyzing their performance, this presentation is designed to discuss what to look out for when conduct due diligence on different hedge fund strategies.
noorulhadi Lecturer at Govt College of Management Sciences, noorulhadi99@yahoo.com
i have prepared these slides and still using in mylectures, Reference: Portfolio management by S kevin and online sources
Analyse of the endowment model employed by Harvard and Yale and identify the reasons why Harvard made more losses than the other endowment funds in 2009
A Study on the Performance of Mutual Fund Scheme in IndiaIJAEMSJORNAL
A mutual fund is a trust that encompasses the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciation realized is shared by its unit holders in proportion to the number of units owned by them. Thus, Mutual Fund is one of the most effective instruments for the small & medium investors for investment and offers opportunity to them to participate in capital market with low level of risk. It also provides the facility of diversification i.e. investors can invest across different types of schemes. Indian Mutual Fund has achieved a lot of popularity since last two decades. For a long time UTI enjoyed the monopoly in mutual fund industry. But with the passage of time many new players came in the market and thus the mutual fund industry faces a lot of competition. Now a day this industry has become the major player of the financial system. Therefore it becomes important to investigate the mutual fund performance at continuous basis. The wide variety of schemes floated by these mutual fund companies gave wide investment choice for the investors. Among wide variety of funds equity, diversified fund is considered as substitute for direct stock market investment. In present paper an attempt has been made to investigate the performance of the open ended, growth oriented, equity diversified schemes on the basis of return and risk evaluation. The analysis was achieved by assessing various financial tests like Average Return, Standard Deviation, Beta, Coefficient of Determination (R2), Alpha, Sharpe Ratio and Treynor Ratio whose results will be useful for investors for taking better investment decisions. The data has been taken from various websites of mutual fund schemes and from amfiindia.com. The analysis depicts that majority of funds selected for study have outperformed under Sharpe Ratio as well as Treynor Ratio.
Investors have lost trillions. Advisors have lost the respect and confidence of their clients and their practices have suffered from declining AUM and client outflows. Traditional models have failed.
Hybrid Portfolio Theory provides an alternative to advisors and investors that want to safeguard their portfolio from unexpected negative black swan events, while positioning for the opportunity to benefit from positive asymmetrical outcomes.
by G-10
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Rasik Rownak Hossain
Shakib Fardous
Md. Rakibul Islam
Effat Ara Saima
Rafia Sultana
Tanvir Ahmed
Md.Shahidul Islam
SK Shourov Ahemmed
Tamjedul Alam Evan
Romana Haque Saima
Sarkar Muhammad Shohag
Khademul Islam
Jannatul Ferdous
Sheikh Hamim Hasan
Toufique Ul Haque Tuhin
Kerobin Hasda
Through examining their nature and mechanisms, identifying their spin-offs and analyzing their performance, this presentation is designed to discuss what to look out for when conduct due diligence on different hedge fund strategies.
Significance of market timing and stock selection ability of mutual fund mana...Tapasya123
A Mutual Fund is a trust that pools the savings of a number of investors
who share a common financial goal. The money thus collected is invested
by the fund manager in different types of securities depending upon the
objectives of the scheme. Mutual funds cannot guarantee a fixed rate of
return. It depends on the market condition. If a particular scheme is
performing well then more return can be expected. It also depends on the
fund managers’ expertise and knowledge. The present study is aimed to
examine the performance of mutual fund managers on the basis of
selectivity and market timing abilities in security market. However, the
majority of the selected mutual fund managers do not possess market
timing ability rather they are relying a little bit on stock selection.
significance of market timing and stock selection ability of mutual fund mana...professionalpanorama
A Mutual Fund is a trust that pools the savings of a number of investors
who share a common financial goal. The money thus collected is invested
by the fund manager in different types of securities depending upon the
objectives of the scheme. Mutual funds cannot guarantee a fixed rate of
return. It depends on the market condition. If a particular scheme is
performing well then more return can be expected. It also depends on the
fund managers’ expertise and knowledge. The present study is aimed to
examine the performance of mutual fund managers on the basis of
selectivity and market timing abilities in security market. However, the
majority of the selected mutual fund managers do not possess market
timing ability rather they are relying a little bit on stock selection.
How Investment Analysis & Portfolio Management greatly focuses on portfolio c...QUESTJOURNAL
Abstract: Portfolio Construction is a capstone elective that draws on previously studied investment principles, theories and techniques. Its enable synthesize that acquired financial theories and knowledge in the context of portfolio construction and asset allocation. It focuses on gaps in theory and how they can be managed in practice.
portfolio construction using sharpe's model and risk analysisdhwaniuiet
The process of portfolio construction using sharpe's model is shown with picking up stocks from BSE and forming a portfolio and then risk analysis of various SBI mutual funds is done.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
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Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
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@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
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A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
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@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
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Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
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@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
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@Pi_vendor_247
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
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Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
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A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
1. Hedge Fund Portfolio Soutions for Advisors
H E D G E F U N D S T R AT E G I E S
Long/Short Equity
Q1 / 2014
www.crystalfunds.com
Page 1
2. Hedge Fund Portfolio Soutions for Advisors
Introduction
Long/Short Equity
Hedge Fund Strategy
The long/short equity strategy is one of the more nimble hedge
The long/short equity fund manager buys long positions in stocks
fund strategies whereby managers seek opportunities across
they believe will increase in value (“the long book”) and shorts
global equity markets with the objective of outperforming tradi-
positions which they feel will decrease or offer a suitable hedge
tional markets over a given cycle.
against certain market or sector risk (“the short book”).
The concept behind the long/short equity strategy is simple:
The combined portfolio creates enhanced opportunities for idio-
investment research uncovers expected winners and losers
syncratic (i.e. stock-specific) gains and reduces market risk as
and the hedge fund enhances its potential return capabilities by
the short holdings offset the long market exposure.
taking a position in both.
In all, long/short equity managers largely target equity-like re-
Accordingly, one of the major advantages of the long/short eq-
turns without the high volatility typically associated with long-only
uity strategy is that the managers have the flexibility to express
strategies in order to provide a higher compounded rate of return
their views in opposite directions.
over time.
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3. Hedge Fund Portfolio Soutions for Advisors
What are
Long/Short
Equity Funds?
Long/short equity managers are active in equity and equity
Nonetheless, the objective of the fundamental long/short
derivative securities in which they maintain both long and short
manager is to uncover opportunities through deep bottoms-
positions in order to generate returns. The managers aim to de-
up analysis where they aim to identify the intrinsic value of a
liver returns in excess of the broad equity markets while seeking
company.
to assume less risk in the process.
The fundamental investment approach to long/short equity can
Unlike traditional long-only equity managers, those that pursue
also be exercised through a single portfolio manager approach
the long/short equity strategy have the ability to use their “short
where there is a sole risk-taker responsible for initiating and siz-
book” to express a negative view on a stock or as a means to
ing positions or within the context of a multi-manager, multi-strat-
hedge market risk in periods of heightened volatility.
egy structure, which has the potential to offer a more diversified
As a result, long/short equity funds are generally able to sidestep
return stream.
large drawdowns and compound returns in a more attractive
Alternatively, managers who utilize a quantitative approach to
fashion than what is available in the long-only equity world.
uncovering value in the long/short equity space tend to be broad-
The universe of long/short equity hedge funds is quite broad
with managers in the space implementing the strategy through
er in nature and seek opportunities across all and any sector
through the use of both fundamental and technical factors.
a fundamental investment approach or by utilizing quantitative
Finally, managers within the long/short equity strategy can fur-
methods to arrive at investment decisions.
ther distinguish themselves through the levels of gross and net
In general, managers who employ a fundamental research approach can be specialists in certain sectors (e.g., technology,
healthcare, financials, etc.) or sector agnostic and pursue a
exposure that they are willing to assume, the average duration
of their investment holding period, and the market capitalizations
of targeted companies.
more diversified approach.
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4. Hedge Fund Portfolio Soutions for Advisors
Drivers of Returns
The returns of long/short equity managers are determined by
source of alpha would seek out individual names deemed to be
the skill of the manager and their ability to successfully navigate
overvalued in the sector and subsequently implement a short
the market. By and large, long/short equity managers rely on
position with the goal of producing a return that outperforms the
their stock picking expertise and hedging ability to generate
index and, thereby, enhances the manager’s spread.
returns.
Consequently, the ability to extract alpha on the short side re-
Success within the space generally hinges on the ability to cor-
quires a particular skillset and is the hallmark of a leading long/
rectly predict companies that will outperform the market while
short equity manager.
also discerning the underperformers and shorting them.
While an overriding factor, stock selection is not the sole driver
The difference between the returns of the long and short hold-
of long-term returns for long/short equity managers. Managers
ings is referred to as a “spread” and managers who are able to
pursuing the long/short equity strategy have the ability to aug-
maximize a positive spread offer a more attractive return profile.
ment returns by actively managing the levels of gross and net
The ability of long/short equity managers to deliver a positive
exposure in the portfolio.
spread is largely related to how they utilize their short portfo-
Gross exposure is defined as the long portfolio plus the absolute
lio. A long/short equity manager who mostly employs market
value of the short portfolio whereas net exposure equals the dif-
hedges in their short portfolio is not taking full advantage of the
ference between the long portfolio and the short portfolio.
opportunity to extract double alpha.
A long/short equity manager who has the foresight to reduce
For instance, at the most basic level, a manager that estab-
exposure levels before a market correction is able to protect
lishes a short position in an ETF related to U.S. regional banks
investor capital and offer an attractive means to long term cap-
to hedge a long holding in the sector is largely focused on at-
ital appreciation. Conversely, managers who seek to expose
tempting to reduce sector risks in the name in order to isolate
themselves to more market directionality would increase their
company specific factors as a source of return. Alternatively, a
exposures.
long/short equity manager who views their short portfolio as a
Q1 / 2014
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Page 4
5. Hedge Fund Portfolio Soutions for Advisors
The Advantages of
Long/Short Equity Funds
Better Risk-adjusted Returns than Traditional Equity Portfolios
Over the past 10 years, long/short equity strategy hedge funds have been able to outperform the S&P 500 with significantly less volatility.
As illustrated in the chart below, the CS Equity Long/Short HF Index delivered over 100 basis points of outperformance with a standard
deviation of 7.84% versus 14.50% for the S&P 500. This translates into a Sharpe Ratio of 0.78 for the CS Long/Short Equity HF Index
compared to 0.41 for the S&P 500.
Annualized ROR
7.67%
Std. Deviation
7.84%
Cumulative Value
222.62
199.66
66.92%
-21.97%
14.50%
6.59%
% Months Positive
Max Drawdown
63.85%
-52.56%
Sharpe Ratio
Correl to S&P 500
Sortino
0.37
0.78
0.81
0.41
Credit Suisse Long/Short Equity HF Index
0.12
NA
Jan. 2003 – Oct. 2013
S&P 500 Index
Potential downside protection in major downturns
It is important to note that long/short equity managers generally run
with a low-to-moderate amount of net exposure to equity markets. As a
CS Equity
Long/Short Performance
Index
Differential
Period
S&P 500
Q4-2008
-22.55%
-7.47%
15.08%
periods when equity markets faced significant headwinds, the strategy
Q3-2002
-17.63%
-2.43%
15.20%
has been able to offer considerable downside protection.
Q3-2001
-14.98%
-1.84%
13.14%
Q3-2011
-14.33%
-9.80%
4.53%
Long/Short HF Index has historically outperformed the S&P 500 by an
Q2-2002
-13.74%
0.14%
13.87%
average of 9.54% during the 10 worst quarters for the equity markets
Q1-2001
-12.12%
-4.87%
7.25%
as long/short equity funds returned on average -4.37% versus -13.91%
Q2-2010
-11.86%
-5.84%
6.02%
result of operating a hedged portfolio, long/short equity managers typically have not fully participated in runaway bull markets. However, in
For instance, as demonstrated in the table to the right, the CS Equity
for the S&P 500.
Q1-2009
-11.67%
0.32%
11.99%
This ability to offer protection during equity market downturns has
Q3-1998
-10.30%
-7.80%
2.50%
resulted in more attractive risk-adjusted returns and a superior cumula-
Q1-2008
-9.93%
-4.09%
5.84%
Average
-13.91%
-4.37%
9.54%
tive growth for the strategy.
Q1 / 2014
www.crystalfunds.com
Page 5
7. Hedge Fund Portfolio Soutions for Advisors
IMPORTANT DISCLOSURE
This Document is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy an interest in any of the Funds managed or advised by Crystal Capital Partners, LLC (“Crystal”). This document contains only summary information about the Funds and is qualified in its entirety by, and should be read in conjunction with, the more detailed information contained in the Offering
Memorandum for each Fund.
The interests in the Fund have not been registered with the SEC under the Securities Act, or under the securities laws of any state of the United States or under the securities laws of any other jurisdiction,
and the Funds have not been registered as an investment company under the Investment Company Act of 1940, as amended, and are being offered and sold in reliance on exemptions from the registration
requirements of such laws.
The information contained in this Document has been prepared to assist interested parties in making their own evaluation of the opportunity and does not purport to be complete or to contain all of the
information that a prospective investor might consider important in connection with an investment in the Fund. In all cases, interested parties should conduct their own investigation and analysis of the Fund,
the data set forth in this Document and such other data as they may consider relevant to an investment decision. The information contained in this Document does not constitute legal, tax, accounting,
regulatory or investment advice, and persons considering an investment in the Fund should consult their own legal and financial advisors with respect to the application of United States securities, tax or
other laws and accounting and regulatory provisions to their particular, as well as any consequences arising under the laws of any other jurisdiction.
The liquidity schedule constitutes the “best available” liquidity as of the date hereof. The liquidity terms described are for a particular exposure. From time to time, the Fund and/or the Outside Portfolio
Manager may offer different liquidity terms. “Best available” liquidity assumes availability when soft lock terms are applicable.
The pro forma results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not
represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of
liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely
to achieve profits or losses similar to these being shown.
THE PRO FORMA COMPOSITE PERFORMANCE RECORD IS HYPOTHETICAL AND THESE TRADING ADVISORS HAVE NOT TRADED TOGETHER IN THE MANNER SHOWN IN THE COMPOSITE.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY MULTI-ADVISOR MANAGED ACCOUNT OR POOL WILL OR IS LIKELY TO ACHIEVE A COMPOSITE PERFORMANCE RECORD SIMILAR TO THAT SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP
DIFFERENCES BETWEEN A HYPOTHETICAL COMPOSITE PERFORMANCE RECORD AND THE ACTUAL RECORD SUBSEQUENTLY ACHIEVED.
ONE OF THE LIMITATIONS OF A HYPOTHETICAL COMPOSITE PERFORMANCE RECORD IS THAT DECISIONS RELATING TO THE SELECTION OF TRADING ADVISORS AND THE ALLOCATION OF ASSETS AMONG THOSE TRADING ADVISORS WERE MADE WITH THE BENEFIT OF HINDSIGHT BASED UPON THE HISTORICAL RATES OF RETURN OF THE SELECTED TRADING
ADVISORS. THEREFORE, COMPOSITE PERFORMANCE RECORDS INVARIABLY SHOW POSITIVE RATES OF RETURN. ANOTHER INHERENT LIMITATION ON THESE RESULTS IS THAT THE
ALLOCATION DECISIONS REFLECTED IN THE PERFORMANCE RECORD WERE NOT MADE UNDER ACTUAL MARKET CONDITIONS AND, THEREFORE, CANNOT COMPLETELY ACCOUNT FOR
THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FURTHERMORE, THE COMPOSITE PERFORMANCE RECORD MAY BE DISTORTED BECAUSE THE ALLOCATION OF ASSETS CHANGES
FROM TIME TO TIME AND THESE ADJUSTMENTS ARE NOT REFLECTED IN THE COMPOSITE.
The Fund and/or the Fund Manager use several sources of information to support the analysis in this Document, including information provided by investment managers, third party databases, and other
public and non-public sources. The Fund and/or the Fund Manager will make commercially reasonable efforts to ensure the reliability of the information, but make no warranty as to the accuracy, completeness or suitability of the information. Such information is further subject to the qualifications and limitations contained in the Terms of Use Agreement and the Disclaimer made part of each fund report.
The interests in the Fund are speculative, illiquid, involve substantial risk, and are a suitable investment only for a limited portion of an investor’s portfolio. Investors could lose all or substantially all of their
investment in the Fund. Neither the delivery of this Document nor any offers or sales hereunder shall create an implication that there has been no change since the date of this Document or the Offering
Memorandum in the matters disclosed herein. Before you decide to invest, read the entire Offering Memorandum for the specific fund of interest carefully, and in particular, consider the “Risk Factor” section.
If you, or your advisors, have questions concerning the operations, you should contact the Fund Manager at the address or phone number included in the Offering Memorandum.
None of the directors, officers, employees or advisers of Crystal or its affiliates or any other person makes any promise, guarantee, representation or warranty (expressed or implied) to any person as to the
fairness, accuracy or completeness of this Document or the information contained herein, or of any other information, materials or opinions, whether written or oral, that have been, or may be, prepared or
furnished by any of those companies, including, without limitation, economic or financial projections, if any, or risk evaluations.
The recipient acknowledges and agrees that all of the information contained herein is confidential, and if the recipient has previously accepted this Document, signed or agreed to Crystal’s Terms of Use
Agreement or Non-Disclosure Agreement, is subject thereto. Without limiting the generality of the foregoing: (1) the recipient will not reproduce this Document, in whole or in part; (2) if the recipient does
not wish to pursue this matter or is not an “Accredited Investor” within the meaning of Rule 501(a) under the Securities Act of 1933 and/or a “Qualified Purchaser” as such term is defined in the Investment
Company Act of 1940, as amended and (the “Securities Act”), it must return this Document to Crystal, as soon as practicable, together with any other materials relating to the Fund, which the recipient may
have received, or must destroy this Document and such other materials as soon as practicable and, in each case, must destroy, as soon as practicable, all copies of analyses, compilations, studies or other
documents prepared by it in connection with any information in this Document or such other materials.
Please see the Help Section of the website (? Icon) for additional disclosures and definitions of certain terms and comparison indices.
Crystal Capital Partners, LLC
1111 Kane Concourse, Suite 404
Bay Harbor Islands, FL 33154
T. (305) 868 - 1500
F. (305) 868 - 1595
www.crystalfunds.com
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www.crystalfunds.com
Page 7