Sand Spring Capital Partners is a currency trend following managed account program that achieved returns of 47.91% since inception in April 2006. The program uses two algorithms to generate trade signals across currency pairs and employs money management strategies to optimize returns. Key statistics include an annualized return of 15.94%, maximum drawdown of -9.14%, and 75% of periods with gains. The minimum investment is $100,000 and the management fee is 0% with a 30% incentive fee.

1. Sand Spring Capital Partners, LLC
Trend Following Program December 2009
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 0.53% 0.19% -1.73% -0.02% -3.81% -0.68% 3.82% 1.08% 3.20% 2.24% 2.90% 3.52% 11.24%
2008 -5.61% -1.38% 2.52% 4.10% 2.90% 1.02% -4.07% 6.43% 3.61% 7.26% 6.25% 0.79% 23.83%
2009 0.89% -2.02% -7.12% 5.57% 4.87% 2.27% 2.09% 2.30% 0.69% 2.90% 0.21% 0.19% 12.84%
*Shaded proforma returns represent actual executed orders applied to a $15,000,000 notional trading program.
Statistics (January 2007 – December 2009)
Last 12 Months Return 12.84% Average Monthly Gain 2.75%
Cumulative Return Since Inception 47.91% Average Monthly Loss -2.94%
Annualized Return 15.94% Annualized Standard Deviation 11.26%
Best Monthly Performance 7.26% Sharpe Ratio (Rf = 0%) 1.42
Worst Monthly Performance -7.12% Calmar Ratio 1.74
Percentage of Periods with Gain 75.00% Correlation to S&P 500 Index -0.13
Average Monthly Return 1.33% Correlation to Barclay Currency Index 0.26
Maximum Drawdown -9.14% Correlation to Parker FX Index 0.11
Sand Spring Capital Partners, LLC was formed on April 1, 2006, to manage proprietary capital and provide managed account
services in the areas of foreign exchange and commodity markets. The foreign exchange trend following managed account
program’s (“The Program”) objective is to maximize risk return ratios through an integrated technical approach, identifying trends
and then capitalizing on momentum fluctuations within those trends.
The Manager combines two distinct and complementary time horizon algorithms to generate buy / sell signals for the currency
pairs in the portfolio. The trading system creates trade entry and exit signals, along with predetermined stop-loss and take-profit
levels to reinforce appropriate risk management. The system also identifies overbought or oversold conditions for existing
positions, and subsequently may signal an intermediate exit point, overriding the predetermined exit levels and minimizing risk in
volatile market conditions.
The Program uses a system which layers sophisticated money management algorithms on top of statistical and trend analysis to
optimize returns designed to take advantage of deep liquidity and 24 hour price availability.
General Information:
Monthly Net Percentage Performance vs. Growth of $100
•Total Program AUM $1,400,000
•Minimum Investment $100,000
•Management Fee 0%
•Incentive Fee 30%
14.00 165.00 •High Water Mark Yes
10.00 •Program Leverage 3X
140.00
6.00
Return (%)
Dollars
2.00 115.00 Contacts:
(2.00) 90.00 Robert Hayes
(6.00) Chief Operating Officer
65.00 rhayes@sandspringpartners.com
(10.00)
40.00 973-701-6170
(14.00)
(18.00) 15.00 Michael Williams
PCSS
PCSS
PCSS
PCSS xedn 005 P&S
xednII 005 P&S
xednII 005 P&S
xedn 005 P&S President
mwilliams@sandspringpartners.com
xedn ycnerruC ya craB
xednII ycnerruC ya craB
xednII ycnerruC yallllcraB
xedn ycnerruC ya craB xedn XF rekraP
xednII XF rekraP
xednII XF rekraP
xedn XF rekraP
973-701-6170
Disclaimer
Returns are reported by Sand Spring Capital Partners, LLC, and are not audited. Proprietary trading results are the gross performance less a 30% incentive fee. No representation is made
that the strategy will or is likely to achieve a future composite performance record similar to that shown. This does not constitute a solicitation. No investment in Sand Spring Capital
Partners LLC, managed trading programs should be considered before a careful reading of the relevant Disclosure Document or Offering Memorandum. Over-the-Counter foreign
exchange is risky and is suitable only for sophisticated investors of substantial capital. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.