ERICAP January 2014 Report

1. ERIC Monthly Performance Report (January 2014)
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2. About -EnnovateResearch Investments & Capital (ERIC)
•ERIC’s Diversified Trend-Following Program is systematic and technical.
•The Program utilizes a mathematical algorithm to analyze technical data in order to generate trading signals.
•We simultaneously trade multiple trading systems independently.
•Each system serves a unique purpose and is applied to a diversified portfolio comprising of commodities, equity & currency in a predominantly quantitative or mechanical fashion.
•Our program does not necessarily expect profitability over the short-term but is, instead, geared to generate competitive returns over the long-run.
•Long periods of break even or equity declines are to be expected.
•A strict money management discipline is in place, the design of which is intended to maximize return while diminishing volatility.
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3. Performance Presentation –Investor –January 2014
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From Fund Manager’s Desk:
•Stock market was quite volatile for the month as it shed almost 300 points in this span of time.
•Gold price saw a surge in price as investors weighed the outlook for US stimulus and speculation the metal’s advance will deter physical purchases. It gained almost Rs.1200 on the bourses. Similar trend was noticed in Silver which gained Rs.1000 in the span of time.
•Natural gas had a volatile movement in the period. It saw a high of Rs.333 but closed at Rs.308.30 by the end of the period as supply worries from heightened tensions between Iran and the West offset concerns that a slowdown in the global economy could curb oil demand. Similar trend was noticed in Crude oil.
MonthInvested CapitalAccrued ReturnAccrued Interest IncomePre Tax Return On InvestmentCapital - End of MonthPre Tax Return (%) Annualised Return (%)* Jul-131,800,000 162,386 12,000 174,386 1,974,386 9.7%203% Aug-131,974,386 705,941 12,000 717,941 2,692,327 36.4%1020% Sep-133,392,327 (316,258) 16,667 (299,592) 3,092,735 -8.8%246% Oct-133,092,735 (110,534) 16,667 (93,868) 2,998,868 -3.0%131% Nov-132,998,868 (233,362) 16,667 (216,695) 2,782,173 -7.2%63% Dec-132,782,173 (117,560) 16,667 (100,893) 2,681,280 -3.6%40% Jan-142,681,280 32,537 16,667 49,203 2,730,483 1.8%37% * Returns have been annualised based on TWROR. It is only an indicative figure for comparison purpose

4. Detailed Performance Report –January 2014
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•Please see the next slide for Notes to performance.
•All results have been presented on accrual basis concept as per the terms of agreement signed with EnnovateSolutions.
•The performance calculations are mapped to the CTA (Commodity Trading Advisors) performance report, mandatory presentation to National Futures Association (NFA), US
•Source: http://www.cmegroup.com/education/files/CTA_guide_1-3-08.pdf(Appendix III -page 67)
DateBeginning BalanceAdd/Sub CapitalGross Realised Profit / LossBrokerageNet, Realised ProfitChange in Unrealised ProfitInterest IncomeGross PerformanceBalance Before DistributionAccrued InterestAccrued Annual FeeGross ProfitAccrued Ennovate FeeNet PerformanceEnding BalanceReturn % VAMI8%2%30% 12345678910111213141516171-Jul-131,800,000 - 1,800,000 1,800,000 1,000 31-Jul-131,800,000 11,410 22,228 (10,818) 257,798 - 246,980 2,046,980 12,000 3,000 231,980 69,594 162,386 1,974,386 9.7%1,097 31-Aug-131,974,386 1,106,903 27,910 1,078,993 (55,214) - 1,023,778 2,998,164 12,000 3,291 1,008,488 302,546 705,941 2,692,327 36.4%1,496 30-Sep-132,692,327 700,000 (236,358) 14,229 (250,586) (43,352) - (293,938) 3,098,389 16,667 5,654 (316,258) - (316,258) 3,092,735 -8.8%1,364 31-Oct-133,092,735 49,961 29,592 20,369 (109,082) - (88,713) 3,004,022 16,667 5,155 (110,534) - (110,534) 2,998,868 -3.0%1,322 30-Nov-132,998,868 (492,079) 23,922 (516,001) 21,381 - (494,620) 2,504,248 16,667 4,998 (516,285) (282,923) (233,362) 2,782,173 -7.2%1,227 31-Dec-132,782,173 (76,536) 12,817 (89,353) (57,286) - (146,639) 2,635,534 16,667 4,637 (167,943) (50,383) (117,560) 2,681,280 -3.6%1,182 31-Jan-142,681,280 67,917 10,496 57,422 10,195 - 67,617 2,748,896 16,667 4,469 46,481 13,944 32,537 2,730,483 1.8%1,204 Fund Inception Date 1st July 2013Unrealised Profit is calculated after reducing transaction costs and considering closing value of position as of 12th February 2014

5. Notes to Performance Table
Asummaryofthesignificantaccountingpolicieswhichhavebeenfollowedinpreparingtheaccompanyingperformancetableissetforthbelow:
1.BeginningBalanceequalstheendingequityfromthepreviousmonth,ifapplicable,andincludesthesumofallcash,accruedinterestincome,accruedbrokeragecommissionsandmiscellaneousexpensesandthecurrentmarketvalueofallopencommoditypositions.
2.Additionsaretheamounts,otherthanthroughsourcesofincome,addedatthestartoftheperiod.Withdrawalsaretheamounts,otherthanthroughsourcesofexpense,withdrawnatthestartoftheperiod.
3.GrossProfit(Loss)isthegrossrealizedgain/(loss)onclosedfuturescontractsduringthemonth.ItisnotreducedbyBrokerageCommissionsandMiscellaneousExpenses.
4.BrokerageCommissionsandMiscellaneousExpensesarerecognizedonanaccrualbasisandrepresentthecommissionschargedpersidebythefuturescommissionmerchantpluschargesbycertainexchangesandself-regulatoryorganizationsandotherchargestotheaccount.
5.NetRealizedProfit(Loss)representsthesumofTotalRealizedProfit(Loss) lessBrokerageCommissionsandMiscellaneousExpenses.
6.ChangeinUnrealizedProfit(Loss)representsthetotalincrease(decrease) fromtheprecedingmonthinopencommoditypositions.Unrealizedgains(losses)onfuturescontractsarecalculatedattheendofeachmonthbasedoncontractsizesandthedifferencesbetweenthecommodityfuturescontractclosingpriceandthepriceatwhichthecontractwasinitiallypurchasedorsold.
7.InterestIncomeisrecognizedonanaccrualbasisandrepresentsinterestearnedonliquidfunds,ifany,heldasmargininthetradingaccount,and/orinterestearned,ifany,onequitybalancesatthefuturescommissionmerchant.
8.GrossPerformanceisthesumofNetRealizedProfit(Loss),ChangeinUnrealizedProfit(Loss)andInterestincome.
9.BalancebeforedistributionisthesumofBeginningBalance,AdditionsandGrossPerformance.
10.Accruedinterestistheamountofinterestearnedbytheinvestor’scapitalduringthemonth.Aspertheagreementitis8%oftheamountinvested.
11.AccruedannualfeeistheamountofannualfeeearnedbyEnnovateSolutionsduringthemonth.Aspertheagreementitis2%ofthefundsundermanagement,calculatedonthebeginningmonthlybalance.
12.GrossProfitiscalculatedbyreducingtheAccruedInterestandAnnualFeefromtheNetPerformance(Note8)
13.AccruedEnnovateFeeis30%oftheGrossProfit.Thefee’swillfollowhigherwatermark.
14.NetPerformanceequalsGrossProfitminusAccruedEnnovateFee.
15.EndingBalanceequalsthesumofBeginningEquityplusAdditionsminusWithdrawalsplusNetPerformance.
16.MonthlyRateofReturnisdeterminedusingthe“Time-Weighting”method.ItisdeterminedbydividingNetPerformanceforamonthbytheweightedaverageofBeginningEquityplusAdditionslessWithdrawals.TheweightedaverageiscomputedbydividingthesumofeachrespectivedailyBeginningEquityplusAdditionslessWithdrawalsbalance,beforereinvestedprofitsorlossesoccurringduringthemonth,bythenumberofdaysinthemonth. MonthlyRateofReturnmaynotbeanaccurateindicatorofperformancesinceitassumesthatNetPerformanceisrealizedonapro-ratabasisoverthedailyweightedaverageofBeginningEquityplusAdditionslessWithdrawalsduringthemonth.
17.IndexisincludedforinformationalpurposesonlyandrepresentstheestimatedcompoundedmonthlyvalueofeachhypotheticalRs.1,000investmentassumedtohavebeenmadeasofthebeginningoftheperiodpresented.Indexiscalculatedas1plustheMonthlyRateofReturntimesthepriormonth’sIndex.Indexmaynotbeanaccurateindicatorofperformancesinceitassumesacontinuousinvestmentwithnosubsequentadditions, withdrawalsordistributionsofaccumulatedprofits.
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6. Contact Us
SameerGunjal
M: +91-9860270324
E : sameer@ericap.in
VinitDesai
M: +91-9665754056
E : vinit@ericap.in
YogeshSingh Thakur
M: +91-9921100285
E : yogesh@ericap.in
TejasDoshi
M: +91-9922958674
E: tejas@ericap.in
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Head Office:
Office No. 1, GunjalComplex, Deccan Gymkhana, Pune-411004
Ph : 020 25361397

7. Disclaimer
•This presentation has been prepared solely for informational purposes and may not be relied on in any manner as legal, tax or investment advice or as an offer to sell or the solicitation of an offer to buy an interest in any fund.
•This presentation should be considered confidential as it contains important information about the fund’s risks, fees and expenses and may not be reproduced in whole or in part, and may not be circulated or redelivered to any person without the prior written consent of EnnovateSolutions.
•Certain information contained herein constitutes “forward-looking statements”, which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any fund may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is not a guide to or otherwise indicative of future results .
•Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date here of.
•None of the information contained herein shall constitute, or be construed as constituting or be deemed to constitute “investment advice”.
•The investments in Systematic products/strategy rely on various economic factors and are subject to market risks and forces affecting the capital markets. The value of the portfolio under products/strategy can go up or down depending on the various factors that affect the capital market. 7 Copyright© - Ennovate Solutions

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