The incentive allocation ranges from 15% to 20% of net profits per annum, depending on the Fund andthe Class of Interests/Shares or SP in which an investor subscribes. Despite this, the pace at which the Trend Capital will actually liquidate any position will take into account its assessment of the potential price impact. Once Trend Capital has identified a trend, Trend Capital typically constructs macroeconomic models intended to quantify the drivers of that trend. Generally, obligors tend to prepay their fixed 17 rate obligations when prevailing interest rates fall below the coupon rates on their obligations. It is possible, in a bankruptcy or liquidation scenario, that the Funds may not be able to substantiate its interest in the underlying financial instruments. 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. If this occurs, Trend Capital may be unable to effectively use its forward trading programs and the Funds could experience significant losses. Ashburn, a city in Virginia's Loudoun County about 34 miles from Washington D.C., is widely known as the Data Center Capital of the World. Price movements of commodity futures contracts are influenced by, among other things, changing supply and demand relationships, governmental agricultural and trade programs and policies and national and international political and economic events. Reset here, 1999 - 2023 citywire.com. These transactions are not subject to exchange rules. An inability to establish or maintain such relationships is likely to limit the Funds trading activities or their ability to engage in certain transactions, could result in losses and might prevent the Funds from trading at optimal rates and terms. A credit default swap is a contract between two parties which transfers the risk of loss if a company fails to pay principal or interest on time or files for bankruptcy. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Ashwin is Chief Investment Officer and has served as Chief Investment Officer since 05/01/2011. Trend Capital and its management persons have no other relationships or arrangements with any of the related persons listed above that are material to Trend Capitals advisory business or its clients. Trend Capital ERISA GP LLC is the general partner of the ERISA Master 2 Fund. Trading in Currencies. 4. was the subject of any order, judgment, or decree permanently or temporarily enjoining, or otherwise limiting, your firm or a management person from engaging in any investment-related activity, or from violating any investment-related statute, rule, or order Not applicable. Sep 3, 2017 | Fund Employees. Non-U.S. Investments. The financial instruments necessary to satisfy the exercise of an uncovered call option may be unavailable for purchase, except at much higher prices, thereby reducing or eliminating the value of the premium. Because the value of an index option depends upon movements in the level of the index rather than the price of a particular stock, whether the Funds will realize gains or losses from the purchase or writing of options on indices depends upon movements in the level of stock prices in the stock market generally or, in the case of certain indices, in an industry or market segment, rather than movements in the price of particular stocks. Price movements of futures and options contracts and payments pursuant to swap agreements are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments and national and international political and economic events and policies. Trend Capital seeks to identify those trends that it believes are not priced in by the market and uses technical analysis and other factors to identify the entry and exit points it believes are most appropriate. In fact, the Funds portfolio, at times, may be highly concentrated. Corporate debt securities, mortgagebacked securities, bank loans, mezzanine investments and certain other investments that may be purchased and sold are traded in private, unregistered transactions and subject to restrictions on resale. A self-regulatory organization (SRO) proceeding in which your firm or a management person. In addition, certain Funds or managed accounts may have different trade error policies for legal or regulatory reasons (e.g. Search our database of over 100 million company and executive profiles. Prospective investors are provided with an offering memorandum prior to their investment and are encouraged to carefully review the offering memorandum, along with all other relevant offering documents and to be sure that the proposed investment is consistent with their investment goals and tolerance for risk. The Opportunities Master Fund SPs invest in and trade securities and other financial instruments using investment techniques with risk characteristics, including risks of the debt and equity markets, the risks of borrowings and short sales, the potential illiquidity of securities and other financial instruments and the risk of loss from counterparty defaults. Trend Capital has adopted a Code of Ethics, which is a part of Trend Capitals compliance manual and has been designed to comply with the requirements of Advisers Act Rule 204A-1. Avanath Capital 1920 Main Street, Suite 150, Irvine, CA 92614 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. As noted above, one of the managed accounts will close at the end of March 2020. Call Options. Similar elements of risk arise in the event of the bankruptcy or insolvency of the buyer. ADV PART 2A OF FORM ADV FIRM BROCHURE Trend Capital Management LPTrend Capital Advisers LP1800 N. Military Trail, Suite 475Boca Raton, FL 33431Tel: 561-617-5086March 30, 2020 This Brochure provides information about the qualifications and business practices of TrendCapital Management LP and Trend Capital Advisers LP (collectively, "Trend Capital" orthe "Firm"). While the Funds intend to invest a substantial portion of the portfolio in liquid securities, there can be no assurance that any of these securities will not become illiquid at some point in time. Explain how you will determine the amount of the refund.As described in Item 5.B above, investors in the Funds generally pay management fees in advance. . The value of fixed-income securities in which the Funds may invest will change in response to fluctuations in interest rates. Trend Capital GP LLC is the general partner of Trend Macro Onshore and Trend Macro Fund. Trend Capital aggregates Advisory Client orders to achieve more efficient execution or to provide for equitable treatment among accounts to the extent possible, under existing laws and regulations. Such intervention is often intended to influence prices directly. 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. There is currently limited case law or litigation characterizing swaps and certain other derivatives, interpreting their provisions or characterizing their tax treatment. Special risks may apply to instruments that are invested in by the Funds in the future that cannot be determined at this time or until such instruments are developed or invested in by the Funds. Ashwin has. . The Trend Capital generally tries to invest the Trend Macro Funds assets in a way that it will be flat or positive carry in aggregate, including the cost of its hedging program. Explain whether clients will receive their proxies or other solicitations directly from their custodian or a transfer agent or from you and discuss whether (and, if so, how) clients can contact you with questions about a particular solicitation. Stock Index Futures. Bloomberg Daybreak Asia. The purpose of these visits is to ascertain the views of domestic policymakers, both private and public, assess the state of domestic businesses and business conditions, understand domestic politics and understand local investor sentiment as well as supply/demand conditions, so that these qualitative factors may be incorporated into Trend Capitals portfolio decisions. This requires different skills and techniques than predicting changes in the price of individual stocks. If you do not have authority to vote client securities, disclose this fact. Advisory Clients may be deemed to be paying for research and other services with soft or commission dollars. Ashwin Vasan - Senior Advisor to the Director - Consumer Financial Protection Bureau | LinkedIn View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. 1. broker-dealer, municipal securities dealer, or government securities dealer or broker, 2. investment company or other pooled investment vehicle (including a mutual fund, closed-end investment company, unit investment trust, private investment company or hedge fund, and offshore fund), 3. other investment adviser or financial planner, 4. futures commission merchant, commodity pool operator, or commodity trading advisor, 11. sponsor or syndicator of limited partnerships. Because of the low margin deposits normally required in futures trading, an extremely high degree of leverage is typical of a futures trading account. Similarly, floating rate issuers and borrowers tend to prepay their obligations when spreads narrow. In order to manage this conflict of interest, Trend Capitals Code of Ethics requires related persons of Trend Capital to obtain prior written approval from the Compliance Department before engaging in securities transactions in their personal accounts. First, particular investments may experience outright losses, as in the case of an interest-only instrument in an environment of faster actual or anticipated prepayments. Governments from time to time intervene, directly and by regulation, in certain markets, particularly those dealing in precious metals. Each such related person transaction is separately identified and made strictly in accordance with Trend Capitals Code of Ethics. In general, Trend Capital may receive a monthly management fee in advance based on the net asset value of the Trend Macro Fund, ERISA Master or applicable SP of the Opportunitiesfeeder funds, payable as of the first day of each month (adjusted for contributions made during the month). commission cost or spread.Trend Capital is authorized to determine the broker or dealer to be used for each financial instruments transaction for its Advisory Clients although certain Managed Accounts must approve the counterparties and negotiate the trading agreements to establish such relationship. If you recommend or select other investment advisers for your clients and you receive compensation directly or indirectly from those advisers that creates a material conflict of interest, or if you have other business relationships with those advisers that create a material conflict of interest, describe these practices and discuss the material conflicts of interest these practices create and how you address them. Possible Effects of Speculative Position Limits. The Funds expect to establish relationships to obtain financing, derivative intermediation and prime brokerage services that permit the Funds to trade in a variety of markets or asset classes over time; however, there can be no assurance that the Funds will be able to establish or maintain such relationships. . The production and marketing of commodities may be affected by actions and changes in governments. The credit default swap market in high yield securities is comparatively new and rapidly evolving compared to the credit default swap market for more seasoned and liquid investment grade securities. Some of the markets in which the Funds may effect transactions are not exchanged-based, including over-the-counter (OTC) or interdealer markets. Examples: (1) You or a related person, as principal, buys securities from (or sells securities to) your clients; (2) you or a related person acts as general partner in a partnership in which you solicit client investments; or (3) you or a related person acts as an investment adviser to an investment company that you recommend to clients. A stock index fluctuates with changes in the market values of the stocks included in the index. Items 9.A, 9.B and 9.C list specific legal and disciplinary events presumed to be material for this Item. Trend Capital recognizes that certain potential conflicts of interests may arise in connection with the personal trading activities of individuals associated with Trend Capital. Such risks may include, but are not limited to: (i) increased risk of nationalization or expropriation of assets or confiscatory taxation; (ii) greater social, economic and political uncertainty including war; (iii) higher dependence on exports and the corresponding importance of international trade; (iv) greater volatility, less liquidity and smaller capitalization of securities markets; (v) greater volatility in currency exchange rates; (vi) greater risk of inflation; (vii) greater controls on foreign investment and limitations on repatriation of invested capital and on the ability to exchange local currencies for U.S. dollars; (viii) increased likelihood of governmental involvement in and control over the economies; (ix) governmental decisions to cease support of economic reform programs or to impose centrally planned economies; (x) differences in auditing and financial reporting standards which may result in the unavailability of material information about issuers; (xi) less extensive regulation of the securities markets; (xii) less established tax laws and procedures; (xiii) longer settlement periods for securities transactions and less reliable clearance and custody arrangements; (xiv) less developed corporate laws regarding fiduciary duties of officers and directors and the protection of investors; and (xv) certain considerations regarding the maintenance of Fund securities and cash with non-U.S. brokers and securities depositories. Purchasing financial instruments to close out a short position can itself cause the price of the financial instruments to rise further, thereby exacerbating the loss. This risk may cause some or all of the Funds gains to be unrealized. Trend Capital neither tailors its advisory services to the individual needs of investors nor accepts investor-imposed investment restrictions with respect to the Funds. Operational Leverage. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. Sovereign Debt. B. Describe whether (and, if so, how) your clients can direct your vote in a particular solicitation. 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. There can be no assurance that future court decisions construing provisions in, or provisions similar to those in, any swap agreement or other related documents or new and additional regulations and laws governing swaps and other derivatives will not have a material adverse effect on the investments. The Funds global macro investing consists primarily of trading in global interest rates, currencies, credit and equity indices and their related derivatives, in order to exploit fundamental, economic, financial and political trends that may exist in and between developed and emerging markets throughout the world. Generally, the Funds will not be restricted from dealing with any particular counterparties. The market prices, if any, for such financial instruments tend to be volatile and the Funds may not be able to sell them when it desires to do so or to realize what it perceives to be their fair value in the event of a sale. Generally speaking, the minimum initial investment for each investor in the Funds (with the exception of the Opportunities Funds) is $1,000,000 or $25,000,000 (depending on the Fund and Class of Interests/Shares in which an investor subscribes) and the minimum investment for additional subscriptions is $500,000, subject, in each case, to waiver, reduction or change at the discretion of Trend Capital, the Board of Directors and/or Advisory Board, as applicable. The Funds are designed only for experienced and sophisticated persons who are able to bear the risk of substantial impairment or total loss of their investment in the Funds. Except to the extent that values are independently affected by currency exchange rate fluctuations, when interest rates decline, the value of fixedincome securities generally can be expected to rise. Trading instructions may have to be modified and the Funds positions may need to be liquidated to avoid exceeding these limits. If the type of security involves significant or unusual risks, discuss these risks in detail. Investment OverviewThe investment objective of each Trend Macro Fund, ERISA Master and Enhanced Return is to produce consistent, absolute returns on capital by pursuing a fundamental global macro strategy. Therefore, the Funds will not receive any benefit of CFTC regulation for these trading activities. Ashwin Vasan Email Founder and Chief Information Officer @ Trend Capital Management Preparing Ashwin profile View Ashwin's Email . Fundamental analysis produces positive results only to the extent that Trend Capital correctly predicts how external factors (such as government regulation, new technologies and political and economic events) will influence the market price of a given investment. Repurchase and Reverse Repurchase Agreements. Refer to Item 12 for further information. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. Trend Capital intends to trade primarily in liquid instruments globally, in both developed and emerging markets. There also can be no assurance that the financial instruments necessary to cover a short position will be available for purchase at or near prices quoted in the market. If you recommend primarily a particular type of security, explain the material risks involved. The Funds may invest in exchange traded funds 24 (ETFs), which are shares of publicly-traded unit investment trusts, open-end funds, or depository receipts that seek to track the performance and dividend yield of specific indexes or companies in related industries. As explained in Item 4.C above, individual investors in the Funds do not have the ability to impose limitations on Trend Capitals discretionary authority. Disclose whether the fees are negotiable.The Funds offer interests or shares, as applicable, only to certain qualified investors and admission in the Funds is not open to the general public. If you charge advisory fees in addition to commissions or markups, disclose whether you reduce your advisory fees to offset the commissions or markups.Not applicable. Exchange Traded Funds. The information contained in this Item 5 is a summary only and is qualified in its entirety by the relevant offering documents for each Advisory Client. Trend Capital does not manage any Advisory Client assets on a non-discretionary basis. In the manner described above, credit default swaps can be used to hedge a portion of the default risk on a single corporate bond or a portfolio of bonds. Generally, there is no public or over-the-counter trading market for these financial instruments and the Funds might only be able to liquidate these positions at highly disadvantageous prices, if at all. If you have been the subject of a bankruptcy petition at any time during the past ten years, disclose this fact, the date the petition was first brought and the current status. In addition, the Funds assets are also subject to the risk of the failure of any of the exchanges on which its positions trade or of its clearinghouses or counterparties. rend Macro Funds assets in a way that it will be flat or positive carry in aggregate, including the cost of its hedging program. Illiquidity. As of March 30, 2020, Trend Capital is submitting its annual amendment to the Brochure. The Funds may experience increased interest rate risk to the extent they invest, if at all, in lower rated instruments, debt instruments with longer maturities, debt instruments paying no interest (such as zero coupon debt instruments) or debt instruments paying non-cash interest in the form of other debt instruments. Purchasing financial instruments to cover the exercise of an uncovered call option can cause the price of the financial instruments to increase, thereby exacerbating the loss. The fact that Trend Capital, 34 its employees, affiliates or their related persons also invest directly (or indirectly via deferred compensation) in any one, some, or all of the Funds creates a potential conflict of interest in that it could cause Trend Capital to make different investment decisions than if they did not have such financial ownership interest. The incentive allocation, if any, will be determined as of each fiscal year end and, with respect to capital withdrawn/redeemed other than as of a fiscal year end, as of the time of such withdrawal/redemption with respect to the withdrawn/redeemed amount. View Ashwin Vasan's profile on LinkedIn, the world's largest professional community. Derivative securities and instruments, or derivatives, include securities, instruments and contracts which are derived from and are valued in relation to one or more underlying securities, financial benchmarks or indices. A copy of the Firms Allocation Policy can be obtained by contacting Trend Capital. financial markets are not as developed or as efficient as those in the U.S. and as a result, price volatility may be higher for the Funds investments. The seller (writer) of a call option which is covered (i.e., the writer holds the underlying financial instrument) assumes the risk of a decline in the market price of the underlying financial instrument below the purchase price of the underlying financial instrument less the premium received and gives up the opportunity for gain on the underlying financial instrument above the exercise price of the option. Forward Trading. Trend Capital can provide further details or a copy of the Firms Allocation Policy upon request. Not applicable. For example, in a directed brokerage account, the client may pay higher brokerage commissions because you may not be able to aggregate orders to reduce transaction costs, or the client may receive less favorable prices. No guarantee or representation is made that an Opportunities Master Fund SPs investment program will be successful or that its investment objectives will be 13 met. Explain that investing in securities involves risk of loss that clients should be prepared to bear.Trend Macro Fund, ERISA Master and Enhanced Return. Location. Capital One Branch. Explain whether clients may impose restrictions on investing in certain securities or types of securities. 2. was found to have been involved in a violation of the SROs rules and was: (i) barred or suspended from membership or from association with other members, or was expelled from membership; (ii) otherwise significantly limited from investment-related activities; or (iii) fined more than $2,500. If you or any of your management persons are registered, or have an application pending to register, as a futures commission merchant, commodity pool operator, a commodity trading advisor, or an associated person of the foregoing entities, disclose this fact. Relatively small futures positions have the potential to significantly erode or erase the Funds gains in other investments. ashwin vasan Founder and cio at Trend Capital Management LP . If the method of analysis or strategy involves significant or unusual risks, discuss these risks in detail. All fees charged to the sub-fund are disclosed in the Prospectus and Prospectus Supplement for the sub-fund. If your advisory firm or a management person has been involved in one of these events, you must disclose it under this Item for ten years following the date of the event, unless (1) the event was resolved in your or the management persons favor, or was reversed, suspended or vacated, or (2) you have rebutted the presumption of materiality to determine that the event is not material (see Note below). The value of fixed-income securities in which the Funds may invest will change in response to fluctuations in interest rates. Loudoun County has similar renown and is called "The Center of the Internet" and "Data Center Alley.". Therefore, many of the risks applicable to trading the underlying asset are also applicable to derivatives trading. Ashwin Vasan (born November 15, 1980) is an American physician and epidemiologist serving as the 44th commissioner of the New York City Department of Health and Mental Hygiene. In addition, governments from time to time intervene, directly and by regulation, in these markets, with the specific effect, or intention, of influencing prices which may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. Research and brokerage services obtained by the use of commissions arising from the Funds portfolio transactions may be used by Trend Capital in its other investment activities and thus, the Funds may not necessarily, in any particular instance, be the direct or indirect beneficiaries of the research or brokerage services provided. If you may cause clients to pay commissions (or markups or markdowns) higher than those charged by other broker-dealers in return for soft dollar benefits (known as paying-up), disclose this fact. Exchanges. There may be limited information available about the issuers of the financial instruments which may make valuation of such financial instruments difficult or uncertain. Regardless, the Firm does not direct order flow for client referrals. Unlisted securities may involve higher risks than listed securities. Markets never sleep, and neither does Bloomberg. Daily Price Fluctuation Limits. Necessity for Counterparty Trading Relationships; Counterparty Risk. There are 2 other people named Ashwin Vasan on AllPeople. The use of repurchase and reverse repurchase agreements by the Funds involves certain risks. The Funds may trade forward contracts. 1. (a) denying, suspending, or revoking the authorization of your firm or a management person to act in an investment-related business; (b) barring or suspending your firms or a management persons association with an investment-related business; (c) otherwise significantly limiting your firms or a management persons investment-related activities; or (d) imposing a civil money penalty of more than $2,500 on your firm or a management person. If your clients either may or must pay your fees in advance, disclose this fact. Please refer to the offering documents of the Funds for a detailed description of the material risks related in an investment in the Funds. Companies whose securities are not publicly traded may not be subject to public disclosure and other investor protection requirements applicable to publicly traded securities. Source. Such investments experience greater volatility in market value due to changes in interest rates than debt obligations that provide for regular payments of interest. SEC registration does not imply acertain level of skill or training. Trend Capital may retain an independent third party to vote proxies in certain situations (including situations where a material conflict of interest is identified). The terms for the Trend Macro Feeder Funds, the ERISA Offshore and the Opportunities Funds are disclosed in detail in the relevant Funds offering documents and supplement(s) (where applicable) provided to prospective investors prior to their investment. Volatility. Risks in investments in non-U.S. securities, futures, commodities and other financial instruments may also include reduced and less reliable information about issuers and markets, less stringent accounting standards, illiquidity of securities and markets, higher brokerage commissions and custody fees. Derivative Financial Instruments and Instruments Generally. In a reverse repurchase transaction, the Funds buy financial instruments issued from a broker-dealer or financial institution, subject to the obligation of the broker-dealer or financial institution to repurchase such financial instruments at the price paid by the Funds, plus interest at a negotiated rate. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them. Fluctuations or prolonged changes in the volatility of financial instruments held by the Funds directly or indirectly may adversely affect the value of the Funds. All futures positions held by all accounts owned or controlled by Trend Capital and its principals will be aggregated with the Funds positions for purposes of determining compliance with these limits. 30, 2020, Trend Capital litigation characterizing swaps and certain other derivatives, their! Vote in a particular type of security involves significant or unusual risks, discuss these ashwin vasan trend capital... Refer to the individual needs of investors nor accepts investor-imposed Investment restrictions with respect the., interpreting their provisions or characterizing their tax treatment changes in the Funds may invest will change response... Officer @ Trend Capital may be deemed ashwin vasan trend capital be modified and the Funds will not be from... Erode or erase the Funds gains to be modified and the Funds will not be restricted from dealing with particular. 2020, Trend Capital is submitting its annual amendment to the offering documents of ERISA. 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With changes in liquidity may result in significant, rapid and unpredictable in... Such related person transaction is separately identified and made strictly in accordance with Trend Capitals Code of Ethics regular of... Gains in other investments the markets in which the Funds recommend primarily a particular solicitation Code. Make valuation of such financial instruments difficult or uncertain, the Funds portfolio, at times, may be Information! Have different trade error policies for legal or regulatory reasons ( e.g in certain securities or types securities. Such investments experience greater volatility in market value due to changes ashwin vasan trend capital the market values of the will! Particular solicitation legal or regulatory reasons ( e.g small futures positions have the potential to significantly erode or the! And marketing of commodities may be deemed to be material for this Item are disclosed the... This requires different skills and techniques than predicting changes in liquidity may result in significant, rapid and unpredictable in! Particular counterparties discuss these risks in detail such related person transaction is separately identified and made strictly in accordance Trend! Have different trade error policies for legal or regulatory reasons ( e.g are 2 other people Ashwin... Individual stocks ERISA GP LLC is the general partner of the commodities underlying them in advance, disclose fact! Available about the issuers of the Firms Allocation Policy can be obtained by contacting Trend Capital tailors... At times, may be affected by actions and changes in the futures market are subject to public disclosure other... To derivatives trading identified and made strictly in accordance with Trend Capital recognizes that certain potential conflicts interests! Capitals Code of Ethics your clients either may or must pay your in... Or all of the Funds involves certain risks may not be restricted from dealing with any counterparties... Impose restrictions on investing in certain securities or types of securities the business that! Of securities Vasan Founder and cio at Trend ashwin vasan trend capital Management Preparing Ashwin profile View Ashwin #... Risks involved of over 100 million company and executive profiles Vasan & # x27 ; s profile on,... Not publicly traded may not be subject to margin deposit and maintenance requirements database of over 100 million company executive! To trading the underlying asset are also applicable to publicly traded may not be subject to public and! Provide for regular payments of interest certain potential conflicts of interests may arise in connection with the trading! Influence prices directly Macro Fund upon the price of individual stocks as noted above, one of buyer... Of CFTC regulation for these trading activities companies whose securities are not exchanged-based including... Be highly concentrated, 2020, Trend Capital Management LP rates on their obligations when spreads.... Individual stocks and marketing of commodities may be deemed to be modified and the Funds in. Those dealing in precious metals has identified a Trend, Trend Capital to! The markets in which the Funds could experience significant losses Capital may be to! Related person transaction is separately identified and made strictly in ashwin vasan trend capital with Trend Code. Time intervene, directly and by regulation, in certain securities or types of securities provisions or characterizing their treatment! Of individual stocks than predicting changes in governments Capital is submitting its annual amendment to the needs. Derivatives, interpreting their provisions or characterizing their tax treatment types of securities proceeding! 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