This presentation is not an offer to sell securities of any investment fund or a solicitation of offers to buy any such securities. Securities of Vailshire Partners, L.P. (the “Fund”) managed by Vailshire Capital Management, LLC (“Vailshire”) are offered to selected investors only by means of a complete offering memorandum and related subscription materials which contain significant additional information about the terms of an investment in the Fund (such documents, the “Offering Documents”). Any decision to invest must be based solely upon the information set forth in the Offering Documents, regardless of any information investors may have been otherwise furnished, including this presentation.
An investment in any strategy, including the strategy described herein, involves a high degree of risk. There is no guarantee that the investment objective will be achieved. Past performance of these strategies is not necessarily indicative of future results. There is the possibility of loss and all investment involves risk including the loss of principal. Securities of the Fund are not registered with any regulatory authority, are offered pursuant to exemptions from such registration, and are subject to significant restrictions.
The information in this presentation was prepared by Vailshire and is believed by Vailshire to be reliable and has been obtained from public sources believed to be reliable. General Partner makes no representation as to the accuracy or completeness of such information. Opinions, estimates and projections in this presentation constitute the current judgment of General Partner and are subject to change without notice. Any projections, forecasts and estimates contained in this presentation are necessarily speculative in nature and are based upon certain assumptions. It can be expected that some or all of such assumptions will not materialize or will vary significantly from actual results. Accordingly, any projections are only estimates and actual results will differ and may vary substantially from the projections or estimates shown.
This presentation is not intended as a recommendation to purchase or sell any commodity or security. Vailshire has no obligation to update, modify or amend this presentation or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, project on, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. This presentation is strictly confidential and may not be reproduced or redistributed in whole or in part nor may its contents be disclosed to any other person without the express consent of Vailshire.
The description herein of the approach of Vailshire Capital Management, LLC (“Vailshire”) and the targeted characteristics of its strategies and investments is based on current expectations and should not be considered definitive or a guarantee that the approaches, strategies, and investment portfolio will, in fact, possess these characteristics. In addition, the description herein of the Fund’s risk management strategies is based on current expectations and should not be considered definitive or a guarantee that such strategies will reduce all risk. These descriptions are based on information available as of the date of preparation of this document, and the description may change over time. Past performance of these strategies is not necessarily indicative of future results. Any projections, forecasts and estimates regarding such strategies are necessarily speculative in nature and are based upon certain assumptions. No representations or warranties are made as to the accuracy of such forward-looking statements, and it can be expected that some or all of such forward-looking assumptions will not materialize or will vary significantly from actual results. There is the possibility of loss and all investment involves risk including the loss of principal.
The targets described on the previous slides are subject to change. Vailshire may at any time adjust, increase, decrease or eliminate any of the targets, depending on, among other things, conditions and trends, general economic conditions and changes in Vailshire’s investment philosophy, strategy and expectations regarding the focus, techniques and activities of its strategy.
References to market or composite indices, benchmarks, or other measures of relative market performance over a specified period of time are provided for information only. Reference or comparison to an index does not imply that the portfolio will be constructed in the same way as the index or achieve returns, volatility, or other results similar to the index. Direct comparisons between the Fund’s performance and equity market indices are not without complications. Indices are unmanaged, may be market weighted and, unlike the Fund, do not incur fees or expenses. The Fund may include substantially fewer and different securities than those comprising each index, and the volatility may be materially different. Due to the differences among the fund’s portfolio and the performance of equity market indices, no such index is directly comparable to the investment strategy of the Fund.
The performance data on pages 6-7 represents the audited and unaudited (charts provided by Interactive Brokers) performance of the Fund from January 27, 2014 to June 23, 2017. The audited results reflect the deduction of a performance allocation of 20% of net profits taken quarterly, subject to a high water mark (note: the performance allocation is deducted from the results as if it was accrued and allocated on a monthly basis) other expenses incurred by the Fund (including brokerage expenses). The performance figures include the reinvestment of any dividends and other earnings, but do not take into account the removal of any funds. Individual investors may have different returns based upon different performance fee arrangements, and the timing of contributions and withdrawals. During the time period shown, the investment strategy employed by the Fund was substantially similar to its current strategy disclosed herein, and there were no material market or economic conditions that affected the results portrayed. Past performance is not necessarily indicative of future results. Vailshire makes no implications, warranties, promises, suggestions or guarantees whatsoever, in whole or in part, that by participating in an investment in the Fund you will experience similar investment results and earn any money whatsoever. The performance figures include the reinvestment of any dividends and other earnings, but do not take into account the removal of any funds.
The graphs, charts and other visual aids are provided for informational purposes only. None of these graphs, charts or visual aids can and of themselves be used to make investment decisions. No representation is made that these will assist any person in making investment decisions and no graph, chart or other visual aid can capture all factors and variables required in making such decisions.
FUND TERMS AND CONDITIONS
The summary provided herein of the Fund’s terms and conditions does not purport to be complete. The Fund’s Offering Documents should be read in its entirety prior to an investment in the Fund.