AstignesCapitalAsiaPte.Ltd.,(the“InvestmentManager”)isacompanyincorporatedin2005 underthelawsofSingapore.TheInvestmentManagercurrentlyholdsacapitalmarketsservices license under the Securities and Futures Act, Chapter 289 of Singapore (including the relevant regulationspromulgatedthereunder),grantedbytheMonetaryAuthorityofSingapore,tocarry on business in fund management in Singapore with “qualified investors” (as defined under paragraph5(3)oftheSecondScheduletotheSecuritiesandFutures(LicensingandConductof Business)Regulations).TheInvestmentManageralsocarriesonitsbusinessinfinancialadvisory servicesinSingaporepursuanttoalicensingexemptionunderSection23(1)(d)oftheFinancial Advisers Act, Chapter 110 of Singapore (including the relevant regulations promulgated thereunder).BartBroadman,EricTeo,ShiangHueLyeandAlistairBoydarecurrentlythedirectors of the Investment Manager. The Investment Manager has been registered with the SEC as an InvestmentAdvisersinceFebruary3,2010.TheInvestmentManagerisalsoregisteredwiththe U.S.CommodityFuturesTradingCommission(the“CFTC”)asacommoditypooloperator(“CPO”) andisamemberoftheU.S.NationalFuturesAssociation(the“NFA”)inthiscapacity.


The Investment Manager provides investment management and advisory services on a discretionarybasistoclients,whicharecommingledinvestmentvehiclesandseparatelymanaged accountsprimarilyintendedforinstitutionalinvestorsandothersophisticatedinvestors.
TheFundsgenerallyemploydirectional(macro)andrelativevalueinvestmentstrategiesfocused principallyintheglobalinterestrateandforeignexchangemarketsacrossNorthAmerica,Europe andAsia.
AsofDecember31,2019,theInvestmentManagermanagedapproximatelyUS$1314millionin assets (including notional assets) on a discretionary basis. The Investment Manager does not manageanyassetsonanon-discretionarybasis.
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Generally,theInvestmentManagerreceivesamonthlymanagementfeeinadvance(adjustedfor subscriptionsmadeduringthemonth)calculatedattherateof0.125%(i.e.,approximately1.50% perannum)ofthenetassetsofeachclient(the“ManagementFee”).ForcertainFunds,adifferent ratemayapplyinrespectofsomeclassesofinterests.Asaresult,pleaserefertoeachFund’s offeringmaterialstounderstandthemannerinwhichtheManagementFeeisstructured,byFund.
Additionally, in certain instances, the Management Fee may be negotiable and the Investment ManagermaywaiveorreducetheManagementFeewithregardtoInvestorsthatareemployees oraffiliatesoftheInvestmentManager;relativesofsuchpersons;andforcertainlargeorstrategic Investors.
TheInvestmentManagerreceivesperformancecompensationthatisgenerallyequalto20%ofa client’snetprofits,ifany,subjecttoa“losscarryforward”provision(the“IncentiveFee”).Please refertoeachFund’sofferingmaterialstounderstandthemannerinwhichtheIncentiveFeeis structured,byFund.TheIncentiveFeemaybenegotiableandmaybewaivedorreducedwith regardtoInvestorsthatareemployeesoraffiliatesoftheInvestmentManager;relativesofsuch persons,andforcertainlargeorstrategicInvestors.
Investorsaretypicallypermittedtoredeem/withdrawcapitalfromtheFundsonamonthlybasis subjecttoanInvestor’sapplicablenoticerequirement.EachFundgenerallyrequiresatleast60 days’advancewrittennoticeforredemptions/withdrawalsandhasgenerallyincludedwithinits investmenttermsa20%gateonredemptions/withdrawals,thoughcertainInvestorsorclassesof interestsmayhavedifferentliquidityterms.Theredemption/withdrawalgate,coupledwiththe applicable notice period for any redemption, are designed to help the Investment Manager effectively manage the redemption/withdrawal process. More specifically, such mechanisms allowtheInvestmentManagertohaveaclearviewofcashoutflowsfromtheFund,thusallowing the Investment Manager to tailor liquidation scenarios tomeet redemption/withdrawal needs.
TheFunds,inconsultationwiththeInvestmentManager,maywaiveorreducetheseliquidityand redemption/withdrawal terms with regard to Investors that are employees or affiliates of the InvestmentManager;relativesofsuchpersons;andforlargeorstrategicInvestors.
PleaserefertotheofferingmaterialsofeachoftheFundsforfurtherdetailsoninvestmentterms foreachoftheFunds.
The Investment Manager’s fees are exclusive of brokerage commissions, transaction fees, and otherrelatedcostsandexpenseswhichshallbeindirectlyincurredbyInvestorsbyvirtueoftheir investmentinaFund.
Suchcharges,feesandcommissionsareexclusiveofandinadditiontotheInvestmentManager’s fee, and the Investment Manager shall not receive any portion of these charges, fees and commissions.PleaserefertotheofferingmaterialsoftheFundsforfurtherdetailsregardingfees andexpenses.
Item 12 further describes the factors that the Investment Manager consider in selecting or recommendingbroker-dealersforclienttransactionsanddeterminingthereasonablenessoftheir compensation(e.g.,commissions).
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Asnotedabove,theInvestmentManagerreceivesperformance-basedcompensationintheform oftheIncentiveFee.EachoftheFundsissubjecttotheIncentiveFee.
Performance-based fee arrangements may create an incentive for the Investment Manager to recommendinvestmentswhichmayberiskierormorespeculativethanthosewhichwouldbe recommended under a different fee arrangement. Such fee arrangements may also create an incentivetofavorhigherfeepayingaccountsoverotheraccountsintheallocationofinvestment opportunities.TheInvestmentManager,theiremployeesandcertainotherpersonsassociated withtheInvestmentManagermayinvestintheFundstherebyobtainingapecuniaryinterestin the Funds, which may create an incentive to favor such accounts over other accounts in the allocationofinvestmentopportunities.TheInvestmentManagerhasproceduresdesignedand implementedtoensurethatallclientsaretreatedfairlyandequallyovertime,andtopreventthis conflict from influencing the allocation of investment opportunities among clients. These procedures generally include provisions requiring that accounts that are managed in a similar fashionparticipateininvestmentopportunitiesproratabasedonassetsundermanagement,but atthesametimeprovidetheInvestmentManagerwithflexibilitytomeeteachFund’sinvestment objectivesandtoeffectivelyemploytheirrespectiveinvestmentstrategies.Theproceduresalso generallyrequiretheobjectiveallocationforlimitedopportunities(suchasinitialpublicofferings andprivateplacements)toensurefairandequitableallocationamongFundsovertime.These areasaremonitoredbytheCCO.
Nootherhourly,flatorasset-basedfeesarechargedtotheFunds.
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TheInvestmentManagerprovidesinvestmentmanagementandadvisoryservicestoitsclients,the Funds,whichareintendedforinstitutionalinvestorsandothersophisticatedinvestors.
Generally,theminimuminitialinvestmentinaFundisUS$1,000,000,buteachFund’soffering memorandumspecifiestheminimuminitialinvestmentrequirementsthatpertaintothatFund.
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MethodsofAnalysis
TheInvestmentManagerusesasystematicapproachtoidentifyinvestmentideas,whichconsists ofthefollowingthreeprongs: (i) Quantitativeanalysis–suchastheuseofeconometricandoptionmodels; (ii) Fundamentalanalysis–suchastheanalysisofeconomic/financialmarketoutlook andsector/companyspecificinformation;and (iii) Market technical or dynamics – such as evaluation of the supply and demand dynamics in the markets trade as well as the structural composition of the Investorbase,liquidityandleverageanalysis.

InvestmentStrategies
TheInvestmentManagerhasmaximumflexibilitytoinvestinabroadrangeofassetclassesand financialinstrumentsinconnectionwiththeirinvestmentstrategies.
Toexecuteitsstrategies,theInvestmentManagerconductstwomaintypesoftrading.Thefirstis directionalormacrotrading,whichgenerallyinvolvestakingpositionsthatexpressaviewonthe futuredirectionofamarketparameter,suchasaninterestrate,aforeignexchangerateorthelevel of a market’s volatility. The second is relative value trading, which generally involves taking positionsintendedtoexploit(i)temporaryanomaliesintherelativevaluesofsimilarinstruments ormarketsand(ii)generalpatternsofcorrelationbetweensuchinstrumentsormarkets.Some tradeswillrepresentacombinationofdirectionalandrelativevaluetrading.
TheInvestmentManager’sprimaryfocusisoninterestrateandforeignexchangemarkets,aswell asrelatedvolatilitymarkets.However,italsotradesincredit,equityandcommoditymarkets.
Inthecourseofitstrading,theInvestmentManagerusesmainlyplain-vanillainterestrateswaps, Treasuriesandothersovereignbonds,bondandinterestratefutures,foreignexchangeforwards, andrelatedexchange-tradedorover-the-counter(“OTC”)options.TheInvestmentManagermay alsousethefollowinginstruments,amongothers:creditdefaultswaps,exchange-tradedoptions onbroadequitymarketindices(e.g.,theS&P500Index),andfuturesandoptionsonindicesof singlecommodities(suchasgoldandoil)oronbasketsofcommodities.

MaterialRisks
TheabovestrategiesinvolveasignificantdegreeofriskoflossthatclientsandInvestorsshouldbe preparedtobear.Thefollowingisasummaryofsomeofthematerialrisksassociatedwiththe abovestrategies.Althoughthesummarybelowdoesnotfullydescribealloftherisksassociated with such an investment, each Fund’s offering memorandum contains a more complete description of the applicable risks associated with an investment in that Fund. Clients and Investors should understand that it is not possible to identify all of the risks associated with investingandthattheparticularrisksapplicabletoaFundwilldependonthenatureoftheFund, itsinvestmentstrategyandthetypesofinvestmentsheld.
WhiletheInvestmentManagerseekstomanagetheFundssothatrisksareappropriatetothe returnpotentialforthestrategy,itisoftennotpossibleordesirabletofullymitigaterisks.Any investmentincludestheriskoflossandtherecanbenoguaranteethataparticularlevelofreturn will be achieved. Certain mandates may be limited as to type of investment and may not be diversified.TheFundsarenotintendedtoprovideacompleteinvestmentprogram.Clientsand Investorsareresponsibleforappropriatelydiversifyingtheirassetstoguardagainsttheriskof loss.
SubstantialChangesinRegulation Legal, tax and regulatory changes could occur that may adversely affect the Funds and the InvestmentManager.Theregulatoryenvironmentforhedgefundsisevolving,andchangesinthe regulationofhedgefundsmayadverselyaffectthevalueofinvestmentsheldbyaFundandthe ability of each Fund to obtain the leverage it might otherwise obtain or to pursue its trading strategies. In addition, securities and futures markets are subject to comprehensive statutes, regulations and margin requirements. Regulators and self-regulatory organizations and exchangesareauthorizedtotakeextraordinaryactionsintheeventofmarketemergencies.The regulationofderivativetransactionsandshortsellingandfundsthatengageinsuchtransactions isanevolvingareaoflawandissubjecttomodificationbygovernmentandjudicialactions.The effectofanyfutureregulatorychangeonaFundortheInvestmentManagercouldbesubstantial andadverse.
LackofLiquidityofFundAssets WithrespecttotheportfoliosoftheFunds,Fundassetsmay,atanytime,include securitiesand otherfinancialinstrumentsorobligationsthatareilliquidorthinlytradedinvestments,making purchase or sale of such securities and financial instruments at desired prices or in desired quantitiesdifficultorimpossible.Furthermore,thesaleofanysuchinvestmentsmaybepossible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.Asaresult,aFundmayberequiredtoholdsuchinstrumentsdespiteadverseprice movements. In particular, investments in funds of third party managers and other Funds are generallynon-transferableandmaybesubjecttosignificantrestrictionsonliquidity,including lock-up periods, gates, redemption/withdrawal charges and rights of suspension. Such restrictionsarelikelytobegreaterthantheliquiditylimitationsthataFundwouldhaveifthe strategiesofthethirdpartymanagerorotherFundwereimplementeddirectlybysuchFund.
Inaddition,ifaFundmakesashortsaleofanilliquidsecurityorinstrument,itmayhavedifficulty incoveringtheshortsale,resultinginapotentiallyunlimitedlossonthatposition.Understressed marketconditions,evenhigher-ratedsecuritiesmaybecomeilliquid,andtheyieldsandpricesof suchsecuritiesmaybecomeasvolatileascertainmuchlower-ratedsecurities.
Leverage Inaddition,theFundmakesuseofvariousformsofleveragewhichincreasestheeffectofany investmentvaluechangesorliquidityeventsonthenetassetsoftheFund.Theamountofleverage thattheFundmayutilizeisspecifictotheagreementssetforthwithvariouscounterparties.There is no guarantee that the Fund's borrowing arrangements or other arrangements for obtaining leveragewillcontinuetobeavailable,orifavailable,willbeavailableontermsandconditions acceptabletotheFund.Unfavorableeconomicconditionsalsocouldincreasefundingcosts,limit accesstothecapitalmarketsorcertainlenders(includingderivativecounterparties),orresultin adecisionbylendersnottoextendcredittotheFund.Inaddition,adeclineinmarketvalueofthe Fund’s assets may have particular adverse consequences in instances where the Fund has borrowedmoneybaseduponthemarketvalueofthoseassets.Adecreaseinmarketvalueofthose assetsmayrequiretheFundtopostadditionalcollateralorotherwisesellassetsatatimewhenit maynotbeinthebestinterestoftheFundtodoso.Accordingly,ifanyoftheseeventsoccur,it couldhaveamaterialadverseeffectontheFund.
CounterpartyRisk TheFundmaybeexposedtocounterpartyriskwithregardtothebrokersand/orprimebrokers with whom it trades with on a bilateral and/or give-up basis and may also bear the risk of settlementdefault.Inparticular,transactionsenteredintobilaterallybetweenabrokerandthe Fundorgiven-uptoaprimebroker,whichresultsinatransactionbetweentheprimebrokerand the Fund do not benefit from those protections afforded to the Fund in exchange-traded transactions, which generally are backed by clearing organization guarantees and other protections and thus exposes the Fund to the risk of broker default. Although the Investment ManagermonitorseachoftheFund’sbrokersandprimebrokers(the“Brokers”)andbelievesthat theappropriateBrokershavebeenselected,thereisnoguaranteethatanyoftheBrokerswillnot becomeinsolventordefault.Asaresult,onthebackofanycounterpartyinsolvencyordefault,the Fundmaybeexposedtosignificantcreditimplications.Inadditiontobroadcounterpartyrisks discussedabove,theFundmaybeexposedtodifferentlevelsofrisksindealingwithU.S.andnon- U.S. custodians or prime brokers who settle and clear trades. The Fund maintains a custody accountwithitsprimebrokersandprimarycustodians(each,a“PrimeBroker”).Inparticular, assetsheldincustodybyaU.Sornon-U.S.PrimeBrokermaybeborrowed,lentorotherwiseused bytheU.S.ornonU.S.PrimeBrokerforitsownpurposespursuanttoitscontractualrightofre- hypothecation, whereupon such assets will become the property of the U.S. or non-U.S. Prime BrokerandtheFundwillhavealegalclaimagainsttheU.S.ornon-U.S.PrimeBrokerforthereturn ofequivalentassets.IntheU.S.,theSecuritiesInvestorProtectionActof1970,theBankruptcy CodeandRule15c-3oftheSecuritiesExchangeActof1934seektoprotectcustomerpropertyat a high level in the event of a bankruptcy, insolvency, failure, or liquidation of a broker-dealer, howeverevenso,thereisnocertaintythat,intheeventofafailureofaU.S.PrimeBrokerthathas custodyofFundassets,theFundwouldnotincurlossesduetoitsassetsbeingunavailablefora periodoftime,theultimatereceiptoflessthanfullrecoveryofitsassets,orboth.Inaddition,the Fundand/orthePrimeBrokersmayappointsub-custodiansincertainnon-U.S.jurisdictionsto holdtheassetsoftheFund.Giventheundevelopedstateofregulationsoncustodialactivitiesand bankruptcy,insolvency,ormismanagementincertainnon-U.S.jurisdictions,intheeventofthe sub-custodian’sornon-U.S.PrimeBroker’sbankruptcyorinsolvency,theabilityoftheFundto recoverassetsheldbysuchsub-custodianornon-U.S.PrimeBroker,whichmayormaynotbeheld pursuant to a right of re-hypothecation, could be in doubt, as the Fund may be subject to less favorablelawsthanmanyoftheprotectionsthatwouldbeavailableunderU.S.laws.Inaddition, there may be delays associated with enforcing the Fund's rights to its assets in the case of a bankruptcyorinsolvencyofanysuchparty.
Non-U.S.Securities Investinginemergingmarketsandthesecuritiesofnon-U.S.governmentsandcompanieswhich aregenerallydenominatedinnon-U.S.currenciesandutilizationofoptionsonnon-U.S.securities, involvescertainconsiderationsregardingbothriskandopportunitynottypicallyassociatedwith investinginothermoreestablishedeconomiesorsecuritiesmarketsorinthesecuritiesofU.S.
companies. These considerations include changes in exchange rates and exchange control regulations,politicalandsocialinstability,expropriation,impositionofforeigntaxes,lessliquid markets and less available information than is generally the case in the United States, higher transaction costs, foreign government restrictions, less government supervision of exchanges, brokers and issuers, greater risks associated with counterparties and settlement, difficulty in enforcingcontractualobligations,lackofuniformaccountingandauditingstandardsandgreater pricevolatility.
SwapTransactions TheFundsmayeachperiodicallyenterintotransactionsintheforwardorothermarketsthatcould be characterized as swap transactions and which may involve interest rates, fixed-income and othersecurities,currenciesandotherreferenceassets.Aswaptransactionmaybestructuredas anindividuallynegotiated,non-standardizedagreementbetweentwopartiestoexchangecash flows based on different interest rates, exchange rates, or prices, with payments calculated by referencetoaprincipal(“notional”)amountorquantity.Inaddition,undertheDodd-FrankWall StreetReformandConsumerProtectionAct(the“ReformAct”)certainstandardizedclassesof swaps are now subject to requirements to be executed on regulated trading facilities and subsequentlysubmittedforcentralizedclearing.Transactionsinthesemarketspresentcertain riskssimilartothoseinthefutures,forward,andoptionsmarkets,including:(i)theReformAct includesprovisionsthatcomprehensivelyregulateswaptransactionsforthefirsttime,andmany non-U.S.governmentalauthoritieshaveadoptedorareintheprocessofcontemplatingsimilar regulatoryrequirementsfortheswapsmarketswithintheirjurisdictions;(ii)theregenerallyare nolimitationsondailypricemovesinindividually-negotiatedswaptransactions;(iii)speculative positionlimitsarenotcurrentlyapplicabletoswaptransactions,althoughthecounterpartieswith whichtheFundmaydealmaylimitthesizeordurationofpositionsavailableasaconsequenceof creditconsiderations.Inaddition,totheextentanysuchswaptransactionsarerequiredtobe cleared by a regulated clearinghouse pursuant to the Reform Act, they may become subject to positionlimitsimposedbytherelevantclearinghouseorbytheCFTCortheSEC;(iv)participants intheswapsmarketsarenotrequiredtomakecontinuousmarketsinswapscontracts;(v)the marketsforindividually-negotiatedswapsarelargely“principals’markets,”inwhichperformance withrespecttoaswapcontractistheresponsibilityonlyofthecounterpartywithwhichthetrader has entered into a contract (or its guarantor, if any), and not of any exchange or clearing corporation.Asaresult,theFundissubjecttotheriskoftheinabilityorrefusaltoperformwith respecttosuchcontractsonthepartofthecounterpartieswithwhichtheFundtrades;and(vi) credit default swaps with the “pay as you go” feature may require reimbursement of credit protectionpaymentsmadebythesellertobemadebythebuyerforuptoayearaftertheswap terminates,andthesellermayalsohavetomakemultiplecreditprotectionpaymentstotheextent thereferenceobligationisnotfullyperforming.WhiletheReformActisintendedinparttoreduce certainoftherisksdescribedabove,thatmaybecharacteristicofindividually-negotiatedswaps, therecanbenoguaranteethattheReformActwillbesuccessfulinthisrespect,andanysuch successmaynotbeevidentforsometimeaftertheReformActisfullyimplemented,aprocessthat maytakeseveralyears.


Over-the-CounterTransactions AsaresultoftheReformAct,theSECandtheCFTCwillrequireasubstantialportionofderivative transactionsthatarecurrentlyexecutedonabilateralbasisintheOTCmarketstobeexecuted througharegulatedsecurities,futuresorswapexchangeorexecutionfacility.Forexample,certain interestrateswaps,includingcertainforeignexchangeforwardsdefinedasswapsbytheCFTC, andcreditdefaultindexswapsarerequiredbytheCFTCtobesubmittedforclearingiftradedby suchpersons.CertainCFTC-regulatedderivativestradesareexpectedalsotobesubjecttothese rules.ItisnotyetclearwhentheparallelSECrequirementswillgointoeffect.
Amongotherthings,intheU.S.tradessubmittedforclearingwillbesubjecttominimuminitialand variationmarginrequirementssetbytherelevantclearinghouse,aswellaspossibleSEC-orCFTC- mandated margin requirements. Regulators also have broad discretion to impose margin requirements on non-cleared OTC derivatives and new requirements will apply to derivatives dealers’holdingofcustomercollateral.DerivativesdealersmayrequireaFundtogivethemthe rightunilaterallytoincreasecollateralrequirementsforclearedOTCtradesbeyondregulatoryand clearinghouseminima.Forexample,regulatorsareadoptingandimplementingrulesimposing certain margin requirements, including minimums for uncleared swaps. These factors may increase the amount of collateral a Fund is required to provide and the costs associated with providingit.
In an effort to facilitate derivatives strategies, a Fund and/or the Investment Manager might becomemembersofexchangesand/orswapexecutionfacilities(“SEFs”).Doingsowouldsubject aFundand/ortheInvestmentManagertoawiderangeofregulationandotherobligationsand associatedcosts.Likeotherself-regulatoryorganization,SEFsareexpectedtoregularlyreviseand interprettheirrulesandthoserevisionsandinterpretationscouldadverselyaffectaFund.Ifa Fund opts not to trade on a SEF directly but instead through a broker, such trading may neverthelessrequireaFundtoconsenttotheSEF’sjurisdictionasaself-regulatoryorganization andtobesubjecttotheSEF’srules,whichcouldadverselyimpactaFund.
InEurope,EMIRimposesrequirementsinrespectofderivativecontractsthatmayaffectanyFund derivatives activities in Europe, including a general obligation to clear certain types of OTC derivative contracts through a duly authorized central counterparty. EMIR will largely be implementedthroughsecondarymeasures,someofwhicharealreadyineffect,andsomeofwhich willcomeintoeffectoverthecomingyears.TheEUregulatoryframeworkforderivativesisalso affectedbyMiFIDIIwhichisexpectedtobeimplementedoverthecourseofthecomingyears.
TheimplementationoftheseregulationsisongoingasofthedateofthisBrochure.Althoughthe fulleffectsoftheReformActontheOTCderivativesmarkethaveyettobedetermined,dealersand other certain market participants will, in addition to the clearing and margin requirements discussedabove,besubjecttoregistrationobligationsandotherregulatoryrequirements,suchas businessconductstandards,disclosurerequirements,reportingandrecordkeepingrequirements, transparency requirements, position limits, limitations on conflicts of interest and other regulatoryburdens.ItislikelythatthesenewrequirementswillincreasetheoverallcostsforOTC derivativedealersandothermarketparticipants,whichmaybepassedalong,atleastpartially,to market participants, such as the Funds, in the form of higher fees or less advantageous dealer marks.TheoverallimpactoftheReformActontheFundsishighlyuncertainanditisunclearhow theOTCderivativesmarketswilladapttothisnewregulatoryregime.


CommodityandFuturesContracts AFundmayinvestasubstantialportionofitsassetsincommodityfuturescontractsandoptions thereon.Whilethetradingincommodityandfuturescontractsandoptionsthereonarehighly specializedactivitieswhichmayincreasethetotalreturninaFund'sinvestments,theymayentail greaterthanordinaryinvestmentrisks.
Commodity futures markets are highly volatile and are influenced by factors such as changing supplyanddemandrelationships,governmentalprogramsandpolicies,nationalandinternational politicalandeconomiceventsandchangesininterestrates.Inaddition,becauseofthelowmargin depositsnormallyrequiredincommodityfuturestrading,ahighdegreeofleveragemaybetypical of a commodity futures trading account. As a result, a relatively small price movement in a commodity futures contract may result in substantial losses to the trader. Commodity futures tradingmayalsobeilliquid.Certaincommodityexchangesdonotpermittrading,inparticular, futurescontractsatpricesthatrepresentafluctuationinpriceduringasingleday'stradingbeyond certain set limits. If prices fluctuate during a single day's trading beyond those limits, the InvestmentManagercouldbepreventedfrompromptlyliquidatingunfavorablepositionsandthus besubjecttosubstantiallosses.
Commodityoptions,likecommodityfuturescontracts,arespeculative,andtheiruseinvolvesrisk.
Specificmarketmovementsofthecashcommodityorfuturescontractunderlyinganoptioncannot bepredicted,andnoassurancecanbegiventhataliquidoffsetmarketwillexistforanyparticular futuresoptionatanyparticulartime.
AFund’sfuturesactivitiesmayinvolvefuturesandoptionstradedinU.S.andnon-U.S.markets.
Therisksoftradingfuturesinnon-U.S.marketsmaybegreaterthantradinginfuturesonU.S.
exchanges.Forexample,non-U.S.futuresareclearedonandsubjecttotherulesofanon-U.S.board oftrade,andfewerordifferentprotectionsmayapplytoparticipantsinnon-U.S.marketsthanmay applyundertherulesandregulationsoftheCFTCandtheNFA.Inaddition,fundsprovidedas margin for non-U.S. futures and options may not be provided the same protections as funds receivedinrespectofU.S.transactions.
PortfolioTurnover TheinvestmentstrategyofaFundmayrequireustoactivelytradethatFund’sportfolio,andasa result,turnoverandbrokeragecommissionsandothertransactionexpensesofsuchFundmay significantlyexceedthoseofotherinvestmententitiesofcomparablesize.
ImportanceofValuationModels Ourstrategiesmaybebased,inpart,onvaluationmodelswhichitskeypersonnelhavedeveloped overtime.Numerousfirmscommitsubstantialresourcestoupdateandmaintainexistingmodels aswellastheongoingdevelopmentofnewmodelsandalgorithms.Asmarketdynamicsshiftover time, a previously highly successful model may become outdated – perhaps without our recognizingthatfactbeforesubstantiallossesareincurred.Therecanbenoassurancethatwe willbesuccessfulinmaintainingeffectivevaluationmodels.
CybersecurityRisk With the increased use of technologies such as the Internet to conduct business, the Fund is susceptibletooperational,informationsecurityandrelatedrisks.Ingeneral,cyberincidentscan resultfromdeliberateattacksorunintentionalevents.Cyberattacksinclude,butarenotlimitedto, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causingoperationaldisruption.Cyberattacksmayalsobecarriedoutinamannerthatdoesnot requiregainingunauthorizedaccess,suchascausingdenial-of-serviceattacksonwebsites(i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the InvestmentManager’sandotherserviceproviders(including,butnotlimitedto,Fundaccountants, custodians,transferagentsandfinancialintermediaries)havetheabilitytocausedisruptionsand impactbusinessoperations,potentiallyresultinginfinanciallosses,interferencewiththeFund’s ability to value its securities or other investments, impediments to trading, the inability of Shareholderstotransactbusiness,violationsofapplicableprivacyandotherlaws,regulatoryfines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliancecosts.Similaradverseconsequencescouldresultfromcyberincidentsaffectingissuers of securities in which the Fund invests, counterparties with which the Fund engages in transactions,governmentalandotherregulatoryauthorities,exchangeandotherfinancialmarket operators,banks,brokers,dealers,insurancecompaniesandotherfinancialinstitutions(including financialintermediariesandserviceprovidersforShareholders)andotherparties.Inaddition, substantialcostsmaybeincurredinordertopreventanycyberincidentsinthefuture.Whilethe Fund’s service providers have established business continuity plans in the event of, and risk managementsystemstoprevent,suchcyberincidents,thereareinherentlimitationsinsuchplans andsystemsincludingthepossibilitythatcertainriskshavenotbeenidentified.Furthermore,the Fundcannotcontrolthecybersecurityplansandsystemsputinplacebyitsserviceprovidersor anyotherthirdpartieswhoseoperationsmayaffecttheFundoritsShareholders.TheFundand itsShareholderscouldbenegativelyimpactedasaresult.
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Registeredinvestmentadvisersarerequiredtodiscloseallmaterialfactsregardinganylegalor disciplinaryeventsthatwouldbematerialtotheevaluationoftheadviserortheintegrityofthe adviser’smanagement.Atthistime,theInvestmentManagerhasnoinformationapplicabletothis Item9todisclose.
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The Investment Manager is a registered CPO with the CFTC and a member of the NFA in such capacity. Certain related persons of the Investment Manager are registered with the NFA as associatedpersonsand/orprincipalsoftheInvestmentManager.


The Investment Manager is licensed as an Accredited/Institutional Investor Licensed Fund Management Company with the Monetary Authority of Singapore, and provides investment managementandadvisoryservicestotheFunds.TheInvestmentManagerisalsoaffiliatedwith AsiaDyneLP(the“GeneralPartner”),whichactsasthegeneralpartnerofaU.S.limitedpartnership thatisafeederfundtoamasterfundmanagedbytheInvestmentManager.


The Investment Manager and the General Partner (the “Affiliated Parties”) may conduct other business,includinganybusinesswithinthesecuritiesindustry,whetherornotsuchbusinessisin competitionwiththeFunds.TheAffiliatedPartiesmayactasgeneralpartner,investmentadviser orinvestmentmanagerforothers,maymanagefunds,separateaccountsorcapitalforothers,may have,makeandmaintaininvestmentsintheirownnameorthroughotherentitiesandmayserve as an officer, director, consultant, partner or stockholder of one or more investment funds, partnerships,securitiesfirmsoradvisoryfirms.TheresultsoftheFunds’activitiesmaydiffer significantlyfromtheresultsachievedbytheAffiliatedPartiesforotheraccountsorclientswhich theymanageorforwhichtheyprovideinvestmentmanagementoradvisoryservices.
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PersonalTrading
CodeofEthicsandCodeofConduct. TheInvestmentManagerhasadoptedaCodeofEthicsforall deemedaccesspersonsofthefirmdescribingitshighstandardofbusinessconduct,andfiduciary duty to their clients. The Investment Manager recognizes and believes that (i) high ethical standardsareessentialfortheirsuccessandtomaintaintheconfidenceoftheirclients;(ii)their long-termbusinessinterestsarebestservedbyadherencetotheprinciplethattheinterestsof clientscomesfirst;and(iii)theyhaveafiduciarydutytotheirclientstoactsolelyfortheirbenefit.
All personnel of the Investment Manager must put the interests of the Investment Manager’s clients before their own personal interests and must act honestly and fairly in all respects in dealings with clients. All personnel of the Investment Manager must also comply with all applicablefederalsecuritieslaws.
TheCodeofEthicsincludesprovisionsrelatingtodisclosureand/orapprovalofoutsidebusiness activities, acceptance and reporting of certain gifts and business entertainment, reporting of violations,personalsecuritiesaccountsandpersonalsecuritiestradingprocedures,amongother things.AllaccesspersonsoftheInvestmentManagermustacknowledgethetermsoftheCodeof Ethicsnolessthanannually.
The Investment Manager in appropriate circumstances, consistent with clients’ investment objectives,couldcauseaccountsoverwhichtheInvestmentManagerhasmanagementauthority toeffect,andmayrecommendtoinvestmentadvisoryclientsorprospectiveclients,thepurchase orsaleofsecuritiesinwhichtheInvestmentManager,theiraffiliatesand/orclients,directlyor indirectly,haveapositionofinterest.TheInvestmentManager’semployeesand certainother personsassociatedwiththeInvestmentManagerarerequiredtofollowtheInvestmentManager’s Code of Ethics. Subject to satisfying this policy and applicable laws, officers, directors and employees of the Investment Manager and their affiliates may trade for their own accounts in securitieswhicharerecommendedtoand/orpurchasedfortheInvestmentManager’sclients.The Code of Ethics is designed to assure that the personal securities transactions, activities and interestsoftheemployeesoftheInvestmentManagerwillnotinterferewith(i)makingdecisions inthebestinterestofadvisoryclientsand(ii)implementingsuchdecisionswhile,atthesametime, allowingemployeestoinvestfortheirownaccounts.UndertheCodeofEthics,certainclassesof securities have been designated as exempt from certain of the personal account dealing requirements,baseduponadeterminationthatthesewouldmateriallynotinterferewiththebest interests of the Investment Manager’s clients. In addition, the Code of Ethics requires pre- clearanceofmanytransactions,andrestrictstradingincloseproximitytoclienttradingactivity.
Nonetheless,becausetheCodeofEthicsinsomecircumstanceswouldpermitemployeestoinvest inthesamesecuritiesasclients,thereisapossibilitythatemployeesmightbenefitfrommarket activitybyaclientinasecurityheldbyanemployee.Employeetradingiscontinuallymonitored under the Code of Ethics to reasonably prevent conflicts of interest between the Investment Managerandtheirclients.
AcopyoftheCodeofEthicswillbemadeavailabletoexistingorprospectiveclientsorinvestors uponrequesttotheInvestmentManager.
TradeAllocation.TheInvestmentManagerandtheiraffiliatesprovideinvestmentmanagement andadvisoryservicestomorethanoneFund,whichmaycreateconflictsofinterest.AFundmay haveinvestmentobjectivesorimplementinvestmentstrategiessimilartoordifferentfromthose ofotherFunds.TheInvestmentManagerwilluseitsbesteffortstoensurethatnoFundistreated unfairlyinrelationtoanyotherFundintheallocationofsecuritiesorinvestmentopportunitiesor intheorderinwhichtransactionsareexecutedovertime.Totheextentaparticularinvestmentis suitableand/orviableformorethanoneFund,suchinvestmentswillgenerallybeallocatedamong the Funds pro rata based on assets under management or in some other manner that the InvestmentManagerdetermineisfairandequitableovertime.Wherelessthanthemaximum desirednumberofsharesofaparticularsecuritytobepurchasedisavailableatafavorableprice, thesharespurchasedwillbeallocatedamongtheFundsinanequitablemannerasdeterminedby theInvestmentManager.
CrossTransactions.AspartofitsmanagementoftheassetsofaFund,theInvestmentManagermay, totheextentpermitted,effectmarkettransactions,atarm’slength,betweenaFundandother Funds(“CrossTrades”)inefforts,forexample,to“rebalance”theportfoliostoensurethateach Fundhasthedesiredprorataownershipofaparticularinvestmentposition.CrossTradesalso couldbeeffectedtoreflectintendedallocationsamongtheFunds.
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Except for the general investment guidelines set forth in each Fund's respective offering memorandumandAdvisoryAgreement,therearenolimitationsontheauthorityoftheInvestment ManagerwithrespecttothemattersdiscussedinItem12.TheInvestmentManagerisauthorized to determine the broker or dealer to be used for each securities transaction. When executing orders,theInvestmentManagerwilltakeintoaccountbothquantitativeandqualitativefactors.
Aboveall,theInvestmentManagerconsidertheabilityofatradetobegivenuptoaprimebroker as meeting the duty to seek best execution, on the basis that prime brokered trades provide operational,portfoliomanagementandcostbenefitstoeach FundmanagedbytheInvestment Manager. Other factors considered when selecting brokers include, but are not limited to: (i) marketposition,marketliquidityandordersize,(ii)qualityandspeedofexecution,(iii)existing positionofanapplicableFund,(iv)counterpartyresponsiveness,venueandqualityofsettlement, (v)valueofresearchprovidedandexecutioncapability,(vi)commissionratesandapplicablefees, (vii) financial responsibility and responsiveness, (viii) competitiveness of commission rates, spreads,mark-upsandmark-downs,(ix)willingnessandabilityofthebrokerordealertocommit capital to a particular transaction, (x) sophistication of the trading capabilities and infrastructure/facilitiesofthebrokerordealer,(xi)marketknowledgeofthebrokerordealerand (xii)thequalityandflexibilityofcustomizingreports.
Inselectingbrokersordealerstoexecutetransactions,theInvestmentManagerneednotsolicit competitivebidsanddoesnothaveanobligationtoseekthelowestavailablecommissioncost.It isnotthepracticeoftheInvestmentManager,ortonegotiate”executiononly”commissionrates; thus,aFundmaybedeemedtobepayingforresearchandbrokerageservicesprovidedbythe brokerwith“soft”or“clientcommission”dollarswhichareincludedinthecommissionrate.The InvestmentManagergenerallydonothaveanyformalized“softdollar”arrangementstouseclient commissionstoobtainresearchandbrokerageservices.TotheextenttheInvestmentManager receives research or other products or services other than execution from broker-dealers in connection with Fund securities transaction, any such services will be limited to research and brokeragewithinthemeaningofSection28(e)oftheSecuritiesExchangeActof1934,asamended.
Accordingly, research and brokerage services may include, but are not limited to, written information and analyses concerning specific securities, companies or sectors; market, certain financial and economic studies and forecasts, as well as discussions with research personnel; financial and industry publications; statistical and pricing services, utilized in the investment managementprocess;andservicesrelatedtotheexecution,clearingandsettlementofsecurities transactions and functions incidental thereto. Research services obtained by the use of commissionsarisingfromaparticularFund’sportfoliotransactionsmaybeusedbytheInvestment Manager in their other investment activities. In such scenarios where Fund brokerage commissionsareusedtoobtainresearchorotherproductsorservices,theInvestmentManager wouldreceiveabenefitbecausetheInvestmentManagerdoesnothavetoproduceorpayforthe research,productsorservices.Assuch,theInvestmentManagermayhaveanincentivetoselecta broker-dealerbasedonitsinterestinreceivingtheresearchorotherproductsorservices,rather thanonFunds’interestinreceivingmostfavorableexecution.
The Investment Manager may place transactions with a broker-dealer that (i) provides the Investment Manager or an affiliate with the opportunity to participate in capital introduction eventssponsoredbythebroker-dealeror(ii)refersInvestorstoaFund,ifotherwiseconsistent withseekingbestexecution,providedtheInvestmentManagerisnotselectingthebroker-dealer inrecognitionoftheopportunitytoparticipateinsuchcapitalintroductioneventsorthereferral ofInvestors.Withthatsaid,theInvestmentManagermayhaveanincentivetoselectabroker- dealer based on its interest in receiving Investor referrals rather than on a Fund’s interest in receivingmostfavorableexecution.
Whenappropriate,theInvestmentManagermay,butarenotrequiredto,aggregateclientorders toachievemoreefficientexecutionortoprovideforequitabletreatmentamongaccounts.Clients participating in aggregated trades will share commission costs equally and will generally be allocatedsecuritiesbasedontheaveragepriceachievedforsuchtrades.Partiallyfilledorderswill beallocatedonanequitablebasis.
Lastly,whenatradeerrorismadeonbehalfofaclientaccount,theInvestmentManagerwilluse itsbesteffortstobreakorotherwisecorrectthetrade.However,iferrorsdooccur,asaresultof humanorsystematicerrorswhichmayormaynotberelatedto,withoutlimitation,tradingerrors, allocationerrorsand/orfinancialrecordkeeping,andnotasaresultofgrossnegligence,wilful misconductorviolationoftheapplicablelaws,theprofitorlossrelatedtosucherrorwillgenerally beallocatedtotheFunds.
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Mr.BartBroadmanandMr.LyeShiangHue,asCo-ChiefInvestmentOfficersoftheInvestment Manager,aregenerallyawareoftherelevantFund’saccountholdings,onaregularbasis.Holdings aremonitoredbyMr.BroadmanandMr.Lyeinlightofliquidity,counterpartyexposure,trading activity, economic data, etc. In addition, Fund accounts are reviewed periodically from the standpoint of the specific investment objectives of the client and as a particular situation may dictate.
EachInvestorwillreceiveauditedannualreportsand,ataminimum,unauditedmonthlyreports oftheperformanceoftheFund,fromtheFund’sadministrator,specifictotheFundinwhichsuch Investorhasinvested.Theabovereportsaredeliveredelectronically,inwrittenform.
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TheInvestmentManagermaycompensate,eitherdirectlyorindirectly,personsforclientreferrals orreferralsofInvestorsintheFunds.
Fromtimetotime,theInvestmentManagermayenterintowrittenagreementswiththirdparties whosolicitpotential Investorsonitsbehalf.SuchagreementswillcomplywithRule206(4)-3 undertheAdvisersActand,inenteringintosuchagreements,wewillcomplywiththatruleand with other applicable requirements of the Advisers Act and applicable state securities law requirements. Generally, those agreements will provide for a percentage of certain of the investment management fees we collect from clients who become clients as a result of the solicitor’s efforts. Generally, clients are not responsible for any part of the compensation that solicitorsreceive,andwedonotchargeclientsintroducedbysuchsolicitorsanyhigherfeeorany additionalamountasaresultofobligationstopaysuchsolicitorsfortheirsolicitationservices.
TheInvestmentManagercurrentlyhasmarketingarrangementswithtwothird-partymarketers thatmayreceivecompensationfromtheInvestmentManagerforInvestorreferrals.
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TheInvestmentManagerwillcomplywiththerequirementsoftheRule206(4)-2oftheAdvisers Act with regards to custody of assets of the Funds. Annually, upon completion of each Fund’s annualaudit,theInvestmentManagerwillensurethattheauditedfinancialsaredistributedto investorswithin90daysoftheendofthefiscalyearorasspecifiedintheirrespectiveoffering documents.InvestorsshouldcontacttheInvestmentManagerifthesefinancialsarenotdelivered promptlyoriftheyhaveanyquestionsaboutthecontents.
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The Investment Manager receives discretionary authority from the client at the outset of an advisoryrelationshiptoselecttheidentityandamountofsecuritiestobeboughtorsold.Inall cases, however, such discretion is to be exercised in a manner consistent with the investment policies,limitationsandrestrictionsoftheparticularclientaccounts.Allinvestmentguidelines andrestrictionsmustbeprovidedbytheclientinwriting.
Discretionary authority is granted to the Investment Manager pursuant to the terms of the investmentmanagementortradingadvisoryagreementthateachcliententersinto.
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DuetothenatureoftheInvestmentManager’sinvestmentmanagementandadvisoryserviceswith respecttoeachFund,andmorespecificallybecausetheInvestmentManagerlargelyusesvolatility investment strategies for trading rather than a long-term investment approach, their strategy, relativetosecurities,isgenerallynotdependentupontheoutcomeofproxycontests.Becauseof thehighturn-overofsecuritiesineachFund’sportfolio,inmostcasesnoneoftheFundsorthe InvestmentManagerwillreceiveproxies.
If,however,theFundorInvestmentManagerreceivesaproxyrequestwithrespecttoasecurity thattheInvestmentManagerdeterminespotentiallycouldprovidematerialprofitorlossbenefits totheFundfromvoting,theInvestmentManagerwillseektovotetheproxyinthebestinterestof theFund.TheInvestmentManagerwillnotsolicitdirectionfromclientsonhowsuchvoteswillbe cast.
TheInvestmentManagerfollowsproceduresdesignedtoidentifyconflictsorpotentialconflicts thatcouldarisebetweenitsowninterestsandthoseofitsclients.Ifitisdeterminedthatanysuch conflict or potential conflict is not material, the Investment Manager may vote proxies notwithstandingtheexistenceoftheconflict.Ifitisdetermined,however,thataconflictofinterest orpotentialconflictofinterestismaterial,theInvestmentManagerwillgenerallyabstainfrom votingsuchproxies.
ClientsmayobtainacopyoftheInvestmentManager’sproxyvotingpoliciesandproceduresupon request.InformationabouthowtheInvestmentManagervotedonanyproxiesonbehalfofclient accountswillalsobemadeavailabletoclientsuponrequesttotheInvestmentManager. please register to get more info

RegisteredinvestmentadvisersarerequiredinthisItemtoprovideclientswithcertainfinancial information or disclosures about the investment adviser’s financial condition. At present, the financial condition of the Investment Manager neither impairs its respective ability to meet contractualandfiduciarycommitmentstoclientsnorhasnotbeenthesubjectofabankruptcy proceeding.
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