EFTA00590038.pdf

BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP DECEMBER, 2015 B BOOTHBAY FUND MANAGEMENT ()VERO, IEV, Boothbay Absolute Return Strategies, LP ("Boothbay') is a market neutral multi-strategy fund, launched in July 2014 by Ad Glass. Mr. Glass brings decades of operating and investing experience to Boothbay. where he and his team use a combination of proprietary technology and qualitative judgment to identify and invest in talented emerging investment managers. Allocations are made through a managed accounts structure, creating diverse alpha streams within a single product. Allocations can be made via a unique down side protected 'first-loss' capital allocation tool. Boothbay currently allocates to over eighty managers. INVESTMENT I'111L0S0PHY & APPROACH Boothbay believe in combining non-correlated positive expectancy strategies into a cohesive portfolio. which is further enhanced by operational and structural alphas. Boothbay seeks to generate absolute returns with low volatility and low correlations to traditional asset classes through all market conditions, while maintaining target portfolio level net exposure (beta adjusted) within (+1. 10%). Capital is deployed based on manager edge, background. strategy, volatility and correlations to the market and to other strategies. Live aggregated data allows for Boothbay to dynamically manage and risk and capital allocation. ARI GLASS - FOUNDER BIOGRAPHY As Managing Member of Boothbay. Mr. Glass runs the business and oversees all allocation and portfolio construction decisions. Prior to Boothbay, Mr. Glass served as President of a multi-strategy hedge fund. Platinum Management. where in addition to overseeing all non-investing activities. he shared responsibilities for asset allocation and risk management, including the selection of portfolio managers. From 2000.2007 Mr. Glass served as the COO of 'Tiger Cub' Intrepid Capital Management Inc ("Intrepid*), a $2.5 billion hedge fund seeded by Soros Fund Management. At Intrepid, Mr. Glass oversaw all non-portfolio related activities. In 2004, Mr. Glass launched Intrepid Associates LLC, an affiliated entity that added fund managers to Intrepid' s platform. including sector funds in the healthcare and global utilities spaces. From 1998-2000 Mr. Glass was an executive at Vector Capital Management, a quantitative hedge fund and broker-dealer. Previously. he worked at Coopers 8 Lybrand LLC (1995.1198) and at Prudential Securities (1994-1995). COMPETITIVE ADVANTAGES • Live. daily position-level transparency enables market neutral stance and greater risk oversight in the pursuit of absolute net retums • Selection process involves customized terms and risk parameters for every manager, sometimes induding a first loss-capital allocation tool • Operational efficiency derived from the cross-margining of managed accounts allows for dynamic allocations • Leverages experience and knowledge with emerging managers to structure relationships with competitive terms and capacity rights • Active risk budgeting process uses covariance matrix to optimize manager selection, distribute allocations and manage concentrations • Managed account structure removes operational risk often associated with emerging managers PI RI. ORM 1N( 'I s I X I Is I IC s' 07/01/14 - 12/31/15 Boothba 500 Cumulative Net Total Return 11.7% 4.27% Average Annualized Net Return 7.68% 2.83% Percentage of Up Months 83% 50% Percentage of Down Months 17% 50% Best Month Net Return 1.75% 8.30% Worst Month Net Return -0.49% -6.28% Standard Deviation 2.25% 11.88% Sharpe Ratio 3.31 0.29 Sortino Ratio 13.84 0.50 Calmar Ratio 9.27 0.32 Largest Consecutive Gain 12.7% 9.15% Largest Drawdown -0.8% -8.9% Beta (to 500) 0.01 1.00 Ft ND SUMMARY Firm AUM Management Fee Incentive Allocation High Water Mark Administrator Auditor Legal Kleinberg. Primary Prime Brokers $158M 1.0% 14.0% Yes NAV Consulting KPMG Kaplan. Woll&Cohen UBS. BNP Panbas CONTACT. Frederick Richardson EFTA00590038 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP DECEMBER, 2015 B BOOTHBAY FUND MANAGEMENT MONTHLY NET RI. r t RN ti JAN 2014 FEB MAR APR MAY JUN JCI. • -0.28% AUG 0.28% SEPT -034% OCT -0.49% NOV 1.00% DEC 1.34% 0.45%." YTD 1.50% ITO *42015 0.81% 1.54% 1.46% 0.42% 1.75% 0.06% 0.52% 0.75% 0.67% 0.34% 0.89% 10.08% 11.74% A estimated MARKET BETA SUMMARY! Boothbay Portfolio 500 0.01 HFRX Absolute Return 0.42 HFRX Global Fund 0.20 Russell 2000 0.04 RETURN DISTRIBUTION"' got Months • Boothbay • 500 c-I% -I% to - -0.5%tia 0 0 to 0.5% 0.5 to I% >1% 0.5% Returns EQUITY CURVE" — Boothbay 1.15 1.10 1.05 1.00 0.95 500 Jul-14 OCI 14 Jan-15 Apr-15 Jul-15 Oct-15 LP ALLOCATION BY STRATEGY TYPES Quantitative 29% Other 22% Fundamental LS 49% GROSS EXPOSURE BY SECTOR` monies 4% Consumer Stapes 5% Energy 7% Health Care 7% Industrials 14% Malenals 4% Tele- convnunIcalion Serlves 2% Consumer Discretionary 18% inwrnation Technology 20% Financials 19% EFTA00590039 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP DECEMBER, 2015 B BOOTHBAY FUND MANAGEMENT ANALYTICSI Exposure Long Short Net Gross Leverage 'Excludes First-Loss Allocation "As of 2015-12-31 Portfolio Performance °/0 of NAV Total Equity Positions Exposure* % of Risk Adjusted Investment 197% 3.229 Sector Long Short Gross Net -189% 2.987 Fundamental US 150% -141% 292% 9% 8% Quantitative 298% -297% 594% 1% 386% 6.216 Other 169% -154% 323% 15% 3.86 Total 197% -189% 386% 8% Attribution Fundamental US Quantitative Other First Loss Gross Performance Net Performance Liquidity Liquid in 1 day Liquid in 5 days Liquid in 10 days Number of Managers Multi-Strategy First Loss Total 'Includes Hybrid Albcaticn MTD Long Short Total 0.10% 4.96% US & Canada 43% 42% 85% 0.06% 3.91% Asia 5% 3% 8% 0.23% 0.83% Europe 3% 2% 5% 0.33% 4.36% Other 1% 1% 2% 0.73% 14.73% Total 53% 47% 100% 0.45% 10.08% "As of 2015-12-31 Portfolio YTD 'Excludes First-Loss Allocation "As of 2015-12-31 Portfolio Region- % GMV Market Capitalization- 97.8% Large Mid Small Total 99.5% >$10B $28 to108 428 99.5% Fundamental US 38% 28% 34% 100% Quantitative 37% 25% 39% 100% Other 11% 16% 73% 100% 71 First Loss 31% 19% 49% 100% 14 Total 33% 24% 42% 100% 85 "As of 2015-12-31 Portfolio \IU\7711.5 IZh77lt.\S III:N 500 DOWN 1.2 ■ Boothbay 411500 7 7 ti Jul-14 Sep-14 Dec-14 Jan-15 Mar-15 Jun-15 Aug-15 Sep-15 Dec-15 EFTA00590040 THIS DOCUMENT IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY INTERESTS IN BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP OR ITS SUBSIDIARIES (TOGETHER, "THE FUND"(. AN OFFERING OF INTERESTS WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (THE "MEMORANDUM") AND ONLY TO QUALIFIED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW. An investment in the Fund is speculative and involves a high degree of risk. The Fund will have limitations on investors' ability to withdraw or transfer their investments, and no secondary market for the Fund's interests exists or will develop. Certain of these risks, and other important risks, are described in detail in the Fund's Memorandum. Prospective investors are strongly urged to review the Memorandum carefully and consult with their own financial, legal and tax advisors, before investing. There can be no assurances that the Fund will have a return on invested capital similar to the returns of other accounts managed by Ari Glass or Boothbay Fund Management LLC (together with their affiliates, "Boothbay") because, among other reasons, there may be differences in investment policies, economic conditions, regulatory climate, portfolio size, portfolio managers, leverage and expenses. In addition, there is no guarantee that Boothbay will succeed in attracting portfolio managers or that it will be able to construct a successful platform of portfolio managers. The fact that the Fund or other accounts managed by Ari Glass or Booth bay have realized gains in the past is not an indication that the Fund will realize any gains in the future. Prior performance is not necessarily indicative of future results. This investor presentation contains certain forward looking statements and projections. Such statements and projections are subject to a number of assumptions, risks and uncertainties which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by these forward-looking statements and projections. Prospective investors are cautioned not to invest based on these forward-looking statements and projections. The information in this investor presentation is current as of the date listed on the cover page and is subject to change or amendment. The delivery of this investor presentation at any time does not imply that the information contained herein is correct at any time subsequent to such date. Certain information contained herein has been supplied to Boothbay by outside sources. While Boothbay believes such sources are reliable, it cannot guarantee the accuracy or completeness of any such information. Distribution of this investor presentation to any person other than the person to whom this information was originally delivered or to such person's advisors is unauthorized and any reproduction of these materials, in whole or in part, or the disclosure of any of the contents, without the express, prior written consent of Boothbay in each such instance is prohibited. ENDNOTES 1. All returns in this investor presentation are net of a 1% management fee and a 14.0% incentive allocation. Such returns are net of expenses and reflect the reinvestment of dividends, capital gains and other earnings and assumes "new issues" eligibility. 2. The SPX index is an American stock market index based on the market capitalizations of SOO large companies having common stock listed on the NYSE or NASDAQ. Comparisons to indices have limitations because the composition of indices (for example, in terms of number and type of securities) and the volatility and other material characteristics of indices may differ substantially from the Fund. In addition, unlike the Fund, which is actively managed and may periodically maintain cash positions, indices, such as the SPX index, are unmanaged and are fully invested. Therefore, performance of the Fund may differ substantially from the performance of an index. Because of these differences, an index's returns should not be viewed as a representation that the Fund's portfolio is comparable to the securities comprising such index and should not be relied upon as an accurate measure of comparison. 3. These returns assume an investment at inception. Performance for an individual investor may differ due to, among other things, the timing of subscriptions and withdrawals, applicable management fees and incentive compensation rates, participation in designated side pocket investments, and the extent to which an investor may participate in "new issues." Past performance is not indicative of future results. 4. The 2014 annual returns are based on audited data. MI monthly and the 2015 year to date returns are based on unaudited data. S. The sector and strategy exposure charts should not be construed as providing any assurance or guarantee as to the composition of the Fund's portfolios in the future. Actual portfolio composition may, and at times will, differ from such historical exposures. Percentage allocations of Boothbay as of 12/31/15. Percentages reflect LP equivalent allocations and does not include First Loss allocations EFTA00590041