EFTA00591508.pdf

BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP SEPTEMBER 2017 B BOOTHBAY FUND MANAGEMEN1'. LLC OVERVIEW Boothbay Absolute Return Strategies, LP (Boothbay') is a market neutral multi-strategy fund that aims to combine non-correlated positive expectancy strategies into a cohesive portfolio. which is further enhanced by operational and structural alphas. Boothbay uses a combination of proprietary technology and experience. to target traditional and non-traditional sources of alpha. INVESTMENT PHILOSOPHY Boothbay seeks to generate absolute returns with low volatility and low correlations to traditional asset classes through all market conditions. Boothbay employs a range of investment strategies with broad industry, sector, style and geographic diversification. Capital is deployed based on strategy edge, background, volatility and correlations to the market and to other strategies. Live aggregated data allows for risk and capital allocations to be dynamically managed. COMPEDTNE ADVANTAGES • Differentiated approach through 'open architecture' increases talent spectrum available, including niche strategies with structural edges • Selection process involves customized terms and risk parameters for every manager • Includes 'First-Lose allocations • Position-level transparency enables greater risk oversight in the pursuit of absolute net returns • Proprietary portfolio allocation and optimization tools used for manager selection and to distribute allocations • Risk management framework assesses and monitors risk at multiple levels including market or factor based hedging overlay FOUNDER BIOGRAPHY As Managing Member of Boothbay. Mr. Glass oversees all allocation and portfolio construction decisions. Prior to Boothbay, Mr. Glass served as President from 2007-2009 of a multi-strategy hedge fund. Platinum Management 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 & Lybrand LLC (1995-1998) and at Prudential Securities (1994-1995). MONTHLY NET RETURNS JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC YTD ITO 2017 1.63% -0.50% 136% 0.66% -0.56% 0.81% 0.89% 3.46% 1.70%' 9.79% 2746% 2016 -0.53% 0.34% -1.21% 0.56% 1.80% -0.15% 1.31% 0.39% 1.27% -0.14% -0.05% 0.23% 3.84% 2015 0.81% 1.54% 1.46% 0.42% 1.75% 0.06% 0.52% 0.75% 0.67% 0.34% 0.89% 0.50% 10.13% 2014 -0.28% 0.28% .034% -0.49% 1.00% 1.34% 1.51% 0.rniet Hall. -I, tstnemil PERFORMANCE STATISTICS' FUND SUMMARY 07/01/2014 - 09/292017 Boothbay UP 500 Index3 Fund AUM $267M4 Cumulative Net Total Return 27.45% 28.52% Class PIA Fee $208M Average Annualzed Net Return 7.75% 8.03% Management 1.0% Percentage of Up Months 74% 62% Incentive Allocation 14.0% Percentage of Down Months 26% 38% High Water Mark Yes Best Month Net Return 3.46% 8.30% Administrator NAV Consulting Worst Month Net Return 421% -6.26% Auditor KPMG Standard Deviation 3.06% 9.95% Legal Prime Brokers CONTACT Frederick Richardson Kleinberg. Kaplan, WoR18 Cohen BNP Params. Goldman Sachs. UBS Sharpe Ratio 230 0.78 SortMo Ratio 7.49 1.37 Calmar Ratio 854 0.90 Largest Drawdown (Month to Month) -140% .8.89% Beta (to SSP 500) -0.01 1.00 212332.2676 Pogo 1 EFTA00591508 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP SEPTEMBER 2017 B00Gribtiy Portfolio S&P 600 Index -0.01 Rinse. 2000 Index 0.02 HFRX Absolute Return L00 HFRX Global Fund 0.18 B BOOTH BAY 1 UNE. MANAGEMENT. LLC RISK ADJUSTED RETURNS3 10% 5% 0% Boothbay • HFRXAbsofate Worn HFRXGbbal • Hedge Fund S&P S00 Index • ■ RUSIC41 2000 Index 0.0% 5.0% 10.0% 15.0% Annualzed Standard Deviation 20.0% PERFORMANCE GROWTH CURVEI" 135% 130% 125% 120% 115% 110% 105% 100% 95% Eloothbry —M500 Index $ - r. ?: $ aaawa N o. a a Ln CI' • • $ • $ • $ $ $ a, $ 4 4 3 O o 3 MONTHLY RETURNS WHEN 500 IS DOWN''' .1% z S • Bo%hbay • S&P 500 Index RETURN DISTRIBUTIONI" 1 7 • Boathbay NM 500 ink, 0 t, 05% 0 5%to0b 0% to 0.5% OS to 1% Rettrnr. Page 2 EFTA00591509 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP SEPTEMBER 2017 B BOOTHBAY I oar MANAGEMENT. LLC ANAvnims Exposure % of NAV Total Equity Positions Exposure % of Rtsk-Adjusted Investment° Long 200% >1500 Strategy Type Long Short Gross Net Short -199% >1500 Fundamental US 223% -222% 445% 1% Net 1% Ouantitative 197% -197% 394% 0% Goss 399% >3000 Other 105% -102% 207% 3% Total 06 of NAV, 200% -199% 399% loveyrebx4 otoure. ociucfre IPA em /Oxfam Performance Ipatioecaro opmurA <Wo eInl bss aectec. Attribution MTD YTD Market Value by Region' Strategy Type Region Long Short Total Fundamental US 0.81% 4.82% US & Canada 45% -33% 78% Ouantitative 0.06% 468% Asia 7% -4% 11% Other 0.64% 4.25% Europe 5% -2% 7% First Loss 0.19% 2.22% Other 2% -1% 4% Net Performance 1.70% 9.79% Total 60% -40% 100% "Stalmry corartabon lo WO end YTO mktel &wow/whit Ib vanInbaltoo cinch iihrol•qw lo rho laW not retuenbred earftreoll nalhodolow nano In oextpcfa Number of Managers lncbds nn lm aloono, Market Capitaltzanon• Multi-Strategy 43 Strategy Type Large Mid Small Hybrid (Vam-Streicvrn4 13 410B S28 to 610B 428 First Loss 14 Fundamental US 64% 24% 11% Total 70 Ouantitative 57% 34% 9% Other 67% 17% 16% First Loss 73% 22% 5% Total 66% 25% 11% ,e'et I nit, INIodn)fts0",a1:(.9,.- r. RISK-ADJUSTED CAPITAL ALLOCATION FOR MULTI-STRATEGY AND HYBRID MANAGEFtS9 14 Managers Other 29% 19 Managers Low Net Fundamental LS 48% 23 Managers Page 3 EFTA00591510 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP SEPTEMBER 2017 B BOOTH BAY FUND MANAGEMENT. LLC TICS 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 Of FERINGOF INTERESTS WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (TIC 'MEMORANDUM, AND ONLY 70 QUALIFIED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW. An investment in the Fund is speculative and irwones 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 a me develop. Certain of these risks and other important risks are described n detail in the Fund's Memorandum. Prospective investors are strongly urged to review the Memorandum carefully and consult with their cum financial. legal and tax admors before investing. There can be no assurances that the Fend vall have a return on invested capital similar to the retain of other accounts managed by Ari Gass or Boothbay Fund Management LLC (together with thew effete,. "Bccebray) because. among other reasons. there may be differences n investment peeps. economic conditions. regulatory climate. portfolio sire portfolio managers. leverage and expenses. In addition there is no guarantee that Boothbay will succeed in attractim portfolio managers a that it will be able to construct a successful platform of portfolio managers. The fact that the Fund or other accounts managed by An Glass or Boothbay have reeked gains in the past is rot an indication that the Fund will reeize 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 afferent from future results. performance or achievements expressed or implied by these fccwaid.lookirg statements and projections. Prospective investors are cautioned not to invest based on these fonvard.loolung statements and piceeches. The information in this Mesta 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 bile does not imply that the information contained herein is correct at anytime subsequent to such date. Certain information contaned linen has been suppled to Boothbay by outside soirees. While Boothbay believes such sources are reliable. it cannot guarantee the accuracy or completeness of any such information. Derive° of this investor presentation to any person other than the person to whom this information was originally delivered or to such persons acnisors is unauthorized and any reproduction of these materials. in whole a in part. a the disclosure of any of the contents without the express. peer written consent of Boothbay n each such instance is proterted. ENDNOTES t All returns vs this investor presentation are net of a t% management fee and a 14.0% incentive allocation. Such returns are net of expenses. including but not landed to trader performance and reflect the reinvestrnent of *elands capital gains end other earnings and assumes 'new issues* Seedy. These returns assume an investment el inception. Performance for an indrridual investor may differ due to. among other things. the tiering of subscriptions and withdrawals applicable management fees and incentive compensation rates. and the extent to which an investor may participate in 'new issues." Past performance is not indicative of future results. For Sharpe Ratio calculation and Sore° Ratio cakulation. tMonth UBOR is set as the target return rate. Assuring Class 2A's 16.5%. instead of theassumed 14% incentive allocation the Funds RD net return would be 26.65%. and annual net returns for each of 2014. 2015. 2016 and 2017 (YTD) would be 1.46%. 9.84%. 3.74% and 9.54%. respectively. 2. The 2014. 2015 and 2016 annual returns are calculated using audited data and assuming a 14.0% ncentive allocation. Al 20/7 returns are based on inaudited data and assuming a 14.0% incentive Seater. 3. The S&P 503 is an American stock market index based an the market capitalaanns of 503 large corrpanes having common stock listed on the NYSE or NASDAQ. Comparisons to indices have betatrons because the composition of indices Ifor example. in terror of number and type of securities) and the volatility and other material characteristics of indices may differ substanbally from the Fund. In addle°. unike the Fund whtch is acbely managed and may periodically mantain cash portions. indices. such as the SPX index. are unmanaged and are fully invested. Therefore. performance of the Fund may differ substantially from the performance Nan index. Because of these differences. an index's returns should not be vowed as a representation that the Fund's portfolio es comparable to the securities comprising such index and should not be reed upon as an accurate measure of companion. 4. AUM is estimated and includes all Share Classes including First Loss Share Class. 5. Anakylics are based on the month-end portfolio estimates. 6. Strategy type exposures are calculated by taking the beta'adjusted exposure per strategy type divided by the risk-adjusted investment per strategy type. Volablityortetrage managers beta. adjusted exposures are calculated using Society, proprietary opens beta model. end portfolio level hedges are allocated pro rata with net risk exposures by strategy type. Excludes SPACs, convertible ends and preferred securities. 7. Based co the Learning of the month NAV. 8. Strategy level performance is provided for Nustrative purposes only. We do not generally calculate separate net asset values. performance information. expenses or fees for each of the strategy categories(Strategies)set forth in this chart. No Individual investor's capital account is alccated to a angle Strategy and therefore the performance attributable to any particular investor's account would not match the performance of any particular Strategy. Strategy ccranbution to MTD and YfD return appronmates the contribution of each strategy to the total net return. It was calculated internally. based on available data and certain good faith assumptions. For more information on how Strategy Level performance was calculated. pease contact us. 9. The strategy type exposure charts should not be construed as pcovidng any assurance or guarantee es to the composition of the Fund's portfolios m the future. Actual portfolio composition may. and at boos will. differ from such tostoncel exposures. Percentages reflect average risk-adjusted capital atocation and does not include First Loss alocabons Page 4 EFTA00591511