EFTA00591783.pdf

BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP BOOTHBAY JULY 2017 B I es o MANAGEMENT. 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 combinavon 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. COMPETITIVE 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 sewed 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 0995-1998) and at Prudential Securities (1994-1995). MONTHLY NET RETURNSla 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% 020%' 4.26% 21.03% 2016 -0.53% 0.34% 4.21% 0.56% 1.80% -015% 131% 0.39% 1.27% 0.39% 1.27% -014% 3.84% 2015 0.81% 1.54% 146% 042% 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% . Cialen wont. a ulnae PERFORMANCE STATISTICS' FUND SU AMARY 07/01/2014 - 07/31/2017 Boothbay S&P 500 Index! Find AUM $236M4 Cumulative Net Total Return 21.03% 26.02% Class F&A 5195M Average Annualzed Net Return 6.39% 7.79% Management Fee 1.0% Percentage of Up Months 73% 59% incentNe Allocation 14.0% Percentage of Down Months 27% 41% High Water Mark Yes Best Month Net Return 1.80% 8.30% Administrator NAV Consulting Worst Month Net Return -1.21% -626% Auditor KPMG Standard Deviation 2.58% 10.19% Legal Kleinberg. Kaplan. Wolff 8 Cohen Sharpe Ratio 2.24 0.74 PIN* Brokers BNP Partas. Goldman Sachs. UBS Sortino Retie 6.00 1.31 CONTACT Calmar Ratio 4.56 028 Frederick Richardson Largest CieradOese (Month to Month) 4.40% .8.89% Beta (to VIP 500) -0.01 1.00 212.332.2676 Pagel EFTA00591783 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP JULY 2017 BETA SUMMARY' Boothbey Portfolio 500 Index -0.01 Russel] 2000 Index 0.02 HFRX Absolute Return 034 HFRX Global Fund 0.14 B BOOTHBAY UM/ MANAGIMEN1'. LLC RISK ADJUSTED RETURNS3 Annuarced Net Rebon 10% 5% 0% Boothbay • MX absolute Return H1RXGIOba1 • Hedge Fund a (-de.< • Russe112000 Index 0.0% 5.0% 10.0% NZ% 20.0% Annuaked Stand/lid Donation PERFORMANCE GROWTH CURVELL3 130% 125% 120% 115% 110% 105% 100% 95% —8cotbbray .xtr. S - ri; f•Un'Egf?f?kNFUrg ic itfgfrifil l ik $$*$$**;*1* MONTHLY RETURNS WHEN 500 IS DOWN"' a • Beall:ray a a •• 500 inaa RETURN DiSTRIBUT1ONI23 In a 2 • Bo:Abbey OM 500 Index ■ 0 .1% to .05% 435% to 0% Returns 0% to 0 I • I Page 2 EFTA00591784 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP JULY 2017 B BOOTHBAY FUND MANAGEMENT. LLC ANALYTICS Exposure' % of NAV Total Equity Positions Exposure % of Risk-Adjusted Investment" Long 169% >1500 Strategy Type Long Short Goss Net Short -167% >1500 Fundamental US 169% -168% 336% 1% Net 2% OuantltalJve 241% -241% 482% 0% Goss 336% >3000 Other 65% -58% 123% 7% Total (% of NAW 169% -167% 336% 2% lauuretnea excoLiscsevoudna Lest rost-sacanco Perkananee Attribution a MTh 'no Iptite Wised erpones. CaltOrg ant bat elbctlion Market Yak* by Region' Strategy Type Region Long Short Total Fundamental US 0.33% 1.60% US & Canada 44% -34% 78% Quantitative -0.40% -2.04% Asia 7% 10% Other 0.42% 2.97% Europe 6% 8% First Loss 0.45% 1.72% Other 2% -1% 4% Net Performance 0.80% 416% Total 59% -41% 100% 'Stan/ correbillon loM1Ord YTO roOkm spaogrebn Iti corliituOan c. riJ,.W lo To Iola not reaarnbourd on ittierml mettrodcloge Pony *to •ndnit• Number of Managers Inclals Inn las Obvlo, Market Capitalization' Multi-Strategy 48 Strategy Type Large Mid Small NYherd daro-Saatedra.) 12 4108 528 to $108 428 First Loss 11 Fundamental L/5 53% 30% 18% Total 71 Quantitative 42% 36% 22% Other 43% 16% 41% First Loss 39% 28% 33% Total 47% 28% 25% "Equti toesambrearamerms -rietaclivIrek. aborica RISK-ADJUSTED CAPITAL ALLOCATION FOR MULTI-STRATEGY AND HYBRID MANAGERS 17 Managers 24 Managers 19 Managers Page 3 EFTA00591785 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP JULY 2017 B BOOTH BAY FUND MANAGEMENT. LLC MS 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 FUNCI') AN OFFERING OF INTERESTS WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (TIE 'MEMORANDUM, AND ONLY TO QUALIFIED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW. An investment in the Fund is speculative and imams a high degree of risk. The Fund will have lirnitatians on investors' ability to withdraw or transfer their investments. and no secondary market for the Fund's interests exists a will develop. Certain of these risk& and other important rota. are desaibed n 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 investng. There can be no assurances that the Fund vN have a return on invested capital similar to the retain of other accounts managed by Ari Gass or &abbey Fund Management LLC (together with thew ',nines. "Eiccebenn because. among other reasons there may be differences n investment pubes. economic conditions. regulatory climate. portfolio size. patrol* managers. leverage and expenses. In addition there is no guarantee that Boothbay will succeed in attractig 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 realized gains in the past is not an indication that the Fund will rersize any germ it 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 ale 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 (award.looking statements and projections_ Prospeckw investors are cautioned not to invest based on these fonvardlcolung statements and projections. The information in this hwesta presentation is current as of the date listed on the cover page and is subject to change or amendment. The delivery of the investor presentation at any lone does not imply that the information contained herein is correct at anytime subsequent to such date. Certain information contained herein has been suppled to Boothbay byoutside spaces. While Boothbay believes such sources are reliable. it cannot guarantee the accuracy or completeness of any such information. DSO:titian of this investor presentation to any person other than the person to ivhorn this Informationwas originally delivered or to such person's acNisors is unauthorized and any reproduction of these materials. in whole a in part. or the enclosure of any of the contents. without the express. peter written consent of Boothbay n each such instance is prohibited. ENONOTES t All returns at the investor presentation are net of a I% management fee and a 14.0% incentive allocation. Such returns are net of expenses including but not limited to trader performance and reflect the reinvestment of drip:lends. capital gains and other commgs and assumes 'new Sues' eligibility. These returns assume an investment et inception. Performance for an indwidual investor may differ due to. among other things. the tienng of subscriptions and withdrawal& 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 romans. For Sharpe Ratio calculation and Sorts Ratio cakulation. m onth UBOR a set as the target return rate. Assorting Class 2A's 16.5%. instead of theassumed 14% incentive allocation the Fund's ITD net return would be 20.05%. and annual net returns for each of 2014. 2015 2016 and 2017 (YTD) would be 1.46%. 9.84%. 3.74% and 3.83%. respectiveN. 2. The 2014. 2015 and 2016 annual returns are calculated using audited data and assuming a 14.0% ncentwe allocation Al 2017 returns are based on unaudited data and assuming a 14.0% incentive accation. 3. The SW 500 is an American stock market index based on the market captanations of 503 large compass having common Mock listed on the NYSE or NASDAQ. Comparisons to indices have limitations because the composition of indices Ifor 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. unike the Fund which is acbvely managed and may periodically flatten 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 vowed as a representation that the Fund's portfolio a comparable to the SCartibet comprising such index and should not be relied upon as an accurate measure of companion. 4. AUM is estimated and includes el Share Classes including First Loss Share Can. 5. Anaylas are based on the month-end partfolnesbmates. 6. Strategy type exposures arecalculated by taking the beta.adjusted exposureper strategy type divided by the riskadjusted investment per strategy type. Volablityarbarage managers beta. adjusted exposures are calculated using EICCeiblYS proprietary options beta model. and portfolio level hedges are allocated pro rata with net risk exposures by strategy type. Excludes SPACs, convertible bends and preferred securities. 7. Based en the horning of the month NAV. 8. Strategy level performance a provided for airstream purposes only. We do not generally calculate separate net asset values. performance information. expenses or fees for each of the strategy categories (Strategtes) set forth in this chart. No irelwelual investor's cao4al account is Notated to a 'Ingle Strategyand therefore the performance attributable to any particular investor's account would not match the performance of any particular Strategy. Strategy contribution to M7D and YTD return approxmates the contribution of each strategy to the total net return. It wen calculated internally. based CO available data and carton good faith assumptions For more information on how Strategy Level performance wm calculated. Obese contact us 9. The strategy type exposure charts should not beconstrued as provicIng any assurance or guarantee as to the composition of the Fund's portfolios in the future. Actual portfolio cornposibon may. and at times will. differ from such Intoncal exposures. Percentages reflect average risk-adjusted capital atocation and does not include First Loss asocations. Page 4 EFTA00591786