EFTA00607375.pdf

BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP g BOOTHBAY APRIL 2O17 USD MANAGImENT.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. strategy, volatility and correlations to the market and to other strategies. Live aggregated data allows for risk and capital allocations to be dynamically managed. COMPETITNE 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 an embedded first-loss platform • Live, daily position-level transparency enables market neutral stance and greater risk oversight in the pursuit of absolute net returns • Proprietary portfolio allocation and optimization tool used for manager selection, to distribute allocations and manage concentrations • 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 RETURNSI•2 JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC YTD ITD 2017 1.63% -0.50% 136% 0.66%' 3.17% 19.77% 2016 -0.53% 034% -1.21% 0.56% 1.80% -0.15% 1.30% 0.39% 1.27% 0.39% 1.27% -034% 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% 10.14% 2014 -0.28% 0.28% -034% -0.49% 1.00% 1.34% LSO% - cant biennia...Tad PERFORMANCE STATISTICS' FUND SU 1MARY 07/01/2014 - 04/28/2017 Boothbay S&P 500 Index! Fund AUM $236M4 Cumulative Net Total Return 19.77% 21.63% Cass PRA 5192M Average Annualzed Net Return 6.57% 7.16% Management Fee 1.0%. Percentage of Up Months 74% 56% Incentive Allocation 14.0% Percentage of Down Months 26% 44% High Water Mark Yes Best Month Net Return 1.80% 8.30% Administrator NAV Consulting. Worst Month Net Return -12M -626% Auditor KPMG Standard Deviation 2.60% 10.61% Legal Kleinberg. Kaplan. Wahl& Cohen Sharpe Ratio 2.32 0.67 Pall* Brokers UBS. BNP Paribas. Goldman Sachs Scrim Ratio 6.36 1.17 CONTACT Calmar Ratio 4.70 0.80 Frederick RIChatdSOil Largest Drawdown (Month to Month) 440% -8.8n Beta (to MP 500) -0.01 1.00 Page I EFTA00607375 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP APRIL 2017 S&P 500 Index Russel 2000 Index HFRX Absolute Return 14FRX Global Fund 120% 115% 110% 105% 100% 95% Boothbey Portfolio -0.01 —Boothbay Index RISK ADJUSTED RETURNS3 Boothbay • BOOTH BAY t NO MANAGEMENT. LLG • Rut:el2000 Index HEM Absolute Return ■ Heft% Global Hedge Fund -5% 0.0% 5.0% 10.0% 15.0% Annualued Standtud Deviation PERFORMANCE GROWTH CURVE MONTHLY RETURNS WHEN SSP 500 IS DOWNI" • Boothbay •• 500 Index • Bcothbay •-500 Index RETURN DISTRIBUTION' .0.5% le 0% 0% to 0.5% 0.5% to Rettent. Page 2 EFTA00607376 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP APRIL 2017 B BOOTHBAY FUND MANAGEMENT. LLC ANALYTICS' Exposure' % of NAV Total Equity Positions Exposure % of Risk-Adjusted investment° Long 261% >2500 Strategy Type Long Short Gross Net Short -256% >2000 Fundamental US 216% -210% 426% 6% Net 5% Ouantgallve 408% -411% 819% -2% Goss 517% >4500 Other 185% -184% 369% 2% Total 06 of NAV? 261% -256% SR% 6% lout, rented gnome% rap*, tot loss Mxtum Performance Attribution s MTh YTEr finny none, eivonsen eiiduerg nst Ion Soon*, Market Value by Region* Strategy Type Region Long Short Total Fundamental US 0.17% 2.01% US & Canada 46% -36% 82% Ouantitative 0.12% -0.33% Asia 6% -2% 8% Other 0.11% 0.55% Europe 5% -3% 8% First Loss 0.25% 0.92% Other 2% -1% 3% Net Performance 0.66% 3.17% Total 58% 42% 100% 'Stein/w*baa+b MID rd rat mkt. spriaamtes Ihr mein and each amine km th• Whine% return baud on KNEW metraddow Plassnannchole Number of Managers 'Inc bon Inn las alaulca Market Capitalization' Multi-Strategy 52 Strategy Type Large Mid Small It' 000 13 4108 S2Ill to $108 428 First Loss 11 Fundamental US 43% 26% 31% Total 76 Quantitative 53% 30% 17% Other 33% 22% 44% First Loss 47% 32% 21% Total 48% 29% 23% 11,11.3..19.101 18 Marrigers 28 Managers 19 Managers Page 3 EFTA00607377 BOOTHBAY ABSOLUTE RETURN STRATEGIES, LP APRIL 2017 B BOOTH BAY FUND MANAGEMENT. LLC THGDOCUMENT 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 OFFESINGOF INTERESTS WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (TIC -MEMORANDUM'IAND ONLY 70 QUALIFIED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW. Art investment in the Fund is speculative and invokes a high degree of risk. The Fund will have IlTitatCOS on investors' ability to withdraw or transfer their investments. and no secondary market for the Funds IDIOMS exists or WI develop. Certain of these mks. and other important risks are described n detail in the Fund's Memorandum. Prospective investas 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 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 affoates. "Bccebray) because. among other reasons there may be differences n investment pubes. economic conditions. regulatory denote. portfolio sire. portfolio managers. leverage and expenses. In addition there is no guarantee that Boothbay will succeed in attractic 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 reacted grans in the past is not an nclication that the Fund WI mitre any gains n 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 ckfferent from (Laneresults. performance or achievements expressed or implied by these thiward.looking statements and projections_ Prospective investors are cautioned not to nvest based on these fonvard.loolung 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 a amendment. The delivery of this investor presentation at any lone does not imply that the information contained herein is correct at any time subsequent to such date. Certain incarnation 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. DtgltaCil of this investor presentation to any person other than the pawn to whom this information was originally delivered or to such pawn's achiscrs is unauthorized end any reproduction of these materials. in whole a in part. a thedisclosure of any of the contents without the express. prior written consent of Boothbay n each such instance is prohibited. DEMOTES t 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. ncluding but not limited to trader performance and reflect the reinvestrnent of drip:lends. capital gains and other earwigs and assumes 'new saws* eligibility. These returns assume an investment at inception. Performance for an Individual investor may differ due to. among other things. the tieing of sub:embers and withdrawals. applicable management fees and incentive compensation rates. and the extent to which an nvestor may participate in 'new issues." Past oedemata is not inchoative of future results For Sharpe Ratio calculation. 1Month LIBOR is set as the target return rate. For Solaro Ftatio. the target return rate is set to 0%. Assuming Class 2A%16.5%. instead of the assumed 14%. incentiveallocation. the Fund's ITO net return would be 19.02%. and amual net returns for each of 2014. 2015. 2016 and 2017 (YTD) woad be L46%. 9.84%. 3.74% and 2.95%. respectively. 2. The 2014. 2015 and 2016 annual returns are calculated using audited data and assuming a 14.0% incentive allocation. Al 2017 returns are based on inaudited data and assuming a 14.0% incentive accatim. 3. The S&P 503 ban American stock market index based an the market captahzations of 503 large companes having common sleek listed on the NYSE or NASDAQ. Comparisons to indices have Irritations because the composition of indices Iffor example. in terra of nurnba and type of SCO.Ildle5) and the volatility and other material characteristics of ircices may differ substanbally from the Fund. In addition. unlike the Fund which is actively managed and may periodically mantain cash positions. maces. such as the SPX ndex. are unmanaged and are fully invested. Therefore. performance of the Fund may differ substantially from theperformance of an index. Because of these differences. an index's returns should not be viewed as a representation that the Fund's portfolio s comparable to the securities comprising such ndex and should not be raid upon as an accurate measure of comparison. 4. AUM is estimated and includes al Share Classes nduding First Loss Share Class. 5. Andytics are based on the month-end portfolio estimates. 6. Strategy type exposures are calculated by taking the betaAdjusted exposureper strategy type divided by the risk-adjusted investment per strategy type. Volatilltrartetrage managers beta. adjusted exposures are calculated using Bcothbols proprietary options beta model. Excludes SPACs and profaned securities. 7. Based an the begnning of the month NAV. 8. Strategy level performance is provided for illustrative purposes only. We do not generally =Coble separate net asset values. performance information. expenses a fees for each of the strategy categories (Strata/es" set forth in this chart. No individual investor's caprtal account is alocated to a angle Strategy and therefore the performance attributable to any pelican investor's account would not match the performance of any particular Strategy. Strategy cannbution to MID and YfD return app.:agnates the contribution of each strategy to the total net return. It was calculated internally. based on available data and certain good faith assumption. For more information on how Strategy Level performancewas calculated. please contact us. 9. The strategy type exposure charts should not be construed as providng any assurance or guarantee as to the composition of the Fund's portfolios in the future. Actual portfolio composition may. and at boles will. differ from such hstoncal exposures. Percentages reflect average risk-adjusted capital atccation and does not include First Loss SOO:MOM Page 4 EFTA00607378