EFTA00665518.pdf

From: Neal Berger To: jeevacation@gmail.com Subject: Eagle's View Capital Management, LLC- May 2014 Performance Update... Date: Thu, 12 Jun 2014 08:02:41 +0000 Eagles View Capital Management LLC May 2014 Performance Update June 12. 2014 Delivering upon expectations Dear Partners/Friends, Eagle's View Capital Partners, L.P. is estimated at +0.86% for May with YTD 2014 estimated at +6.52% net of all fees and expenses. Eagle's View Offshore Fund, Ltd. Class G is estimated at +0.50% for May with YTD 2014 performance estimated at +5.93% net of all fees and expenses. Eagle's View Offshore Fund, Ltd. Class B ("High Alpha") is estimated at +2.73% for May with YTD (April - May '14) estimated at +1.32% net of all fees and expenses. May was the second month of live performance for this Share Class which seeks to generate more substantial returns through a concentrated portfolio of some of our historically higher return opportunities. We informed investors within Eagle's View Capital Partners, L.P. toward mid-2013 that we were planning to make a concerted effort to enhance the return profile of the Fund. We felt that we had always delivered a very favorable risk/adjusted return profile, with low volatility and a high Sharpe Ratio. However, we have a desire to enhance the returns such that there should be an expectation of double digit returns even during these lower volatility environments. On Sept. I, 2013, we initiated a liquidity facility in an effort to enhance our returns and better manage the liquidity of our Fund. I'm pleased to report that since Sept., 2013, Eagle's View Capital Partners, L.P. has generated returns of approximately +9.12% during the 9-month period from Sept, 2013 through May 31, 2014. Furthermore, we managed to reduce our annualized volatility down to 2.70% and increase our Sharpe Ratio to 2.79 for the Fund since its inception. In addition, we've articulated the fact that we believe Eagle's View would provide a truly uncorrelated source of alpha relative to both mainstream markets, as well as other alternative investment products. In January 2014, the US equity market was -3.56% EFTA00665518 while Eagle's View Capital Partners, L.P. was +1.96% net for the month helping us to provide yet another data point assisting in our thesis that our return stream is uncorrelated to equity market performance. March and April were negative months for the hedge fund industry as a whole due to momentum trade unwinds, however, Eagle's View Capital Partners, L.P. was +0.32% and +0.67% net of all fees and expenses respectively. This provided a couple of additional data points helping to further our thesis regarding our lack of correlation to the broader hedge fund community. To be sure, Eagle's View has exhibited a general lack of correlation to equities since its inception with a beta of .12 as well as a lack of correlation to the overall hedge fund industry. We choose to highlight 2014 YTD because it is top of mind and has provided a good mix of interesting months for our industry and for the broader markets. Finally, the financial press has been calling more and more attention, as US Equities reach new all-time highs, to the fact that the most widely followed volatility benchmark, the VIX index, is trading at just over 10% or at least 50% lower than levels seen historically on average. Given the arbitrage nature of the majority of our strategies, one would think we are, however, highly correlated to volatility in global capital markets. While we do believe that our Fund should do better during more volatile environments (due to more robust structural inefficiencies to capitalize upon), Eagle's View has demonstrated that we are not as highly correlated to volatility levels as might be expected. Importantly, we believe we've done a decent job of articulating to our investor base what they should expect from our various Eagle's View products. Although nobody can predict outcomes with complete clarity or certainty, we believe we've done a good job thus far of "walking the walk" in addition to "talking the talk". Eagle's View is in the business of seeking to capitalize upon market inefficiencies and make positive expectancy investments. It is our view that structural and general market inefficiencies tend to be more pronounced during more normalized and higher volatility regimes. We do very little thinking about the overall direction or macro view of markets. We do not seek to invest with Managers who attempt to predict the course of the global macro- economic landscape as we do not believe anyone has an advantage in doing so. We simply do not attempt what we feel is a losing battle. We are accepting new clients within our Fund of Funds products as well as within our Advisory business. Please contact me with further interest in our products/services. Disclaimer: Past performance is not indicative of future results. This newsletter is provided for informational uses only and should not be used or considered an offer to sell, buy or subscribe for securities, or other financial instruments. Prospective investors may not construe the contents of this newsletter or any prior or subsequent communication from us, as legal, tax or investment advice. Each prospective investor should consult his/her personal Counsel, Accountant, and other Advisors as to the legal, tax, economic and other consequences of hedge fund investing and the suitability of such investing for him/her. Further, the contents of this newsletter should not be relied upon in substitution of the exercise of independent judgment. The information contained herein has been obtained from sources generally deemed by us to be reliable, however, all or portions of such information may be uniquely within the knowledge of parties which are unaffiliated with us or our affiliates and, therefore, may not be amenable to independent investigation or confirmation. In such cases, we have not undertaken to EFTA00665519 independently investigate or confirm the accuracy or adequacy of such information, but we have no reason to believe that such information was not accurate and adequate, to the best of our knowledge, when given. The index comparisons herein are provided for informational purposes only and should not be used as the basis for making an investment decision. There are significant differences between client accounts and the indices referenced including, but not limited to, risk profile, liquidity, volatility and asset composition. Funds included in the HFRI Monthly Indices must report monthly returns; report net of all fees returns; report assets in US Dollars, and have at least $50 million under management or have been actively trading for at least twelve (12) months. Fund of Funds invest with multiple managers through funds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of investing with an individual manager. The Fund of Funds manager has discretion in choosing which strategies to invest in for the portfolio. A manager may allocate funds to numerous managers within a single strategy, or with numerous managers in multiple strategies. The minimum investment in a Fund of Funds may be lower than an investment in an individual hedge fund or managed account. The investor has the advantage of diversification among managers and styles with significantly less capital than investing with separate managers. PLEASE NOTE: The HFRI Fund of Funds Index is not included in the HFRI Fund Weighted Composite Index. It is important to note that investing in hedge funds involves risks. Please request and read the Private Placement Memorandum for a complete description of the risks of hedge fund investing. Hedge fund investing may involve, in addition to others, the following risks: the vehicles often engage in leveraging and other speculative investments which may increase the risk of investment loss; they can be highly illiquid; hedge funds are not required to provide periodic pricing or valuation information to investors; they may involve complex tax structures and thus delays in distributing important tax information may occur; hedge funds are not subject to the same regulatory requirements as mutual funds and they often charge high fees. Opinions contained in this Newsletter reflect the judgment as of the day and time of the publication and are subject to change without notice. Eagle's View Capital Management, LLC provides investment advisory services to clients other than the Funds, and results between clients may differ materially. Eagle's View Capital Management, LLC believes that such differences are attributable to different investment objectives and strategies between clients. Past performance is not a guarantee of future results. If you are not the intended recipient or have received this communication in error please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Kindest regards, Neal Berger President Eagles View Capital Management LLC 212.421.7300 Forward email ;2, This email was sent to jeevacabon@gmail.com by Instant removal with SafeUnsubscnbeim Privacy Policy. Eagles View Capital Management LLC 135 East 57th St. 23rd Floor New York NY 10022 EFTA00665520