EFTA00689833.pdf

From: Neal Berger To: jeevacation@gmail.com Subject: Eagle's View Capital Management, LLC- December 2014 Performance Update... Date: Tue, 13 Jan 2015 02:24:21 +0000 Eagles View Capital Management LLC December 2014 Performance Update Jan 12, 2015 2014 Year-End Recap Click here to view our most recent investor tearsheet Eagle's View Capital Partners, L.P. is estimated at +0.43% for December with YTD performance estimated at +9.89% net of all fees and expenses. Eagle's View Offshore Fund, Ltd. Class G is estimated at -0.64% for December with YTD performance estimated at +7.89% net of all fees and expenses. Eagle's View Offshore Fund, Ltd. Class B ("High Alpha") is estimated at +0.30% for December with YTD (Inception April '14- Dec. '14) estimated at +5.04% net of all fees and expenses. This Share Class seeks to generate substantially higher returns through a more concentrated portfolio of some of our historically higher return opportunities. Investors in this Class should have a willingness to accept increased volatility and risk in exchange for the potential for higher returns. Although we are perpetually striving to improve both our absolute and risk-adjusted returns, we believe Eagle's View achieved its mandate of preserving capital, producing non-correlated returns, generating low volatility returns, and putting up performance figures that were reasonable in the context of our other mandates as stated above. We believe the anticipated return profile of Eagle's View is more robust than indicated by our 2014 performance, however, we've always stated that we will take what the markets will give us in the context of prudent risk taking with an ever present eye on capital preservation. We've stated that the primary goal of our Fund offerings are wealth preservation and a non-correlated source of alpha versus what investors could otherwise obtain through passive beta products. To that end, Eagle's View Capital Partners, L.P. has been profitable during the past 33 of 36 months over the past 3 years. Our largest losing month since inception (4'/x years ago) has been -1.32% while our most substantial peak EFTA00689833 to trough drawdown since inception is -3.13%. Notably, we were profitable during May, 2012, June, 2013, and Aug., 2013, Jan., 2014, July, 2014, Sept., 2014, and Dec., 2014 all of which were negative months for the S&P 500 index. Our claim is not negative correlation to the S&P, rather, it is a lack of correlation to the S&P, fixed income and the overall direction of commodities. The full track record for Eagle's View Capital Partners, L.P. dating back since inception is available by clicking on the link above. We believe that Eagle's View is so markedly different in its approach, that a comparison to other Fund of Funds, and certainly a comparison to the S&P 500, is a highly misleading benchmark. That said, we must acknowledge that the industry standard is to compare our returns with that of the overall Fund of Funds universe. We prefer to think of ourselves as a multi-manager absolute return offering. As such, we provide a comparison of Eagle's View Capital Partners, L.P. our flagship domestic Fund of Funds product, with the HFRI Fund of Funds Composite Index since the inception of our Fund (June, 2010) below. I must caution readers that these metrics are based upon a small and non-statistically relevant sample size of data. As such, their usefulness may be limited in drawing conclusions about our future performance metrics and/or return profile. Kindly see below a comparison between Eagle's View Capital Partners, L.P. ("EVCP"), and the HFRI Fund of Funds Composite Index ("HFRI"). All figures for EVCP are shown net of all fees and expenses. The figures are estimated in light of the fact that the December performance figures for EVCP and the December performance figures for HFRI have not been confirmed as of yet. As investors know, the higher the figure for Sharpe Ratio, the better. June, 2010- December, 2014: EVCP HFRI 2014 Return +9.89% +3.19% Cumulative Return +39.71% +17.78% Average Annual Return +7.57% +3.70% Sharpe Ratio 2.66 0.90 Annualized Volatility 2.72% 3.90% Largest Drawdown -3.13% -7.67% % of profitable months 83.64% 61.82% As you can see from the statistics above, for the period of June, 2010 (inception of Eagle's View Capital Partners, L.P.), through Dec., 2014, Eagle's View Capital Partners, L.P. outperformed the HFRI Fund of Funds Composite index by approx +2200 bps with average annual returns of nearly 400 bps higher than the index. We achieved this outperformance with markedly lower annualized volatility of our returns and a Sharpe Ratio 3x higher than the index. EFTA00689834 Going forward, our goal is to enhance the overall return profile of the Fund, although above all, only in the context of maintaining our mandate of capital preservation, uncorrelated returns, and low volatility returns. Eagle's View is in the business of seeking to capitalize upon market inefficiencies and making 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. Thus far, we believe we've proven our ability to generate consistent, above industry returns in a rather low volatility environment across the majority of asset classes. 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 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 retums; 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 EFTA00689835 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 Partloc \haw rnnital Management LLC Forward email Vr This email was sent to jeevacation@gmail.com by Rapid removal with SafeUnsubscriberm Privacy Policy. Eagles View Capital Management LLC I 135 East 57th St. 123rd Floor I New York I NY 10022 EFTA00689836