EFTA00705873.pdf

From: Neal Berger To: jeevacation@gmail.com Subject: Eagle's View Capital Management, LLC- February 2014 Performance Update... Date: Sun, 09 Mar 2014 17:53:59 +0000 Eagles View Capital Management LLC February 2014 Performance Update March 9, 2014 Click here to view our most recent tearsheet Eagle's View Offshore set to launch aggressive share class amid strong performance Dear Partners/Friends, Eagle's View Capital Partners, L.P. is estimated at +2.40% for February with YTD 2014 performance estimated at +4.55% net of all fees and expenses. Eagle's View Offshore Fund, Ltd. Class G is estimated at +1.40% with YTD 2014 performance estimated at +4.04% net of all fees and expenses. Our Aggressive Offshore Class (Class A) is estimated at +2.75% for February with YTD returns of +1.93% net of all fees and expenses. Class A is closed to outside investors and is currently dedicated to one specific investor. However, we have garnered the necessary capital commitments to launch a 'sister' version which will shoot for higher returns with a willingness to accept greater volatility and risk. We will attempt to achieve these aggressive returns through concentration of positions. Our current expectation is that we will be investing in less than ten historically high- return Managers within the Class. Of course, we will not sacrifice broad diversification of strategies amongst these Managers and we will continue to maintain wealth preservation as a core tenet. Obviously, shooting for higher returns through greater concentration has the potential for higher volatility and risk. With that said, given broad diversification and our historically low volatility of returns, we believe there is an appetite amongst investors for a more aggressive product that will have a mandate to shoot for higher absolute returns. We may launch a similar product on the US domestic side if/when we have sufficient investor interest to do so. EFTA00705873 February performance saw broad-based gains amongst our Managers. Nearly 90% of Managers we are invested with experienced a positive month in February. While the industry had a strong month as measured by the various hedge fund indices, we do not believe the drivers of industry returns were necessarily the same drivers that afforded us our returns during February. Readers will recall that we had a solid month of January during a month that was not favorable for the industry as measured by the hedge fund indices. Although positive performance in our portfolio were broad based, gains were led by Publication Activism, Statistical Arbitrage (specifically high-frequency Japanese Statistical Arbitrage), Power Trading both in the US and in Europe, and Soft Commodities trading. Relatively modest losses were experienced by Relative Value Fixed Income and Quantitative Global Macro. Why have the returns of Eagle's View picked up these past couple of months? While I am cautious about drawing conclusions based upon a small sample size of data, I will note that the increased volatility of markets has presented the strategies that Eagle's View invests with the ability to capitalize upon more robust inefficiencies than we've seen in quite some time. In addition, we have made a conscious effort to attempt to enhance our returns by allocating a bit more aggressively to some of our higher return (and potentially higher volatility/risk) opportunities. We are able to do this because of the very broad diversification within the portfolio. Historically, Eagle's View Capital Partners, L.P., for example, has a 2.77% annualized volatility with a Sharpe Ratio of 2.72. We believe our investors are willing to accept some increase in volatility in favor of more robust absolute returns. At the core, our product will continue to strive to remain a 'wealth preservation' product with broad diversification as a key tenet. While we believe 2%+ months will more of the exception rather than the norm, however,we also believe that our prior historical returns have been less robust than we would expect going forward. Our prior returns have been generated during an environment that we believe has been anomalous with respect to a dearth of market inefficiencies relative to historical norms. Furthermore, although our conservative posture has yielded highly attractive risk/adjusted returns, we believe we can generate enhanced absolute returns while continuing to maintain the core integrity of wealth preservation, diversification, and a lack of correlation to broader markets. 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 EFTA00705874 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 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 This email was sent to jeevacation@gmail.com by Instant removal with SafeUnsubscribel" Privacy Policy. Eagles View Capital Management LLC 135 East 57th St. 23rd Floor New York NY 10022 EFTA00705875