Performance Disclosures

Performance Disclosures

The information in this material is for illustration and discussion purposes only. It is not intended to be, nor should it be construed or used as, investment, tax or legal advice, any recommendation or opinion regarding the appropriateness or suitability of any investment or strategy, or an offer to sell, or a solicitation of an offer to buy, an interest in any security, including an interest in the private fund or pool described herein (the “Fund”) or any other private fund or pool advised by the Investment Manager or any of its affiliates. This information is qualified in its entirety by the information contained in the Fund’s confidential offering documents, including the private placement memorandum or other offering memorandum (collectively, the “Offering Documents”).  Any offer or solicitation of an investment in the Fund may be made only by delivery of the Fund’s Offering Documents to qualified investors.  Prospective investors should rely solely on the Offering Documents in making any investment decision. The Offering Documents contain important information, including, among other information, a description of the Fund’s risks, investment program, fees and expenses, and should be read carefully before any investment decision is made. This material does not take into account the particular investment objectives, restrictions, or financial, legal or tax situation of any specific investor. An investment in the Fund is not suitable for all investors. Past performance is not necessarily indicative of future performance. This document is not intended for public use or distribution.

Unless otherwise indicated, the performance shown is unaudited, net of applicable management, performance and other fees, and expenses, presumes reinvestment of earnings and excludes investor specific sales and other charges.  Please refer to the Fund’s Offering Documents for more information regarding the Fund’s fees, charges and expenses, which will reduce the Fund’s gains.  Performance may vary substantially from year to year or even from month to month.  An investor’s actual performance and actual fees may differ from the performance information shown due to, among other factors, capital contributions and withdrawals/redemptions, different share classes and eligibility to participate in “new issues.”  The value of investments can go down as well as up.  Certain share classes of the Fund may be closed, including the share class from which the performance shown has been derived.  Past performance is not indicative of future results.

Benchmarks and financial indices are shown for illustrative purposes only and are provided for the purpose of making general market data available as a point of reference only.  Information related to indices and benchmarks, has been provided by and/or is based on third party sources and, although believed to be reliable, has not been independently verified. Such benchmarks and financial indices may not be available for direct investment, may be unmanaged, assume reinvestment of income, do not reflect the impact of any trading commissions and costs, management or performance fees, and have limitations when used for comparison or other purposes because they, among other reasons, may have different trading strategy, volatility, credit, or other material characteristics (such as limitations on the number and types of securities or instruments).  The Fund’s investment objective is not restricted to the securities and instruments comprising any one index.  No representation is made that any benchmark or index is an appropriate measure for comparison.

Performance targets or objectives should not be relied upon as an indication of actual or projected future performance.  Actual volatility and returns will depend on a variety of factors including overall market conditions and the ability of the Investment Manager to implement the Fund’s investment process, investment objectives and risk management.  No representation is made that these targets or objectives will be achieved, in whole or on part, by the Fund.

This material is as of the date indicated, is not complete, is subject to change and does not contain material information regarding the Fund. While all the information prepared in this document is believed to be accurate, Seminole Management Co. expresses no warranty as to the completeness or accuracy, nor can it accept responsibility for errors, appearing in the document.

This information is confidential, is the property of the Investment Manager, is intended only for intended recipients and their authorized agents and representatives and may not be reproduced or distributed to any other person without prior written consent. Any distribution to social media is a willful violation of the confidential and regulatory strictures that govern this document.

Hedge Fund Risk Disclosures

 

Hedge Funds are unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments (including securities, non-securities and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors.  There are substantial risks in investing in Hedge Funds.  You should note carefully the following: Hedge Funds represent speculative investments and involve a high degree of risk.  An investor could lose all or a substantial portion of his/her investment.  Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in a Hedge Fund. An investment in a Hedge Fund should be discretionary capital set aside strictly for speculative purposes. An investment in a Hedge Fund is not suitable or desirable for all investors.  Only qualified eligible investors may invest in Hedge Funds. Hedge Fund offering documents are not reviewed or approved by federal or state regulators. Hedge Funds may be leveraged (including highly leveraged) and a Hedge Fund’s performance may be volatile. An investment in a Hedge Fund may be illiquid and there may be significant restrictions on transferring interests in a Hedge Fund.  There is no secondary market for an investor’s investment in a Hedge Fund and none is expected to develop. A Hedge Fund may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk. A Hedge Fund may involve a complex tax structure, which should be reviewed carefully, and may involve structures or strategies that may cause delays in important tax information being sent to investors. A Hedge Fund’s fees and expenses – which may be substantial regardless of any positive return – will offset the Hedge Fund’s trading profits. Hedge Funds are not required to provide periodic pricing or valuation information to investors. Hedge Funds and their managers/advisors may be subject to various conflicts of interest. The above summary is not a complete list of the risks and other important disclosures involved in investing in a Hedge Fund and is subject to the more complete disclosures contained in a Hedge Fund’s confidential offering documents, which must be reviewed carefully.