Summary of the Fund

The Zen Capital Management Global Fund S.P.
Zen Capital Management Pty Ltd
Apex Fund Services Ltd
Interactive Brokers LLC
Cayman Islands
To profit from perceived mispricing and/or potential movements in sentiment, interest rates, exchange rates or macroeconomic events. The Investment Advisor seeks to minimize both portfolio volatility and correlation of the portfolio against the major asset classes.
Highly liquid, exchange-traded securities consisting predominantly of index and commodity futures, exchange traded funds and stocks. The Sub-Fund also invests in the highly liquid currency pairs traded in the global interbank market. Occasionally the Sub-Fund may invest in other exchange-traded instruments such as options.
Non-U.S. Persons only. All investors must be Wholesale Investors as defined by the Corporations Act 2001 (Australia).
1.25%pa, payable monthly in arrears.
20% of the Net New Appreciation, subject to a “hard” Hurdle and a High Water Mark
The higher of (i) USD 3-month LIBOR and (ii) 5% per annum. Performance fees are subject to a “hard” Hurdle which means they are only paid on performance in excess of the Hurdle Rate.
Shares in the fund will be issued in series. The company may elect to roll-up two or more series of shares as outlined in the Private Placement Memorandum.