Letter to Investors

Dear Investor,

I am pleased to offer you the opportunity to invest in the Zen Capital Management Global Fund S.P..

In designing the fund we consulted with a number of professional investors. They told us their ideal fund would have attractive returns with low volatility; a performance-driven fee structure; and excellent liquidity. Most importantly, our investors told us they were looking for a fund which is unique amongst the many other funds on offer.

The Zen Capital Management Global Fund S.P. has been designed to deliver attractive returns in both rising and falling markets; have a low correlation to equity markets; and have low volatility. We believe the fee structure is compelling as it only rewards us for the delivery of real performance. In terms of liquidity we have designed the fund with no “gating” or “lock-ups” and there are no redemption fees.

There are several ways in which the Zen Capital Management Global Fund S.P. is unique amongst the many other funds on offer, as follows:

    • A key objective of Zen Capital Management is to hedge portfolio risk. As such, the Zen Capital Management Global Fund S.P. can be considered a true “hedge fund”. This is in distinct contrast to the vast majority of competing “hedge funds” which are actually equity funds.
    • We have been evolving our proprietary system for over a decade through the most challenging market conditions of our generation. This system allows us to identify trading opportunities using a consistent and repeatable approach; to manage the risk associated with existing positions; and to exit positions in response to changing cyclic trends. It also allows us to monitor and control the overall volatility of the portfolio. It is this system which gives us our unique “edge”.
    • We only invest in highly liquid, exchange-traded securities consisting predominantly of index and commodity futures, exchange traded funds and stocks. We also invest in highly liquid currency pairs traded in the global interbank market. Occasionally we may invest in other exchange-traded instruments such as options.

I encourage you to read the Private Placement Memorandum and Sub-Fund Supplement carefully and fully as you evaluate this opportunity.

I thank you for your interest and commend this investment opportunity to you.


Gregory Carroll
Managing Director
Zen Capital Management Pty Ltd