This site and the information in it is provided for your internal use only. The information contained herein is proprietary and confidential to Shorebird Capital, LP (the “Advisor”) and may not be disclosed to third parties or duplicated or used for any purpose other than the purpose for which it has been provided. Although the information provided herein has been obtained from sources which the Advisor believes to be reliable, we do not guarantee its accuracy, and such information may be incomplete or condensed. The information is subject to change without notice. This communication is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security or of any fund or account (a “Fund”) the Advisor manages or offers. Since we furnish all information as part of a general information service and without regard to your particular circumstances, the Advisor shall not be liable for any damages arising out of any inaccuracy in the information.
Disclaimer and Other Important Information:
This site and the information contained in it should not be the basis of an investment decision. An investment decision should be based on your customary and thorough due diligence procedures, which should include, but not be limited to, a thorough review of all relevant term sheets and other offering documents as well as consolation with legal, tax and regulatory experts. Any person subscribing for an investment must be able to bear the risks involved and must meet the particular Fund’s suitability requirements. Some or all alternative investment programs may not be suitable for certain investors. No assurance can be given that any Fund will meet its investment objectives or avoid losses. A discussion of some, but not all, of the risks associated with investing in the Fund can be found in the Private Placement Memorandum, Investment Management Agreement, Subscription Agreement, and other documents (collectively the “Offering Documents”).
The information in this site is NOT intended to contain or express exposure recommendations, guidelines or limits applicable to a Fund. The information in this report does not disclose or contemplate the hedging or exit strategies of the Fund. While investors should understand and consider risks associated with position concentrations when making an investment decision, this report is not intended to aid an investor in evaluating such risk. The terms set forth in the Offering Documents are controlling in all respects should they conflict with any other term set forth in other marketing materials, and therefore, the Offering Documents must be reviewed carefully before making an investment and periodically while an investment is maintained. Statements made in this release include forward-looking statements. These statements, including those relating to future financial expectations, involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements.
This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate strategies depend upon the client’s specific circumstances and investment objectives.
Gross-of-fee performance figures presented do not reflect the deduction of investment advisory or performance-based fees. A client’s return will be reduced by these fees and other expenses incurred by the management of the fund. For example, the deduction of a 1% advisory fee compounded over a 10-year period would reduce a 10% gross return to an 8.9% annual net return. Shorebird Capital’s fee schedule is described in its Form ADV Part II and Form ADV Part II A, which is on file with the U.S. Securities and Exchange Commission and is available on request. Performance based profit participation fees will also reduce the net return of a client’s account. Performance based profit participation is only charged in a year when net profits for a client’s account exceed the aggregate amount of any net losses from previous performance periods that have not been realized by net profits in subsequent performance periods. Please refer to the Offering Documents for complete fee details and disclosures.
Performance data is hypothetical and not actual performance. Past hypothetical performance is not a guarantee or indicative of future returns nor should an assumption of future results be made. Therefore, no current or prospective client should assume that future performance will be profitable or equal the performance results reflected. Material market and economic conditions may have positively or negatively impacted the results portrayed and general market appreciation may have outperformed the results portrayed over the same timeframe. The performance results do not reflect the impact of taxes. All investors are strongly urged to consult with their tax advisors regarding any potential investment.
The performance information presented herein may have been generated during a period of extraordinary market volatility or relative stability in a particular sector. Accordingly, the performance is not necessarily indicative of results that the Fund may achieve in the future. In addition, any foregoing results may be based or shown on an annual basis, but results for individual months or quarters within each year may have been more favorable or less favorable than the results for the entire period, as the case may be.
The material in this presentation is based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete. The material provided herein is for informational purposes only.
To be eligible for a performance-based fee arrangement, investors must be “qualified investors,” as defined in Rule 205-3d, and all amendments, of the Investment Advisers Act of 1940.
Investing in the Fund is speculative and involves varying degrees of risk, including substantial degrees of risk in some cases. The use of a single advisor could mean lack of diversification and, consequently, higher risk. The Fund may have varying liquidity provisions and limitations. There is no secondary market for investors’ interests in the Fund and none is expected to develop.
This material is not intended to represent the rendering of accounting, tax, legal or regulatory advice. A change in the facts or circumstances of any transaction could materially affect the accounting, tax, legal or regulatory treatment for that transaction. The ultimate responsibility for the decision on the appropriate application of accounting, tax, legal and regulatory treatment rests with the investor and his or her accountants, tax and regulatory counsel. Potential investors should consult, and must rely on their own professional tax, legal and investment advisors as to matters concerning the Fund and their investments in the Fund. Prospective investors should inform themselves as to: (1) the legal requirements within their own jurisdictions for the purchase, holding or disposal of investments; (2) and applicable foreign exchange restrictions; and (3) any income and other taxes which may apply to their purchase, holding and disposal of investments or payments in respect of the investments of the Fund.
Hedge Funds 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. Persons interested in investing in Hedge Funds should carefully note the following:
- Hedge Funds are unregistered private investment partnerships, funds or pools that may invest and trade in many different market strategies, and instruments (including securities, non-securities and derivatives) and that employ different investment, hedging, leverage and arbitrage methodologies.
- 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.
- A Hedge Fund may employ a distinctive strategy which may not have a readily ascertainable comparative benchmark or index.
- Hedge Fund documents are not reviewed or approved by federal or state regulators.
- An investment in a Hedge Funds 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. Moreover, each Hedge Fund has specific requirements for an investor to be eligible to invest in that Hedge Fund which are contained in Hedge Fund’s offering documents.
- Hedge Funds may be leveraged (including highly leveraged) and a Hedge Fund performance may be volatile.
- Hedge Funds may use benchmarks or targets for measurement purposes. There is no guarantee that a Hedge Funds’ goals, objectives, benchmarks or targeted returns will be achieved or reached.
- Hedge Funds may have little or no operating history or performance and may use hypothetical or pro forma performance which may not reflect actual trading done by the manager or advisor and such history or performance should be reviewed carefully. Investors should not place undue reliance on pro forma or hypothetical performance.
- A Hedge Fund and its managers/advisors may be subject to various conflicts of interest.
- A Hedge Fund and its managers/advisors may rely on the trading expertise and experience of third-party managers or advisors; the identity of which may not be disclosed to investors.
- A Hedge Fund is not required to provide periodic pricing or valuation information to investors and it may be the Hedge Fund’s practice to not provide such information.
- Strategies intended to hedge risk may be partly or wholly unsuccessful.
- Some Hedge Funds may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk.
- Some Hedge Funds execute a portion, and in some cases a substantial portion, of trades on foreign exchanges or over the counter markets. Such trades could involve a higher degree of risk.
- 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’s fees and expenses, which may be substantial regardless of any positive return, will offset the Fund’s trading profits.
- A Hedge Fund may involve a complex tax structure (which should be reviewed carefully) and delays in distributing important tax information.
- A Hedge Fund may not provide any transparency regarding its underlying investments (including sub-funds in a Fund of Funds structure) to investors. In such a case, there will be no way for an investor to discover or monitor the specific investments made by the Hedge Fund or, in a Fund of Funds structure, to know whether the sub-fund investments are consistent with the Hedge Fund’s investment strategy or risk parameters.
The above general summary is not a complete list of the risks and other important disclosures involved in investing in Hedge Funds and, with respect to any particular Hedge Fund, is subject to the more complete and specific disclosures contained in such Hedge Fund’s respective Offering Documents.
More detailed information on any investment products described herein can be found in the Offering Documents. Subscription can be made exclusively on the basis of the respective, solely authoritative prospectus. In particular, the risk indications contained therein should be carefully read before any investment. The offer and sale of investment products on which information is provided herein is restricted or prohibited by law in specific sovereign territories. Persons who are subject to the jurisdiction of such sovereign territories must independently obtain information about such restrictions and are obliged to comply with them. Therefore, the information provided on this website is not addressed to any persons subject to a jurisdiction in which an offer would be unlawful.
Shorebird Capital, LP is registered with the U.S. Securities & Exchange Commission. However, please note that in no way has the U.S. Securities & Exchange Commission approved or endorsed Shorebird Capital, its strategies or any of its marketing materials. Any representation to the contrary is a criminal offense. Please visit https://www.adviserinfo.sec.gov/ for more detailed information on Shorebird Capital, LP (CRD No. 285437 / SEC No. 801-108512).