THIS DOCUMENT IS NOT AN OFFER OR THE SOLICITATION OF AN OFFER TO BUY INTERESTS IN ALPHA WISE LTD (“Alpha Wise”) MANAGED ACCOUNT ( “AMA”). AN OFFERING OF INTERESTS WILL BE MADE ONLY BY MEANS OF THE PMA’S CONFIDENTIAL PRIVATE OFFERING MEMORANDUM (THE”MEMORANDUM”) AND ONLY TO SOPHISTICATED INVESTORS IN JURISDICTIONS WHERE PERMITTED BY LAW.
This material is not meant as a general guide to investing, or as a source of any specific investment recommendation, and makes no implied or express recommendations concerning the matter in which any accounts should or would be handled.
An investment in the AMA is speculative and involves a high degree of risk. Alpha Wise is a newly formed entity with no operating history and may employ certain trading techniques, such as short selling and the use of leverage, which may increase the risk of investment loss. There can be no assurances that the AMA will have a return on invested capital similar to the returns of other accounts managed by the founders due to differences in investment policies, economic conditions, regulatory climate, portfolio size, leverage and expenses.
Past performance is not a guarantee of, and is not necessarily indicative of, future results. The AMA’s investment program involves substantial risk, including the loss of principal, and no assurance can be given that the AMA’s investment objectives will be achieved.
The information in this investor presentation is current as of the date listed on the cover page and is subject to change or amendment. The delivery of this investor presentation at any time does not imply that the information contained herein is correct at any time subsequent to such date.
Certain information contained herein has been supplied to Alpha Wise by outside sources. While Alpha Wise believes such sources are reliable, it cannot guarantee the accuracy or completeness of any such information. The information presented herein is confidential and proprietary, and may not be disclosed by, or on behalf of, you to any third party except with the prior written consent of Alpha Wise.
The benchmark indices included herein have not been selected to represent appropriate benchmarks against which to compare the AMA’s performance, but are included to allow for comparison of the AMA’s performance to that of certain well-known indices. Comparisons to indices have limitations because the composition of indices (for example, in terms of number and type of securities) and the volatility and other material characteristics of indices may differ substantially from the AMA. In addition, unlike the AMA, which is actively managed and may periodically maintain cash positions, indices are unmanaged and are fully invested. Therefore, performance of the AMA may differ substantially from the performance of an index. Because of these differences, an index’s returns should not be viewed as a representation that the AMA’s portfolio is comparable to the securities comprising such index and should not be relied upon as an accurate measure of comparison.
Prospective investors should make their own investigation of an investment in the AMA, including the merits and risks involved and the legality and tax consequences of such an investment. Each prospective investor should make its own inquiries and consult its advisors as to the AMA and as to legal, tax and related matters concerning an investment and the suitability of the investment for such investor.
This performance summary should be read in conjunction with the principal agreements related to the AMA, which shall be provided to each prospective investor prior to its subscription for an interest in the AMA, and shall govern the terms of an investment in the AMA. Interests in the AMA will only be offered to persons meeting the AMA ‘s suitability criteria, as set forth in such agreements.
The backtested net returns in this presentation reflect hypothetical net performance an investor would have obtained had it invested using our Systematic Strategy for the period shown. Such backtested net returns also reflect the reinvestment of dividends, capital gains and other earnings and assumes “new issues” eligibility.
The hypothetical backtested net returns in this presentation were derived by hypothetically applying the model we use in managing the AMA to the market returns for the relevant periods. However, there may be significant differences in actually applying this model to the management of the AMA and the use of the model to arrive at our hypothetical backtested net performance. These differences include different cash flows, expenses, performance
calculation methods, size and composition, strategy constraints, risk management, liquidity limitations and constrains, and other factors. Hypothetical backtested returns also have many inherent limitations. Unlike actual performance, they do not represent actual trading. Since trades have not been actually executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. Also, hypothetical backtested performance is developed with the benefit of hindsight. Other periods selected may have different results, including losses.
While we believe that the backtested net performance depicted in this presentation is reasonably representative of Alpha Wise’s expected management of the AMA and is therefore sufficiently relevant for consideration by potential AMA investors, we cannot assure that the hypothetical backtested net performance results would be similar to what the AMA’s experience would have been had it actually been managed in this manner for the period presented.
