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Portfolio Manager Summary 111 Great Neck Road, Suite 210 Great Neck, NY 11021 Tel: (516) 684-4040 1 International Place, 24th Floor Boston, MA 02110 Tel: (617) 310-4801 March, 2015 Registered Investment Advisor Contact: Investor Relations (516) 684-4040 [email protected] Cross Shore Discovery Fund

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Portfolio Manager Summary

111 Great Neck Road, Suite 210Great Neck, NY 11021Tel: (516) 684-4040

1 International Place, 24th Floor Boston, MA 02110Tel: (617) 310-4801

March, 2015

Registered Investment Advisor

Contact:Investor Relations

(516) [email protected]

Cross Shore Discovery Fund

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This summary is based on information provided to Cross Shore Capital Management, LLCby the various fund managers and is believed to be accurate; however Cross Shore CapitalManagement, LLC has not independently verified all of the following data. Because ofthese limitations, the performance information should not be relied upon as a precisereporting of actual performance, but rather a general indication of past performance.Historical performance shown is based on the performance of a specific fund, as indicated,and is not intended to represent the composite performance for all funds from a specificportfolio manager or firm. Performance experienced by the Cross Shore Funds investmentin a manager or fund may vary from what is shown.

Cross Shore Capital Management, LLC maintains the right to add or remove managers atits discretion.

This publication is for informational purposes only and is not intended as an offer topurchase interest in Cross Shore Discovery Fund. Full details are available in theProspectus. While reasonable care has been taken to ensure that the information herein isfactually correct, Cross Shore Capital Management, LLC makes no representation as to itsaccuracy or completeness. The information herein is subject to change without notice.

Cross Shore Capital Management, LLC

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Armistice Capital Steven Boyd Page 4

Atika Capital Mgmt Brad Farber Page 5

Bloom Tree Partners Alok Agrawal Page 6

Game Creek Capital Sean Murphy Page 7

Light Street Capital Mgmt Glen Kacher Page 8

Lomas Capital Dan Lascano, Charlie LoCastro, Rob McIntosh Page 9

Long Pond Capital John Khoury Page 10

Riverloft Capital Mgmt Marc Lehmann Page 11

Sachem Head Capital Mgmt Scott Ferguson Page 12

Shellback Capital, L.P. Jonathan Hilsabeck, Douglas Gordon, Donald Jabro Page 13

Suvretta Capital Mgmt Aaron Cowen Page 14

Tiger Legatus Capital Mgmt Jesse Ro Page 15

Table of ContentsFIRM PORTFOLIO MANAGER(S) PAGE

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Armistice CapitalFund: Armistice Capital Offshore Fund, Ltd.Inception Date: May 2012Focus: Event Driven / TradingAuditor: KPMGAdministrator: SS&C Fund ServicesLegal: Seward & KisselFirm AUM (12/31/14): $135 MillionWeighting (2/28/2015): 8.2%

Armistice Capital is a value-oriented and event-driven hedge fund that isfocused exclusively on the healthcare and consumer sectors. The Fund willinvest opportunistically across the capital structure, generating proprietary ideaswith the goal of identifying undervalued themes and inflection points in themarket place. The Fund invests primarily in small and mid cap companies, witha 3-9 month time-frame for catalyst realization. Bottom up financial models areconstructed to assess all components of a company’s capital structure, with anemphasis on free cash flow development. In all of its investing activities, theFund emphasizes capital preservation and seeks to mitigate risk through varioushedging strategies at both position and portfolio levels.

Steven Boyd is the founder and portfolio manager of Armistice Capital. Prior tofounding Armistice in 2012, Mr. Boyd had been a senior research analyst atSenator Investment Group (2008-2011). Prior to joining Senator, Mr. Boyd wasan associate at York Capital, focusing primarily on investments in consumer andhealthcare equities (2007-2008). Prior to York, Mr. Boyd was an analyst at SABCapital Management, a value-oriented long/short equity hedge fund (2005-2007). Mr. Boyd began his career as a business analyst at McKinsey & Company(2003-2005). He received a B.S. in Economics (with a concentration in Finance)as well as a B.A. in Political Science from The Wharton School of the Universityof Pennsylvania (2003).

Gross / Net Exposure

Average Gross Exposure: 275%

Average Net Exposure: 45%

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Atika Capital ManagementFund: Atika Offshore Fund, Ltd.Inception Date: February 2013Focus: ValueAuditor: KPMGAdministrator: Northern TrustLegal: Seward & KisselFirm AUM (12/31/14): $114 MillionWeighting (2/28/2015): 9.2%

Atika Capital Management invests primarily in publicly-traded global equities,both long and short, with a particular focus on the healthcaretechnology/media/telecommunications (“TMT”), and consumer sectors. AtikaCapital Management employs a fundamentally-driven research process andbelieves that investing based on in-depth fundamental analysis will allow one toobtain higher conviction and afford oneself the opportunity to size a positionaggressively, thus helping to generate a superior return on investment. Atikabelieves that there is a time arbitrage in certain segments of the equity market andthose willing to hold positions longer can capitalize on opportunities created by theintense focus on short-term performance. Atika has developed a proprietarymodel to support buy or short decisions and help determine position sizing.Individual weightings are determined by probability weighted risk/reward,liquidity, and size of related holdings. Atika diversifies investments in order tomanage volatility and minimize downside risk in the portfolio, though it may holdlarge positions (e.g., exceeding 10%) in individual equities (measured at the time ofinvestment).

Brad Farber is the Founder, Managing Member & Portfolio Manager of AtikaCapital Management (“ACM”). Prior to founding ACM in September 2012, Mr.Farber served as a Portfolio Manager for Gilder, Gagnon, Howe & Co., (GGHC) aninvestment firm with approximately $5 billion under management, where hemanaged a $50 million long/short equity portfolio since January 2001. Beforejoining GGHC in April 1999, Mr. Farber spent two years as an equity researchanalyst at UBS covering the medical technology and biotechnology sectors. Mr.Farber is a CFA Charter holder and received a BA in International Relations fromthe University of Michigan in 1996.

Gross / Net Exposure

Average Gross Exposure: 178%

Average Net Exposure: 55%

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Bloom Tree PartnersFund: Bloom Tree Offshore Fund, Ltd.Inception Date: October 2010Focus: OpportunisticAuditor: KPMGAdministrator: SS&C Fund ServicesLegal: Seward & KisselFirm AUM (12/31/14): $934 MillionWeighting (2/28/2015): 7.5%

Bloom Tree is a global, fundamental investment manager that utilizesprimary research to develop original and proprietary views on specificcompanies, industrial sectors and the macroeconomic environment to identifycompelling investments. The long portfolio will focus on high-qualitybusinesses that generate a high return on investment capital (ROIC) andmanagement teams that demonstrate the ability to allocate capital efficiently.The short portfolio will focus on businesses with deteriorating fundamentals,declining earnings power, high valuations with inflated expectations, weakfinancial positions and/or poor management teams. Short positions require abusiness that is fundamentally flawed with pressure on its terminal value.

Alok Agrawal is the portfolio manager of Bloom Tree Partners. Prior toBloom Tree, Mr. Agrawal worked at Tiger Management where he served asan analyst and co-portfolio manager (2005-2007). Prior to joining TigerManagement, Mr. Agrawal served as an associate at Bessemer VenturePartners (2002-2005). Mr. Agrawal began his professional career at OracleCorporation in 1996 where he led a development team, started a new productgroup and oversaw a product management team. He left Oracle in 2000 toattend Harvard Business School where he was elected a Siebel Scholar andBaker Scholar (2002). Mr. Agrawal earned his M.S. in Computer Science fromthe University of California, Berkeley (1996) and a Bachelor of Technology inComputer Science from the Indian Institute of Technology, Kanpur, where hewas awarded the President of India Gold Medal for distinguished academicachievement (1994).

Gross / Net Exposure

Average Gross Exposure: 151%

Average Net Exposure: 15%

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Game Creek CapitalFund: Game Creek Offshore Fund, Ltd.Inception Date: January 2008Focus: OpportunisticAuditor: KPMGAdministrator: SS&C Fund ServicesLegal: Bingham McCutchenFirm AUM (12/31/14): $95 MillionWeighting (2/28/2015): 7.7%

Game Creek is a U.S. long/short equity fund focused on the consumer, mediaand telecom sectors that seeks to generate alpha via a concentrated, “best ideas”equity portfolio. Game Creek employs a rigorous, bottoms-up due diligenceprocess to identify companies trading at attractive valuations relative to cashflow, earnings and / or assets. Looking across the mid to large cap spectrum,Sean and the team seek out companies where recognized expectations are lowbut the business franchise, potential earnings power or proven cash flow suggestan outsized opportunity to achieve superior risk adjusted returns. Ideageneration stems from company meetings and visits, industry conferences,financial and trade publications, and valuation screens. To assess companymanagement, Game Creek will talk to former employees, consultants, boardmembers, competitors, suppliers, and customers. Utilizing direct and indirectchannel checks, Game Creek gathers as much information as possible to developan in-depth mosaic on each company. On the short side, the team seeks toidentify companies with deteriorating fundamentals, inappropriate capitalstructures, flawed strategies or excessive expectations.

Sean Murphy is the portfolio manager of Game Creek Capital. Prior to joiningGame Creek in August 2008, Sean Murphy was a senior analyst with VardonCapital Management where he followed the consumer, media, and telecomsectors (2000-2007). Prior to joining Vardon, Mr. Murphy worked as a mediaanalyst at Credit Suisse First Boston (1997-2000). Mr. Murphy earned a B.A. cumlaude from the University of Notre Dame (1997) and is a holder of the CharteredFinancial Analyst designation.

Gross / Net Exposure

Average Gross Exposure: 126%

Average Net Exposure: 31%

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Light Street Capital Management Fund: Light Street Xenon, Ltd.Inception Date: July 2010Focus: Technology, Media & TelecomAuditor: KPMGAdministrator: Mitsubishi Financial ServicesLegal: Shartsis FrieseFirm AUM (12/31/14): $700 MillionWeighting (2/28/2015): 8.5%

Light Street Capital is a global, fundamentally driven, long/short equity fundfocused on Technology, Media and Telecom (TMT). Light Street seeks toidentify companies where technological innovations have the ability to createsignificant secular change. Light Street’s research focus on technologicalinnovation and disruptive product cycles ensures that their investments havean inherent transformational change or event as part of their thesis. Located inSilicon Valley, Light Street employs a bottom up and top down investmentapproach in the TMT space. The team regularly speaks with industryinnovators, founders and thought leaders. These relationships with leadingventure capitalists and industry veterans assists the team in betterunderstanding why capital is flowing towards particular ideas and people.From a bottom up perspective, Light Street employs a rigorous investmentprocess to fully understand a company’s business, management and financialedge.

Glen Kacher is the portfolio manager and founder of Light Street Capital.Prior to founding Light Street in May 2010, Mr. Kacher was a managingdirector at Integral Capital Partners, covering software, internet media,eCommerce, mobile hardware, PC hardware, security software andnetworking investments (1998-2010). Mr. Kacher also led or co-led many ofIntegral’s venture investments during his tenure. Prior to that, Mr. Kacher wasa research analyst with Tiger Management, focusing on investments insoftware, hardware, and networking industries (1993-1996). Mr. Kacher holdsa B.S. in Commerce from the University of Virginia’s School of Commerce(1993); and an M.B.A. from Stanford University’s Graduate School of Business(1998).

Gross / Net Exposure

Average Gross Exposure: 181%

Average Net Exposure: 49%

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Lomas CapitalFund: Lomas Capital Ltd.Inception Date: October 2012Focus: OpportunisticAuditors: Pricewaterhouse CoopersAdministrator: International Fund ServicesLegal: Ropes & GrayStrategy AUM (12/31/14): $538 MillionWeighting (2/28/2015): 7.9%

Lomas Capital uses bottom-up, fundamental analysis and its extensive network of industryand investment contacts, in conjunction with “street” research to source potentialinvestment ideas. The key underlying principle behind Lomas’ investment strategy isfinding opportunities that have an asymmetrical risk/reward profile. Each portfoliomanager and analyst has a comprehensive sector focus and a specific researchmethodology. Underappreciated and/or emerging themes, secular growth trends,misunderstood companies, post reorganization special situation opportunities trading at adiscount to fundamental value and companies with attractive private market valuations aresome characteristics that Lomas seeks in its potential positions. Specific investmentopportunities will be developed through a rigorous examination of issuer and industryfundamentals and will be considered within the context of the overall macroeconomicenvironment. Investment opportunities will often be contrarian in nature, although theFund’s investment strategy is not strictly wedded to either value or growth. Rather, theInvestment Manager generally will employ a flexible approach which pursues investmentopportunities that have the best risk/reward profile, irrespective of the investment styleemployed. Lomas Capital was co-founded in 2012 by Dan Lascano, Charlie LoCastro andRon McIntosh (the “Co-Founders”). All three Co-Founders previously worked together fora decade as senior members of the Caxton Equity Group.

Dan Lascano is Chief Investment Officer and Co-Founder of Lomas. He has over 21 yearsof investment experience where he has focused on the consumer sector, and has alsoinvested across many sectors as a “generalist.” From 1999 to 2011, he was a SeniorManaging Director and Equity Holder of Caxton Associates where he was responsible forportfolio construction and overall co-management of the equity group.Charlie LoCastro is a Senior Portfolio Manager and Co-Founder of Lomas. He has over 27years of investment experience focusing on the industrial and material sectors. From 2002to 2011 Mr. LoCastro was a Senior Portfolio Manager at Caxton Associates where he wasresponsible for, and had discretion over, investments in industrial and material stocks.Ron McIntosh is a Senior Portfolio Manager and Co-Founder of Lomas. He has over 26years of investment experience focusing on the financial sector. From 2003 to 2011, Mr.McIntosh was a Senior Portfolio Manager at Caxton Associates where he was responsiblefor, and had discretion over, investments in financial stocks.

Gross / Net Exposure

Average Gross Exposure: 162%

Average Net Exposure: 40%

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Long Pond CapitalFund: Long Pond Offshore, Ltd.Inception Date: October 2010Focus: Real EstateAuditor: Rothstein KassAdministrator: SS&C Fund ServicesLegal: Maples & CalderFirm AUM (12/31/14): $1.53 BillionWeighting (2/28/2015): 9.9%

Long Pond Capital is a global long/short real estate equity fund with anintense focus on bottom up fundamental, value oriented stock picking. Thefund manager uses a contrarian, private equity style approach to public equityinvesting and seeks to identify complex, asymmetric risk/reward opportunitiesin REIT's, Real Estate Operating Companies and Real Estate RelatedCompanies. The investment team implements a rigorous research process, witha vigilant concentration on downside protection, to understand a company'sbalance sheet, why a security is cheap/expensive and why the security willcease to be cheap/expensive. As part of the research process, the investmentteam will perform in depth asset-by-asset valuations on a prospectiveinvestment, speak to private investors, lenders and real estate brokers, reviewsimilar transactions, tour assets and assess management incentives. Risk of lossis critical to each investment thesis and therefore the portfolio managermaintains an intense focus on liquidity, leverage, asset/liability mismatch andseeks out positions with embedded downside protection.

John Khoury is the founder and portfolio manager of Long Pond Capital. Priorto starting Long Pond in October 2010, Mr. Khoury spent 9 years at WesleyCapital, a long short real estate hedge fund, where he progressed from analystto co-portfolio manager (2002-2010). Prior to Wesley, John was an analyst atDLJ Real Estate Capital Partners (2001-2002), and an investment bankinganalyst in the real estate group at Lazard (1999-2001). John graduated from theWharton School at the University of Pennsylvania with a B.S. in Economics(1999).

Gross / Net Exposure

Average Gross Exposure: 156%

Average Net Exposure: 45%

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Riverloft Capital ManagementFund: Riverloft Offshore Fund Ltd.Inception Date: May 2011Focus: OpportunisticAuditor: KPMGAdministrator: SS&C Fund ServicesLegal: ProskauerFirm AUM (12/31/14): $144 MillionWeighting (2/28/2015): 5.6%

Riverloft Capital Management employs an event-driven, value-oriented strategyutilizing fundamentally driven research to identify and invest in companies thatmeet strict criteria for value and quality across the entire capital structure. They focuson businesses that are undervalued due to market dislocations, and attempt to seekout opportunities with an event path to unlock value within a defined timehorizon. The Fund’s strategy encompasses techniques honed by Marc Lehmannfrom his career at JANA Partners, Appaloosa and SAC Capital for the identificationof the intersection of multiple dynamics (i.e. event, value, behavioral and technicalfactors) to help in the sourcing and monitoring of ideas and investments. Tacticaltrading is used as an overlay on its core portfolio and related securities to fullyleverage research and enhance returns. This is done to quickly adjust portfolioexposures for risk management measures. Post-investment, Riverloft monitors thesecurities with a focus on capital preservation and uses its capital markets expertiseto determine opportune exit points, seeking realizations when the firm’s targetedvalue is achieved.

Marc Lehmann, Chief Investment Officer , is the founder and Portfolio Manager ofRiverloft and has almost two decades of event driven and value investing experience.Prior to Riverloft, Mr. Lehmann was a Partner and Director of Research at JANAPartners from 2002-2010, a hedge fund with over $7bn in AUM at its peak. Prior toJANA, Mr. Lehmann sourced and identified distressed special situation investmentsat Appaloosa Management from 1999-2002, and served as an Analyst at SAC Capitalfrom 1995-1997, Morgan Stanley and Lehman Brothers from 1994-1995. Marccompleted his Master of Business Administration at The Wharton School of theUniversity of Pennsylvania in May 1999, and completed his Bachelor of Science inFinance and International Business from New York University in December 1993.

Gross / Net Exposure

Average Gross Exposure: 149%

Average Net Exposure: 47%

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Sachem Head Capital Management Fund: Sachem Head Offshore, Ltd.Inception Date: September 2013Focus: Event Driven / ActivistAuditors: Ernst & YoungAdministrator: CitcoLegal: Schulte Roth & ZabelFirm AUM (12/31/14): $2.3 BillionWeighting (2/28/2015): 8.9%

Sachem Head Capital is a value-oriented, long/short hedge fund that will utilizean activist investment approach within a concentrated portfolio of best ideas. TheFund employs a rigorous, private equity style research process to understand thecompany fundamentals, utilizing both conventional (earnings/operatingmultiples) and unconventional metrics (asset value, private market value, valuefor control). The Fund will hold 8-16 long positions, with the top 6-8 generallyrepresenting 60% - 80% of long exposure. The Fund will hold 0-15 individualshort positions, including sector and market hedges. Furthermore, Mr. Fergusonanticipates 0-3 activist investments at any time depending upon the opportunityset. The Fund views activism as a ‘call option’ on an attractive passiveinvestment, seeking to deploy capital in companies where Sachem Head can winas an investor even if they loose as an activist. For passive investments, Mr.Ferguson generally prefers those with embedded catalysts.

Scott Ferguson is the managing partner and portfolio manager of Sachem HeadCapital. Prior to starting Sachem Head, Mr. Ferguson spent 9 years at PershingSquare Capital Management, where he joined pre-launch as the first non-portfoliomanager investment professional and partner (2003-2012). At Pershing SquareMr. Ferguson’s primary role centered on investment idea generation and analysis,as well as mentoring and developing younger analysts. Mr. Ferguson played asignificant role in numerous active and passive investments while at PershingSquare. Prior to Pershing Square, Mr. Ferguson earned an M.B.A. from HarvardBusiness School (2003). Prior to Harvard Business School, Mr. Ferguson was avice president at American Industrial Partners, an LBO firm focused oninvestments in companies with potential for value creation from operational andfinancial restructuring initiatives (1999 – 2001). Prior to American IndustrialPartners, Mr. Ferguson was a business analyst at McKinsey & Company. Mr.Ferguson graduated from Stanford University with an A.B. in Public Policy (1996).Mr. Ferguson also serves on the boards of the Henry Street Settlement andEpiscopal Charities of the Archdiocese of New York, two social service agenciesbased in New York.

Gross / Net Exposure

Average Gross Exposure: 87%

Average Net Exposure: 65%

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Shellback Capital, L.P. Fund: Shellback Offshore Fund Ltd.Inception Date: January 2014Focus: Opportunistic / TradingAuditors: Ernst & YoungAdministrator: MS Fund ServicesLegal: Schulte Roth & ZabelFirm AUM (12/31/14): $1.1 BillionWeighting (2/28/2015): 8.4%

Shellback Fund, L.P. employs an equity long/short investing strategy across abroad range of sectors with a GARP focus. The portfolio managers employ arigorous, fundamental bottoms-up approach with a core focus on riskmanagement, primarily in U.S. equities. The objective is to construct a portfolioof high conviction “best” ideas with little to no use of broad market ETFs.

Each member of the investment team focuses on a specific sector(s), where anuanced understanding and experience can have the greatest impact. Eachsector specialist focuses on selecting investments with best risk/reward profileand managing sector gross/net exposure. Jon Hilsabeck, the Portfolio Manager,is tasked to manage exposures, weights and positioning (at defined levels) tomaximize returns and mitigate risk across the entire portfolio. His investmentfocus is on gaming, lodging & leisure, transportation and the internet. DonJabro focuses on industrials, financials and technology. Doug Gordon focuseson consumer and consumer discretionary. Shellback Capital, LP was founded in2013 by Jonathan C. Hilsabeck, Douglas A. Gordon and Donald D. Jabro. Eachpartner owns one-third of the Management Company.

Jonathan C. Hilsabeck worked from 1999 to 2013 at Vinik Asset Management asa Portfolio Manager (2004-2013) and Senior Equity Analyst.

Douglas A. Gordon worked from 2001 to 2013 at Vinik Asset Management as aPortfolio Manager (2002-2013) and Senior Equity Analyst. From 1998 to 2001.

Donald D. Jabro worked from 1998 to 2013 at Vinik Asset Management as aPortfolio Manager (2002-2013) and Senior Equity Analyst.

Gross / Net Exposure

Average Gross Exposure: 136%

Average Net Exposure: 50%

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Suvretta Capital Management Fund: Suvretta Offshore Fund, Ltd.Inception Date: September 2012Focus: OpportunisticAuditor: KPMGAdministrator: SS&C Fund ServicesLegal: Seward & KisselFirm AUM (12/31/14): $1.3 BillionWeighting (2/28/2015): 10.1%

Suvretta Capital is a global, long/short fund with a focus on North America andWestern Europe. The Fund seeks to identify opportunities across the investmentspectrum (Value, Growth & GARP) with a focus on industry before company.Mr. Cowen’s belief is that industry fundamentals drive stock performance asmuch as individual company performance. Therefore, understanding industrydynamics from a top down perspective is equally as important as understandingcompany fundamentals. Suvretta wants to deploy capital in industries with thestrongest secular growth, owning the best companies in the space. Conversely,shorting the worst companies in weak and contracting industries. The Fund willhave two components, core long-term investments (60% - 80%), andopportunistic investments (20% - 40%). Top down macro views integrated intoportfolio sizing and positioning of gross and net exposures.

Aaron Cowen is the founder and portfolio manager of Suvretta Capital. Prior toforming Suvretta, Mr. Cowen served as a portfolio manager at Soros FundManagement (2011-2012). Before joining Soros Fund Management Mr. Cowenserved as the chief investment officer at SAC Capital (2008-2010). Before joiningSAC Capital Mr. Cowen was a partner and managing director at Karsch CapitalManagement where he played an integral role in growing AUM from $230million - $3.3 billion (2002-2008). Prior to his employment with Karsch Capital,Mr. Cowen worked as a research analyst at Fidelity Investments, The BaupostGroup and Lehman Brothers (1994-2001). Mr. Cowen graduated with a B.S. inFinance and a B.S.E. in Bioengineering from the University of Pennsylvania(1994), and an M.B.A. from MIT Sloan School of Management (2002).

Gross / Net Exposure

Average Gross Exposure: 172%

Average Net Exposure: 59%

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Tiger Legatus Capital Management Fund: Tiger Legatus Offshore Fund Ltd.Inception Date: December 2009Focus: ValueAuditor: Ernst & YoungAdministrator: HedgeServ LimitedLegal: Seward & KisselFirm AUM (12/31/14): $392 MillionWeighting (2/28/2015): 8.2%

Tiger Legatus’ investment strategy adheres to a stringent research process inorder to identify investments where it believes the market has substantiallymisinterpreted its intrinsic value. The Fund employs a fundamentals basedinvestment approach with a view toward a medium/long-term investmentperiod, by investing in equities, long and short. The strategy is based upon aconsistent, repeatable investment process focused on fundamental analysis toconstruct a portfolio where both longs and shorts to profitability. Independentresearch and conclusions are core to such a process. To generate investmentideas, the Fund draws on knowledge and experience within core industries thatits investment professionals have gained over their investment careers. At times,investment ideas come from adjacent industries where observations of change inthe core industries could result in investment themes in other industries. Whenan investment idea has been identified the portfolio manager and his team willconduct in-depth research, which includes company visits, managementmeetings, interviewing suppliers and customers, and analyzing competitors,with each of these efforts focused on developing an investment thesis as to whythe market is misinterpreting a company’s intrinsic value.

Jesse Ro, Portfolio Manager, founded Tiger Legatus in December 2009. Prior tofounding Tiger Legatus, Mr. Ro was a Portfolio Manager and Analyst at VikingGlobal Investors from 2004 to 2008, where he managed a stand-alone long/shortequity portfolio from 2005 to 2008, investing in a wide variety of industries andgeographies. Prior to Viking, Mr. Ro was an analyst at Axial Capital (2002-2003),a fund under the Tiger Management umbrella. Earlier in his career, Mr. Ro waswith Bear Stearns & Co. Inc., where he held positions in the Merchant BankingGroup and in the Technology Group within the Investment Banking Division.Mr. Ro received his BS in Economics, magna cum laude, with a concentration inFinance from the Wharton School of the University of Pennsylvania in 1997.

Gross / Net Exposure

Average Gross Exposure: 150%

Average Net Exposure: 50%

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Notes

The managers listed represent the active managers in Cross Shore Discovery Fund, as of February 28, 2015.

There can be no assurance the Managers will achieve returns at levels comparable to their historical returns or maintain exposure levels comparable to their historical exposures.

Data presented is from respective fund inception through February 28, 2015. This information is presented merely to show information related to our underlying managers for the periods presented and is not intended to imply any comparison to the Cross Shore portfolios either in composition or element of risk.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Cross Shore Discovery Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at www.crossshorefunds.com or by calling 844-300-7828. The prospectus should be read carefully before investing. The Cross Shore Discovery Fund is distributed by Unified Financial Securities, Inc (Member FINRA).

An investment in the Fund is speculative, involves significant risk and is not suitable for all investors. It is possible that you may lose some or all of your investment and attempts by the Fund to manage the risks of investing in Portfolio Funds does not imply that your investment in the Fund is low risk or without risk. An investment in the Fund is illiquid and is not suitable for you if you need access to the money you invest. You may not have access to the money you invest for an indefinite period of time and you should not expect to be able to sell your Shares regardless of how your investment in the Fund performs. You do not have the right to require the Fund to redeem or repurchase your Shares although the Fund may periodically offer to repurchase Shares on such terms as may be determined by the Fund's Board of Trustees ("Board"). Shares are not, and are not expected to be, listed for trading on any securities exchange. To the Fund's knowledge, there is no, nor will there be, any secondary trading market for the Shares. Shares are subject to substantialrestrictions on transferability and resale and may not be transferred or resold except as permitted under the Fund's Declaration of Trust. Because you may not be able to sell your Shares, you will not be able to reduce your investment exposure to the Fund on any market downturn. Please see additional disclosure of Risks in the Prospectus.

Before making an investment decision, you or your adviser should consider factors such as net worth, income, age, risk tolerance andliquidity needs in evaluating whether the Fund is a suitable investment for you. Short-term investors and investors who cannot bear theloss of some or all of their investment or the risks associated with the limited liquidity of an investment in the Fund should not invest inthe Fund.

Past performance may not be indicative of future results.