These materials do not constitute an offer to sell or a solicitation of an offer to buy securities. All terms and information presented herein are subject to change. This document is confidential and is provided for information purposes only. Any distribution of this document to any person other than the recipient, in whole or in part, or the reproduction of this document, or the divulgence of any of its contents (other than to the recipient’s attorneys, tax and financial advisers, who will likewise be required to maintain the confidentiality of this document) is unauthorized. Except as provided above, the recipient, by accepting delivery of this document, agrees not to photocopy or reproduce such document for the recipient’s personal use or otherwise, and agrees to destroy or return this document and all other attached or enclosed documents promptly if the recipient does not undertake to invest with CAS Research and Strategy, LLC (“CASRS”) This document is not intended for public use or distribution. There is no intention to offer a security, product, service or fund in countries or jurisdictions where such offer would be unlawful under the relevant domestic law.
If any offer of securities is made, it shall be pursuant to the Confidential Private Offering Memorandum or other definitive offering materials of the Fund (the “Offering Materials”), which contains material information not contained herein,including information regarding CASRS’ investment objectives, risks, conflicts of interest, fees and expenses. Any decision to invest should be made only after reviewing the Offering Materials, including the discussions of “Certain Risk Factors” and “Conflicts of Interest” therein. The purchase of interests in the Fund is suitable only for eligible investors for whom an investment does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in CASRS’ investment program. This marketing document is not for consideration in isolation and must be viewed in conjunction with the Offering Materials. Unless otherwise indicated, the information herein is presented as of November 11, 2024. The information contained herein may be updated from time to time, however neither CASRS nor its affiliates undertake to update this presentation to reflect subsequent events. While the information contained herein was compiled from sources that CASRS believes to be reliable and is believed to be accurate as of the date hereof, neither the Fund, nor CASRS nor any of their affiliates makes any representation or warranty as to the completeness or accuracy of, nor can any of them accept responsibility for, any of the information in this document, including errors.
This material should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or investment products or to adopt any investment strategy. The reader should not assume that any investments were or will be profitable and no representation is made that any investor will or is likely to achieve results comparable to those shown or will make any profit or will be able to avoid incurring substantial losses. This informational report does not constitute research and may not be used or relied upon in connection with any offer or sale of a security or fund. Investment returns will fluctuate and may be volatile, especially over short term horizons. Current and future portfolio compositions may be significantly different from the information shown herein. Investing entails risks, including possible loss of some or all of the investor’s principal. The investment view and market opinions and analysis expressed herein may not reflect those of CASRS as a whole, and different views may be expressed based on different investment styles, objectives, views, or philosophies.
To the extent that the materials contain trade examples, model or illustrative calculations, such trade examples, model and illustrative calculations are based on certain assumptions and factors. Assumptions are based on current market conditions and as such are subject to change without notice. Changes to the assumptions or consideration of different or additional factors may have a material impact on the results detailed herein. Moreover, not all assumptions or factors have been considered.
As with any investment vehicle, past performance cannot assure any level of future results. There is no guarantee that the investment objectives of the Fund will be achieved. Moreover, the past performance of CASRS and its team should not be construed as an indicator of future performance. Any projections, market outlooks or estimates in this document are hypothetical, forward‐looking statements and are based upon certain assumptions that may prove to be incorrect and may significantly affect the returns or performance of the Fund. No representation is being made that the Fund will or is likely to achieve profits, losses or returns similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular investment program. The performance information presented herein has been prepared by or on behalf of CASRS and has not been independently audited. Such performance information is provided to the recipient with the understanding that, as a sophisticated investor, the recipient will understand and accept the inherent limitations of such information and will not rely on it in making an investment decision. Gross IRR and similar measures do not reflect deductions for management or other fees, expenses or incentive fees or allocations. The management and other fees and certain expenses for the Fund are described in the Offering Materials.
Hypothetical results are not indicative of actual or future results. There is no assurance a program utilizing any of the CASRS portfolio models will achieve its objective or that clients will avoid substantial losses. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any program will or is likely to achieve performance similar to what is shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. Additionally, hypothetical trading does not involve financial risk. No hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to then implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual results.
An investment with CASRS is speculative and involves a high degree of risk. Investments in illiquid securities may create special risks and substantially increase the impact of adverse price movements. There is also no secondary market for the interests held by CASRS, and none is expected to develop. An investor should not make an investment unless it is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with an investment with CASRS may be higher than the fees and expenses of other investment alternatives. The interests in the Fund have not been registered with the Securities and Exchange Commission (the “SEC”), or with any state securities commission or any other regulatory authority. Neither the SEC nor any other agency has passed on, recommended or endorsed the merits of an investment with CASRS or the accuracy or adequacy of this marketing material or any materials provided in connection therewith. Any representation to the contrary is unlawful. Before deciding to invest, prospective investors should carefully read the relevant offering documents and pay particular attention to the risk factors contained therein and determine if this investment product suits the investor’s particular circumstances and should independently assess (with the investor’s professional advisers) the specific risks (maximum loss, currency risks, etc.) and the legal, regulatory, credit, tax and accounting consequences. Prospective investors should have the financial ability and willingness to accept the risk characteristics of CASRS’s investment products. CASRS’s investment products are intended only for investors who understand and are capable of assuming all risks involved. CASRS and its affiliates make no representations as to the suitability of CASRS’s investment products for any particular investor nor their future performance. There is no guarantee that CASRS’s investment objectives will be achieved.
CASRS does not provide legal or tax advice. Any statement herein regarding any U.S. federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Prior to investing, you should consult your accounting, tax, and legal advisors to understand the implications of such investment. The strategies mentioned here may help to decrease the risk of your investments, however, they may also limit the upside potential of your investments.
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