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From: Neal Berger To: jeevacation@gmail.com Subject: Eagle's View Capital Management, LLC- April 2015 Performance Update... Date: Mon, 18 May 2015 01:26:42 +0000 Eagles View Capital Management. LLC April 2015 Performance Update May 17, 2015 April is the cruelest month- T.S. Eliot Click here to view our most recent monthly investor tearsheet Dear Partners/Friends, Performance of Eagle's View Capital Partners,IN is estimated at -1.75% for April with YTD performance estimated at -0.38% net of all fees and expenses. Performance of Eagle's View Offshore Fund, Ltd. Class G is estimated at -0.70% for April with YTD performance estimated at -1.65% net of all fees and expenses. Performance of Eagle's View Offshore Fund, Ltd. Class B ("High Alpha") is estimated at -1.15% for April with YID performance estimated at -1.86% net of all fees and expenses. This Share Class seeks to generate substantially higher returns through a more concentrated portfolio of some of our historically higher return opportunities. Investors in this Class should have a willingness to accept increased volatility and risk in exchange for the potential of higher returns. April was the worst monthly performance on record for Eagle's View Capital Partners, at -1.75%, although, our largest peak to trough drawdown of -3.13% remains intact. I suppose many of our competitors would scoff at -1% handle as being the worst monthly performance since inception, however, we take any losses very seriously. We are pleased that our losses remained within expectations and within reasonable tolerance levels as a result of our highly diversified portfolio and solid risk management. That said, we will continue to state that our best and worst months are likely ahead of us. At the mid-month April, our Funds were tracking "normally" positive. Unfortunately, the last 10 days of the month saw chaotic and dislocated trading in a number of major markets leading to losses within some of our underlying Funds. Specifically, the latter portion of the month was characterized by substantial and rapid declines in European bonds, European equities, bond EFTA01206983 auction failures, as well as choppy trend reversals in numerous markets such as energies, foreign exchange, and emerging markets. The dislocated and choppy counter-trend action of some of these markets led to some challenging conditions for Managers who are in the business of capitalizing upon relative value and inefficient trades over the near-term. That said, we believe it is exactly this type of market action that will allow for our strategies to capitalize upon opportunities that were created. Quantitative equity strategies also suffered for the month which taken in combination, led to the challenges we faced during April. Sometimes, our Managers will suffer during the outset of chaotic market activity, however, we expect these strategies to capitalize substantially once the dust settles a bit. So far so good for May, although, I would have said the same last month at this time. We are hopeful that April showers will bring May flowers and beyond. Of course, some of our strategies that are active in non-mainstream markets such as shipping, electricity and volatility trading helped to buffer the downside overall. Since late 2013, Eagle's View has made a conscious effort to increase our volatility in favor of seeking to achieve a higher return profile. With respect to Eagle's View Capital Partners,. our current annualized volatility since inception (June, 2010) is 2.92%. We would prefer to see a bit more volatility and a bit higher overall returns. Of course, our core tenets of wealth preservation, diversification, non-correlation and compounded positive returns remains firmly intact. Since inception, we've been profitable in over 81% of all months. Our beta to equities has been an insignificant 0.10 highlighting the truly unique source of alpha our Fund delivers. For investors, this means the likelihood of increased monthly swings, although, not dramatically so. During the period of June, 2010 to Dec. 2013, our average monthly swing was 0.77% per month. From Jan., 2014 to present, our average monthly swing has been 1.07%. We are happy where we are today and we think the somewhat increased monthly volatility, although still quite modest overall, should allow for enhanced annual returns. We saw this borne out in 2014 as we generated annual returns of +10.07% net of all fees and expenses for the YTD. For investors, this means that there will be more 1%, 2% and possibly even a 3%+ handle on our monthly returns, although, of course we believe this will occur with a positive skew in our performance. Broadly speaking, Eagle's View is in the business of seeking to capitalize upon market inefficiencies without regard to the overall direction of markets. We are accepting new investment within our Fund of Funds products as well as within our Advisory business. Please contact me with further interest in our products/services. Disclaimer: Past performance is not indicative of future results. This newsletter is provided for informational uses only and should not be used or considered an offer to sell, buy or subscribe for securities, or other financial instruments. Prospective investors may not construe the contents of this newsletter or any prior or subsequent communication from us, as legal, tax or investment advice. Each prospective investor should consult his/her personal Counsel, Accountant, and other Advisors as to the legal, tax, economic and other consequences of hedge fund investing and the suitability of such investing for him/her. Further, the contents of this newsletter should not be relied upon in substitution of the exercise of independent judgment. The information contained herein has been obtained from sources generally deemed by us to be reliable, however, all or portions of such information may be uniquely within the knowledge of parties which are unaffiliated with us or our affiliates and, therefore, may not be amenable to independent investigation or confirmation. In such cases, we have not undertaken to independently investigate or confirm the accuracy or adequacy of such information, but we have no reason to believe that such information was not accurate and adequate, to the best of our knowledge, when given. The index comparisons herein are provided for informational purposes EFTA01206984  only and should not be used as the basis for making an investment decision. There are significant differences between client accounts and the indices referenced including, but not limited to, risk profile, liquidity, volatility and asset composition. Funds included in the HFRI Monthly Indices must report monthly returns; report net of all fees retums; report assets in US Dollars, and have at least $50 million under management or have been actively trading for at least twelve (12) months. Fund of Funds invest with multiple managers through funds or managed accounts. The strategy designs a diversified portfolio of managers with the objective of significantly lowering the risk (volatility) of investing with an individual manager. The Fund of Funds manager has discretion in choosing which strategies to invest in for the portfolio. A manager may allocate funds to numerous managers within a single strategy, or with numerous managers in multiple strategies. The minimum investment in a Fund of Funds may be lower than an investment in an individual hedge fund or managed account. The investor has the advantage of diversification among managers and styles with significantly less capital than investing with separate managers. PLEASE NOTE: The HFRI Fund of Funds Index is not included in the HFRI Fund Weighted Composite Index. It is important to note that investing in hedge funds involves risks. Please request and read the Private Placement Memorandum for a complete description of the risks of hedge fund investing. Hedge fund investing may involve, in addition to others, the following risks: the vehicles often engage in leveraging and other speculative investments which may increase the risk of investment loss; they can be highly illiquid; hedge funds are not required to provide periodic pricing or valuation information to investors; they may involve complex tax structures and thus delays in distributing important tax information may occur; hedge funds are not subject to the same regulatory requirements as mutual funds and they often charge high fees. Opinions contained in this Newsletter reflect the judgment as of the day and time of the publication and are subject to change without notice. Eagle's View Capital Management, LLC provides investment advisory services to clients other than the Funds, and results between clients may differ materially. Eagle's View Capital Management, LLC believes that such differences are attributable to different investment objectives and strategies between clients. Past performance is not a guarantee of future results. If you are not the intended recipient or have received this communication in error please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Kindest regards, Neal Berger President Eagles View Capital Management LLC Forward email yr This email was sent to jeevacation@gmail.com by Rapid removal with SafeUnsubscribe" Privacy Policy. Eagles View Capital Management LLC 135 East 57th St. 123rd Floor I New York I NY 10022 EFTA01206985