Global Diversified Program Melded Client/Proprietary
Performance is unaudited, net of all pro forma fees and expenses with earnings reinvested. The returns represent the performance of client accounts in the M.S. Capital Management Limited Global Diversified Program for the periods December 1998 through October 2007 and July 2009 through July 2021 and the pro forma proprietary performance of the M.S. Capital Management Limited Global Diversified Program for the periods September 1997 through November 1998, November 2007 through June 2009, and August 2021 to present, as there were no client accounts trading during these periods, with the exception of November 1998, June 2009 and August 2021. One client account opened mid-month November 1998, one client account opened mid-month June 2009, and one client account closed mid-month August 2021. Therefore, the pro forma proprietary returns are used to represent the full trading month. Rates of return for the period September 1997 through June 2009 are calculated using the time-weighting method. Rates of return subsequent to June 2009 are calculated using the compounded rate of return method. For client accounts, management fee ranges from 0% to 2% per annum of nominal account size and performance fee ranges from 20% to 25% of net new profits. For the proprietary account, the pro forma management fee is 2% per annum of nominal account size for the periods September 1997 through November 1998 and November 2007 through June 2009 and 0% per annum of nominal account size for the period August 2021 to present. The pro forma performance fee is 20% of net new profits.