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Gnarus Tyche Partners
1. Gnarus Tyche Partners
Investment Partnership Prospectus
Objective –
We are committed to design an managed an investment strategy that seeks long-term capital
and long
appreciation, value conservation and more importantly, that actively participates in the market’s trends
conservation,
by properly allocating the consolidation of funds
Investment Strategies –
1. Erie - Vires quod alcedonia Is our strategy of strength and tranquility. We’re focusing here on
alcedonia:
capital conservation but we will remain actively pursuing low risk investment opportunities. We
apital nvestment
expect that this investment alternative will preserve asset value and mitigate market risk with a
concentration in long-term investment positions
term
Composition *
US Government Treasuries-Bonds 75%
High grade US corporate bonds 20%
Cash 5%
US Government
Treasuries-
-Bonds
High grade US
corporate bonds
Cash
*Gnarus Tyche reserves the right to re-allocate funds at any time with the intention to remain
allocate
focus within the strategy’s approach. Our goal will always be to pursue capital conservation and
ithin
appreciation by following risk management practices that we deem appropriate
practices
2. a. Capital Allocation. We’ve indentified some investment opportunities with some of the
largest and more reputable fund management firms in the U.S*
i. Short term Treasury Fund
Performance as 09/30/2009
Since
Inception
1 Year 3 Year 5 Year 10 Year
10/28/1991
Short-Term Treasury Inv 4.23% 5.59% 4.29% 4.96% 5.39%
Barclays US 1-5 Year 4.67% 5.98% 4.41% 5.05% 5.59%
Treasury Index*
ii. Intermediate-Term Treasury Fund Investor Shares
Average annual performance
as 09/30/2009
Since
1 Year 3 Year 5 Year 10 Year Inception
10/28/1991
Inter-Term Treasury Inv 7.21% 7.61% 5.57% 6.73% 7.00%
Barclays US 5-10 Yr Treasury 7.48% 7.85% 5.61% 6.72% 7.12%
Index*
*Gnarus Tyche reserves the right to re-allocate funds with different investment management
firms according to our best judgment and with the responsibility of actively managing funds with
risk mitigation and capital conservation in mind
3. iii. Target Retirement Income Fund: Easy to use , fund of funds structure that holds
a diverse portfolio of stocks, bonds, inflation protected securities and money
market funds
Allocation to underlying funds
as of 08/31/2009
Ranking
by Fund Percentage
Percentage
1 Total Bond 45.3%
Market II Index
Fund Investor
Shares
2 Total Stock 23.8%
Market Index
Fund Investor
Shares
3 Inflation- 19.9%
Protected
Securities Fund
Investor Shares
4 Prime Money 4.9%
Market Fund
Investor Shares
5 European Stock 3.0%
Index Fund
Investor Shares
6 Pacific Stock 1.7%
Index Fund
Investor Shares
7 Emerging 1.4%
Markets Stock
Index Fund
Investor Shares
Total — 100.0%
4. iv. High Yield U.S Corporate Bonds:
1. Short-term Investment-Grade Funds
Average annual performance
as 09/30/2009
Since
1 Year 3 Year 5 Year 10 Year Inception
10/29/1982
Short-Term Invest-Grade 9.92% 4.76% 4.11% 4.89% 7.12%
US 1-5 Year Credit Index 14.06% 5.89% 4.55% 5.77% 7.87%
(high rating credit ratings)
2. Total Corporate Bond Market Index*
Average annual performance
as 09/30/2009
Since
1 Year 3 Year 5 Year 10 Year Inception
11/12/1986
Total Bond Mkt Index 10.49% 6.42% 5.09% 6.03% 6.90%
Inv
Barclays US Aggregate 10.56% 6.41% 5.13% 6.30% 7.22%
Bond Index*
*Gnarus Tyche will initially invest in Corporate Bond indexed funds. We’re not envisioning buying
corporate debt directly through the issuer or brokerage underwriting parties
5. 2. Niatross - Pondera quod Suffragium: Our balanced strategy with the spirit of high yield returns
Suffragium returns.
With diversification in mind, pursing the lowest cost possible, we will balance our investments
lo
among fixed income, exchange traded funds and variable equity (stocks). We believe in global
(stocks)
diversification, therefore we will seek opportunities in global investments, either through
on, investments
international companies listed in the U.S (ADRs) or directly through funds or ETF (s) focused on
ough
international markets. The U.S market of medium capitalization and small capitalization stockstocks
will retain at least 25%* of the total capital allocated to this strategy. We’re cognizant of the
capi e’re
risks and the volatility that accompany these types of institutions, but we expect that a balanced
latility
approach will level off the market and credit risks associated with them.
a. Capital Allocation. We’ve indentified some opportunities using investment and
Allocation
economic research from a trading platform and with the aid of some of the largest and
more reputable fund management and investment research firms in the U.S*
Composition
US High yield corporate Bonds 40%
US Stocks 25%
International 15%
Exchange 10%
Cash 10%
US High yield corporate
Bonds
US Stocks
International
Exchange
Cash
*Gnarus Tyche reserves the right to re-allocate funds at any time with the intention to remain
he re allocate
focus within the strategy’s approach. Our goal will always be to pursue capital appreciation
ithin
through value investments and following risk management practices that we deem appropriate
6. i. ETF Dow – Nasdaq – S&P 500: Seeks to track the performance of a benchmark
index that measures the investment return of the overall stock market
Since
1 3 Inception
year year 5 year 01/26/2004
- -
Small-cap growth ETF Market price 2.12% 2.67% 25.55% 16.17%
- -
Small-cap growth ETF NAV 1.90% 2.63% 25.58% 16.38%
- -
MSCI US Small-cap growth Index 2.08% 2.97% 24.98% -
Information Tech ETF Market Price 8.07% 2.28% 23.15% 1.00%
Information Tech
ETFNAV 8.74% 2.58% 23.32% 1.22%
MSCI US EMI/Information technology 8.90% 3.09% 24.45% -
ii. International: Seeks to track the performance of a benchmark index that
measures the investment return of stocks issued by companies located in
developed and emerging markets around the world
Cumulative total returns (09/30/2009)
Since
Inception
1 year 3 year 5 year 03/04/2005
Emerging markets ETF
market price 17.28% 25.35% - 69.31%
Emerging Markets ETF NAV 17.52% 25.35% - 68.41%
Spliced Emerging Markets
Index 19.07% 25.80% 119.11% -
Since
Inception
1 year 3 year 5 year 03/02/2007
EFTS All World ex-US ETF
Mkt Price 5.27% - - -10.33%
EFTS All World ex-US ETF
NAV 5.10% - - -10.65%
EFTS All World ex- US Index 7.13% -0.70% 54.88% -
iii. We expect to allocate some of the cash remaining from all aggregated funds to
hedge against foreign exchanged volatility. The exposure to international
markets requires a hedging strategy that protects the invested funds against
foreign exchange volatility. Initially we will only trade major currencies like EUR,
GBP and JPY*
7. iv. Cash allocations and return:
Prime
Money
Mkt
Fund
Bankers Acceptances 0.0%
Certificates of Deposit 46.6%
Commercial Paper 17.0%
Other 0.0%
Repurchase Agreements 1.8%
U.S. Govt. Obligations 15.5%
U.S. Treasury Bills 19.0%
Yankee/Foreign 0.0%
Total 100.0%
*Gnarus Tyche reserves the right to re-allocate cash among different currencies as
opportunities in the foreign exchange market are considered an alternative to value
creation
8. 3. Vipper Unum - Infestus quod Proloquium: This portfolio will invests predominantly in
instruments like U.S and International listed small and medium capitalization stocks in: high tech
and telecom industries, biotechnology and pharmaceuticals in the first and second stages of
their value chain, alternative fuels (green energy ETFs), currencies, derivatives (predominantly
traditional or plain vanilla stock options) and cash
i. Information Technology aggressive fund
Cumulative total returns (09/30/2009)
Since
Inception
1 year 3 year 5 year 01/26/2004
Small-cap growth ETF Market price -2.12% -2.67% 25.55% 16.17%
Small-cap growth ETF NAV -1.90% -2.63% 25.58% 16.38%
MSCI US Small-cap growth Index -2.08% -2.97% 24.98% -
Information Tech ETF Market Price 8.07% 2.28% 23.15% 1.00%
Information Tech ETFNAV 8.74% 2.58% 23.32% 1.22%
MSCI US EMI/Information technology 8.90% 3.09% 24.45% -
ii. Total International high risk index
Average annual performance
as 09/30/2009
Since
1 Year 3 Year 5 Year 10 Year Inception
8/3/2007
Total Intl-stock 4.65% -1.64% 7.69% 3.68% 4.57%
Index
Total Intl- 4.39% -1.60% 7.77% 3.74% 4.52%
Composite index
9. iii. Emerging Markets Stock Indexed fund
Cumulative total returns (09/30/2009)
Since
Inception
1 year 3 year 5 year 03/04/2005
Emerging markets ETF
market price 17.28% 25.35% - 69.31%
Emerging Markets ETF NAV 17.52% 25.35% - 68.41%
Spliced Emerging Markets
Index 19.07% 25.80% 119.11% -
Since
Inception
1 year 3 year 5 year 03/02/2007
EFTS All World ex-US ETF
Mkt Price 5.27% - - -10.33%
EFTS All World ex-US ETF
NAV 5.10% - - -10.65%
EFTS All World ex- US Index 7.13% -0.70% 54.88% -
iv. Individual small and mid capitalization stocks investments: By actively
monitoring the market conditions, trends and volatility, we envisioned a
strategy that will focus its attention to value creation and capital conservation,
yet, we expect to face considerable swings in the fundamentals of these stocks
as well as substantial risks associated with their market valuation (high book-to-
market value ratios)
v.
10. 4. What are the main risks associated with all three strategies:
Fundamentally, the risk that the market will not recognize a security’s intrinsic value for a long
time, or that a stock judged to be undervalued may actually be appropriately priced. Share price can fall
because of weakness in the broad market, a particular industry, or specific holdings. The market as a
whole can decline for many reasons, including adverse political or economic developments here or
abroad, changes in investor psychology, or heavy institutional selling. The prospects for an industry or
company may deteriorate because of a variety of factors, including disappointing earnings or changes in
the competitive environment. In addition, our assessment of companies held, either in a fund or
individually owned shares, may prove incorrect, resulting in losses or poor performance even in a rising
market.
The foreign exchange market and derivatives contracts on the underlying assets that we carried
might prove to be incorrectly discounted and negatively affect the value of the entire pool of funds
(investments). We want to be very cautious in hedging against certain positions, since we’re mostly
dedicated to mitigate risk, even within a market environment that encourages otherwise risky
investments. We’re wary of particular trends that seem to be infinite, hence, we will take stocks and
recognized profitability when we consider that there has been a sufficient level of return.
5. Minimum investment and expenses:
Initially we are asking for a minimum investment of $2,000 dollars to a maximum of $10,000*.
All funds invested, regardless of the level of risk and diversification among all three strategies, ought to
remain with the partnership for a minimum term of three months. Gnarus Tyche will not charge any
management and transaction fees. We’ll pass-through all fees and expenses applied by fund
management firms, trading platforms and banking institutions. Originally, we’ll make a fair assessment
of the fiscal responsibility on the capital gains recognized by the partnership, which will be share among
all general partners, but all general partners ought to address and manage their individual tax
responsibilities with the corresponding authorities. Gnarus Tyche will withhold a minimum of 2% and
not more than 5% of the total capital gains that correspond to each individual strategy; fees will be
assessed depending on the risk, the administrative burden and the percentage allocated among all three
strategies
6. Compromise and dedication from the general partners:
All general partners are expected to actively participate and monitor the market so they will
gain sufficient understanding of the economic conditions affecting their investments. Gnarus Tyche will
be responsible of providing weekly informative letters based on our own market outlook, expectations
and changes or adjustment to the funds’ allocation. All new entrants or individuals who will like to
become general partners will be considered based on their understating of the partnerships’ objectives,
their familiarity with the causes and effects of investing and the risks associated with this practices, as
well as their commitment with the philosophy and long-term expectations of this venture.
11. We are very confident of our abilities to manage and drive these three strategies to success, as
we remain cognizant of our responsibility with our partners, and more importantly, to mitigate those
risks that go beyond the partnership’s investment scope of value creation and capital conservation.
We’re enthusiastic by the level of trust and support that you’ll deposit on us once we initiate this
venture together.
To help you achieve your financial goals is our goal; to gain your trust is our compromise.
Sincerely,
New York
fineconomics@gmail.com
omvanegas@yahoo.com
cmarce23@hotmail.com
www.gnarustyche.blogspot.com
12. Glossary of Terms: For your learning appetite.
- Lake Erie: (pronounced /ˈiri/) (French: Lac Érié) is the fourth largest lake (by surface area) of
the five Great Lakes in North America, and the thirteenth largest globally. It also has the
shortest average water residence time
- Vires quod alcedonia: Latin for force and calm
- Niatross: (1977-1999) was an American champion standardbred race horse who many
believe was the greatest harness horse of all time. Niatross was born on March 30, 1977. He
was unbeaten in 13 starts in his 2-year-old season, winning so impressively that he was
named Harness Horse of the Year
- Pondera quod Suffragium: Latin for balance and resourceful
- Viper Unum: venomous Old World snakes characterized by hollow venom-conducting fangs
in the upper jaw. Latin for One
- Infestus quod Proloquium: Latin for Aggressive and Assertive
- ETF: Exchange Traded Funds
- Indexed Funds: a collective investment scheme that aims to replicate the movements of an
index of a specific financial market, or a set of rules of ownership that are held constant,
regardless of market conditions
- Derivatives: is a financial instrument that is derived from some other asset, index, event,
value or condition (known as the underlying asset).