CTO

1. TULIP TREND FUND A EUR
INVESTMENT STRATEGY
TABLE OF MONTHLY NET RETURNS
€ 2.00 € 3.00 € 4.00
8.00
10.00
12.00
2002 Feb Mar Apr Aug Nov Dec Year
2003 5.74% -0.13% -2.10% 0.00% 2.58%
2004 9.75% -3.91% -7.69% -1.57% 18.96% 3.08% 25.28%
2005 6.91% 4.44% -8.87% -1.57% 7.17% -6.01% 12.65%
2006 -4.94% 2.10% 4.06% 13.36% 7.57% 10.01% 23.98%
2007 -8.88% -8.10% 15.10% -5.58% -3.48% 2.30% 46.52%
2008 10.24% 2.58% 0.57% -3.89% 5.68% 3.64% 61.89%
2009 1.52% -7.22% 0.75% 0.63% 5.66% -12.77% -24.68%
2010 3.38% 23.23% 4.78% 8.31% -1.01% 6.88% 38.39%
2011 3.81% -4.41% 6.62% -8.82% 1.69% 4.72% -20.93%
2012 6.59% -1.97% 1.60% -2.72% -1.11% 1.89% 4.89%
2013 -3.10% 7.33% 7.30% -6.59% 2.25% 4.79% -0.01%
2014 3.03% 1.21% 3.67% 9.18% 14.50% 1.73% 36.15%
2015 -1.45% 4.44% -8.51% -14.98% 19.38% -13.24% -8.81%
2016 11.96% -4.00% 20.67%
KEY FIGURES COMPARISON VS MAJOR INDICES
NAV per share at month-end
Compound annual rate of return [CARR]
Annualised standard deviation [VOL]
Sortino Ratio (0%) [CARR/DDEVIATION]
Mar Ratio [CARR/MAXDD]
Sharpe Ratio (RF 1.31%) [(CARR-RF)/VOL]
Positive monthly returns
Positive rolling 12 month returns
Maximum Drawdown [MAXDD]
MONTHLY RETURN ATTRIBUTION ROLLING 12 MONTH RETURNS
FUND FACTS
Investm. Advisor Progressive Capital Partners Ltd Valor Management Fee
Trading Advisor (TA) Transtrend B.V. Bloomberg TULITRD KY Performance Fee
Administrator Swiss Financial Services (Ireland) Ltd ISIN KYG912381087 Redemption Fee
Clearing Brokers Société Générale Newedge UK Ltd Liquidity Monthly Min. Investment
Auditor PricewaterhouseCoopers Notice Period 2 Business Days Fund Assets
0.75% plus advisory fee
0% plus advisory fee
Equiv. of USD 1m
USD 315m
None
Correlation to Eurostoxx 50 (EUR)
Correlation to S&P 500 (USD)
68.97%
EUR 5,513.04
1.558.999
-1.06%
-11.39%
3.22%
€ 1.00 € 5.00 € 6.00 € 7.00
-10.29%
-11.01%
-9.85%
12.32%
Jul
-6.58%
-3.22%
6.98%
Jan May
9.14%
6.09%
PROGRESSIVECAPITALPARTNERSLTD
14.03%
27.32%
0.84
0.41
-2.34%
-7.41%
-3.81%
-8.29%
-9.20%
Sep
9.13%
4.31%
8.14%
-5.51%
6.12%
Oct
-5.57%
9.00
11.00
Provides access to directional trading strategies across a highly diversified global portfolio of futures and forwards. Based on quantitative analysis of price
behaviour, buy and sell signals are generated in order to participate in a systematic, pre-defined and dynamic way in market movements. The strategy is trend
following in nature and has historically generated strong returns in trending markets, while it has suffered during choppy and trendless periods. The program
can be long, short or neutral in every market traded.
0.47
-0.82%
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RETURNS. THE VALUE OF YOUR INVESTMENT MAY GO UP OR DOWN.
0.98% -11.73% 0.95%
20.76%-7.41% -14.28%
9.11% 2.69% -3.78%
14.51%
11.42%0.04%
17.48%
11.99%
-8.32%
-1.84%
-2.36%
6.25%
19.15%3.13% -11.04%
-9.92% -7.35%
9.69%
-6.43%
3.77%
-0.02%
-8.62%
12.73%
5.78%
-0.43%
-4.93%
3.66% 16.77%
6.29%
-1.75%
-5.73%
2.93%
12.27%
2016-03
Jun
-5.63%
MANAGED FUTURES
14.02% -6.93%
3.94%
8.59%
-4.70%
-5.08%
8.11%
-0.92%
3.89%
-3.50%
6.74%
6.16%
-2.62%
-6.24%
Correlation to HFRI FoF (USD)
0.15
55.13%
0.11
0.24
-34.25%
0
1000
2000
3000
4000
5000
6000
7000
Apr 2003 Apr 2006 Apr 2009 Apr 2012 Apr 2015
-35%
-10%
15%
40%
65%
90%
Apr 2004 Apr 2007 Apr 2010 Apr 2013 Apr 2016
-4%
-2%
+0%
+2%
+4%
Foreign Exchange
Interest Rates
Equities
Energy
Metals
Agriculturals
Eurostoxx 50 (EUR) HFRI FoF (USD)
Any returns, statistics, charts and general information in this document have been prepared by Progressive Capital Partners Ltd; Transtrend B.V. does not accept any responsibility or liability for it. Transtrend B.V. is only
acting as the trading advisor of Tulip Trend Fund Ltd. and no further relationship exists between Transtrend B.V. nor its officers and/or Tulip Trend Fund Ltd. and/or Progressive Capital Partners Ltd. Progressive Capital
Partners Ltd is not an agent or representative of Transtrend B.V. Information contained herein has been obtained from sources believed to be reliable but Progressive Capital Partners Ltd does not guarantee its accuracy
or completeness. Data might partially reflect unaudited, provisional estimates (E). Index returns are sourced from the respective index provider. Tulip Trend Fund Ltd. is a risky investment product; the purchase of shares
in this fund is only suitable for investors who can understand and evaluate associated risks. For additional and more detailed information about risks and restrictions, please consult the fund’s Offering Memorandum.
This document is not intended as an invitation or recommendation to buy or sell any investment(s). Shares in the fund may be purchased privately and upon request only and are not targeted at retail investors as the
fund is not registered in any jurisdiction for public distribution. Any distribution (even partially) and/or use of information and/or charts included in this document without permission is strictly prohibited. This document
is not targeted at US persons and is prohibited to be distributed or made accessible to US persons. Learn more about the fund on www.progressivecapital.com.