Theta Fund Management relaxes Legends Fund investment guidelines

Per Legends Fund’s updated PPM, we:

• are no longer required to equally weight the underlying strategies;
• can also invest in funds with less than a 10 year track record and;
• can hold up to 20 underlying positions rather than previously 15.

The changes will not impact the quality we look for in the underlying managers, but the increased investment freedom allows us to better steer the portfolio towards those areas hat offer the best opportunities. We expect this to lead to meaningfully improved performance comparable to our individual accounts. November 1st, we established a new position in Andurand Capital, a move that was not possible under the old investment restrictions. Andurand Capital is managed by the highly successful oil trader Pierre Andurand. Although the fund was only established in 2012 we have known the manager for 10 years. More on Andurand in next month’s newsletter.