Ashton Global is a private investment manager that specializes in deep value, small-caps, and special situations. https://www.ashtonglobal.com/

1. DEEP VALUEGLOBAL PLATFORM TEAMWORK
A global fund platform for niche strategies focused
on mispriced assets, small-cap stocks and deep
value special situations.
We identify companies and assets with complex
characteristics that are trading significantly
below intrinsic value.
We utilize our key partners to identify and invest in
undervalued stocks and global special situations.
Ashton Global LLC
International Small-Cap FundMarch 2018
Deep Value
Small-Cap
Special
Situations

2. Investment Disclosure on Risks
2
An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important
information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. Any decision to invest in Ashton Global funds
should be made on the basis of the current prospectus, which is available on request at info@ashtonglobal.com. Read the prospectus carefully before investing.
All investing involves risk, including potential loss of principal. There is no guarantee that the fund will achieve its objective. Investing in smaller companies can
involve risks such as having less publicly available information, higher volatility, and less liquidity than in the case of larger companies. Overweighting
investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries. Investments in
technology companies may be highly volatile.

3. We Go Where There’s Opportunities
Scavenging the Globe for Value3
COUNTRY AGNOSTIC
SECTOR AGNOSTIC
As an emerging fund manager, we can deploy capital in deep value
and special situations that are overlooked by larger investors. We go
anywhere there’s a rule of law to find deep value opportunities.
We don’t manage our portfolios according to benchmarks, and we can
overweight or underweight sectors based on our expectations of value
and future returns.

4. Our portfolio managers identify and specialize in small-
cap and micro-cap deep value investments. With a global
mandate, the fund invests truly where it sees the most
value.
Investors realize higher returns through our vigilant focus on
minimizing the costs associated with active investment
management. Long holding periods and 30% annual
turnover help to minimize costs.
1
We Always Work Diligently to Exceed Your Expectations
2
3
Our three-year track records have generated strong risk-
adjusted returns driven by our unique and unconstrained
investment strategy.
4
Top Three Reasons to Invest
Great Track Record
Cost-Efficient Active Management
Access to Niche and Inefficient Markets
An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable,
the summary prospectus. Any decision to invest in Ashton Global funds should be made on the basis of the current prospectus, which is available on request at info@ashtonglobal.com. Read the prospectus carefully before investing.
All investing involves risk, including potential loss of principal. There is no guarantee that the fund will achieve its objective. Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and
less liquidity than in the case of larger companies. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries. Investments in technology
companies may be highly volatile.

5. Portfolio Manager Snapshot
Thinley Wangchuk is a partner at Ashton Global and the
lead portfolio manager for the Ashton Global International
Small-Cap Fund via a sub-advisory relationship with
Wangchuk Capital.
Thinley has ten years of investment experience with
expertise in small-cap stocks, arbitrage and special
situations. He holds a degree in Management with a
concentration in Finance from the University of British
Columbia.
“To outperform the market, an investor must be willing and
able to invest in the smallest of companies. Non-traditional
equities such as micro-cap stocks offer investors the
opportunity to earn above-average returns while taking less
risk.”
Our Philosophy
Why invest in small-caps?
Historically, the market has rewarded
investors that are willing to purchase
thinly-traded stocks.
Institutional investors value liquidity and
prefer the ability to liquidate any holding
within a short time frame (i.e. minutes &
hours).
As a result, securities that require a
larger time commitment to liquidate
often trade at significant discounts from
fundamental value.
Why international stocks?
Diversification, growth and a more
extensive set of opportunities.
International investment returns can move in a
different direction than U.S. market returns.
With a portfolio that includes domestic and
foreign stocks, investors could potentially
reduce the risk of losing money if U.S. markets
decline.
Investing internationally also lets you capture
investment opportunities that arise from fast-
growing economies and markets whose
currencies are appreciating against the dollar.
Our Process
Our process begins with screening methods to identify companies trading below book
value with favorable fundamentals.
Many of the investments also have imbedded optionality that is difficult for most market
participants to price.
We perform a bottoms-up scenario analysis to determine our estimates of intrinsic
value.
We require a margin of safety with each holding in the portfolio and companies are
selected based on their relative discounts to our estimates of intrinsic value.
The deep-value tilt to our investment strategy lowers portfolio volatility.
Thinley Wangchuk, Portfolio Manager

6. Geographic Allocation
6
76.08%
Japan
15.66%
U.S.
4.02%
Singapore
2.67%
Taiwan
0.87%
Hong Kong
0.71%
Other
Allocation by Country
Country Weight (%)
Japan 76.08
United States 15.66
Singapore 4.02
Taiwan 2.67
Hong Kong 0.87
Other 0.71
Total 100.00
March 31, 2018

7. Consumer
56%
Industrials
23%
Financials
9%
Other
12%
Sector Weights
March 31, 2018
Sector Allocation
7 March 31, 2018

8. Historical Sector Allocation
8
0%
20%
40%
60%
80%
100%
Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
Communications
Consumer Discretionary
Industrials
Consumer Cyclicals
December 31, 2014 - March 31, 2018
Financials
Basic Materials

9. Portfolio Holdings by Market Capitalization
December 31, 2014 - March 31, 20189

10. Cumulative Benchmark Comparison
10
30.3%
76.4%
-20%
0%
20%
40%
60%
80%
100%
Dec-14 Dec-15 Dec-16 Dec-17
ACWI Benchmark
Our Fund
Cumulative
Return
76.36%
1 Month Return: -0.44% (Mar 2018)
3 Month Return: 4.18% (Jan 2018 – Mar 2018)
Best Return 5.67% (Feb 2017)
Worst Return -4.30% (Aug 2015)
December 31, 2014 - March 31, 2018

11. 1.87
300MB Disk
Space
Unlimited Web Mail
45 GB bandwidth
Sharpe Ratio
300MB Disk
Space
Unlimited Web Mail
45 GB bandwidth
300MB Disk
Space
Unlimited Web Mail
45 GB bandwidth
Sharpe Ratio
It is a modification of the
Sharpe ratio but penalizes only
those returns falling below a
user-specified target or required
rate of return.
Sortino Ratio
The Calmar ratio is a comparison of
the average annual
compounded rate of return and the
maximum drawdown risk.
Calmar Ratio
1.94Sortino Ratio
2.03Calmar Ratio
Risk Analysis
Fund Offers Downside Protection With Upside Potential11
The Sharpe ratio is the average
return earned in excess of the
risk-free rate per unit of volatility.

12. Risk Measures Benchmark Comparison
12
ACWI Benchmark Our Fund
Representative amount of
$1,000 invested at the
fund’s inception
1,302.71 1,763.58
Max Drawdown 13.36% 9.15%
Peak-To-Valley Apr 15 - Feb 16 Jul 15 - Jan 16
Recovery 10 Months 6 Months
Sharpe Ratio 0.68 1.87
Sortino Ratio 0.19 1.94
Calmar Ratio 0.62 2.03
Standard Deviation 3.01% 2.50%
Downside Deviation 2.09% 1.54%
Correlation 0.6 N/A
Mean Return 0.71% 1.46%
Positive Periods 26 (65.00%) 31 (77.50%)
Negative Periods 14 (35.00%) 9 (22.50%)
December 31, 2014 - March 31, 2018

13. Summary Terms
We Strive to Be the Best Performing Fund Platform in the World13
Ashton Global ISCF L.P.
Subscription $100,000
Management Fee 0.66%
Performance Fee 20%
Lock-Up Period None
Investment
Frequency
Daily
Withdrawal
Frequency
Daily
Other Fees None
An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable,
the summary prospectus. Any decision to invest in Ashton Global funds should be made on the basis of the current prospectus, which is available on request at info@ashtonglobal.com. Read the prospectus carefully before investing.
All investing involves risk, including potential loss of principal. There is no guarantee that the fund will achieve its objective. Investing in smaller companies can involve risks such as having less publicly available information, higher volatility, and
less liquidity than in the case of larger companies. Overweighting investments in certain sectors or industries increases the risk of loss due to general declines in the prices of stocks in those sectors or industries. Investments in technology
companies may be highly volatile.

14. Thinley Wangchuk, Portfolio Manager Kijana Mack, Managing Director

15. THANK YOU
48 Wall Street, New York, NY 10005
Tel: +1 212 514 8953
Email: info@ashtonglobal.com
www.ashtonglobal.com
Facebook.com/ashtonglobal
@ashtonglobal