1. Azuma, L.P. General Partner: Xelor Capital Management
Investment Manager: BEDrock Capital Management
FUND OBJECTIVE MONTHLY PERFORMANCE
Azuma, LP trades a Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
proprietary statistical
arbitrage strategy that 2007 5.76% 0.61% 3.18% 0.06% 1.05% -2.85% 2.09% -4.79% 3.29% 0.97% 13.17% -0.86% 22.66%
seeks to profit by correctly
predicting short-term 2008 5.65% -10.66% -2.86% -4.44% -0.43% 13.31% 3.98% -2.12% 5.06% -5.65% 7.40% 8.23% 15.92%
market movements of the
Asian stock markets based 2009 5.50% 11.21% 10.19% 2.31% 5.34% -2.42% -5.65% -2.64% -7.59% 1.80% 6.29% -3.91% 20.00%
on historical patterns
between the US and Asian 2010 -3.83% -4.90% -3.78% 0.08% 18.86% -8.19% -5.64% 1.56% 6.83% 5.16% 0.69% -1.63% 2.49%
markets. The objective of
Azuma, LP is to GROWTH OF $1M VS. BENCHMARKS
significantly outperform $2,500,000
the US and Asian equity
markets with less volatility $2,000,000
and virtually zero $1,500,000
correlation to traditional $1,000,000
asset classes.
$500,000
$0
Jun‐09
Dec‐06
Feb‐07
Apr‐07
Jun‐07
Aug‐07
Oct‐07
Dec‐07
Feb‐08
Apr‐08
Jun‐08
Aug‐08
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Dec‐08
Feb‐09
Apr‐09
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Dec‐09
Feb‐10
Apr‐10
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Oct‐10
Dec‐10
FUND PROFILE
Strategy Azuma, LP Nikkei 225 S&P 500 Dow Jones
Statistical Arbitrage
Fund Assets PERFORMANCE ATTRIBUTION RETURN ANALYSIS
$2,200,000 Compounded Annual Return 15.3%
20.00%
Management Fee Average Monthly Return 1.3%
1% Standard Deviation 6.1%
15.00%
Incentive Fee Sharpe Ratio 0.53
20% Sortino Ratio 1.28
10.00%
Minimum Investment Sterling Ratio 0.48
$100,000 5.00% Calmar Ratio 0.52
Subscriptions Highest Monthly Return 18.9%
Monthly 0.00% Lowest Monthly Return -10.7%
Redemption Worst Drawdown -24.2%
Monthly (5 days notice) ‐5.00% Profitable Percentage 58.3%
Lockup CONTACT INFORMATION
None ‐10.00%
David A. Kite, Portfolio Manager
Legal dkite@kkcapital.com
Winston & Strawn, LLP ‐15.00% Dana Coppe, Investor Relations
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Auditor dana@kkcapital.com
Deloitte Tax, LLP 3545 Lake Ave Suite 201
Administrator Wilmette, IL 60091
Conifer Fund Services 847.920.9410
This introductory material is provided for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security or alternative investment product or service, including any fund of funds
managed by Xelor Capital Management (Xelor). Offers to sell or the solicitation of offers to purchase fund investments or any other securities from Xelor only will be made in connection with the delivery of current confidential private
placement memoranda, information statements or disclosure documents (collectively “Disclosure Documents”) obtained directly from Xelor, and as required by applicable law. The information contained herein does not set forth all of the
risks associated with alternative iinvestment products, and iis qualifiedi initits entirety by, and is subject to, the information contained in the relevant Disclosure Documents.
ik i t d ith lt ti t t d t d lifi d ti t b d i bj t t th i f ti t i d i th l t Di l D t
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.