WEBSITE AND SOCIAL MEDIA TERMS OF USE
TERMS OF USE
CONFLICTS OF INTEREST
FORWARD LOOKING STATEMENTS
INCOMPLETE INFORMATION AND SELECTIVE CASE STUDIES
NO WARRANTY
RISKS OF INVESTMENT SECURITIES
GIPS COMPLIANCE
BENCHMARKS AND INDEX DISCLOSURES
Crescat Capital LLC (“Crescat”) is pleased to offer you access to its website, social media networks, and other services provided online. Social media networks include a range of online activity, including participation on Twitter, LinkedIn, Facebook, YouTube, and other interactive blogs and websites.
TERMS OF USE
BY ACCESSING CRESCAT’S WEBSITE AND SOCIAL MEDIA NETWORKS, YOU ACKNOWLEDGE CRESCAT’S TERMS AND CONDITIONS FOUND HERE: https://www.crescat.net/terms-and-conditions/
CONFLICTS OF INTEREST
Crescat currently beneficially owns, and/or has an economic interest in, shares of the Issuers discussed in the materials found on this site as well as through other online activity as described above. Therefore, Crescat and Crescat’s clients, principals and employees may stand to realize significant gains or losses if the price of the companies’ securities move. After the publication or posting of any video, Crescat, its principals and employees will continue transacting in the securities discussed, and may be long, short or neutral at any time thereafter regardless of their initial position or recommendation. While certain individuals affiliated with Crescat are current or former directors of certain of the Issuers referred to herein, none of the information contained in this presentation or otherwise provided to you is derived from non-public information of such companies. Crescat has not sought or obtained consent from any third party to use any statements or information indicated herein that have been obtained or derived from statements made or published by such third parties.
FORWARD LOOKING STATEMENTS
Crescat’s communications, including those made on social media networks and its website, may include comments that could be deemed “forward looking statements.” Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential,” “targets,” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.
Materials produced by Crescat contain certain forward looking statements, opinions and projections that are based on the assumptions and judgments of Crescat with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Crescat. Because of the significant uncertainties inherent in these assumptions and judgments, you should not place undue reliance on these forward looking statements, nor should you regard the inclusion of these statements as a representation by Crescat that these objectives will be achieved. These opinions are current as of the date stated and are subject to change without notice. The information contained in the videos is based on publicly available information as of the date noted and will not be updated after such date.
INCOMPLETE INFORMATION AND SELECTIVE CASE STUDIES
Discussion and details provided is for informational purposes only. Materials produced are not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security, services of Crescat, or its Funds. The information provided is not intended as investment advice or recommendation to buy or sell any type of investment, or as an opinion on, or a suggestion of, the merits of any particular investment strategy.
The information herein does not provide a complete presentation of the investment strategies or portfolio holdings of the Funds and should not be relied upon for purposes of making an investment or divestment decision. Those who are considering an investment in the Funds should carefully review the relevant Fund’s offering memorandum and the information concerning Crescat. This presentation should not be construed as legal, tax, investment, financial or other advice. It does not have regard to the specific investment objective, financial situation, suitability, or the particular need of any specific person who may receive this presentation and should not be taken as advice on the merits of any investment decision. The views expressed represent the opinions of Crescat and are based on publicly available information with respect to any Issuer. Crescat recognizes that the Issuer may disagree with Crescat’s conclusions.
Case studies, including those contained in videos and updates which Crescat posts on this website and social media networks, enable Crescat to share macro themes and newsworthy geologic updates, good and bad, across our Issuers as they arise. The presentations represent the opinions of Crescat, as an exploration industry advocate, on the overall geological progress of our activist strategy in creating new economic metal deposits in viable mining jurisdictions around the world. Crescat does not exclusively invest in these companies or industry and discussion of these companies should not be interpreted as advice to invest in these companies or industry. Each Issuer discussed has been selected solely for informational purposes and has not been selected on the basis of performance or any performance-related criteria. Often (but not always) these Issuers are selected based on the existence of a recent news release regarding drill results that Crescat deems significant. What is significant should be considered subjective and may be dependent on views held by Crescat at that point in time, which are subject to change. The securities discussed herein do not represent an entire portfolio and, in the aggregate, can represent a small percentage of a strategies holdings. The Issuers discussed are often held in one or more portfolio but may or may not be held in such portfolios at the time of discussion or over time. The Issuers discussed do not represent all of the investments purchased or sold by Funds or strategies managed by Crescat. It should not be assumed that any or all of these investments were profitable at the time of discussion or will be profitable over time.
NO WARRANTY
Crescat compiles its research and case studies in good faith and while it uses reasonable efforts to include accurate and up-to-date information, Crescat’s website and social media posts are provided on an “as is” basis with no warranties of any kind. Crescat does not warrant the information on its website or social media networks is accurate, reliable, up to date or correct. In no event shall Crescat be responsible or liable for the correctness of any such information or content, or for any damage or lost opportunity resulting from use of its website or social media networks.
Crescat or its employees may retweet, link, like, share, comment on, etc., third-party social media content and websites as part of its social media activity to provide additional perspective for informational purposes only. Crescat is not responsible for the content of such third-party websites and Crescat does not endorse the products, services, or investment recommendations described or offered in third-party social media posts and websites.
RISKS OF INVESTMENT SECURITIES
The investment portfolios advised by Crescat are not guaranteed or insured by any agency or program of the U.S. or any foreign government or by any other person or entity. The types of securities Crescat buys and sells for clients could lose money over any timeframe. Crescat’s investment strategies are intended primarily for accredited long-term investors who hold their investments for substantial periods of time. Prospective clients and investors should consider their investment goals, time horizon, and risk tolerance (including risk of loss) before investing in Crescat’s strategies and should not rely on Crescat’s strategies as a complete investment program for all of their investable assets. Of note, in cases where Crescat pursues an activist investment strategy by way of ownership (which can be substantial), there may be additional restrictions on resale including, for example, volume limitations on shares sold. When Crescat’s private investment funds or SMA strategies invest in the precious metals mining industry, there are particular risks related to changes in the price of gold, silver and platinum group metals. In addition, changing inflation expectations, currency fluctuations, speculation, and industrial, government and global consumer demand; disruptions in the supply chain; rising product and regulatory compliance costs; adverse effects from government and environmental regulation; world events and economic conditions; market, economic and political risks of the countries where precious metals companies are located or do business; thin capitalization and limited product lines, markets, financial resources or personnel; and the possible illiquidity of certain of the securities; each may adversely affect companies engaged in precious metals mining related businesses. Depending on market conditions, precious metals mining companies may dramatically outperform or underperform more traditional equity investments. In addition, as many of Crescat’s positions in the precious metals mining industry are made through offshore private placements in reliance on exemption from SEC registration, there may be U.S. and foreign resale restrictions applicable to such securities, including but not limited to, minimum holding periods, which can result in discounts being applied to the valuation of such securities. In addition, the fair value of Crescat’s positions in private placements and private companies cannot always be determined using readily observable inputs such as market prices, and therefore may require the use of unobservable inputs which can pose unique valuation risks. Furthermore, certain of Crescat’s private investment funds and SMA strategies invest in stocks of companies with smaller market capitalizations. Small- and medium-capitalization companies may be of a less seasoned nature or have securities that may be traded in the over-the-counter market. These “secondary” securities often involve significantly greater risks than the securities of larger, better-known companies. In addition to being subject to the general market risk that stock prices may decline over short or extended periods, such companies may not be well known to the investing public, may not have significant institutional ownership and may have cyclical, static or only moderate growth prospects. Additionally, stocks of such companies may be more volatile in price and have lower trading volumes than larger capitalized companies, which can result in greater sensitivity of the market price to individual transactions. Crescat has broad discretion to alter any of the SMA or private investment fund’s investment strategies without prior approval by, or notice to, Crescat clients or fund investors, provided such changes are not material.
Investors may obtain the most current performance data for Crescat’s private funds by emailing a request to info@crescat.net.
For additional performance-related information, please refer to: https://www.crescat.net/performance/ page or https://www.crescat.net/due-diligence/gips/
GIPS COMPLIANCE
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
BENCHMARKS AND INDEX DISCLOSURES
HFRX GLOBAL HEDGE FUND INDEX. The HFRX Global Hedge Fund Index represents a broad universe of hedge funds with the capability to trade a range of asset classes and investment strategies across the global securities markets. The index is weighted based on the distribution of assets in the global hedge fund industry. It is a tradeable index of actual hedge funds. It is a suitable benchmark for the Crescat Global Macro private fund which has also traded in multiple asset classes and applied a multi-disciplinary investment process since inception.
HFRX EQUITY HEDGE INDEX. The HFRX Equity Hedge Index represents an investable index of hedge funds that trade both long and short in global equity securities. Managers of funds in the index employ a wide variety of investment processes. They may be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding periods, concentrations of market capitalizations and valuation ranges of typical portfolios. It is a suitable benchmark for the Crescat Long/Short private fund, which has also been predominantly composed of long and short global equities since inception.
PHILADELPHIA STOCK EXCHANGE GOLD AND SILVER INDEX. The Philadelphia Stock Exchange Gold and Silver Index is the longest running index of global precious metals mining stocks. It is a diversified, capitalization-weighted index of the leading companies involved in gold and silver mining. It is a suitable benchmark for the Crescat Precious Metals private fund and the Crescat Precious Metals SMA strategy, which have also been predominately composed of precious metals mining companies involved in gold and silver mining since inception.
S&P 500 INDEX. The S&P 500 Index is perhaps the most followed stock market index. It is considered representative of the U.S. stock market at large. It is a market cap-weighted index of the 500 largest and most liquid companies listed on the NYSE and NASDAQ exchanges. While the companies are U.S. based, most of them have broad global operations. Therefore, the index is representative of the broad global economy. It is a suitable benchmark for the Crescat Global Macro and Crescat Long/Short private funds, and the Large Cap and Precious Metals SMA strategies, which have also traded extensively in large, highly liquid global equities through U.S.-listed securities, and in companies Crescat believes are on track to achieve that status. The S&P 500 Index is also used as a supplemental benchmark for the Crescat Precious Metals private fund and Precius Metals SMA strategy because one of the long-term goals of the precious metals strategy is low correlation to the S&P 500.
References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only. Reference to an index does not imply that the fund or separately managed account will achieve returns, volatility or other results similar to that index. The composition of an index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking. Indices include the reinvestment of income and do not include transaction fees, management fees or any other costs.