Important Information About the Funds and Managed Accounts
1. Shah Capital is registered as an investment adviser with the Securities and Exchange Commission. For complete information regarding Shah Capital, you may request a copy of Shah Capital’s Form ADV, Part II.
3. The information contained in this website has been prepared for informational purposes only. Performance information is provided solely to illustrate the historical performance of the investment vehicles which Shah Capital advises. It is not an offer to sell, or the solicitation of an offer to buy, interests in any investment vehicle or to provide investment advisory services. An offer of interests in the Fund may only be made through the Fund’s private placement memorandum (“PPM”). All material presented is compiled from sources believed to be reliable and current, but the accuracy thereof cannot be guaranteed. Past performance is not necessarily indicative of future results. As with all investments, there are risks associated with investing in the Fund, and an investment in the Fund may lose money.
4. All returns are calculated in US Dollars. Performance shown may not reflect any investor’s actual return and may vary based on negotiated or varying fee schedules, differences in additions, distributions and redemptions and/or periods of investment. Individual client accounts are affected by risks that include, without limitation market risks, management risks, equity risks, risks of investments in foreign securities, non-diversification, risks of investments in companies with small market capitalization, and other risks. Investment return and principal value of an investment will fluctuate, and the value of an investment may be more or less than their original cost at any time. Performance results are calculated on a trade date basis and include the reinvestment of dividends and interest.
5. The performance of the S&P 500 and MSCI-ACWI indices are presented for comparative purposes. As indices, the S&P 500 and MSCI-ACWI are not available for direct investment, and there are no management fees, trading expenses or operations costs associated with them. The S&P500 Index is a market-capitalization weighted index containing 500 widely held US securities chosen for market size, liquidity, and industry group to represent US equity performance. The MSCI index is chosen to represent a combination of US and International Equity performance. Any comparison to the indexes is for informational purposes only. The volatility of these indices many be materially different than that of the Fund or Composite, and the Funds’ or Composite’s holdings may differ significantly from the securities that comprise the index. Shah Capital’s client account holdings are not restricted to a specific allocation among US and non-US equity securities and will vary. Account holdings may also include cash and/or fixed income securities holdings, which are not represented in an index. Account holdings are subject to Shah Capital's discretion.
6. Specific securities mentions are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities. Holdings are subject to change at any time.
7. Alternative investment programs such as Shah Opportunity Fund that used for the Fund may not be suitable for certain investors. Investors and prospective investors in the Fund must be able to bear the risks involved and must meet such investment’s suitability requirements. Investment in the Fund is speculative and involves a substantial degree of risk, including the risk of loss of principal. The information presented is only a summary, and does not take into account the particular investment objectives or financial circumstances of any person who may receive it. Before making an investment in any investment described herein, prospective investors are advised to thoroughly and carefully review the applicable offering materials and subscription documents, including the disclosures and risk factors therein, with their financial, legal and tax advisors to determine whether an investment is suitable for them.
Information as to the Shah Capital Opportunity Fund LP.:
1. The performance information regarding the Fund is for the period July 1, 2006 to December 31, 2010 (the “Period”). The performance results presented shows past performance of the Fund applying the highest fee structure in the Fund as listed in Shah Capital’s Form ADV Part II, assuming no redemptions since inception. Certain clients may qualify for different fees as disclosed in Shah Capital’s Form ADV.
2. Calculation of the S&P 500 performance is based on information provided by the Fund’s custodian. Calculation of the MSCI-ACWI performance is generated by Shah Capital using data published on the MSCI website. Calculations of the Fund’s performance and corresponding statistical analytics are based upon information provided by the Fund’s custodian and maintained by Shah Capital. The Fund’s performance is presented net of Shah Capital’s management fees and performance allocation, and other costs incurred in the operation of the Fund. It is assumed that all interest and dividend income and other earnings were reinvested.
3. The specific securities identified in the Fund Fact Sheet as Long Positions do not represent all of the securities purchased, sold, or recommended within the Shah Capital Opportunity Fund LP, and it should not be assumed that investments in the securities identified and discussed were or will be profitable.
4. Fund portfolio positions were valued using the pricing policies and procedures as described in the Fund’s PPM. Returns were calculated using a time-weighted rate of return, and accrual accounting was used for all interest and dividend income. Additional information regarding the policies for calculating and reporting returns of the Fund are available upon request.
5. Any offer to invest in the Fund may be made only by means of the Fund’s PPM and only to the person to whom such PPM is actually delivered. The PPM contains additional information about the Fund including, without limitation, the risks of investing in the Fund.
Information as to Shah Capital Separately Managed Accounts:
1. The Performance information regarding the Composite is for the period October 1, 2001 to December 31, 2010 (the “Period”). The Composite portfolio is managed by Himanshu Shah, who has served as the portfolio manager since the Composite’s inception in October 2001. Performance results prior to 2005 were the result of accounts managed by Mr. Shah in his role as VP and Sr. Portfolio Manager at his previous employer, UBS Financial Services, Inc.
2. The Managed Accounts utilize a global long-only valuation-centric, research-driven, fundamentals-based strategy. Accounts that are represented in the Composite returns are long-only, fee paying Managed Accounts that have been managed by Mr. Shah for at least one year with no material investment restrictions. Composite accounts focus primarily on equity investments cash and fixed income securities from time to time for cash management purposes. Composite accounts do not utilize leverage, derivatives, or short sales.
3. Performance is presented net of Shah Capital’s advisory fees using the highest tier of Shah Capital’s published management fees applicable to the Composite. All performance results reflect other costs incurred in the management of the accounts, including the deduction of trading costs (e.g. commissions), and reflect the reinvestment of dividends and interest. From October 1, 2001 – June 30, 2005, results are calculated on a time-weighted average quarterly return. From July 1, 2005 forward, results are calculated on a time-weighted average monthly return.
4. Calculations of the Composite performance have been prepared by Investment Scorecard, Inc. based on data provided by the Managed Accounts custodian, and extends back to October 2001 when formal tracking of the investment vehicle began. Statistical analysis calculations are based on Investment Scorecard’s performance information.
5. Additional information regarding the policies for calculating and reporting the Composite returns is available upon request.