This material has been prepared by Ceres Global Advisory, Inc. (“Ceres”) (a “Portfolio Manager”). Ceres is registered with the U.S. Securities & Exchange Commission (“SEC”) as an investment adviser. The registration above in no way imply that the SEC, or any other regulatory agency has endorsed any of the entities, products or services discussed herein.

The information in this material is for illustration and discussion purposes only. It is not intended to be, nor should it be construed or used as, investment, tax or legal advice, any recommendation or opinion regarding the appropriateness or suitability of any investment or strategy, or an offer to sell, or a solicitation of an offer to buy, any interest in any security, including any interest in a private fund, pool, investment product, managed account or other investment vehicle advised or managed by the Portfolio Manager.

Any descriptions involving investment process, investment examples, statistical analysis, investment strategies or risk management techniques are provided for illustration purposes only, will not apply in all situations, may not be fully indicative of any present or future investments, may be changed in the discretion of the Portfolio Manager and are not intended to reflect performance.


Distribution of this material may be restricted in certain jurisdictions. This material is not intended for distribution or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

Additional information about Ceres Global Advisory Inc., is also available on the SEC’s website at



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