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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n**kawa** (logo)\n\n# Kawa Fund Overview | Quarterly AUM Growth by Feeder (USD)\nAs of December 31, 2024– Q4 2024\n\n---\n\n### Chart Description: Quarterly AUM Growth by Feeder\n**Type:** Stacked Bar Chart \n**Y-Axis:** AUM in USD, ranging from `-` (0) to `1,800,000,000.00` in increments of `200,000,000.00`. \n**X-Axis:** Time (Quarterly bars), with labels appearing semi-annually from `Sep 07` to `Sep 24`. \n**Legend:** \n* **Orange Square:** Kawa Onshore (Bottom segment of the stack) \n* **Blue Square:** Kawa Offshore (Top segment of the stack) \n\n**Chart Structure & Trends:**\nThe chart illustrates continuous AUM growth over 17 years. Growth is relatively flat and minimal from 2007 to 2010. Steady linear growth occurs between 2010 and 2015, followed by a brief plateau/slight dip through 2016 and 2017. From 2018 onwards, the fund exhibits aggressive, accelerating growth, steepest between 2020 and 2024. Offshore AUM consistently represents the majority share of the total AUM throughout the fund's history. \n\n**Estimated Values for Labeled Semi-Annual Periods (USD):**\n\n| Date Label | Total AUM (Est.) | Kawa Onshore (Est.) | Kawa Offshore (Est.) |\n| :--- | :--- | :--- | :--- |\n| Sep 07 | 5,000,000 | 0 | 5,000,000 |\n| Mar 08 | 10,000,000 | 0 | 10,000,000 |\n| Sep 08 | 15,000,000 | 0 | 15,000,000 |\n| Mar 09 | 20,000,000 | 0 | 20,000,000 |\n| Sep 09 | 25,000,000 | 0 | 25,000,000 |\n| Mar 10 | 40,000,000 | 5,000,000 | 35,000,000 |\n| Sep 10 | 60,000,000 | 10,000,000 | 50,000,000 |\n| Mar 11 | 100,000,000 | 20,000,000 | 80,000,000 |\n| Sep 11 | 130,000,000 | 25,000,000 | 105,000,000 |\n| Mar 12 | 160,000,000 | 30,000,000 | 130,000,000 |\n| Sep 12 | 190,000,000 | 40,000,000 | 150,000,000 |\n| Mar 13 | 220,000,000 | 50,000,000 | 170,000,000 |\n| Sept 13 | 280,000,000 | 60,000,000 | 220,000,000 |\n| Mar 14 | 300,000,000 | 80,000,000 | 220,000,000 |\n| Sep 14 | 320,000,000 | 100,000,000 | 220,000,000 |\n| Mar 15 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 15 | 360,000,000 | 110,000,000 | 250,000,000 |\n| Mar 16 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 16 | 340,000,000 | 110,000,000 | 230,000,000 |\n| Mar 17 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 17 | 360,000,000 | 110,000,000 | 250,000,000 |\n| Mar 18 | 400,000,000 | 120,000,000 | 280,000,000 |\n| Sep 18 | 420,000,000 | 120,000,000 | 300,000,000 |\n| Mar 19 | 470,000,000 | 120,000,000 | 350,000,000 |\n| Sep 19 | 520,000,000 | 120,000,000 | 400,000,000 |\n| Mar 20 | 580,000,000 | 120,000,000 | 460,000,000 |\n| Sep 20 | 620,000,000 | 130,000,000 | 490,000,000 |\n| Mar 21 | 700,000,000 | 150,000,000 | 550,000,000 |\n| Sep 21 | 850,000,000 | 180,000,000 | 670,000,000 |\n| Mar 22 | 950,000,000 | 200,000,000 | 750,000,000 |\n| Sep 22 | 1,200,000,000 | 250,000,000 | 950,000,000 |\n| Mar 23 | 1,400,000,000 | 300,000,000 | 1,100,000,000 |\n| Sep 23 | 1,500,000,000 | 320,000,000 | 1,180,000,000 |\n| Mar 24 | 1,550,000,000 | 340,000,000 | 1,210,000,000 |\n| Sep 24 | 1,670,000,000 | 380,000,000 | 1,290,000,000 |\n\n---\n\nThe Kawa Fund was closed to subscriptions from May 1, 2011 until November 1, 2011, from May 1, 2013 until February 1, 2015 and from November 1, 2017 until January 1, 2019.\n\n9",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n**kawa** (logo)\n\n# Kawa Fund Overview | Quarterly AUM Growth by Feeder (USD)\nAs of December 31, 2024– Q4 2024\n\n---\n\n### Chart Description: Quarterly AUM Growth by Feeder\n**Type:** Stacked Bar Chart \n**Y-Axis:** AUM in USD, ranging from `-` (0) to `1,800,000,000.00` in increments of `200,000,000.00`. \n**X-Axis:** Time (Quarterly bars), with labels appearing semi-annually from `Sep 07` to `Sep 24`. \n**Legend:** \n* **Orange Square:** Kawa Onshore (Bottom segment of the stack) \n* **Blue Square:** Kawa Offshore (Top segment of the stack) \n\n**Chart Structure & Trends:**\nThe chart illustrates continuous AUM growth over 17 years. Growth is relatively flat and minimal from 2007 to 2010. Steady linear growth occurs between 2010 and 2015, followed by a brief plateau/slight dip through 2016 and 2017. From 2018 onwards, the fund exhibits aggressive, accelerating growth, steepest between 2020 and 2024. Offshore AUM consistently represents the majority share of the total AUM throughout the fund's history. \n\n**Estimated Values for Labeled Semi-Annual Periods (USD):**\n\n| Date Label | Total AUM (Est.) | Kawa Onshore (Est.) | Kawa Offshore (Est.) |\n| :--- | :--- | :--- | :--- |\n| Sep 07 | 5,000,000 | 0 | 5,000,000 |\n| Mar 08 | 10,000,000 | 0 | 10,000,000 |\n| Sep 08 | 15,000,000 | 0 | 15,000,000 |\n| Mar 09 | 20,000,000 | 0 | 20,000,000 |\n| Sep 09 | 25,000,000 | 0 | 25,000,000 |\n| Mar 10 | 40,000,000 | 5,000,000 | 35,000,000 |\n| Sep 10 | 60,000,000 | 10,000,000 | 50,000,000 |\n| Mar 11 | 100,000,000 | 20,000,000 | 80,000,000 |\n| Sep 11 | 130,000,000 | 25,000,000 | 105,000,000 |\n| Mar 12 | 160,000,000 | 30,000,000 | 130,000,000 |\n| Sep 12 | 190,000,000 | 40,000,000 | 150,000,000 |\n| Mar 13 | 220,000,000 | 50,000,000 | 170,000,000 |\n| Sept 13 | 280,000,000 | 60,000,000 | 220,000,000 |\n| Mar 14 | 300,000,000 | 80,000,000 | 220,000,000 |\n| Sep 14 | 320,000,000 | 100,000,000 | 220,000,000 |\n| Mar 15 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 15 | 360,000,000 | 110,000,000 | 250,000,000 |\n| Mar 16 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 16 | 340,000,000 | 110,000,000 | 230,000,000 |\n| Mar 17 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 17 | 360,000,000 | 110,000,000 | 250,000,000 |\n| Mar 18 | 400,000,000 | 120,000,000 | 280,000,000 |\n| Sep 18 | 420,000,000 | 120,000,000 | 300,000,000 |\n| Mar 19 | 470,000,000 | 120,000,000 | 350,000,000 |\n| Sep 19 | 520,000,000 | 120,000,000 | 400,000,000 |\n| Mar 20 | 580,000,000 | 120,000,000 | 460,000,000 |\n| Sep 20 | 620,000,000 | 130,000,000 | 490,000,000 |\n| Mar 21 | 700,000,000 | 150,000,000 | 550,000,000 |\n| Sep 21 | 850,000,000 | 180,000,000 | 670,000,000 |\n| Mar 22 | 950,000,000 | 200,000,000 | 750,000,000 |\n| Sep 22 | 1,200,000,000 | 250,000,000 | 950,000,000 |\n| Mar 23 | 1,400,000,000 | 300,000,000 | 1,100,000,000 |\n| Sep 23 | 1,500,000,000 | 320,000,000 | 1,180,000,000 |\n| Mar 24 | 1,550,000,000 | 340,000,000 | 1,210,000,000 |\n| Sep 24 | 1,670,000,000 | 380,000,000 | 1,290,000,000 |\n\n---\n\nThe Kawa Fund was closed to subscriptions from May 1, 2011 until November 1, 2011, from May 1, 2013 until February 1, 2015 and from November 1, 2017 until January 1, 2019.\n\n9",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder (net of fees & expenses)\n\n**10.46%**\n**Annualized Net Return**\n\n| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| 2025 | 0.52% | - | - | - | - | - | - | - | - | - | - | - | **0.52%** |\n| 2024 | 1.24% | 0.06% | 0.67% | 0.29% | 0.48% | 0.18% | 0.52% | -0.12% | 0.75% | -0.45% | 0.54% | -0.37% | **3.85%** |\n| 2023 | 2.15% | -0.52% | -0.94% | 0.29% | 0.63% | 1.31% | 1.05% | 0.26% | 0.34% | -0.24% | 1.51% | 1.16% | **7.17%** |\n| 2022 | 0.74% | 0.47% | 1.63% | 0.87% | -0.69% | -1.74% | 0.95% | 0.53% | -1.55% | -0.08% | 2.22% | 0.59% | **3.94%** |\n| 2021 | 2.58% | 2.53% | 4.02% | 1.36% | 3.74% | 0.78% | -0.03% | 0.59% | 0.38% | -0.24% | 0.59% | 0.43% | **17.94%** |\n| 2020 | -0.55% | 0.58% | -2.96% | 2.42% | 0.07% | 1.78% | 1.45% | 1.24% | -0.28% | 3.37% | 1.96% | 1.05% | **10.43%** |\n| 2019 | 1.46% | 0.57% | -0.37% | 0.51% | 0.11% | -0.20% | -0.29% | -2.82% | 3.18% | 0.67% | 0.20% | 1.17% | **4.17%** |\n| 2018 | 1.65% | 0.41% | -0.44% | 0.74% | 0.88% | 1.79% | 0.64% | 0.32% | 0.91% | 0.62% | -0.10% | -0.18% | **7.44%** |\n| 2017 | 0.70% | 1.12% | 0.38% | 0.16% | 0.48% | 1.25% | 0.90% | 0.15% | 0.64% | -0.31% | 0.14% | 0.16% | **5.92%** |\n| 2016 | -0.84% | -1.67% | 2.56% | -0.06% | -0.15% | -1.74% | 0.61% | 1.45% | 0.46% | 0.67% | 1.54% | 2.98% | **5.84%** |\n| 2015 | -0.23% | 0.33% | 0.10% | 2.03% | 1.03% | -0.15% | -0.11% | 0.17% | -0.72% | 0.98% | -0.57% | 3.17% | **6.12%** |\n| 2014 | 2.12% | 2.49% | 0.35% | 0.29% | 1.77% | 0.09% | 1.55% | 0.53% | 1.34% | -0.82% | 0.30% | 0.64% | **11.12%** |\n| 2013 | 0.73% | 0.31% | 1.08% | 0.91% | 0.77% | -0.03% | -0.98% | -1.33% | 2.03% | 0.85% | 0.64% | 0.42% | **5.49%** |\n| 2012 | 1.32% | 2.16% | 1.96% | 1.00% | 0.54% | 1.13% | 1.01% | 1.27% | 1.70% | 0.76% | 0.72% | 1.79% | **16.48%** |\n| 2011 | 2.07% | 1.03% | 2.19% | 1.23% | 0.71% | 1.08% | 0.20% | -0.76% | 0.40% | 2.09% | -0.19% | 1.26% | **11.86%** |\n| 2010 | 1.65% | 1.56% | 1.12% | 5.44% | 1.19% | 0.02% | 0.36% | 0.22% | 0.69% | 1.47% | 1.30% | 1.96% | **18.24%** |\n| 2009 | 2.60% | 0.71% | 0.80% | 4.59% | 3.86% | 3.68% | 0.92% | 4.05% | 0.78% | 1.70% | 1.13% | 2.10% | **30.34%** |\n| 2008 | 2.03% | 0.47% | -2.20% | 2.12% | 2.60% | 0.90% | 0.51% | 0.78% | 0.83% | 1.92% | 6.50% | -0.15% | **17.32%** |\n| 2007 | - | - | - | - | - | - | - | - | 0.05% | -0.08% | 0.09% | 1.52% | **1.59%** |\n\n**Past performance is not indicative of future results. The risk of trading futures is substantial and may not be appropriate for all investors.** The estimated net performance for the current month and year presented here is for the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd. and is net of all fees and expenses and reflects the reinvestment of any dividends or income received and is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n10",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder (net of fees & expenses)\n\n**10.46%**\n**Annualized Net Return**\n\n| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| 2025 | 0.52% | - | - | - | - | - | - | - | - | - | - | - | **0.52%** |\n| 2024 | 1.24% | 0.06% | 0.67% | 0.29% | 0.48% | 0.18% | 0.52% | -0.12% | 0.75% | -0.45% | 0.54% | -0.37% | **3.85%** |\n| 2023 | 2.15% | -0.52% | -0.94% | 0.29% | 0.63% | 1.31% | 1.05% | 0.26% | 0.34% | -0.24% | 1.51% | 1.16% | **7.17%** |\n| 2022 | 0.74% | 0.47% | 1.63% | 0.87% | -0.69% | -1.74% | 0.95% | 0.53% | -1.55% | -0.08% | 2.22% | 0.59% | **3.94%** |\n| 2021 | 2.58% | 2.53% | 4.02% | 1.36% | 3.74% | 0.78% | -0.03% | 0.59% | 0.38% | -0.24% | 0.59% | 0.43% | **17.94%** |\n| 2020 | -0.55% | 0.58% | -2.96% | 2.42% | 0.07% | 1.78% | 1.45% | 1.24% | -0.28% | 3.37% | 1.96% | 1.05% | **10.43%** |\n| 2019 | 1.46% | 0.57% | -0.37% | 0.51% | 0.11% | -0.20% | -0.29% | -2.82% | 3.18% | 0.67% | 0.20% | 1.17% | **4.17%** |\n| 2018 | 1.65% | 0.41% | -0.44% | 0.74% | 0.88% | 1.79% | 0.64% | 0.32% | 0.91% | 0.62% | -0.10% | -0.18% | **7.44%** |\n| 2017 | 0.70% | 1.12% | 0.38% | 0.16% | 0.48% | 1.25% | 0.90% | 0.15% | 0.64% | -0.31% | 0.14% | 0.16% | **5.92%** |\n| 2016 | -0.84% | -1.67% | 2.56% | -0.06% | -0.15% | -1.74% | 0.61% | 1.45% | 0.46% | 0.67% | 1.54% | 2.98% | **5.84%** |\n| 2015 | -0.23% | 0.33% | 0.10% | 2.03% | 1.03% | -0.15% | -0.11% | 0.17% | -0.72% | 0.98% | -0.57% | 3.17% | **6.12%** |\n| 2014 | 2.12% | 2.49% | 0.35% | 0.29% | 1.77% | 0.09% | 1.55% | 0.53% | 1.34% | -0.82% | 0.30% | 0.64% | **11.12%** |\n| 2013 | 0.73% | 0.31% | 1.08% | 0.91% | 0.77% | -0.03% | -0.98% | -1.33% | 2.03% | 0.85% | 0.64% | 0.42% | **5.49%** |\n| 2012 | 1.32% | 2.16% | 1.96% | 1.00% | 0.54% | 1.13% | 1.01% | 1.27% | 1.70% | 0.76% | 0.72% | 1.79% | **16.48%** |\n| 2011 | 2.07% | 1.03% | 2.19% | 1.23% | 0.71% | 1.08% | 0.20% | -0.76% | 0.40% | 2.09% | -0.19% | 1.26% | **11.86%** |\n| 2010 | 1.65% | 1.56% | 1.12% | 5.44% | 1.19% | 0.02% | 0.36% | 0.22% | 0.69% | 1.47% | 1.30% | 1.96% | **18.24%** |\n| 2009 | 2.60% | 0.71% | 0.80% | 4.59% | 3.86% | 3.68% | 0.92% | 4.05% | 0.78% | 1.70% | 1.13% | 2.10% | **30.34%** |\n| 2008 | 2.03% | 0.47% | -2.20% | 2.12% | 2.60% | 0.90% | 0.51% | 0.78% | 0.83% | 1.92% | 6.50% | -0.15% | **17.32%** |\n| 2007 | - | - | - | - | - | - | - | - | 0.05% | -0.08% | 0.09% | 1.52% | **1.59%** |\n\n**Past performance is not indicative of future results. The risk of trading futures is substantial and may not be appropriate for all investors.** The estimated net performance for the current month and year presented here is for the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd. and is net of all fees and expenses and reflects the reinvestment of any dividends or income received and is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n10",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder\n\n***\n\n### Growth of $1,000 invested (net of fees & expenses)\n*(Since inception)*\n\n**Type:** Line Graph\n**Y-axis:** Represents the hypothetical investment value from $900 to $6,300 in increments of $600.\n**X-axis:** Represents time in approximately six-month intervals from Sep 07 to Sep 24.\n**Data Tracking:**\n- **Sep 2007:** The graph starts near the $1,000 mark (annotated with \"Fund launched September 2007\").\n- **Mar 2009:** A minor valley at approximately $1,200.\n- **Sep 2009 – Sep 2019:** A steady, consistent upward trend reaching approximately $3,600.\n- **Mar 2020:** A visible dip/valley at approximately $3,600.\n- **Mar 2020 – Sep 2021:** A steep growth period, peaking near $4,800.\n- **Sep 2022:** A noticeable valley at approximately $4,600.\n- **Jan 2025:** The graph reaches its highest peak at $5,656 (annotated directly at the end of the line).\n\n***\n\n### Distribution of monthly returns (net of fees and expenses)\n\n**Type:** Bar Chart / Histogram\n**Y-axis:** Represents the frequency (number of months) from 0 to 100 in increments of 10.\n**X-axis:** Represents monthly percentage return brackets ranging from \"-7 to -6\" to \"6 to 7\".\n**Estimated Values:**\n- **-7 to -6:** 0\n- **-6 to -5:** 0\n- **-5 to -4:** 0\n- **-4 to -3:** 0\n- **-3 to -2:** ~2\n- **-2 to -1:** ~4\n- **-1 to 0:** ~32\n- **0 to 1:** ~82\n- **1 to 2:** ~51\n- **2 to 3:** ~22\n- **3 to 4:** ~5\n- **4 to 5:** ~1\n- **5 to 6:** ~0\n- **6 to 7:** 0\n\n***\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors.\n\nThe line graph above represents the growth of a hypothetical investment of $1,000 in the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., at its inception, calculated net of advisory fees (2%/20%) and expenses, and assuming reinvestment of dividends and earnings. Hypothetical portfolio results do not reflect trading in actual accounts and have many inherent limitations. The hypothetical results above are provided for informational and illustrative purposes only. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections at the end of this presentation.\n\n11",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder\n\n***\n\n### Growth of $1,000 invested (net of fees & expenses)\n*(Since inception)*\n\n**Type:** Line Graph\n**Y-axis:** Represents the hypothetical investment value from $900 to $6,300 in increments of $600.\n**X-axis:** Represents time in approximately six-month intervals from Sep 07 to Sep 24.\n**Data Tracking:**\n- **Sep 2007:** The graph starts near the $1,000 mark (annotated with \"Fund launched September 2007\").\n- **Mar 2009:** A minor valley at approximately $1,200.\n- **Sep 2009 – Sep 2019:** A steady, consistent upward trend reaching approximately $3,600.\n- **Mar 2020:** A visible dip/valley at approximately $3,600.\n- **Mar 2020 – Sep 2021:** A steep growth period, peaking near $4,800.\n- **Sep 2022:** A noticeable valley at approximately $4,600.\n- **Jan 2025:** The graph reaches its highest peak at $5,656 (annotated directly at the end of the line).\n\n***\n\n### Distribution of monthly returns (net of fees and expenses)\n\n**Type:** Bar Chart / Histogram\n**Y-axis:** Represents the frequency (number of months) from 0 to 100 in increments of 10.\n**X-axis:** Represents monthly percentage return brackets ranging from \"-7 to -6\" to \"6 to 7\".\n**Estimated Values:**\n- **-7 to -6:** 0\n- **-6 to -5:** 0\n- **-5 to -4:** 0\n- **-4 to -3:** 0\n- **-3 to -2:** ~2\n- **-2 to -1:** ~4\n- **-1 to 0:** ~32\n- **0 to 1:** ~82\n- **1 to 2:** ~51\n- **2 to 3:** ~22\n- **3 to 4:** ~5\n- **4 to 5:** ~1\n- **5 to 6:** ~0\n- **6 to 7:** 0\n\n***\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors.\n\nThe line graph above represents the growth of a hypothetical investment of $1,000 in the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., at its inception, calculated net of advisory fees (2%/20%) and expenses, and assuming reinvestment of dividends and earnings. Hypothetical portfolio results do not reflect trading in actual accounts and have many inherent limitations. The hypothetical results above are provided for informational and illustrative purposes only. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections at the end of this presentation.\n\n11",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder (net of fees & expenses)\n\n---\n\n### **Key Statistics (net of fees & expenses)**\n\n| | |\n| :--- | :--- |\n| **Annualized Net Return\\*** | 10.46% |\n| **Annualized Standard Deviation\\*\\*** | 4.35% |\n| **Sharpe Ratio (ref. 3M SOFR)** | 2.05 |\n| **% Positive Months** | 80% |\n| **Best Month** | 6.50% |\n| **Worst Month** | -2.96% |\n| **Average Monthly Return** | 0.84% |\n\n\\*An annualized total return is the geometric average amount of money earned by an investment each year over a given time period. The annualized return formula is calculated as a geometric average to show what an investor would earn over a period of time if the annual return were compounded. Returns shown are those of the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd, net of fund fees (2%/20%) and expenses, and before all taxes.\n\n\\*\\*The Annualized Standard Deviation is the standard deviation multiplied by the square root of the number of periods in one year. Standard deviation of return measures the average deviations of a return series from its mean and is often used as a measure of risk.\n\n---\n\n### **Drawdown Analysis**\n\n| Depth | Length (Mos.) | Recovery (Mos.) | Peak | Valley |\n| :--- | :--- | :--- | :--- | :--- |\n| -3.29% | 3 | 5 | May-19 | Aug-19 |\n| -2.96% | 1 | 4 | Feb-20 | Mar-20 |\n| -2.58% | 6 | 8 | Apr-22 | Oct-22 |\n| -2.49% | 2 | 3 | Dec-15 | Feb-16 |\n| -2.33% | 3 | 5 | May-13 | Aug-13 |\n| -2.20% | 1 | 3 | Feb-08 | Mar-08 |\n\n<br>\n\n**Fund Assets = $1.7B**\n**Offshore Lead NAV = $ 56,562**\n**Onshore Lead NAV = $ 55,238**\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n12",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder (net of fees & expenses)\n\n---\n\n### **Key Statistics (net of fees & expenses)**\n\n| | |\n| :--- | :--- |\n| **Annualized Net Return\\*** | 10.46% |\n| **Annualized Standard Deviation\\*\\*** | 4.35% |\n| **Sharpe Ratio (ref. 3M SOFR)** | 2.05 |\n| **% Positive Months** | 80% |\n| **Best Month** | 6.50% |\n| **Worst Month** | -2.96% |\n| **Average Monthly Return** | 0.84% |\n\n\\*An annualized total return is the geometric average amount of money earned by an investment each year over a given time period. The annualized return formula is calculated as a geometric average to show what an investor would earn over a period of time if the annual return were compounded. Returns shown are those of the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd, net of fund fees (2%/20%) and expenses, and before all taxes.\n\n\\*\\*The Annualized Standard Deviation is the standard deviation multiplied by the square root of the number of periods in one year. Standard deviation of return measures the average deviations of a return series from its mean and is often used as a measure of risk.\n\n---\n\n### **Drawdown Analysis**\n\n| Depth | Length (Mos.) | Recovery (Mos.) | Peak | Valley |\n| :--- | :--- | :--- | :--- | :--- |\n| -3.29% | 3 | 5 | May-19 | Aug-19 |\n| -2.96% | 1 | 4 | Feb-20 | Mar-20 |\n| -2.58% | 6 | 8 | Apr-22 | Oct-22 |\n| -2.49% | 2 | 3 | Dec-15 | Feb-16 |\n| -2.33% | 3 | 5 | May-13 | Aug-13 |\n| -2.20% | 1 | 3 | Feb-08 | Mar-08 |\n\n<br>\n\n**Fund Assets = $1.7B**\n**Offshore Lead NAV = $ 56,562**\n**Onshore Lead NAV = $ 55,238**\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n12",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Kawa Fund Overview | Strategies**\n\n**ABS:** High quality esoteric secured credit collateralized by a pool of assets. Securitized risk of a specific cashflow stream from multiple underlying assets. These deals tend to be driven by strong understanding of the underlying collateral pool, generally purchased in the secondary market, often with emphasis in positions where Kawa may be able to increase value for the fund by working with issuers, re-structuring legacy transactions, or improving model transparency used by market participants. The Fund generally tends to own the senior positions of the long-dated cash flows in the deals in order to have spread duration. This strategy includes ABS (such as Solar ABS, Student Loan ABS), TRUP CDOs, PACE Residual Tranches, and CMBS/RMBS, amongst others.\n\n**Single-Asset Financing:** High quality esoteric secured credit collateralized by specific assets. Securitized risk of a specific cashflow stream associated with an individual asset. These deals generally tend to be highly structured, embedded with structural protections and covenants, with the Fund having recourse to the underlying asset. This strategy includes CTLs with matching CDS when applicable, as well as PACE loans.\n\n**Preferred Equity and Perpetuals:** Often event driven and from investment grade issuers, Kawa Fund seeks to purchase undervalued preferred equities and perpetual subordinated debt securities. This includes Preferred Stocks, Canadian preferred equity, bank preferred equity, and auction rate preferred which are backed by a single closed end fund.\n\n**Fixed Income Value:** Kawa seeks undervalued credit risk, where generally companies have underlying assets such as real estate or renewable energy (instead of just generic operating businesses) that Kawa believes more than cover their existing liquidation value. This strategy includes unsecured corporate credit risk, sovereign bonds and CDS, and convertibles. Also includes shorting synthetically via CDS and dislocated sovereign and corporate risk on occasion.\n\n**Municipals:** Dislocated credit stories within the US municipal market, which Kawa believes still have strong downside protection. Dislocations may occur due to retail vs. institutional demand versus new issue supply, geographic market stress, overlooked municipal paper due to unique structures or non-traditional tax angle, or court settlement situations and new government programs. This strategy includes securities backed by specific asset pledges, various discounted general obligation bonds, tobacco settlement bonds.\n\n**Equity:** Medium to long term value approach on equities to complement the Fund’s core credit portfolio purchased at a discount to net asset value. While the Kawa Fund also looks for growth, as well as event-driven opportunities on occasion, most of the exposure carries an asset valuation/credit component. This includes single-name equity positions, equity REITs, SPACs and equity indices executed as directional alpha trades.\n\n**Macro Trading:** Complement the core credit portfolio with a concentrated macro overlay, with high conviction thematic trades designed to benefit in various market scenarios such as rates movements, Central Bank policy movement, correlation convergence between various markets, etc. This area of the book has the highest turnover and remains in liquid instruments such as futures, swaps, forwards. This strategy includes FX, rates, correlation swaps, and other macro strategies.\n\nThe Kawa Fund has broad discretion to invest across a broad range of asset classes, with limited specific diversification requirements. This slide reflects general descriptions of certain Fund strategies and types of investments. Not all strategies or investment types may be in the Fund as of the date of this presentation.\n\n13",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Kawa Fund Overview | Strategies**\n\n**ABS:** High quality esoteric secured credit collateralized by a pool of assets. Securitized risk of a specific cashflow stream from multiple underlying assets. These deals tend to be driven by strong understanding of the underlying collateral pool, generally purchased in the secondary market, often with emphasis in positions where Kawa may be able to increase value for the fund by working with issuers, re-structuring legacy transactions, or improving model transparency used by market participants. The Fund generally tends to own the senior positions of the long-dated cash flows in the deals in order to have spread duration. This strategy includes ABS (such as Solar ABS, Student Loan ABS), TRUP CDOs, PACE Residual Tranches, and CMBS/RMBS, amongst others.\n\n**Single-Asset Financing:** High quality esoteric secured credit collateralized by specific assets. Securitized risk of a specific cashflow stream associated with an individual asset. These deals generally tend to be highly structured, embedded with structural protections and covenants, with the Fund having recourse to the underlying asset. This strategy includes CTLs with matching CDS when applicable, as well as PACE loans.\n\n**Preferred Equity and Perpetuals:** Often event driven and from investment grade issuers, Kawa Fund seeks to purchase undervalued preferred equities and perpetual subordinated debt securities. This includes Preferred Stocks, Canadian preferred equity, bank preferred equity, and auction rate preferred which are backed by a single closed end fund.\n\n**Fixed Income Value:** Kawa seeks undervalued credit risk, where generally companies have underlying assets such as real estate or renewable energy (instead of just generic operating businesses) that Kawa believes more than cover their existing liquidation value. This strategy includes unsecured corporate credit risk, sovereign bonds and CDS, and convertibles. Also includes shorting synthetically via CDS and dislocated sovereign and corporate risk on occasion.\n\n**Municipals:** Dislocated credit stories within the US municipal market, which Kawa believes still have strong downside protection. Dislocations may occur due to retail vs. institutional demand versus new issue supply, geographic market stress, overlooked municipal paper due to unique structures or non-traditional tax angle, or court settlement situations and new government programs. This strategy includes securities backed by specific asset pledges, various discounted general obligation bonds, tobacco settlement bonds.\n\n**Equity:** Medium to long term value approach on equities to complement the Fund’s core credit portfolio purchased at a discount to net asset value. While the Kawa Fund also looks for growth, as well as event-driven opportunities on occasion, most of the exposure carries an asset valuation/credit component. This includes single-name equity positions, equity REITs, SPACs and equity indices executed as directional alpha trades.\n\n**Macro Trading:** Complement the core credit portfolio with a concentrated macro overlay, with high conviction thematic trades designed to benefit in various market scenarios such as rates movements, Central Bank policy movement, correlation convergence between various markets, etc. This area of the book has the highest turnover and remains in liquid instruments such as futures, swaps, forwards. This strategy includes FX, rates, correlation swaps, and other macro strategies.\n\nThe Kawa Fund has broad discretion to invest across a broad range of asset classes, with limited specific diversification requirements. This slide reflects general descriptions of certain Fund strategies and types of investments. Not all strategies or investment types may be in the Fund as of the date of this presentation.\n\n13",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Allocation – Historical fund exposures by book (% of NAV)*\n\n***\n\n**Chart Description: Historical fund exposures by book (% of NAV)**\n\nA combination chart featuring stacked bars and an overlaid line graph. \n* **Y-axis:** Ranges from -60% to 120% in increments of 10%.\n* **X-axis:** Timeline from Sep-07 to Dec-24, with labels corresponding to quarterly intervals, though the data plotted appears to be at a higher frequency (likely monthly).\n\n**Stacked Bar Chart Components (Allocations):**\n* **ABS (Dark Blue):** Forms the foundational positive layer of the portfolio for almost the entire timeline. Values consistently range between 20% and 50%. It shows brief negative exposures (~-10%) around 2008.\n* **Single Asset Financing (Gold):** Appears intermittently. Notable positive allocations occur in 2009-2010 (reaching ~30%), with smaller, sporadic appearances around 2013, 2018, and a brief spike in early 2020.\n* **FIV (Green):** Exhibits both positive and negative exposures. Significant positive allocations (up to 30%) are seen between 2010 and 2013, and again consistently from mid-2022 to the end of 2024. It shows occasional negative exposures of roughly -10% in 2008, 2010, and 2019.\n* **Munis (Light Blue):** Most prominent in two distinct periods. First, from mid-2011 through early 2013, peaking around 30%. Second, from mid-2021 through 2024, maintaining a steady presence of roughly 10% to 20%.\n* **Prefs. (Orange/Red):** Highly variable, forming the top layer of the positive stack and exhibiting the most significant negative exposures. Early in the fund's history (2007-2008), it shows deep negative allocations, bottoming out around -60%. From 2013 to 2021, it transitions to primarily positive allocations, often adding 20% to 50% on top of the other long positions. Its positive presence diminishes from 2022 onwards.\n\n**Line Graph Component (Cash Balance):**\n* **Cash (Black Dashed Line):** Overlaid across the bars to show the cash position.\n * **2007-2010 (High Volatility):** Starts near 40% in late 2007. Drops sharply to roughly -20% in late 2008, then immediately spikes to a major peak of nearly 70% in early 2009. Hits another peak of ~60% in mid-2009 before trending downwards.\n * **2011-2013:** Hits a major valley in mid-2011, dropping slightly below 0% (~-10%). It then steadily climbs to a peak of ~40% in early 2013.\n * **2014-2019 (Stable Period):** Fluctuates mostly between 10% and 30%. Notable valleys occur around mid-2014 (~5%) and mid-2018 (~5%). A minor peak occurs in late 2015 (~30%).\n * **2020-2024:** Surges to a peak of ~40% in mid-2020. Declines steadily to a valley near 0% in late 2021. Climbs back to another major peak of ~40% in mid-2023, before settling near 30% by the end of 2024.\n\n***\n\n### Average Cash Balance\n\n| | |\n| :--- | :--- |\n| Since Inception | 30% |\n| Last 3 Years | 28% |\n\n*Excludes Macro Trading (Rate trading, FX trading and Correlation Swaps). The past allocations across asset classes depicted here are not indicative of future asset allocations in the Fund.\nCash represents Cash and U.S. government treasuries, which are swapped for floating rate securities and T-bills of under 1 year in maturity.\n\n14",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Allocation – Historical fund exposures by book (% of NAV)*\n\n***\n\n**Chart Description: Historical fund exposures by book (% of NAV)**\n\nA combination chart featuring stacked bars and an overlaid line graph. \n* **Y-axis:** Ranges from -60% to 120% in increments of 10%.\n* **X-axis:** Timeline from Sep-07 to Dec-24, with labels corresponding to quarterly intervals, though the data plotted appears to be at a higher frequency (likely monthly).\n\n**Stacked Bar Chart Components (Allocations):**\n* **ABS (Dark Blue):** Forms the foundational positive layer of the portfolio for almost the entire timeline. Values consistently range between 20% and 50%. It shows brief negative exposures (~-10%) around 2008.\n* **Single Asset Financing (Gold):** Appears intermittently. Notable positive allocations occur in 2009-2010 (reaching ~30%), with smaller, sporadic appearances around 2013, 2018, and a brief spike in early 2020.\n* **FIV (Green):** Exhibits both positive and negative exposures. Significant positive allocations (up to 30%) are seen between 2010 and 2013, and again consistently from mid-2022 to the end of 2024. It shows occasional negative exposures of roughly -10% in 2008, 2010, and 2019.\n* **Munis (Light Blue):** Most prominent in two distinct periods. First, from mid-2011 through early 2013, peaking around 30%. Second, from mid-2021 through 2024, maintaining a steady presence of roughly 10% to 20%.\n* **Prefs. (Orange/Red):** Highly variable, forming the top layer of the positive stack and exhibiting the most significant negative exposures. Early in the fund's history (2007-2008), it shows deep negative allocations, bottoming out around -60%. From 2013 to 2021, it transitions to primarily positive allocations, often adding 20% to 50% on top of the other long positions. Its positive presence diminishes from 2022 onwards.\n\n**Line Graph Component (Cash Balance):**\n* **Cash (Black Dashed Line):** Overlaid across the bars to show the cash position.\n * **2007-2010 (High Volatility):** Starts near 40% in late 2007. Drops sharply to roughly -20% in late 2008, then immediately spikes to a major peak of nearly 70% in early 2009. Hits another peak of ~60% in mid-2009 before trending downwards.\n * **2011-2013:** Hits a major valley in mid-2011, dropping slightly below 0% (~-10%). It then steadily climbs to a peak of ~40% in early 2013.\n * **2014-2019 (Stable Period):** Fluctuates mostly between 10% and 30%. Notable valleys occur around mid-2014 (~5%) and mid-2018 (~5%). A minor peak occurs in late 2015 (~30%).\n * **2020-2024:** Surges to a peak of ~40% in mid-2020. Declines steadily to a valley near 0% in late 2021. Climbs back to another major peak of ~40% in mid-2023, before settling near 30% by the end of 2024.\n\n***\n\n### Average Cash Balance\n\n| | |\n| :--- | :--- |\n| Since Inception | 30% |\n| Last 3 Years | 28% |\n\n*Excludes Macro Trading (Rate trading, FX trading and Correlation Swaps). The past allocations across asset classes depicted here are not indicative of future asset allocations in the Fund.\nCash represents Cash and U.S. government treasuries, which are swapped for floating rate securities and T-bills of under 1 year in maturity.\n\n14",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Performance Attribution\n\n### Chart Description: Stacked Bar Chart\nA stacked bar chart illustrating the gross performance attribution by strategy and the impact of fees and expenses from 2007 to 2025.\n* **Y-axis:** Represents performance percentage, ranging from -40% to 100% in 20% increments.\n* **X-axis:** Represents years spanning from 2007 to 2025.\n* **Structure:** Each bar is stacked with various colored blocks representing different asset classes contributing positively (above 0%) or negatively (below 0%). \"Fees and Expenses\" typically appear as the primary negative block below 0% for most years.\n\n**Legend Categories:**\n* [Yellow square] Cash and Equivalents\n* [Dark Blue square] ABS\n* [Maroon square] Equity\n* [Green square] FIV\n* [Light Grey square] Macro Trading\n* [Light Blue square] Municipals\n* [Orange square] Prefs and Perps\n* [Gold/Tan square] Single Asset Financing\n* [Olive square] Fees and Expenses\n\n**Estimated Bar Chart Values (Total Positive / Total Negative bounds):**\n* **2007:** Pos ~60% (Mainly Macro Trading, FIV, Equity) / Neg ~-28% (Fees)\n* **2008:** Pos ~90% (Mainly Single Asset Financing, Prefs, Equity) / Neg ~-20% (Fees)\n* **2009:** Pos ~98% (Mainly Prefs, FIV, ABS) / Neg ~-18% (Fees)\n* **2010:** Pos ~95% (Mainly Single Asset Financing, FIV, ABS) / Neg ~-20% (Fees)\n* **2011:** Pos ~95% (Mainly Single Asset Financing, ABS) / Neg ~-10% (Fees)\n* **2012:** Pos ~95% (Mainly Single Asset Financing, ABS) / Neg ~-12% (Fees)\n* **2013:** Pos ~70% (Mainly Single Asset Financing, ABS) / Neg ~-30% (Fees)\n* **2014:** Pos ~75% (Mainly Light Blue, Macro Trading) / Neg ~-15% (Fees)\n* **2015:** Pos ~70% (Mainly Single Asset Financing, Macro Trading) / Neg ~-25% (Fees)\n* **2016:** Pos ~65% (Mainly Single Asset Financing, Municipals) / Neg ~-35% (Equity, Fees)\n* **2017:** Pos ~80% (Mainly Single Asset Financing, Prefs) / Neg ~-25% (Fees)\n* **2018:** Pos ~85% (Mainly Single Asset Financing, Prefs, Macro Trading) / Neg ~-20% (Fees)\n* **2019:** Pos ~65% (Mainly Single Asset Financing) / Neg ~-18% (Fees, Equity)\n* **2020:** Pos ~72% (Mainly Single Asset Financing, Macro Trading) / Neg ~-22% (Fees, Prefs)\n* **2021:** Pos ~80% (Mainly Single Asset Financing) / Neg ~-20% (Fees, Municipals)\n* **2022:** Pos ~65% (Mainly Macro Trading, Equity) / Neg ~-20% (Fees)\n* **2023:** Pos ~75% (Mainly FIV, Equity, Municipals, Cash) / Neg ~-20% (Fees, ABS)\n* **2024:** Pos ~68% (Mainly FIV, ABS, Cash) / Neg ~-22% (Fees, Macro Trading)\n* **2025:** Pos ~2% (Cash) / Neg ~-1% (Fees)\n\n---\n\n### Annual Performance (net of fees & expenses)\n\n| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| 1.59% | 17.32% | 30.34% | 18.24% | 11.86% | 16.48% | 5.49% | 11.12% | 6.12% | 5.84% | 5.92% | 7.44% | 4.17% | 10.43% | 17.94% | 3.94% | 7.17% | 3.85% | 0.52% |\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors. Attribution percentages shown above represent each book's contribution to the total annual performance of the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., net of fund fees (2%/20%) and expenses in the indicated year. *The estimated net performance for the current year presented here is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n15",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Performance Attribution\n\n### Chart Description: Stacked Bar Chart\nA stacked bar chart illustrating the gross performance attribution by strategy and the impact of fees and expenses from 2007 to 2025.\n* **Y-axis:** Represents performance percentage, ranging from -40% to 100% in 20% increments.\n* **X-axis:** Represents years spanning from 2007 to 2025.\n* **Structure:** Each bar is stacked with various colored blocks representing different asset classes contributing positively (above 0%) or negatively (below 0%). \"Fees and Expenses\" typically appear as the primary negative block below 0% for most years.\n\n**Legend Categories:**\n* [Yellow square] Cash and Equivalents\n* [Dark Blue square] ABS\n* [Maroon square] Equity\n* [Green square] FIV\n* [Light Grey square] Macro Trading\n* [Light Blue square] Municipals\n* [Orange square] Prefs and Perps\n* [Gold/Tan square] Single Asset Financing\n* [Olive square] Fees and Expenses\n\n**Estimated Bar Chart Values (Total Positive / Total Negative bounds):**\n* **2007:** Pos ~60% (Mainly Macro Trading, FIV, Equity) / Neg ~-28% (Fees)\n* **2008:** Pos ~90% (Mainly Single Asset Financing, Prefs, Equity) / Neg ~-20% (Fees)\n* **2009:** Pos ~98% (Mainly Prefs, FIV, ABS) / Neg ~-18% (Fees)\n* **2010:** Pos ~95% (Mainly Single Asset Financing, FIV, ABS) / Neg ~-20% (Fees)\n* **2011:** Pos ~95% (Mainly Single Asset Financing, ABS) / Neg ~-10% (Fees)\n* **2012:** Pos ~95% (Mainly Single Asset Financing, ABS) / Neg ~-12% (Fees)\n* **2013:** Pos ~70% (Mainly Single Asset Financing, ABS) / Neg ~-30% (Fees)\n* **2014:** Pos ~75% (Mainly Light Blue, Macro Trading) / Neg ~-15% (Fees)\n* **2015:** Pos ~70% (Mainly Single Asset Financing, Macro Trading) / Neg ~-25% (Fees)\n* **2016:** Pos ~65% (Mainly Single Asset Financing, Municipals) / Neg ~-35% (Equity, Fees)\n* **2017:** Pos ~80% (Mainly Single Asset Financing, Prefs) / Neg ~-25% (Fees)\n* **2018:** Pos ~85% (Mainly Single Asset Financing, Prefs, Macro Trading) / Neg ~-20% (Fees)\n* **2019:** Pos ~65% (Mainly Single Asset Financing) / Neg ~-18% (Fees, Equity)\n* **2020:** Pos ~72% (Mainly Single Asset Financing, Macro Trading) / Neg ~-22% (Fees, Prefs)\n* **2021:** Pos ~80% (Mainly Single Asset Financing) / Neg ~-20% (Fees, Municipals)\n* **2022:** Pos ~65% (Mainly Macro Trading, Equity) / Neg ~-20% (Fees)\n* **2023:** Pos ~75% (Mainly FIV, Equity, Municipals, Cash) / Neg ~-20% (Fees, ABS)\n* **2024:** Pos ~68% (Mainly FIV, ABS, Cash) / Neg ~-22% (Fees, Macro Trading)\n* **2025:** Pos ~2% (Cash) / Neg ~-1% (Fees)\n\n---\n\n### Annual Performance (net of fees & expenses)\n\n| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| 1.59% | 17.32% | 30.34% | 18.24% | 11.86% | 16.48% | 5.49% | 11.12% | 6.12% | 5.84% | 5.92% | 7.44% | 4.17% | 10.43% | 17.94% | 3.94% | 7.17% | 3.85% | 0.52% |\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors. Attribution percentages shown above represent each book's contribution to the total annual performance of the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., net of fund fees (2%/20%) and expenses in the indicated year. *The estimated net performance for the current year presented here is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n15",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Historical Comparison\nRelative performance since inception to Kawa Offshore (net of fees & expenses)\n\n---\n\n### [Chart Description: Historical Performance Line Graph]\n**Type:** Line Graph\n**Y-Axis:** \"Percentage Returns Since Inception\" ranging from 50% to 550% in increments of 100%.\n**X-Axis:** Time series from Aug-07 to Nov-24, labeled periodically (e.g., Aug-07, Nov-07, Feb-08, May-08, etc.).\n**Legend:**\n* **Kawa Offshore:** Solid Dark Blue line\n* **Barclays US Agg:** Dashed Orange line\n* **Eureka Hedge:** Dashed Light Blue line\n* **S&P Index:** Dash-dot Gold line\n* **Bank of America US High Yield:** Solid Light Blue line\n\n**Data Trajectory & Major Peaks/Valleys:**\n* **Kawa Offshore (Dark Blue line):** Starts near 50% in mid-2007. Exhibits a brief, shallow valley in late 2008. From 2009 onward, it shows a highly consistent upward trend with very low volatility compared to the S&P. It crosses 250% around 2013/2014, reaches 350% around 2017, and experiences an accelerated climb starting in 2020. It finishes as the top-performing asset on the chart, peaking just above 550% by Nov-24.\n* **S&P Index (Gold dash-dot line):** Starts near 50% in 2007. Experiences a major valley dropping below 50% during the 2008-2009 financial crisis. Recovers and grows steadily with moderate volatility, passing 250% in 2017. Experiences a sharp, brief valley in early 2020 (COVID-19 drop), followed by a massive spike, peaking around 450% in late 2021. It drops sharply into a valley around 350% in mid-2022, before rallying steeply to end just below the Kawa Offshore line near 550% in late 2024.\n* **Bank of America US High Yield (Light Blue solid line):** Starts near 50%, dips in 2008, and maintains a steady, moderate upward slope. It crosses 150% around 2013, reaches approximately 250% by 2021, and finishes the period just below 300%.\n* **Eureka Hedge (Light Blue dashed line):** Shows very steady, low-volatility, slow growth. It starts at 50%, slowly climbing over the 17-year period to finish just above the 150% mark by late 2024.\n* **Barclays US Agg (Orange dashed line):** Exhibits the lowest overall growth. Starts at 50%, climbs very slowly to peak just below 150% in 2020, and then enters a prolonged decline from 2021 to 2024, finishing near the 100% mark.\n\n---\n\n### Value of $1,000 Invested\n(since Kawa Fund Inception)\n\n↑ **$5,659** Kawa\n↑ **$5,857** S&P 500 Index\n↑ **$1,653** Barclays US Aggregate Bond Index\n↑ **$2,990** Bank of America US High Yield Index\n↑ **$2,575** Eureka Hedge\n\n### Correlation to Indices\n\n| Index | YTD | Last 3 Years | Last 5 Years | Since Inception |\n| :--- | :--- | :--- | :--- | :--- |\n| S&P 500 | 0.45 | 0.53 | 0.45 | 0.22 |\n| Barclays US Agg | 0.64 | 0.45 | 0.24 | 0.05 |\n| BofA US High Yield | 0.62 | 0.57 | 0.51 | 0.25 |\n| Eureka Hedge | 0.55 | 0.54 | 0.51 | 0.38 |\n\nSource: Bloomberg\n\n---\n\nThe line graph above represents the growth of a hypothetical investment of $1,000 in the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., at its inception, calculated net of advisory fees, and assuming reinvestment of dividends and earnings. Hypothetical portfolio results do not reflect trading in actual accounts and have many inherent limitations. The hypothetical results above are provided for informational and illustrative purposes only. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections and Indices Presented disclosures at the end of this presentation.\n\n**16**",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Historical Comparison\nRelative performance since inception to Kawa Offshore (net of fees & expenses)\n\n---\n\n### [Chart Description: Historical Performance Line Graph]\n**Type:** Line Graph\n**Y-Axis:** \"Percentage Returns Since Inception\" ranging from 50% to 550% in increments of 100%.\n**X-Axis:** Time series from Aug-07 to Nov-24, labeled periodically (e.g., Aug-07, Nov-07, Feb-08, May-08, etc.).\n**Legend:**\n* **Kawa Offshore:** Solid Dark Blue line\n* **Barclays US Agg:** Dashed Orange line\n* **Eureka Hedge:** Dashed Light Blue line\n* **S&P Index:** Dash-dot Gold line\n* **Bank of America US High Yield:** Solid Light Blue line\n\n**Data Trajectory & Major Peaks/Valleys:**\n* **Kawa Offshore (Dark Blue line):** Starts near 50% in mid-2007. Exhibits a brief, shallow valley in late 2008. From 2009 onward, it shows a highly consistent upward trend with very low volatility compared to the S&P. It crosses 250% around 2013/2014, reaches 350% around 2017, and experiences an accelerated climb starting in 2020. It finishes as the top-performing asset on the chart, peaking just above 550% by Nov-24.\n* **S&P Index (Gold dash-dot line):** Starts near 50% in 2007. Experiences a major valley dropping below 50% during the 2008-2009 financial crisis. Recovers and grows steadily with moderate volatility, passing 250% in 2017. Experiences a sharp, brief valley in early 2020 (COVID-19 drop), followed by a massive spike, peaking around 450% in late 2021. It drops sharply into a valley around 350% in mid-2022, before rallying steeply to end just below the Kawa Offshore line near 550% in late 2024.\n* **Bank of America US High Yield (Light Blue solid line):** Starts near 50%, dips in 2008, and maintains a steady, moderate upward slope. It crosses 150% around 2013, reaches approximately 250% by 2021, and finishes the period just below 300%.\n* **Eureka Hedge (Light Blue dashed line):** Shows very steady, low-volatility, slow growth. It starts at 50%, slowly climbing over the 17-year period to finish just above the 150% mark by late 2024.\n* **Barclays US Agg (Orange dashed line):** Exhibits the lowest overall growth. Starts at 50%, climbs very slowly to peak just below 150% in 2020, and then enters a prolonged decline from 2021 to 2024, finishing near the 100% mark.\n\n---\n\n### Value of $1,000 Invested\n(since Kawa Fund Inception)\n\n↑ **$5,659** Kawa\n↑ **$5,857** S&P 500 Index\n↑ **$1,653** Barclays US Aggregate Bond Index\n↑ **$2,990** Bank of America US High Yield Index\n↑ **$2,575** Eureka Hedge\n\n### Correlation to Indices\n\n| Index | YTD | Last 3 Years | Last 5 Years | Since Inception |\n| :--- | :--- | :--- | :--- | :--- |\n| S&P 500 | 0.45 | 0.53 | 0.45 | 0.22 |\n| Barclays US Agg | 0.64 | 0.45 | 0.24 | 0.05 |\n| BofA US High Yield | 0.62 | 0.57 | 0.51 | 0.25 |\n| Eureka Hedge | 0.55 | 0.54 | 0.51 | 0.38 |\n\nSource: Bloomberg\n\n---\n\nThe line graph above represents the growth of a hypothetical investment of $1,000 in the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., at its inception, calculated net of advisory fees, and assuming reinvestment of dividends and earnings. Hypothetical portfolio results do not reflect trading in actual accounts and have many inherent limitations. The hypothetical results above are provided for informational and illustrative purposes only. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections and Indices Presented disclosures at the end of this presentation.\n\n**16**",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n# Kawa Fund Overview | Portfolio Statistics\nOffshore Feeder\n\n### Concentration (as % of NAV)\n| | |\n| :--- | :--- |\n| Largest Position | 6.86% |\n| Largest 5 Positions | 20.45% |\n| # Positions | 82 Distinct Trades, 6>2% of NAV |\n\n### Geographical Breakdown (as % of NAV)\n| | |\n| :--- | :--- |\n| US | 78.14% |\n| Brazil | 2.92% |\n| Canada | 1.12% |\n| Other | 15.43% |\n\n### Largest 5 Positions (as % of NAV)*\n| | |\n| :--- | :--- |\n| Ginnie Mae Project Loans | 6.86% |\n| REVL SBA COOF | 5.38% |\n| US Government 20yr TIPS | 3.70% |\n| Makefield Crossing Ground Note | 2.33% |\n| 40 Fulton Ground Note | 2.17% |\n\n### Other\n| | |\n| :--- | :--- |\n| Leverage | 0.44x |\n| Annual Turnover | 3.00x |\n| Duration Exposure** | +2.98 Years |\n\nAnnual turnover excludes futures and forward contracts.\n\n\\*Does not include all of our positions and may exclude other relevant exposures which are not shared due to confidentiality issues (for instance, in a limited liquidity position which manager is currently accumulating), manager’s perceived materiality of the positions, amongst many other qualitative and quantitative reasons. The reader should not assume that an investment in the securities identified was or will be profitable. \\*\\*Includes US T-Bills, USD, CAD, EUR, GBP and JPY exposures.\n\n17",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n# Kawa Fund Overview | Portfolio Statistics\nOffshore Feeder\n\n### Concentration (as % of NAV)\n| | |\n| :--- | :--- |\n| Largest Position | 6.86% |\n| Largest 5 Positions | 20.45% |\n| # Positions | 82 Distinct Trades, 6>2% of NAV |\n\n### Geographical Breakdown (as % of NAV)\n| | |\n| :--- | :--- |\n| US | 78.14% |\n| Brazil | 2.92% |\n| Canada | 1.12% |\n| Other | 15.43% |\n\n### Largest 5 Positions (as % of NAV)*\n| | |\n| :--- | :--- |\n| Ginnie Mae Project Loans | 6.86% |\n| REVL SBA COOF | 5.38% |\n| US Government 20yr TIPS | 3.70% |\n| Makefield Crossing Ground Note | 2.33% |\n| 40 Fulton Ground Note | 2.17% |\n\n### Other\n| | |\n| :--- | :--- |\n| Leverage | 0.44x |\n| Annual Turnover | 3.00x |\n| Duration Exposure** | +2.98 Years |\n\nAnnual turnover excludes futures and forward contracts.\n\n\\*Does not include all of our positions and may exclude other relevant exposures which are not shared due to confidentiality issues (for instance, in a limited liquidity position which manager is currently accumulating), manager’s perceived materiality of the positions, amongst many other qualitative and quantitative reasons. The reader should not assume that an investment in the securities identified was or will be profitable. \\*\\*Includes US T-Bills, USD, CAD, EUR, GBP and JPY exposures.\n\n17",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**kawa**\n\n# Kawa Fund Overview | Current Portfolio Breakdown\n\n---\n\n### PORTFOLIO NAV BREAKDOWN BY BOOK\n\n**Chart Type:** Horizontal Bar Chart \n**X-Axis:** Percentage (0%, 10%, 20%, 30%, 40%) \n**Y-Axis:** Investment Books \n\n**Data Points (Top to Bottom):** \n* **Equity:** 2.06% \n* **Preferred Equity & Perpetuals:** 3.53% \n* **Macro Trading:** 4.41% \n* **Fixed Income Value:** 6.58% \n* **Asset Backed Securities:** 8.77% \n* **Mortgage Backed Securities:** 9.62% \n* **Single-Asset Financing:** 10.24% \n* **Treasury:** 19.75% \n* **Cash & Equivalents:** 34.39% \n\n---\n\n### Portfolio Duration: +2.98 years\n### PORTFOLIO NAV BREAKDOWN BY SUB-BOOK\n\n| Strategy | % of NAV |\n| :--- | :--- |\n| Equity Long Term | 2.1% |\n| Other Preferred Equity | 3.5% |\n| Equity Index | 0.01% |\n| FX Trading | 0.7% |\n| Rate Trading | 3.7% |\n| Corporate Credit | 1.8% |\n| EM Fixed Income | 4.5% |\n| Convertible | 0.3% |\n| ABS | 8.8% |\n| CMBS | 1.1% |\n| MBS | 8.5% |\n| CTL | 2.2% |\n| Secured Financing | 8.0% |\n| 20-Year Treasury Swap Spread | 19.7% |\n| Cash & Equivalents | 34.4% |\n\n**18**",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**kawa**\n\n# Kawa Fund Overview | Current Portfolio Breakdown\n\n---\n\n### PORTFOLIO NAV BREAKDOWN BY BOOK\n\n**Chart Type:** Horizontal Bar Chart \n**X-Axis:** Percentage (0%, 10%, 20%, 30%, 40%) \n**Y-Axis:** Investment Books \n\n**Data Points (Top to Bottom):** \n* **Equity:** 2.06% \n* **Preferred Equity & Perpetuals:** 3.53% \n* **Macro Trading:** 4.41% \n* **Fixed Income Value:** 6.58% \n* **Asset Backed Securities:** 8.77% \n* **Mortgage Backed Securities:** 9.62% \n* **Single-Asset Financing:** 10.24% \n* **Treasury:** 19.75% \n* **Cash & Equivalents:** 34.39% \n\n---\n\n### Portfolio Duration: +2.98 years\n### PORTFOLIO NAV BREAKDOWN BY SUB-BOOK\n\n| Strategy | % of NAV |\n| :--- | :--- |\n| Equity Long Term | 2.1% |\n| Other Preferred Equity | 3.5% |\n| Equity Index | 0.01% |\n| FX Trading | 0.7% |\n| Rate Trading | 3.7% |\n| Corporate Credit | 1.8% |\n| EM Fixed Income | 4.5% |\n| Convertible | 0.3% |\n| ABS | 8.8% |\n| CMBS | 1.1% |\n| MBS | 8.5% |\n| CTL | 2.2% |\n| Secured Financing | 8.0% |\n| 20-Year Treasury Swap Spread | 19.7% |\n| Cash & Equivalents | 34.4% |\n\n**18**",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa \n\n## Kawa Fund Overview | Liquidity Profile\n\n### Liquidity Analysis¹\n\n*(The following is a structural description of the horizontal bar chart provided in the slide)*\n\n**Type:** Horizontal Bar Chart \n**X-axis:** Percentage scale from 0% to 45%, marked in 5% increments. \n**Y-axis:** Liquidity categories (Timeframes). \n**Data Values (from top to bottom):** \n* **Above 3 Months:** 0.35% \n* **Under 3 Months:** 9.07% \n* **Under A Month:** 18.00% \n* **Under A Week:** 38.37% \n* **Cash & Equivalents:** 34.39% \n\n***\n\n### Level 1,2,3 Asset Exposure (as % of NAV)\nAs of January 31,2025\n\n| ASC 820 Asset Level | % of NAV |\n| :--- | :--- |\n| Level 1 | 59.38% |\n| Level 2 | 38.12% |\n| Level 3 | 0.35% |\n\n***\n\n¹Liquidity analysis assumes P&L impact of -1 to -2% of Fund performance and is not based on a scenario involving market stress.\n\nGiven the funds’ liquidity profile, in which a large percentage of the portfolio is comprised of assets that can be liquidated in a month or less, Kawa believes the current portfolio could be liquidated (outside of a stressed environment) within the notice period of the Fund (60 days).\n\nKawa makes no guarantee it will be able to liquidate the fund in the timeframe presented here, or at all. The Fund’s ability to liquidate its portfolio will depend on the then-prevailing specific market conditions, and other factors many of which are not in Kawa’s control.\n\n19",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa \n\n## Kawa Fund Overview | Liquidity Profile\n\n### Liquidity Analysis¹\n\n*(The following is a structural description of the horizontal bar chart provided in the slide)*\n\n**Type:** Horizontal Bar Chart \n**X-axis:** Percentage scale from 0% to 45%, marked in 5% increments. \n**Y-axis:** Liquidity categories (Timeframes). \n**Data Values (from top to bottom):** \n* **Above 3 Months:** 0.35% \n* **Under 3 Months:** 9.07% \n* **Under A Month:** 18.00% \n* **Under A Week:** 38.37% \n* **Cash & Equivalents:** 34.39% \n\n***\n\n### Level 1,2,3 Asset Exposure (as % of NAV)\nAs of January 31,2025\n\n| ASC 820 Asset Level | % of NAV |\n| :--- | :--- |\n| Level 1 | 59.38% |\n| Level 2 | 38.12% |\n| Level 3 | 0.35% |\n\n***\n\n¹Liquidity analysis assumes P&L impact of -1 to -2% of Fund performance and is not based on a scenario involving market stress.\n\nGiven the funds’ liquidity profile, in which a large percentage of the portfolio is comprised of assets that can be liquidated in a month or less, Kawa believes the current portfolio could be liquidated (outside of a stressed environment) within the notice period of the Fund (60 days).\n\nKawa makes no guarantee it will be able to liquidate the fund in the timeframe presented here, or at all. The Fund’s ability to liquidate its portfolio will depend on the then-prevailing specific market conditions, and other factors many of which are not in Kawa’s control.\n\n19",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n### Kawa Fund Overview | Pricing Process\n\n* For the Fund’s Level I assets, IDC and Bloomberg are the main pricing sources, but the Fund’s third party Administrator, SS&C GlobeOp (“SS&C”), will also use the Fund’s prime broker as a potential source.\n* At the beginning of each month, Kawa compiles a list of all the Fund’s Level II securities. This list is reviewed by at least two members of Kawa’s Valuation Committee (the “Committee”), which is comprised of a Portfolio Manager (“PM;” Daniel Ades or Alexandre Saverin), the Managing Directors of Operations and Finance (respectively, Xi Liu and Gustavo Avellar), the Deputy CEO (Cristina Baldim), and the firm’s General Counsel and Chief Compliance Officer (Jeremy Traster, non-voting member); or authorized designees.\n* The fund’s administrator, SS&C, then sends a list of the relevant securities to third-party brokers for valuation/pricing. SS&C currently works with independent brokers to carry out this process, including Seaport, Mesirow, StoneCastle, and Bank of America. SS&C attempts to get at least 2 prices for each security.\n* Upon receipt of prices from the brokers, SS&C is responsible for compiling a report with all the broker prices. The Valuation Committee then reviews this report. Valuations generally are marked at the average of the broker quotes. In rare instances in which the manager chooses to change the mark from the broker quote average, deviations up to two 2% from the average of the broker prices are then recorded by SS&C as “manager prices, independently confirmed” in the monthly transparency report. If the deviation is more than 2%, it is recorded as “manager priced.” In both cases, the Committee will add an explanation to the price report explaining why it decided to deviate from the average.\n* A final document noting any overrides and/or valuation issues is approved by the Committee and sent to SS&C for final approval.\n* At year end, the Fund’s valuation process is reviewed by its auditors, Grant Thornton, which audits all year-end prices for open positions.\n* Since its inception, the Fund has had no material pricing issues that required a NAV restatement.\n\n20",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n### Kawa Fund Overview | Pricing Process\n\n* For the Fund’s Level I assets, IDC and Bloomberg are the main pricing sources, but the Fund’s third party Administrator, SS&C GlobeOp (“SS&C”), will also use the Fund’s prime broker as a potential source.\n* At the beginning of each month, Kawa compiles a list of all the Fund’s Level II securities. This list is reviewed by at least two members of Kawa’s Valuation Committee (the “Committee”), which is comprised of a Portfolio Manager (“PM;” Daniel Ades or Alexandre Saverin), the Managing Directors of Operations and Finance (respectively, Xi Liu and Gustavo Avellar), the Deputy CEO (Cristina Baldim), and the firm’s General Counsel and Chief Compliance Officer (Jeremy Traster, non-voting member); or authorized designees.\n* The fund’s administrator, SS&C, then sends a list of the relevant securities to third-party brokers for valuation/pricing. SS&C currently works with independent brokers to carry out this process, including Seaport, Mesirow, StoneCastle, and Bank of America. SS&C attempts to get at least 2 prices for each security.\n* Upon receipt of prices from the brokers, SS&C is responsible for compiling a report with all the broker prices. The Valuation Committee then reviews this report. Valuations generally are marked at the average of the broker quotes. In rare instances in which the manager chooses to change the mark from the broker quote average, deviations up to two 2% from the average of the broker prices are then recorded by SS&C as “manager prices, independently confirmed” in the monthly transparency report. If the deviation is more than 2%, it is recorded as “manager priced.” In both cases, the Committee will add an explanation to the price report explaining why it decided to deviate from the average.\n* A final document noting any overrides and/or valuation issues is approved by the Committee and sent to SS&C for final approval.\n* At year end, the Fund’s valuation process is reviewed by its auditors, Grant Thornton, which audits all year-end prices for open positions.\n* Since its inception, the Fund has had no material pricing issues that required a NAV restatement.\n\n20",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa’s Investment Process\n\n**Generating Ideas**\nKawa proactively seeks new investment opportunities that fit its philosophy and objectives, through extensive research and a robust network of business relationships. An initial thesis is presented to the Portfolio Managers during a monthly investment meeting. Kawa’s PMs meet frequently throughout the month to review and discuss opportunities.\n\n**In-Depth Research & Analysis**\nIf the portfolio managers determine it is worthwhile to dive deeper, the research team typically performs an in-depth fundamental analysis to determine intrinsic value relative to market pricing.\n\nThe research process is reported regularly, and more/less research time and assets are allocated to the idea as it matures. Most ideas do not survive the research phase and are archived.\n\n**Evaluating & Purchasing**\nOnce research is complete, the thesis is reviewed by the Portfolio Managers. If approved by both PMs, risk profiles, stop loss/profits, and position sizes are determined and implemented.\n\n**Active Management**\nKawa’s team actively manages its positions, across the portfolio, through a disciplined risk management approach.\n\n**Sale**\nKawa generally exits the Fund’s positions once: (i) they have reached their estimates of fair value; (ii) conditions change whereby the risk/reward at market prices is no longer deemed attractive; or (iii) Kawa determines reallocation of capital would be beneficial to the portfolio.\n\n22",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa’s Investment Process\n\n**Generating Ideas**\nKawa proactively seeks new investment opportunities that fit its philosophy and objectives, through extensive research and a robust network of business relationships. An initial thesis is presented to the Portfolio Managers during a monthly investment meeting. Kawa’s PMs meet frequently throughout the month to review and discuss opportunities.\n\n**In-Depth Research & Analysis**\nIf the portfolio managers determine it is worthwhile to dive deeper, the research team typically performs an in-depth fundamental analysis to determine intrinsic value relative to market pricing.\n\nThe research process is reported regularly, and more/less research time and assets are allocated to the idea as it matures. Most ideas do not survive the research phase and are archived.\n\n**Evaluating & Purchasing**\nOnce research is complete, the thesis is reviewed by the Portfolio Managers. If approved by both PMs, risk profiles, stop loss/profits, and position sizes are determined and implemented.\n\n**Active Management**\nKawa’s team actively manages its positions, across the portfolio, through a disciplined risk management approach.\n\n**Sale**\nKawa generally exits the Fund’s positions once: (i) they have reached their estimates of fair value; (ii) conditions change whereby the risk/reward at market prices is no longer deemed attractive; or (iii) Kawa determines reallocation of capital would be beneficial to the portfolio.\n\n22",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n## Risk Management & Control\n\n| Exposure Group | | Expected Ranges |\n| :--- | :--- | :--- |\n| **Portfolio DV01** | | -7 years to +7 years |\n| **Portfolio Leverage¹** | | 65% to 135% |\n| **ABS** | Individual Structured Credit Position² | 2% to 10% |\n| **Single-Asset Financing** | Individual Secured Credit Position² | 2% to 10% |\n| **Preferred Equity and Perpetuals** | Individual Bank Perpetual or Preferred Position<br>Individual Auction Rate Preferred Position<br>Individual Canadian Preferred Position<br>Other Individual Preferred Equity<br>Position | 1% to 3%<br>2% to 8%<br>0.5% to 3%<br>0.5% to 3% |\n| **FI Value** | Individual Unsecured Fixed Income Position | 2% to 5% |\n| **Muni** | Individual Muni Position | 1% to 3% |\n| **Equity** | Individual MLP<br>Individual REIT<br>Total Index Trading<br>Individual Equity | 0.5% to 2%<br>0.5% to 3%<br>-20% to 20%<br>0.5% to 2% |\n| **Macro** | Individual Currency Position<br>Total FX Exposure (not including purchased options)<br>Total Purchased Options as a % of NAV<br>Other Derivatives as Capital at Risk as % of NAV | 3% to 10%<br>5% to 20%<br>1% to 5%<br>1% to 5% |\n\n<br>\n\n¹Portfolio Leverage does not include Foreign Exchange, exposure through options, interest rate trading and relative value trades. ²Other than Agencies, Supranational & Treasuries and on a net basis (does not include Relative Value Trades).\n\nThe above ranges are as a percentage of NAV. The ranges are currently expected ranges only and may be exceeded or revised at any time in the sole discretion of the manager. The Fund is not restricted by asset classes or specific constraints. Prospective investors should carefully review the relevant Confidential Explanatory Memorandum relating to the applicable fund.\n\n24",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n## Risk Management & Control\n\n| Exposure Group | | Expected Ranges |\n| :--- | :--- | :--- |\n| **Portfolio DV01** | | -7 years to +7 years |\n| **Portfolio Leverage¹** | | 65% to 135% |\n| **ABS** | Individual Structured Credit Position² | 2% to 10% |\n| **Single-Asset Financing** | Individual Secured Credit Position² | 2% to 10% |\n| **Preferred Equity and Perpetuals** | Individual Bank Perpetual or Preferred Position<br>Individual Auction Rate Preferred Position<br>Individual Canadian Preferred Position<br>Other Individual Preferred Equity<br>Position | 1% to 3%<br>2% to 8%<br>0.5% to 3%<br>0.5% to 3% |\n| **FI Value** | Individual Unsecured Fixed Income Position | 2% to 5% |\n| **Muni** | Individual Muni Position | 1% to 3% |\n| **Equity** | Individual MLP<br>Individual REIT<br>Total Index Trading<br>Individual Equity | 0.5% to 2%<br>0.5% to 3%<br>-20% to 20%<br>0.5% to 2% |\n| **Macro** | Individual Currency Position<br>Total FX Exposure (not including purchased options)<br>Total Purchased Options as a % of NAV<br>Other Derivatives as Capital at Risk as % of NAV | 3% to 10%<br>5% to 20%<br>1% to 5%<br>1% to 5% |\n\n<br>\n\n¹Portfolio Leverage does not include Foreign Exchange, exposure through options, interest rate trading and relative value trades. ²Other than Agencies, Supranational & Treasuries and on a net basis (does not include Relative Value Trades).\n\nThe above ranges are as a percentage of NAV. The ranges are currently expected ranges only and may be exceeded or revised at any time in the sole discretion of the manager. The Fund is not restricted by asset classes or specific constraints. Prospective investors should carefully review the relevant Confidential Explanatory Memorandum relating to the applicable fund.\n\n24",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\nkawa\n\n**Risk Management & Control**\n\n# Built-in risk management.\n\n### Buying, Trading & Monitoring\n* Buying securities that Kawa believes are below their intrinsic value.\n* Sizing the Fund’s positions based on Kawa’s risk/reward analysis and correlations with other investments in the portfolio.\n* Limiting number of positions that are less liquid or illiquid, to be mindful of potential redemptions.\n* Using limited fund-level leverage.\n\n### Selling\n* Disciplined use of stop losses on trading positions.\n* Strategies in the event of a 4% intra-month drawdown:\n * No additional (fundamental or trading) positions are expected to be taken for the month, and\n * An attempt may be made to reduce trading positions by 50%, provided, however, that automatic sales may be avoided during periods of market distress, that Kawa believes represent opportunities for deep value investing.\n\nNot all risk mitigation techniques listed above are utilized at any specific point in time, or with regard to any specific Fund position.\n\n25",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\nkawa\n\n**Risk Management & Control**\n\n# Built-in risk management.\n\n### Buying, Trading & Monitoring\n* Buying securities that Kawa believes are below their intrinsic value.\n* Sizing the Fund’s positions based on Kawa’s risk/reward analysis and correlations with other investments in the portfolio.\n* Limiting number of positions that are less liquid or illiquid, to be mindful of potential redemptions.\n* Using limited fund-level leverage.\n\n### Selling\n* Disciplined use of stop losses on trading positions.\n* Strategies in the event of a 4% intra-month drawdown:\n * No additional (fundamental or trading) positions are expected to be taken for the month, and\n * An attempt may be made to reduce trading positions by 50%, provided, however, that automatic sales may be avoided during periods of market distress, that Kawa believes represent opportunities for deep value investing.\n\nNot all risk mitigation techniques listed above are utilized at any specific point in time, or with regard to any specific Fund position.\n\n25",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n**Kawa Fund Risk Report**\nJanuary 2025: 0.52%* | YTD: 0.52%*\n\n***\n\n### Left Column\n\n| Strategy | ATTRIBUTION MTD % | ATTRIBUTION YTD % | EXPOSURE % NAV Long | EXPOSURE % NAV Short | EXPOSURE % NAV Net |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| ABS | 0.08% | 0.08% | 2.18% | 0.00% | 2.18% |\n| Cash & Fees | -0.02% | -0.02% | 4.13% | -1.73% | 2.40% |\n| Cash Management | 0.05% | 0.05% | 0.37% | 0.00% | 0.37% |\n| Equity | 0.07% | 0.07% | 2.25% | 0.00% | 2.25% |\n| Fixed Income Value | -0.01% | -0.01% | 15.04% | -5.89% | 9.15% |\n| Macro Trading | -0.14% | -0.14% | 15.58% | -6.36% | 9.21% |\n| MBS | 0.07% | 0.07% | 11.74% | -8.10% | 3.63% |\n| Preferred Equity & Perpetuals | 0.01% | 0.01% | 0.54% | -2.37% | -1.83% |\n| Single-Asset Financing | 0.23% | 0.23% | 17.47% | 0.00% | 17.47% |\n| Treasury | 0.18% | 0.18% | 34.99% | -35.17% | -0.18% |\n| **Total** | **0.52%** | **0.52%** | **104.29%** | **-59.63%** | **44.66%** |\n\n**NET INSTRUMENT LEVEL PERFORMANCE**\n\n| Instrument Type | ATTRIBUTION MTD % | ATTRIBUTION YTD % | EXPOSURE % NAV Long | EXPOSURE % NAV Short | EXPOSURE % NAV Net |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Bond | 0.62% | 0.62% | 77.86% | -0.53% | 77.33% |\n| Cash & Fees | -0.02% | -0.02% | 4.13% | -1.73% | 2.40% |\n| CDS | 0.00% | 0.00% | 0.00% | -0.59% | -0.59% |\n| Equity | 0.03% | 0.03% | 2.25% | 0.00% | 2.25% |\n| Forward | -0.03% | -0.03% | 0.83% | 0.00% | 0.83% |\n| Future | -0.05% | -0.05% | 3.18% | 0.00% | 3.18% |\n| FX Option | -0.09% | -0.09% | 7.89% | -5.05% | 2.84% |\n| Option | -0.02% | -0.02% | 0.00% | -1.31% | -1.31% |\n| Preferred | 0.01% | 0.01% | 0.54% | -1.87% | -1.33% |\n| Swap | 0.12% | 0.12% | 7.53% | -48.53% | -41.00% |\n| Swap Option | -0.03% | -0.03% | 0.00% | 0.00% | 0.00% |\n| Volatility Swap | -0.01% | -0.01% | 0.07% | 0.00% | 0.07% |\n| **Total** | **0.52%** | **0.52%** | **104.29%** | **-59.63%** | **44.66%** |\n\n**RISK SCENARIOS\\***\n\n| Strategy | 10Y Adjusted^A | Duration^B | CS01^C (1bp up in spreads) | FX01^C (1% up in USD) | EQ01^C (1% up in S&P) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| ABS | 2.18% | 0.17 | -0.20 | 0.00 | 0.00 |\n| Cash & Fees | 0.00% | 0.00 | 0.00 | -0.01 | 0.00 |\n| Cash Management | 0.37% | 0.03 | -0.03 | 0.00 | 0.00 |\n| Equity | 0.00% | 0.00 | 0.00 | 0.00 | 2.25 |\n| Fixed Income Value | 8.92% | 0.70 | -0.71 | -0.66 | 0.00 |\n| Macro Trading | 7.47% | 0.58 | -0.52 | -5.77 | -0.25 |\n| MBS | 3.63% | 0.28 | -1.16 | 0.00 | 0.00 |\n| Preferred Equity & Perpetuals | -1.83% | -0.14 | -0.52 | -0.51 | 0.00 |\n| Single-Asset Financing | 17.47% | 1.37 | -1.41 | 0.00 | 0.00 |\n| Treasury | -0.18% | -0.01 | -1.90 | 0.00 | 0.00 |\n| **Total** | **38.03%** | **2.98** | **-6.46** | **-6.95** | **2.01** |\n\n***\n\n### Right Column\n\n**Past performance is not indicative of future results. The risk of trading futures is substantial and may not be appropriate for all investors.** *The estimated net performance for the current month and year presented here is for the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd. and is net of all fees (2%/20%) and expenses and reflects the reinvestment of any dividends or income received and is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. The reader should not assume that instruments of the types shown are, or will be, profitable. Please see the Important Disclosures Regarding Please see the Priority Profit Share (PPS) and Hypothetical Portfolio Results & Projections disclosures at the end of this presentation.\n\n| Instrument type | 10Y Adjusted^A | Duration^B | CS01^C (1bp up in spreads) | FX01^C (1% up in USD) | EQ01^C (1% up in S&P) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Bond | 77.33% | 6.05 | -6.32 | -1.45 | 0.00 |\n| Cash & Fees | 0.00% | 0.00 | 0.00 | -0.01 | 0.00 |\n| CDS | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 |\n| Equity | 0.00% | 0.00 | 0.00 | 0.00 | 2.25 |\n| Forward | 0.00% | 0.00 | 0.00 | 0.79 | 0.00 |\n| Future | 3.18% | 0.25 | -0.25 | 0.00 | 0.00 |\n| FX Option | 0.00% | 0.00 | 0.00 | -5.71 | 0.00 |\n| Option | 0.00% | 0.00 | 0.00 | 0.00 | -0.25 |\n| Preferred | -1.33% | -0.10 | -0.27 | -0.51 | 0.00 |\n| Swap | -41.00% | -3.21 | 0.36 | 0.00 | 0.00 |\n| Swap Option | -0.14% | -0.01 | 0.01 | -0.07 | 0.00 |\n| Volatility Swap | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 |\n| **Total** | **38.03%** | **2.98** | **-6.46** | **-6.95** | **2.01** |\n\n| Historical Scenario Analysis\\*\\* | Hypothetical PNL% |\n| :--- | :--- |\n| Japan | 11.90% |\n| Rate Shock1994 | -2.78% |\n| Reflation | 1.40% |\n| Disinflation | 1.15% |\n| Stagflation | 0.65% |\n| 2008 Risk Selloff | -6.43% |\n| Covid 2020 | -2.67% |\n| VAR1D1Y95 | 0.23% |\n| VAR1M1Y95 | 0.76% |\n\n**GLOBAL RATE EXPOSURE BY CURRENCY AND MATURITY**\n\n| | 0-2Y | 2Y-5Y | 5Y-10Y | 10Y-30Y | 30Y+ | Total | 10Y Adjusted |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| USD | 0.08 | 0.21 | 0.25 | 1.36 | 0.96 | 2.87 | 36.64% |\n| CAD | -0.01 | 0.01 | 0.01 | 0.00 | 0.04 | 0.05 | 0.66% |\n| COP | 0.00 | 0.00 | 0.00 | 0.07 | 0.00 | 0.07 | 0.87% |\n\n***\n\n### Footer\n\n**Important Information Regarding Net Instrument and Net Strategy Level Performance**\nThe performance of the Fund's Strategies and instrument types (each, a \"component\" of the Fund's portfolio) does not include an allocation of cash, as cash allocation decisions were made with respect to the total Kawa Fund portfolio, and not with respect to its components. A model cash allocation, based on the NAV weight of each component relative to the total Kawa Fund portfolio, if included, would tend to increase component performance. Component performance presented herein is net of: (i) estimated expenses, (ii) the management fee of 2% per annum applied as a percentage of the Kawa Fund portfolio's total management fee, based on the component's exposure relative to overall fund exposure, and (iii) modeled performance fees of 20%, applied to the standalone performance of each component, assuming a highwater mark based on the value of the component's performance as of January 1. The calculation of performance fees is done separately, but in addition to, the netting of estimated expenses and management fees, as noted above in clauses (i) and (ii).\n\n26",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n**Kawa Fund Risk Report**\nJanuary 2025: 0.52%* | YTD: 0.52%*\n\n***\n\n### Left Column\n\n| Strategy | ATTRIBUTION MTD % | ATTRIBUTION YTD % | EXPOSURE % NAV Long | EXPOSURE % NAV Short | EXPOSURE % NAV Net |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| ABS | 0.08% | 0.08% | 2.18% | 0.00% | 2.18% |\n| Cash & Fees | -0.02% | -0.02% | 4.13% | -1.73% | 2.40% |\n| Cash Management | 0.05% | 0.05% | 0.37% | 0.00% | 0.37% |\n| Equity | 0.07% | 0.07% | 2.25% | 0.00% | 2.25% |\n| Fixed Income Value | -0.01% | -0.01% | 15.04% | -5.89% | 9.15% |\n| Macro Trading | -0.14% | -0.14% | 15.58% | -6.36% | 9.21% |\n| MBS | 0.07% | 0.07% | 11.74% | -8.10% | 3.63% |\n| Preferred Equity & Perpetuals | 0.01% | 0.01% | 0.54% | -2.37% | -1.83% |\n| Single-Asset Financing | 0.23% | 0.23% | 17.47% | 0.00% | 17.47% |\n| Treasury | 0.18% | 0.18% | 34.99% | -35.17% | -0.18% |\n| **Total** | **0.52%** | **0.52%** | **104.29%** | **-59.63%** | **44.66%** |\n\n**NET INSTRUMENT LEVEL PERFORMANCE**\n\n| Instrument Type | ATTRIBUTION MTD % | ATTRIBUTION YTD % | EXPOSURE % NAV Long | EXPOSURE % NAV Short | EXPOSURE % NAV Net |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Bond | 0.62% | 0.62% | 77.86% | -0.53% | 77.33% |\n| Cash & Fees | -0.02% | -0.02% | 4.13% | -1.73% | 2.40% |\n| CDS | 0.00% | 0.00% | 0.00% | -0.59% | -0.59% |\n| Equity | 0.03% | 0.03% | 2.25% | 0.00% | 2.25% |\n| Forward | -0.03% | -0.03% | 0.83% | 0.00% | 0.83% |\n| Future | -0.05% | -0.05% | 3.18% | 0.00% | 3.18% |\n| FX Option | -0.09% | -0.09% | 7.89% | -5.05% | 2.84% |\n| Option | -0.02% | -0.02% | 0.00% | -1.31% | -1.31% |\n| Preferred | 0.01% | 0.01% | 0.54% | -1.87% | -1.33% |\n| Swap | 0.12% | 0.12% | 7.53% | -48.53% | -41.00% |\n| Swap Option | -0.03% | -0.03% | 0.00% | 0.00% | 0.00% |\n| Volatility Swap | -0.01% | -0.01% | 0.07% | 0.00% | 0.07% |\n| **Total** | **0.52%** | **0.52%** | **104.29%** | **-59.63%** | **44.66%** |\n\n**RISK SCENARIOS\\***\n\n| Strategy | 10Y Adjusted^A | Duration^B | CS01^C (1bp up in spreads) | FX01^C (1% up in USD) | EQ01^C (1% up in S&P) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| ABS | 2.18% | 0.17 | -0.20 | 0.00 | 0.00 |\n| Cash & Fees | 0.00% | 0.00 | 0.00 | -0.01 | 0.00 |\n| Cash Management | 0.37% | 0.03 | -0.03 | 0.00 | 0.00 |\n| Equity | 0.00% | 0.00 | 0.00 | 0.00 | 2.25 |\n| Fixed Income Value | 8.92% | 0.70 | -0.71 | -0.66 | 0.00 |\n| Macro Trading | 7.47% | 0.58 | -0.52 | -5.77 | -0.25 |\n| MBS | 3.63% | 0.28 | -1.16 | 0.00 | 0.00 |\n| Preferred Equity & Perpetuals | -1.83% | -0.14 | -0.52 | -0.51 | 0.00 |\n| Single-Asset Financing | 17.47% | 1.37 | -1.41 | 0.00 | 0.00 |\n| Treasury | -0.18% | -0.01 | -1.90 | 0.00 | 0.00 |\n| **Total** | **38.03%** | **2.98** | **-6.46** | **-6.95** | **2.01** |\n\n***\n\n### Right Column\n\n**Past performance is not indicative of future results. The risk of trading futures is substantial and may not be appropriate for all investors.** *The estimated net performance for the current month and year presented here is for the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd. and is net of all fees (2%/20%) and expenses and reflects the reinvestment of any dividends or income received and is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. The reader should not assume that instruments of the types shown are, or will be, profitable. Please see the Important Disclosures Regarding Please see the Priority Profit Share (PPS) and Hypothetical Portfolio Results & Projections disclosures at the end of this presentation.\n\n| Instrument type | 10Y Adjusted^A | Duration^B | CS01^C (1bp up in spreads) | FX01^C (1% up in USD) | EQ01^C (1% up in S&P) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Bond | 77.33% | 6.05 | -6.32 | -1.45 | 0.00 |\n| Cash & Fees | 0.00% | 0.00 | 0.00 | -0.01 | 0.00 |\n| CDS | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 |\n| Equity | 0.00% | 0.00 | 0.00 | 0.00 | 2.25 |\n| Forward | 0.00% | 0.00 | 0.00 | 0.79 | 0.00 |\n| Future | 3.18% | 0.25 | -0.25 | 0.00 | 0.00 |\n| FX Option | 0.00% | 0.00 | 0.00 | -5.71 | 0.00 |\n| Option | 0.00% | 0.00 | 0.00 | 0.00 | -0.25 |\n| Preferred | -1.33% | -0.10 | -0.27 | -0.51 | 0.00 |\n| Swap | -41.00% | -3.21 | 0.36 | 0.00 | 0.00 |\n| Swap Option | -0.14% | -0.01 | 0.01 | -0.07 | 0.00 |\n| Volatility Swap | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 |\n| **Total** | **38.03%** | **2.98** | **-6.46** | **-6.95** | **2.01** |\n\n| Historical Scenario Analysis\\*\\* | Hypothetical PNL% |\n| :--- | :--- |\n| Japan | 11.90% |\n| Rate Shock1994 | -2.78% |\n| Reflation | 1.40% |\n| Disinflation | 1.15% |\n| Stagflation | 0.65% |\n| 2008 Risk Selloff | -6.43% |\n| Covid 2020 | -2.67% |\n| VAR1D1Y95 | 0.23% |\n| VAR1M1Y95 | 0.76% |\n\n**GLOBAL RATE EXPOSURE BY CURRENCY AND MATURITY**\n\n| | 0-2Y | 2Y-5Y | 5Y-10Y | 10Y-30Y | 30Y+ | Total | 10Y Adjusted |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| USD | 0.08 | 0.21 | 0.25 | 1.36 | 0.96 | 2.87 | 36.64% |\n| CAD | -0.01 | 0.01 | 0.01 | 0.00 | 0.04 | 0.05 | 0.66% |\n| COP | 0.00 | 0.00 | 0.00 | 0.07 | 0.00 | 0.07 | 0.87% |\n\n***\n\n### Footer\n\n**Important Information Regarding Net Instrument and Net Strategy Level Performance**\nThe performance of the Fund's Strategies and instrument types (each, a \"component\" of the Fund's portfolio) does not include an allocation of cash, as cash allocation decisions were made with respect to the total Kawa Fund portfolio, and not with respect to its components. A model cash allocation, based on the NAV weight of each component relative to the total Kawa Fund portfolio, if included, would tend to increase component performance. Component performance presented herein is net of: (i) estimated expenses, (ii) the management fee of 2% per annum applied as a percentage of the Kawa Fund portfolio's total management fee, based on the component's exposure relative to overall fund exposure, and (iii) modeled performance fees of 20%, applied to the standalone performance of each component, assuming a highwater mark based on the value of the component's performance as of January 1. The calculation of performance fees is done separately, but in addition to, the netting of estimated expenses and management fees, as noted above in clauses (i) and (ii).\n\n26",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n## Risk Management & Control | Information regarding stress and scenario analysis\n\n**Scenario Analysis**\n\nIn order to create the scenario analysis, Kawa applied the rate shifts, currency shifts and spread shifts that occurred during certain historic scenarios to the Kawa Fund’s portfolio. The key assumptions and shifts made for the depicted scenarios are set forth below. The scenario analysis reflects hypothetical results and does not reflect actual results. Other factors that are not accounted for may have been present during these historical scenarios and may adversely reflect the results of the scenario analysis. Kawa was not offering any products before 2007, and certain of the historical scenarios were before 2007. Hypothetical results have many inherent limitations, some of which are described in the disclosure. Simulated or hypothetical results in general are also subject to the fact that they are designed with the benefit of hindsight. There may be other historical scenarios under which the Kawa Fund’s portfolio would have performed worse, or better. \n\n**Key Assumptions for the Historical Scenarios**\n\n**Japan:** Japan 30-year rates go to 0% in 2016. This scenario imagines if that had happened in the US, 30-year rates move from 1.5% to 0%. Currency moves 25%, gain then loss. AA spreads widen by 40 bps.\n\n**Rate Shock 1994:** 30-year rates move from 6% to 8% US dollar index moves from 95 to 82, losing 13%, AA spreads widen slightly by 15 bps.\n\n**2008 Risk Selloff:** 30-year rates move from 4% to 2.5%, US dollar index moves from 72 to 86, gaining 19%, AA spreads widen from 200 to 370 bps.\n\n**Reflation:** 2yr Tsy+10bps / 10yr Tsy +25bps, IG -15bps / HY -45bps, US eq +18%, EUR/USD -10%, Commodities +4%.\n\n**Disinflation:** 2yr Tsy -15bps / 10 yr -70bps, IG +100bps / HY +230bps, SPX -29%, EUR/USD -5%, Comm +1%.\n\n**Stagflation:** 2yr Tsy +110bps / 10 yr +225bps, IG +100bps / HY +230bps, SPX -24%, EUR/USD +12%, Comm +7%.\n\n**COVID 2020:** US 10yr -100bps, credit spreads +250bps, SPX -26%, EUR -8%.\n\nPlease see Important Disclosures Regarding Hypothetical Portfolio Results & Projections at the end of this presentation.\n\n27",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n## Risk Management & Control | Information regarding stress and scenario analysis\n\n**Scenario Analysis**\n\nIn order to create the scenario analysis, Kawa applied the rate shifts, currency shifts and spread shifts that occurred during certain historic scenarios to the Kawa Fund’s portfolio. The key assumptions and shifts made for the depicted scenarios are set forth below. The scenario analysis reflects hypothetical results and does not reflect actual results. Other factors that are not accounted for may have been present during these historical scenarios and may adversely reflect the results of the scenario analysis. Kawa was not offering any products before 2007, and certain of the historical scenarios were before 2007. Hypothetical results have many inherent limitations, some of which are described in the disclosure. Simulated or hypothetical results in general are also subject to the fact that they are designed with the benefit of hindsight. There may be other historical scenarios under which the Kawa Fund’s portfolio would have performed worse, or better. \n\n**Key Assumptions for the Historical Scenarios**\n\n**Japan:** Japan 30-year rates go to 0% in 2016. This scenario imagines if that had happened in the US, 30-year rates move from 1.5% to 0%. Currency moves 25%, gain then loss. AA spreads widen by 40 bps.\n\n**Rate Shock 1994:** 30-year rates move from 6% to 8% US dollar index moves from 95 to 82, losing 13%, AA spreads widen slightly by 15 bps.\n\n**2008 Risk Selloff:** 30-year rates move from 4% to 2.5%, US dollar index moves from 72 to 86, gaining 19%, AA spreads widen from 200 to 370 bps.\n\n**Reflation:** 2yr Tsy+10bps / 10yr Tsy +25bps, IG -15bps / HY -45bps, US eq +18%, EUR/USD -10%, Commodities +4%.\n\n**Disinflation:** 2yr Tsy -15bps / 10 yr -70bps, IG +100bps / HY +230bps, SPX -29%, EUR/USD -5%, Comm +1%.\n\n**Stagflation:** 2yr Tsy +110bps / 10 yr +225bps, IG +100bps / HY +230bps, SPX -24%, EUR/USD +12%, Comm +7%.\n\n**COVID 2020:** US 10yr -100bps, credit spreads +250bps, SPX -26%, EUR -8%.\n\nPlease see Important Disclosures Regarding Hypothetical Portfolio Results & Projections at the end of this presentation.\n\n27",
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"gemini_markdown": "THE KAWA FUND\nkawa\n\n# Team & Infrastructure\n\n28",
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"markdown": "THE KAWA FUND\nkawa\n\n# Team & Infrastructure\n\n28",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n**kawa**\n\n# Team & Infrastructure\n\n## Investment Team\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer, PM\n\n### Investment & Originations\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Alex Saverin | Chief Risk Officer, PM | Daniel Amer, CFA | Managing Director |\n| Jacques Holzmann | Managing Director | Emile Ernandez | Managing Director |\n| Harlan Lam | Senior Director | Michael Aronovitz | Director |\n| Michael Baratta | Director | Jeremy Lash | Director |\n| Jonathan Wolgin | Director | Jose Kliksberg | Director |\n| Rohit Kar | Director | Tim Sullivan | Senior Associate |\n| Pooria Dariush | Senior Associate | Nicholas Martucci | Senior Associate |\n| Jonathan Dahari | Senior Associate | Avgustina Nikolova | Associate |\n| Tina Cheesman | Associate | Zachary Goldberg | Analyst |\n| Juan Marini | Analyst | Matthew Philbin | Analyst |\n| Kai Yudelson | Analyst | | |\n\n---\n\n## Infrastructure Team\n**Cristina Baldim** \nDeputy Chief Executive Officer\n\n### Investor Relations\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Felipe Lemos | Head of IR | | |\n| Luciano Lautenberg | Managing Director | Fernando Braghin | Managing Director |\n| Tyler Claus, CAIA | Director | Magda Alvarez | Senior Associate |\n| Raquel Shoshani | Senior Associate | | |\n\n**Middle Office**\n| Name | Title |\n| :--- | :--- |\n| Gabriella Mendez | Manager |\n\n**Marketing**\n| Name | Title |\n| :--- | :--- |\n| Stephanie Holzmann | Director |\n\n### Legal & Compliance\n| Name | Title |\n| :--- | :--- |\n| Jeremy Traster | General Counsel & CCO |\n| Peter Cunha | Deputy General Counsel |\n| Franco Piccinini | Assistant General Counsel |\n| Daniel Bumm | Assistant General Counsel |\n| Tatjana Martin | Senior Legal Assistant |\n\n**Compliance**\n| Name | Title |\n| :--- | :--- |\n| Edward Goldfarb | Senior Compliance Officer |\n| Nataly Torosian | Senior Compliance Officer |\n\n### Operations & Finance\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Xi Liu | Managing Director, Operations | Lee Li | Controller |\n| Katherine Handley | Director | Jue Wang | Senior Accountant |\n| Oscar Garcia | Senior Operations Analyst | Christopher Barr | Operations Analyst |\n\n**Finance**\n| Name | Title |\n| :--- | :--- |\n| Gustavo Avellar | Managing Director |\n| Felipe Gutnik | Director |\n| Jimmy Mitchell | Senior Financial Analyst |\n\n### Tax\n| Name | Title |\n| :--- | :--- |\n| Ted Brooks | Tax Director, Global Tax Counsel |\n| Adam Katz | Senior Tax Manager |\n| Alejandro Aponte | Sr. Tax Accountant |\n\n### Information Systems\n| Name | Title |\n| :--- | :--- |\n| Lando Kravetz | Chief Technology Officer |\n| Nelson Torres | IT Director, CISO |\n| Alberto Palacio | Information Systems Administrator |\n\n### HR & Corporate Services\n| Name | Title |\n| :--- | :--- |\n| Leticia Heleodoro | Managing Director |\n\n**Corporate Services**\n| Name | Title |\n| :--- | :--- |\n| Katiussi Soares | Executive Assistant |\n| Alessandra Stanzione | Executive Assistant |\n| Lais Girardi | Executive Assistant |\n\n---\n**29**",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n**kawa**\n\n# Team & Infrastructure\n\n## Investment Team\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer, PM\n\n### Investment & Originations\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Alex Saverin | Chief Risk Officer, PM | Daniel Amer, CFA | Managing Director |\n| Jacques Holzmann | Managing Director | Emile Ernandez | Managing Director |\n| Harlan Lam | Senior Director | Michael Aronovitz | Director |\n| Michael Baratta | Director | Jeremy Lash | Director |\n| Jonathan Wolgin | Director | Jose Kliksberg | Director |\n| Rohit Kar | Director | Tim Sullivan | Senior Associate |\n| Pooria Dariush | Senior Associate | Nicholas Martucci | Senior Associate |\n| Jonathan Dahari | Senior Associate | Avgustina Nikolova | Associate |\n| Tina Cheesman | Associate | Zachary Goldberg | Analyst |\n| Juan Marini | Analyst | Matthew Philbin | Analyst |\n| Kai Yudelson | Analyst | | |\n\n---\n\n## Infrastructure Team\n**Cristina Baldim** \nDeputy Chief Executive Officer\n\n### Investor Relations\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Felipe Lemos | Head of IR | | |\n| Luciano Lautenberg | Managing Director | Fernando Braghin | Managing Director |\n| Tyler Claus, CAIA | Director | Magda Alvarez | Senior Associate |\n| Raquel Shoshani | Senior Associate | | |\n\n**Middle Office**\n| Name | Title |\n| :--- | :--- |\n| Gabriella Mendez | Manager |\n\n**Marketing**\n| Name | Title |\n| :--- | :--- |\n| Stephanie Holzmann | Director |\n\n### Legal & Compliance\n| Name | Title |\n| :--- | :--- |\n| Jeremy Traster | General Counsel & CCO |\n| Peter Cunha | Deputy General Counsel |\n| Franco Piccinini | Assistant General Counsel |\n| Daniel Bumm | Assistant General Counsel |\n| Tatjana Martin | Senior Legal Assistant |\n\n**Compliance**\n| Name | Title |\n| :--- | :--- |\n| Edward Goldfarb | Senior Compliance Officer |\n| Nataly Torosian | Senior Compliance Officer |\n\n### Operations & Finance\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Xi Liu | Managing Director, Operations | Lee Li | Controller |\n| Katherine Handley | Director | Jue Wang | Senior Accountant |\n| Oscar Garcia | Senior Operations Analyst | Christopher Barr | Operations Analyst |\n\n**Finance**\n| Name | Title |\n| :--- | :--- |\n| Gustavo Avellar | Managing Director |\n| Felipe Gutnik | Director |\n| Jimmy Mitchell | Senior Financial Analyst |\n\n### Tax\n| Name | Title |\n| :--- | :--- |\n| Ted Brooks | Tax Director, Global Tax Counsel |\n| Adam Katz | Senior Tax Manager |\n| Alejandro Aponte | Sr. Tax Accountant |\n\n### Information Systems\n| Name | Title |\n| :--- | :--- |\n| Lando Kravetz | Chief Technology Officer |\n| Nelson Torres | IT Director, CISO |\n| Alberto Palacio | Information Systems Administrator |\n\n### HR & Corporate Services\n| Name | Title |\n| :--- | :--- |\n| Leticia Heleodoro | Managing Director |\n\n**Corporate Services**\n| Name | Title |\n| :--- | :--- |\n| Katiussi Soares | Executive Assistant |\n| Alessandra Stanzione | Executive Assistant |\n| Lais Girardi | Executive Assistant |\n\n---\n**29**",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer, PM \nDaniel Ades is Kawa's Chief Executive Officer and Chief Investment Officer. Daniel has been responsible for overseeing the firm's investment decisions since its inception in 2007. Daniel is ultimately accountable for the overall strategy across all of Kawa's investing and, together with Alex, the Chief Risk Officer, manages capital and risk among strategies and investments. Daniel has been instrumental in building the investment team and creating an infrastructure capable of processing large amounts of simultaneous transactions and analysis, as well as ensuring an institutional-quality foundation for the different areas of the firm. Before starting Kawa, Daniel was a Partner at Horn Eichenwald Investments, an SEC-registered boutique investment advisor servicing high net-worth clients based in Miami, FL. Daniel has a B.A. in Economics and International Relations from Tufts University and a Master of Arts in Law and Diplomacy (MALD) from the Fletcher School with a minor in economic development and international business relations. Daniel received honors for his master's thesis on the pricing of emerging market debt. His thesis consisted of building a model for determining credit spreads in emerging market bonds by linking a government's tax revenue, its existing debt load, and the volatility of currency options markets. He was born and raised in Sao Paulo, Brazil, and is philanthropically active in several organizations in Miami and Israel, focusing on education.\n\n**Alex Saverin** \nChief Risk Officer, PM \nAlex Saverin is Kawa's Co-Founder and Chief Risk Officer. Alex spends most of his time evaluating investment opportunities and actively participating in quantitative analysis, risk management, hedging, and downside analysis for liquid funds. He has also overseen the implementation and build-out of Kawa's proprietary trading and monitoring systems. Before Kawa, Alex worked at Horn Eichenwald Investments, where he led the development of an asset management software platform and explored automated computer-based trading models. Before Horn Eichenwald, Alex was a Senior Developer for Motorola's Multimedia Messaging team, where he helped to successfully launch Motorola's multimedia messaging platform to over 60 million Verizon and U.S. Cellular subscribers. Alex has a B.A. in Computer Science from Cornell University. At Cornell, he was involved in computer vision research and studied computational finance.\n\n30",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer, PM \nDaniel Ades is Kawa's Chief Executive Officer and Chief Investment Officer. Daniel has been responsible for overseeing the firm's investment decisions since its inception in 2007. Daniel is ultimately accountable for the overall strategy across all of Kawa's investing and, together with Alex, the Chief Risk Officer, manages capital and risk among strategies and investments. Daniel has been instrumental in building the investment team and creating an infrastructure capable of processing large amounts of simultaneous transactions and analysis, as well as ensuring an institutional-quality foundation for the different areas of the firm. Before starting Kawa, Daniel was a Partner at Horn Eichenwald Investments, an SEC-registered boutique investment advisor servicing high net-worth clients based in Miami, FL. Daniel has a B.A. in Economics and International Relations from Tufts University and a Master of Arts in Law and Diplomacy (MALD) from the Fletcher School with a minor in economic development and international business relations. Daniel received honors for his master's thesis on the pricing of emerging market debt. His thesis consisted of building a model for determining credit spreads in emerging market bonds by linking a government's tax revenue, its existing debt load, and the volatility of currency options markets. He was born and raised in Sao Paulo, Brazil, and is philanthropically active in several organizations in Miami and Israel, focusing on education.\n\n**Alex Saverin** \nChief Risk Officer, PM \nAlex Saverin is Kawa's Co-Founder and Chief Risk Officer. Alex spends most of his time evaluating investment opportunities and actively participating in quantitative analysis, risk management, hedging, and downside analysis for liquid funds. He has also overseen the implementation and build-out of Kawa's proprietary trading and monitoring systems. Before Kawa, Alex worked at Horn Eichenwald Investments, where he led the development of an asset management software platform and explored automated computer-based trading models. Before Horn Eichenwald, Alex was a Senior Developer for Motorola's Multimedia Messaging team, where he helped to successfully launch Motorola's multimedia messaging platform to over 60 million Verizon and U.S. Cellular subscribers. Alex has a B.A. in Computer Science from Cornell University. At Cornell, he was involved in computer vision research and studied computational finance.\n\n30",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Daniel Amer** \nManaging Director\nDan Amer joined Kawa in November 2011 and serves as a Managing Director on the Investment & Originations team, leading research on tradeable securities for the Kawa Fund across various asset classes. Dan is a CFA charter holder and provides underwriting and execution of private investments throughout the capital structure, including leading the acquisition and financing of several commercial real estate and renewable energy opportunities over the past few years. Before Kawa, Dan worked as a Senior Equity Research Associate at Raymond James, covering real estate equities from 2007 to 2011. Dan graduated Cum Laude from the University of Pennsylvania in 2007, receiving a B.S. in Economics from the Wharton School of Business, with concentrations in Finance and Real Estate.\n\n**Emile Ernandez**\nManaging Director\nEmile Ernandez re-joined Kawa in February 2024 and serves as Managing Director, Head of Structured Credit on the Investment & Originations team. Emile’s background includes over 18 years of securitized products banking, structuring, and trading experience. Emile recently spent six months at Guggenheim Securities as a Managing Director, focused on Esoteric ABS. Prior to that, Emile was at Kawa from 2018 - 2023, working as Managing Director in the Investment & Originations department.\n\nBefore 2018, Emile was a Director in the Securitized Products Group within the Investment Banking division at Barclays in New York, where he spent seven years focusing on originating and structuring Esoteric structured finance transactions, including securitizations, warehouse facilities, and illiquid trading opportunities. Before Barclays, Emile spent six years at Deutsche Bank in New York as a Vice President in the Credit Solutions Group, focusing on structured lending in emerging markets and ABS transactions across the student loan and residential mortgage sectors. Emile is fluent in French and proficient in Spanish. He received his bachelor’s degree in Economics, with honors, from the University of Chicago.\n\n**Harlan Lam**\nSenior Director\nHarlan Lam joined Kawa in 2022 and serves as a Senior Trader on the Investment & Originations team. Before joining Kawa, he worked at Safra National Bank of New York, where he managed the bank's investment portfolio and facilitated the execution of client flows. Harlan is a CFA charter holder with a bachelor's degree in Accounting from Pennsylvania State University.\n\n31",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Daniel Amer** \nManaging Director\nDan Amer joined Kawa in November 2011 and serves as a Managing Director on the Investment & Originations team, leading research on tradeable securities for the Kawa Fund across various asset classes. Dan is a CFA charter holder and provides underwriting and execution of private investments throughout the capital structure, including leading the acquisition and financing of several commercial real estate and renewable energy opportunities over the past few years. Before Kawa, Dan worked as a Senior Equity Research Associate at Raymond James, covering real estate equities from 2007 to 2011. Dan graduated Cum Laude from the University of Pennsylvania in 2007, receiving a B.S. in Economics from the Wharton School of Business, with concentrations in Finance and Real Estate.\n\n**Emile Ernandez**\nManaging Director\nEmile Ernandez re-joined Kawa in February 2024 and serves as Managing Director, Head of Structured Credit on the Investment & Originations team. Emile’s background includes over 18 years of securitized products banking, structuring, and trading experience. Emile recently spent six months at Guggenheim Securities as a Managing Director, focused on Esoteric ABS. Prior to that, Emile was at Kawa from 2018 - 2023, working as Managing Director in the Investment & Originations department.\n\nBefore 2018, Emile was a Director in the Securitized Products Group within the Investment Banking division at Barclays in New York, where he spent seven years focusing on originating and structuring Esoteric structured finance transactions, including securitizations, warehouse facilities, and illiquid trading opportunities. Before Barclays, Emile spent six years at Deutsche Bank in New York as a Vice President in the Credit Solutions Group, focusing on structured lending in emerging markets and ABS transactions across the student loan and residential mortgage sectors. Emile is fluent in French and proficient in Spanish. He received his bachelor’s degree in Economics, with honors, from the University of Chicago.\n\n**Harlan Lam**\nSenior Director\nHarlan Lam joined Kawa in 2022 and serves as a Senior Trader on the Investment & Originations team. Before joining Kawa, he worked at Safra National Bank of New York, where he managed the bank's investment portfolio and facilitated the execution of client flows. Harlan is a CFA charter holder with a bachelor's degree in Accounting from Pennsylvania State University.\n\n31",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Michael Aronovitz** \nDirector \nMichael Aronovitz joined Kawa in 2019 and serves as a Senior Trader on the Investment & Originations team. He is responsible for the firm’s liquid hedge funds trading, hedging, and cash management. Before joining Kawa, Michael worked as the COO of a global macro investment firm, Banyan Equity Management. Michael has over twenty years of experience as a trader and portfolio manager focusing on FX, equity, commodity, fixed income, and option markets. Michael graduated from Boston University with a B.S. in Business Administration in 2002.\n\n**Jose Kliksberg** \nDirector \nJose Kliksberg joined Kawa in 2023 and serves as a Director on the Investment & Originations department. He is responsible for research and ideas origination on tradeable credit securities for the Kawa Fund. Jose has 18 years of experience covering credit and emerging markets. Before joining Kawa, he worked in distressed and high-yield investments at Moneda Asset Management. He also worked at Morgan Stanley's Emerging Markets desk for five years as the leading credit analyst and at Black River Asset Management. Jose has a degree in Finance from the University of Maryland and an MBA from MIT Sloan.\n\n**Jonathan Wolgin** \nDirector \nJonathan Wolgin joined Kawa in July 2019 and serves as a Director on the Investment & Originations team. He is responsible for underwriting and structuring asset-backed loans and credit facilities, as well as ABS and CTL trades. Before joining Kawa, Jonathan worked at Starwood Property Trust from 2013 to 2019. There, he focused on asset-managing properties acquired out of REO in special situations. Jon completed the CMBS rotational analyst program at Starwood. He has a B.A. degree in Philosophy from the University of Michigan.\n\n32",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**Team & Infrastructure | Kawa Investment Team**\n\n**Rohit Kar** \nDirector \nRohit Kar joined Kawa in 2024 and serves as a Director on the Investment & Originations team. He is responsible for insurance and reinsurance opportunities. Before joining Kawa, he worked at Obra Capital, where he helped build out the firm’s Special Situations team, focusing on transactions in Life and P&C (re)insurance through debt, preferred equity, and direct reinsurance investments. Prior to Obra, he was on the investment team at Hudson Structured Capital Management for three years and helped the firm grow from $250M to over $4B AUM. He began his career at Houlihan Lokey in the Financial Restructuring group and has a B.A. in both Mathematics and Economics from Cornell University as well as an MSc. in Private Equity and Finance from the London School of Economics.\n\n**Nicholas Martucci** \nSenior Associate \nNick Martucci joined Kawa in May 2021 and serves as a Senior Investment Associate covering structured credit on the Investment & Originations team. He is responsible for underwriting private structured credit opportunities and assisting in investment decisions for the firm's various asset-backed books. Before joining Kawa, Nick spent three years at Houlihan Lokey in New York as an Analyst in its Structured Finance coverage group. Nick graduated from Fordham University with honors, earning a bachelor's degree in Finance and a minor in Economics.\n\n**Christina Cheesman** \nInvestment Associate \nTina Cheesman joined Kawa in 2023 and serves as an Investment Associate covering structured credit on the Investment & Originations team. She is responsible for underwriting private structured credit opportunities and assisting in investment decisions for the firm's various asset-backed books. Before joining Kawa, Tina spent almost a year at Atalaya in New York on its Financial Assets team, a year and a half at Man Group in New York in their Global Private Markets division, and two years at Morgan Stanley in New York in their structured products capital markets group. Tina graduated from Georgetown University, earning a BSFS in Science, Technology, and International Affairs, with a minor in Spanish.\n\n33",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**Team & Infrastructure |** Kawa Investment Team \n\n**Zachary Goldberg** \nInvestment Analyst \n\nZachary Goldberg joined Kawa in 2021 after interning at the firm for two summers and serves as an Analyst on the Investment & Originations team. He is responsible for executing trades and analyzing new investments and credit opportunities. Zac graduated Magna Cum Laude from Tufts University with a Bachelor of Science in Quantitative Economics. \n\n**Juan Marini** \nInvestment Analyst \n\nJuan B. Marini joined Kawa in 2024 and serves as an Analyst on the Investments & Originations team. He is responsible for screening and analyzing new investments and credit opportunities. Prior to joining Kawa, Juan worked at HSBC as an Investment Banking analyst in the Leveraged & Acquisitions Finance team based in New York. Juan holds a bachelor’s degree in business administration, with double majors in Computer Information Systems and Data Analytics from Florida International University. \n\n**Kai Yudelson** \nInvestment Analyst \n\nKai Yudelson joined Kawa in 2024 and serves as an Analyst on the Investment and Originations team. He is responsible for analyzing new investments across liquid credit strategies. Before joining Kawa, Kai was a summer analyst with Blue Owl’s direct lending team. He was also a Junior Analyst at Argo Partners focused on distressed credit. Kai graduated from Emory University’s Goizueta Business School with a bachelor’s degree in finance and accounting. \n\n34",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n# Team & Infrastructure\n\n## Middle & Back Office\nIn-house team focused on operations, valuation, pricing, trade execution, clearing, counterparty management, risk, financing and coordinating audit and accounting procedures.\n\n## Service Partners\n* Fund Administrator: SS&C Cayman Fund Services, Ltd.\n* Auditor: Grant Thornton LLP\n* U.S. Legal Counsel: Sidley Austin LLP\n Global law firm that has been in operation for over 150 years, with offices worldwide.\n* Offshore Legal Counsel: Conyers Dill & Pearman\n Established offshore firm with offices globally\n\n## Technology\n* Full time IT network support on site\n* Dual redundant data backup sites located in MA and IN (also the Disaster Recovery site)\n* Disaster Recovery and Business Continuity Plans\n* Cybersecurity Program\n\n## Regulatory & Compliance\n* U.S. Securities and Exchange Commission-registered investment adviser since 2011\n* CFTC-registered as a Commodity Pool Operator and Commodity Trading Advisor, and NFA member since 2012\n* Jeremy Traster, General Counsel and Chief Compliance Officer, is responsible for managing the firm’s compliance program and keeping up to date with changing regulatory environment, with support from the Compliance team\n\n35",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n# Investment Terms\n\n| | |\n| :--- | :--- |\n| **Legal Structure** | Onshore and Offshore Master / Feeder Structure |\n| **Minimum Investment** | |\n| Institutional Share Class II | $100,000,000 |\n| Institutional Share Class I | $25,000,000 |\n| Standard Common Share Class | $1,000,000 |\n| **Investor Qualification** | Non-U.S. Persons: US$1.0MM Net Worth<br>U.S. Persons: 3(c)(7)<br>Qualified Purchasers, Qualified Eligible Persons, Qualified Clients |\n| **Management Fee** | |\n| Institutional Share Class II | Offshore: 1% of net asset value, payable monthly; Onshore: 1% as a priority profit share of net profits. |\n| Institutional Share Class I | Offshore: 1.5% of net asset value, payable monthly; Onshore: 1.5% as a priority profit share of net profits. |\n| Standard Common Share Class | Offshore: 2% of net asset value, payable monthly; Onshore: 2% as a priority profit share of net profits. |\n| **Performance Fee** | 20% of net profits, paid annually for all share classes and subject to a high-water mark. |\n| **Hurdle Rate** | No |\n| **Subscriptions** | Monthly |\n| **Liquidity** | |\n| Institutional Share Class II | Monthly – 12-months notice period |\n| Institutional Share Class I | Monthly – 12-months notice period |\n| Standard Common Share Class | Monthly – with 60-day notice period, subject to initial,12-month soft lockup |\n\nNote: The above is a summary of investment terms. Prospective investors should read carefully the fund’s Confidential Explanatory Memorandum, as its terms will control in the case of any differences from the terms above.\n\n37",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n# Investment Terms\n\n| | |\n| :--- | :--- |\n| **Legal Structure** | Onshore and Offshore Master / Feeder Structure |\n| **Minimum Investment** | |\n| Institutional Share Class II | $100,000,000 |\n| Institutional Share Class I | $25,000,000 |\n| Standard Common Share Class | $1,000,000 |\n| **Investor Qualification** | Non-U.S. Persons: US$1.0MM Net Worth<br>U.S. Persons: 3(c)(7)<br>Qualified Purchasers, Qualified Eligible Persons, Qualified Clients |\n| **Management Fee** | |\n| Institutional Share Class II | Offshore: 1% of net asset value, payable monthly; Onshore: 1% as a priority profit share of net profits. |\n| Institutional Share Class I | Offshore: 1.5% of net asset value, payable monthly; Onshore: 1.5% as a priority profit share of net profits. |\n| Standard Common Share Class | Offshore: 2% of net asset value, payable monthly; Onshore: 2% as a priority profit share of net profits. |\n| **Performance Fee** | 20% of net profits, paid annually for all share classes and subject to a high-water mark. |\n| **Hurdle Rate** | No |\n| **Subscriptions** | Monthly |\n| **Liquidity** | |\n| Institutional Share Class II | Monthly – 12-months notice period |\n| Institutional Share Class I | Monthly – 12-months notice period |\n| Standard Common Share Class | Monthly – with 60-day notice period, subject to initial,12-month soft lockup |\n\nNote: The above is a summary of investment terms. Prospective investors should read carefully the fund’s Confidential Explanatory Memorandum, as its terms will control in the case of any differences from the terms above.\n\n37",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n# Contact Information\n\n**For information regarding the fund, please contact the investor relations team at:**\n\n## Kawa Capital Management \nAttn: Investor Relations Department \n1010 S. Federal Hwy, Suite 2900\nHallandale Beach, FL 33009, US\n**Tel:** +1 (305) 560-5200\n**E-mail:** ir@kawa.com\n\n***\n\n**Fund administrator is available at:**\n\n## SS&C GlobeOp\nAttn: Investor Relations Department\n\n**Offshore:** SS&C Fund Services (Cayman) Limited\nGardenia Court, Camana Bay\nGrand Cayman, KY1-9003\nCayman Islands\n\n**Onshore:** SS&C Financial Services LLC\nOne South Road\nHarrison, NY 10528\nUnited States\n\n**E-mail:** kawa.ir@sscinc.com\n\n38",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n# Contact Information\n\n**For information regarding the fund, please contact the investor relations team at:**\n\n## Kawa Capital Management \nAttn: Investor Relations Department \n1010 S. Federal Hwy, Suite 2900\nHallandale Beach, FL 33009, US\n**Tel:** +1 (305) 560-5200\n**E-mail:** ir@kawa.com\n\n***\n\n**Fund administrator is available at:**\n\n## SS&C GlobeOp\nAttn: Investor Relations Department\n\n**Offshore:** SS&C Fund Services (Cayman) Limited\nGardenia Court, Camana Bay\nGrand Cayman, KY1-9003\nCayman Islands\n\n**Onshore:** SS&C Financial Services LLC\nOne South Road\nHarrison, NY 10528\nUnited States\n\n**E-mail:** kawa.ir@sscinc.com\n\n38",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Disclosures & Important Information (1/2)\n\n**General.** This material is provided by Kawa Capital Management, Inc. (\"Kawa\") on the condition that it is treated as confidential and proprietary to Kawa. No portion of this material may be copied, reproduced, or otherwise disclosed to any party without the prior written consent of Kawa. By accepting delivery of this material, each recipient hereof agrees to the foregoing. Certain sections of this material may contain information and/or statements of opinion by representatives of Kawa and other unaffiliated third parties and should be recognized as such. The accuracy of any information or opinion provided by unaffiliated third parties has not been verified by Kawa. Certain information contained herein may be based on estimates (as indicated herein) and is therefore subject to change. The information herein shall not be updated or corrected as of any time subsequent to the date of distribution of this material. Kawa believes the information contained herein is accurate as of publication but makes no representations or warranties as to the accuracy or completeness of such information and accepts no responsibility for any loss arising from any use of, or reliance on, the information contained herein.\n\nKawa has prepared this material solely for informational purposes, to determine preliminary interest in investing in its products. It is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any security or to participate in any trading strategy. Kawa products will not be registered under the U.S. Securities Act of 1933 and issuers of Kawa products will not be registered under the U.S. Investment Company Act of 1940, as amended. Offers and sales of the Kawa Fund will be made available upon expression of interest by Qualified Eligible Persons, as defined under CFTC Regulation 4.7.\n\n**Past Performance of this or Similar Investments Is Not Indicative of Future Results.** You should not assume any of the securities, holdings or sectors discussed were or will prove to be profitable, or that the investment recommendations or decisions Kawa makes in the future will be profitable or will equal the past investment performance of the securities or investment strategies, or asset types discussed herein.\n\n**The risk of trading futures is substantial and may not be appropriate for all investors.** An investment in the Kawa Fund involves risk, including the risk of loss of all principal. Kawa products are highly speculative and are suitable only for sophisticated persons, for which an investment in such products does not represent a complete investment program and who fully understand, and are capable of assuming, the risks of such an investment. Any decision to invest in a Kawa product should be made after conducting such investigations as the investor deems necessary and consulting the investor’s own legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of such an investment.\n\n**Indices Presented.** Any comparisons to indices are provided for illustrative purposes only. An index is a broadly diversified, unmanaged group of securities, which may include only large capitalization companies or companies of a certain size. Broadly based indices may be shown only as an indication of the general performance of the financial markets during the periods indicated. Because of the differences between the investments in and performance of the Kawa Fund and any indices shown here in comparison, investors are cautioned that no index is directly comparable to the performance shown since each index has its own unique results and volatility, and such indices, if shown, should not be relied upon as an accurate comparison. S&P 500 (SPX), the Standard and Poor’s 500, tracks the performance of 500 large companies listed on stock exchanges in the United States. LBUSTRUU, the Bloomberg Barclays U.S. Aggregate Bond Index, measures the performance of the investment-grade, U.S. dollar-denominated, fixed-rate, taxable bond market, and included treasuries, government-related and corporate securities, mortgage-backed securities and asset-backed securities. BOA US HY (or H0A0) the Intercontinental Exchange Bank of America US High Yield Index, tracks the performance of U.S.-dollar-denominated, below-investment-grade-rated (based on an average of Moody’s, S&P and Fitch ratings) corporate debt that is publicly issued in the US domestic market, and has more than 1 year of remaining maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million. The Eurekahedge Fixed Income Hedge Fund Index (EHFI289) is an index of 514, equally-weighted, constituent funds, designed to provide a broad measure of the performance of fixed income hedge fund managers.\n\n39",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Disclosures & Important Information (1/2)\n\n**General.** This material is provided by Kawa Capital Management, Inc. (\"Kawa\") on the condition that it is treated as confidential and proprietary to Kawa. No portion of this material may be copied, reproduced, or otherwise disclosed to any party without the prior written consent of Kawa. By accepting delivery of this material, each recipient hereof agrees to the foregoing. Certain sections of this material may contain information and/or statements of opinion by representatives of Kawa and other unaffiliated third parties and should be recognized as such. The accuracy of any information or opinion provided by unaffiliated third parties has not been verified by Kawa. Certain information contained herein may be based on estimates (as indicated herein) and is therefore subject to change. The information herein shall not be updated or corrected as of any time subsequent to the date of distribution of this material. Kawa believes the information contained herein is accurate as of publication but makes no representations or warranties as to the accuracy or completeness of such information and accepts no responsibility for any loss arising from any use of, or reliance on, the information contained herein.\n\nKawa has prepared this material solely for informational purposes, to determine preliminary interest in investing in its products. It is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any security or to participate in any trading strategy. Kawa products will not be registered under the U.S. Securities Act of 1933 and issuers of Kawa products will not be registered under the U.S. Investment Company Act of 1940, as amended. Offers and sales of the Kawa Fund will be made available upon expression of interest by Qualified Eligible Persons, as defined under CFTC Regulation 4.7.\n\n**Past Performance of this or Similar Investments Is Not Indicative of Future Results.** You should not assume any of the securities, holdings or sectors discussed were or will prove to be profitable, or that the investment recommendations or decisions Kawa makes in the future will be profitable or will equal the past investment performance of the securities or investment strategies, or asset types discussed herein.\n\n**The risk of trading futures is substantial and may not be appropriate for all investors.** An investment in the Kawa Fund involves risk, including the risk of loss of all principal. Kawa products are highly speculative and are suitable only for sophisticated persons, for which an investment in such products does not represent a complete investment program and who fully understand, and are capable of assuming, the risks of such an investment. Any decision to invest in a Kawa product should be made after conducting such investigations as the investor deems necessary and consulting the investor’s own legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of such an investment.\n\n**Indices Presented.** Any comparisons to indices are provided for illustrative purposes only. An index is a broadly diversified, unmanaged group of securities, which may include only large capitalization companies or companies of a certain size. Broadly based indices may be shown only as an indication of the general performance of the financial markets during the periods indicated. Because of the differences between the investments in and performance of the Kawa Fund and any indices shown here in comparison, investors are cautioned that no index is directly comparable to the performance shown since each index has its own unique results and volatility, and such indices, if shown, should not be relied upon as an accurate comparison. S&P 500 (SPX), the Standard and Poor’s 500, tracks the performance of 500 large companies listed on stock exchanges in the United States. LBUSTRUU, the Bloomberg Barclays U.S. Aggregate Bond Index, measures the performance of the investment-grade, U.S. dollar-denominated, fixed-rate, taxable bond market, and included treasuries, government-related and corporate securities, mortgage-backed securities and asset-backed securities. BOA US HY (or H0A0) the Intercontinental Exchange Bank of America US High Yield Index, tracks the performance of U.S.-dollar-denominated, below-investment-grade-rated (based on an average of Moody’s, S&P and Fitch ratings) corporate debt that is publicly issued in the US domestic market, and has more than 1 year of remaining maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million. The Eurekahedge Fixed Income Hedge Fund Index (EHFI289) is an index of 514, equally-weighted, constituent funds, designed to provide a broad measure of the performance of fixed income hedge fund managers.\n\n39",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Disclosures & Important Information (2/2)\n\n**Priority Profit Share (PPS).** Performance information set forth in this material, other than as it relates to assets under management and the stress and scenario analyses on page 26, is for the Kawa Offshore Feeder Fund only, and is presented net of fees and reflects the reinvestment of any dividends or income received. Kawa also manages an Onshore Feeder Fund. Beginning June 1, 2018, the Kawa Onshore Feeder Fund allocates a priority profit share (PPS) to the Investment Advisor instead of fund investors paying a management fee, pro rata. Investors in the Kawa Offshore Feeder Fund shall continue to pay a management fee, pro rata. Both the PPS and the management fee are ultimately in equal amounts with the primary difference being that the PPS is only due and payable for determination periods when the Kawa Onshore Feeder Fund has net profits, and to the extent there are not net profits for a certain determination period, such amount of the undistributed PPS is carried forward to be charged and paid in a future period or periods with positive performance. This difference does not have a material impact on long-term investors in either fund, but because the PPS is owed and payable to the manager only in periods when the Kawa Fund has net profits, the timing of the deduction of the PPS (months when the Fund has positive returns) therefore differs from the time at which management fee payments are made by the Kawa Offshore Feeder Fund (each month).This, along with minor differences in their respective operating expenses, results in variations in performance in some periods between the Onshore and Offshore Feeder Funds. The performance and returns table, as well as additional information for the Kawa Onshore Feeder Fund is available on the Kawa application on the deal detail page, or upon request.\n\nKawa Fund AUM as of the most recent month end also includes subscriptions as of the first day of the following month. The AUM set forth above on page 6 is calculated according to different parameters than Kawa Capital Management, Inc.’s “regulatory assets under management,” presented in Kawa’s Form ADV Part 1.\n\n**Important Disclosures Regarding Hypothetical Portfolio Results & Projections.** Hypothetical portfolio results, such as those depicted in the stress and scenario analysis on page 26, have many inherent limitations, some of which are described below. Hypothetical portfolio results do not reflect trading in actual accounts and is provided for informational and illustrative purposes only. Hypothetical portfolio results should not be interpreted as an indication of actual performance and actual performance for client accounts may be materially lower. Hypothetical portfolio results also differ from actual performance because it is achieved with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown in the hypothetical results. In fact, there are frequently significant differences between hypothetical results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. Projected, or estimated investment results should not be interpreted as an indication of likely actual future performance, and the actual performance of the Fund may be materially lower. The Projections contained in this material (including targeted returns, opinions, estimated fees, predictions or expectations about any future event) are based on a variety of estimates and assumptions by Kawa, including, among others, estimates and assumptions regarding future operating results, the value of assets and market conditions at the time of purchase and disposition, interest rates, and other realization events. Performance estimates and underlying assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside Kawa’s control. There can be no assurance that the assumptions made in connection with the Projections will prove accurate, and actual results may differ materially, including the possibility that an investor may lose some or all of any invested capital.\n\nKawa did not offer the Fund or a similar product during certain of the historical scenarios depicted in the scenario analysis on page 26. Prior to 2007, Kawa did not manage client assets. In addition, such results may not reflect the impact that material economic and market factors might have had if the investment had actually been managed by Kawa during the period portrayed.\n\n**Kawa** is a U.S. Securities & Exchange Commission-registered investment adviser and is a National Futures Association (“NFA”) member registered with the U.S. Commodity Futures Trading Commission as a Commodity Pool Operator and a Commodity Trading Adviser (NFA ID #0403747). These registrations do not imply a particular level of skill or training. More information about the firm, including its investment strategies, objectives and fee schedule, can be found in its Form ADV Part 2A, which is available at adviserinfo.sec.gov and from Kawa, upon request.\n\nKawa has retained Belco Private Capital Inc. (“Belco”) as its exempt market dealer in certain jurisdictions in Canada. Belco will conduct the registrable trading activity in connection with a distribution of securities in Canada but is not otherwise involved with the issuer. Belco will be compensated for the services that it provides in its capacity as exempt market dealer pursuant to a distribution agreement that it has entered with Kawa.\n\n40",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Disclosures & Important Information (2/2)\n\n**Priority Profit Share (PPS).** Performance information set forth in this material, other than as it relates to assets under management and the stress and scenario analyses on page 26, is for the Kawa Offshore Feeder Fund only, and is presented net of fees and reflects the reinvestment of any dividends or income received. Kawa also manages an Onshore Feeder Fund. Beginning June 1, 2018, the Kawa Onshore Feeder Fund allocates a priority profit share (PPS) to the Investment Advisor instead of fund investors paying a management fee, pro rata. Investors in the Kawa Offshore Feeder Fund shall continue to pay a management fee, pro rata. Both the PPS and the management fee are ultimately in equal amounts with the primary difference being that the PPS is only due and payable for determination periods when the Kawa Onshore Feeder Fund has net profits, and to the extent there are not net profits for a certain determination period, such amount of the undistributed PPS is carried forward to be charged and paid in a future period or periods with positive performance. This difference does not have a material impact on long-term investors in either fund, but because the PPS is owed and payable to the manager only in periods when the Kawa Fund has net profits, the timing of the deduction of the PPS (months when the Fund has positive returns) therefore differs from the time at which management fee payments are made by the Kawa Offshore Feeder Fund (each month).This, along with minor differences in their respective operating expenses, results in variations in performance in some periods between the Onshore and Offshore Feeder Funds. The performance and returns table, as well as additional information for the Kawa Onshore Feeder Fund is available on the Kawa application on the deal detail page, or upon request.\n\nKawa Fund AUM as of the most recent month end also includes subscriptions as of the first day of the following month. The AUM set forth above on page 6 is calculated according to different parameters than Kawa Capital Management, Inc.’s “regulatory assets under management,” presented in Kawa’s Form ADV Part 1.\n\n**Important Disclosures Regarding Hypothetical Portfolio Results & Projections.** Hypothetical portfolio results, such as those depicted in the stress and scenario analysis on page 26, have many inherent limitations, some of which are described below. Hypothetical portfolio results do not reflect trading in actual accounts and is provided for informational and illustrative purposes only. Hypothetical portfolio results should not be interpreted as an indication of actual performance and actual performance for client accounts may be materially lower. Hypothetical portfolio results also differ from actual performance because it is achieved with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown in the hypothetical results. In fact, there are frequently significant differences between hypothetical results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. Projected, or estimated investment results should not be interpreted as an indication of likely actual future performance, and the actual performance of the Fund may be materially lower. The Projections contained in this material (including targeted returns, opinions, estimated fees, predictions or expectations about any future event) are based on a variety of estimates and assumptions by Kawa, including, among others, estimates and assumptions regarding future operating results, the value of assets and market conditions at the time of purchase and disposition, interest rates, and other realization events. Performance estimates and underlying assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside Kawa’s control. There can be no assurance that the assumptions made in connection with the Projections will prove accurate, and actual results may differ materially, including the possibility that an investor may lose some or all of any invested capital.\n\nKawa did not offer the Fund or a similar product during certain of the historical scenarios depicted in the scenario analysis on page 26. Prior to 2007, Kawa did not manage client assets. In addition, such results may not reflect the impact that material economic and market factors might have had if the investment had actually been managed by Kawa during the period portrayed.\n\n**Kawa** is a U.S. Securities & Exchange Commission-registered investment adviser and is a National Futures Association (“NFA”) member registered with the U.S. Commodity Futures Trading Commission as a Commodity Pool Operator and a Commodity Trading Adviser (NFA ID #0403747). These registrations do not imply a particular level of skill or training. More information about the firm, including its investment strategies, objectives and fee schedule, can be found in its Form ADV Part 2A, which is available at adviserinfo.sec.gov and from Kawa, upon request.\n\nKawa has retained Belco Private Capital Inc. (“Belco”) as its exempt market dealer in certain jurisdictions in Canada. Belco will conduct the registrable trading activity in connection with a distribution of securities in Canada but is not otherwise involved with the issuer. Belco will be compensated for the services that it provides in its capacity as exempt market dealer pursuant to a distribution agreement that it has entered with Kawa.\n\n40",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Table of Contents\n\n**03** About Kawa\n**07** Kawa Fund Overview\n**21** Investment Process\n**23** Risk Management & Control\n**28** Team and Infrastructure\n**36** Fund Terms\n**38** Contact\n\n2",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# About Kawa\n\n3",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**About Kawa | Company Overview**\n\n# **Kawa is an alternative asset manager focused on providing outstanding value to clients and investors.**\n\nWe are patient and disciplined in our investment approach, skeptical of consensus and driven by a passion to consistently do better.\n\nKawa is an alternative asset manager focused on providing outstanding value to its investors. Since our inception in 2007, our aim has remained constant: to deliver competitive risk-adjusted returns to our investors while maintaining our commitment to transparency, capital preservation and our other core principles. Kawa has grown to manage $3.0 billion in assets under management across our liquid and private investment strategies.\n\nKawa is a dynamic and opportunistic firm, dedicated to the pursuit of long-term returns that surpass the performance of our benchmarks in every market environment, throughout the market cycle. The firm employs a disciplined asset allocation approach with a focus on creative strategies that are outside the purview of other asset managers. Our team attempts to structure profitable, long-term investments from a diversity of opportunities, while focusing on risk monitoring and capital preservation.\n\nKawa’s disciplined investment approach is designed to seek idiosyncratic alpha for its investors through bespoke transactions that are not always feasible for more mainstream market participants, and away from typical ‘Hedge Fund Beta’. Kawa is active across multiple asset classes, seeking high risk-adjusted returns.\n\n**Past performance is not indicative of future results.** The risk of futures is substantial and may not be appropriate for all investors. Kawa makes no guarantee of future outcomes or targets. \nPlease see Important Disclosures Regarding Hypothetical Portfolio Results and Projections.\n\n4",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**About Kawa | Company Overview**\n\n# **Kawa is an alternative asset manager focused on providing outstanding value to clients and investors.**\n\nWe are patient and disciplined in our investment approach, skeptical of consensus and driven by a passion to consistently do better.\n\nKawa is an alternative asset manager focused on providing outstanding value to its investors. Since our inception in 2007, our aim has remained constant: to deliver competitive risk-adjusted returns to our investors while maintaining our commitment to transparency, capital preservation and our other core principles. Kawa has grown to manage $3.0 billion in assets under management across our liquid and private investment strategies.\n\nKawa is a dynamic and opportunistic firm, dedicated to the pursuit of long-term returns that surpass the performance of our benchmarks in every market environment, throughout the market cycle. The firm employs a disciplined asset allocation approach with a focus on creative strategies that are outside the purview of other asset managers. Our team attempts to structure profitable, long-term investments from a diversity of opportunities, while focusing on risk monitoring and capital preservation.\n\nKawa’s disciplined investment approach is designed to seek idiosyncratic alpha for its investors through bespoke transactions that are not always feasible for more mainstream market participants, and away from typical ‘Hedge Fund Beta’. Kawa is active across multiple asset classes, seeking high risk-adjusted returns.\n\n**Past performance is not indicative of future results.** The risk of futures is substantial and may not be appropriate for all investors. Kawa makes no guarantee of future outcomes or targets. \nPlease see Important Disclosures Regarding Hypothetical Portfolio Results and Projections.\n\n4",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025\n\n**About Kawa | Leadership**\n\nWe value people who **blend raw intelligence and integrity**, attention to detail with financial creativity, and who bring the utmost rigor to their work. Kawa strives to be a disciplined steward of investor capital.\n\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer & PM\n\n**Cristina Baldim** \nDeputy Chief Executive Officer\n\n**Alex Saverin** \nManaging Director, Chief Risk Officer & PM\n\n**Felipe Lemos** \nHead of Investor Relations\n\n**Jeremy Traster** \nGeneral Counsel & Chief Compliance Officer\n\n**Gustavo Avellar** \nManaging Director, Finance\n\n**Xi Liu** \nManaging Director, Operations\n\n**Lando Kravetz** \nChief Technology Officer\n\n**Leticia Heleodoro** \nManaging Director HR & Corporate Services\n\n5",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025\n\n**About Kawa | Leadership**\n\nWe value people who **blend raw intelligence and integrity**, attention to detail with financial creativity, and who bring the utmost rigor to their work. Kawa strives to be a disciplined steward of investor capital.\n\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer & PM\n\n**Cristina Baldim** \nDeputy Chief Executive Officer\n\n**Alex Saverin** \nManaging Director, Chief Risk Officer & PM\n\n**Felipe Lemos** \nHead of Investor Relations\n\n**Jeremy Traster** \nGeneral Counsel & Chief Compliance Officer\n\n**Gustavo Avellar** \nManaging Director, Finance\n\n**Xi Liu** \nManaging Director, Operations\n\n**Lando Kravetz** \nChief Technology Officer\n\n**Leticia Heleodoro** \nManaging Director HR & Corporate Services\n\n5",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# By the Numbers\n\nSince inception in 2007 our aim has remained constant: to deliver competitive risk adjusted returns to our investors while maintaining our commitment to transparency, capital preservation and principles.\n\n---\n\n**[Pie Chart Description]**\nA pie chart representing firmwide assets under management (AUM) and strategy allocations. The total AUM is displayed prominently in the center.\n\n**Center Metric:**\n* **$2.9 billion** Firmwide AUM\n\n**Chart Segments:**\n* **Segment 1: Solid light gray/blue slice**\n * **31%** Private Investments\n * *Associated Metrics (positioned to the right):*\n * **$2.1b** Deployed\n * **80** Deals\n* **Segment 2: Diagonal striped slice**\n * **69%** Liquid Strategies\n * *Description:* Includes Flagship Strategy, Macro, Open-ended funds and Managed Accounts\n * *Associated Metric (positioned below):*\n * **58%** Flagship Strategy AUM\n\n---\n\nThe risk of trading futures is substantial and may not be appropriate for all investors.",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# By the Numbers\n\nSince inception in 2007 our aim has remained constant: to deliver competitive risk adjusted returns to our investors while maintaining our commitment to transparency, capital preservation and principles.\n\n---\n\n**[Pie Chart Description]**\nA pie chart representing firmwide assets under management (AUM) and strategy allocations. The total AUM is displayed prominently in the center.\n\n**Center Metric:**\n* **$2.9 billion** Firmwide AUM\n\n**Chart Segments:**\n* **Segment 1: Solid light gray/blue slice**\n * **31%** Private Investments\n * *Associated Metrics (positioned to the right):*\n * **$2.1b** Deployed\n * **80** Deals\n* **Segment 2: Diagonal striped slice**\n * **69%** Liquid Strategies\n * *Description:* Includes Flagship Strategy, Macro, Open-ended funds and Managed Accounts\n * *Associated Metric (positioned below):*\n * **58%** Flagship Strategy AUM\n\n---\n\nThe risk of trading futures is substantial and may not be appropriate for all investors.",
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"gemini_markdown": "THE KAWA FUND\nkawa\n\n# Kawa Fund Overview\n\n7",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n## **Kawa Fund Overview | Strategies**\n\n# **The Kawa Fund is the firm’s flagship credit multi-strategy hedge fund**\n\n**$1.7 Billion**\nFund Assets Under Management\n\nThe Kawa Fund pursues an **opportunistic credit-oriented investment strategy** with a focus on **capital preservation** and building a bespoke portfolio, seeking to provide consistent absolute returns through trading and structuring unique credit opportunities.\n\nThe Kawa Fund aims to be **dynamic** across a variety of credit opportunities, which allows for investing in harder-to-source limited competition opportunities, many of which require high amounts of structuring and often securitization components.\n\nThe Kawa Fund complements its credit portfolio with **macro-oriented positions**, such as trades in foreign exchange and interest rates, as well as trades in equities and equity indices, to create a diverse portfolio.\n\nDownside protection, active hedging, structural protections, overcollateralization, and diverse sources of optionality to benefit in a variety of market scenarios are hallmarks of The Kawa Fund’s commitment to **risk management and capital preservation**. The Kawa Fund’s portfolio is structured to offer a rich convexity profile for investors to benefit from multiple rate and credit scenarios.\n\nThe Kawa Fund targets **high single- to low double-digit annual net returns** over multiple market cycles, using limited fund-level leverage, while focusing on downside protection and limiting market or hedge fund beta.\n\n***\n\nThe risk of trading futures is substantial and may not be appropriate for all investors. Kawa makes no guarantee of future outcomes or targets. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections at the end of this presentation. \n\n8",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n## **Kawa Fund Overview | Strategies**\n\n# **The Kawa Fund is the firm’s flagship credit multi-strategy hedge fund**\n\n**$1.7 Billion**\nFund Assets Under Management\n\nThe Kawa Fund pursues an **opportunistic credit-oriented investment strategy** with a focus on **capital preservation** and building a bespoke portfolio, seeking to provide consistent absolute returns through trading and structuring unique credit opportunities.\n\nThe Kawa Fund aims to be **dynamic** across a variety of credit opportunities, which allows for investing in harder-to-source limited competition opportunities, many of which require high amounts of structuring and often securitization components.\n\nThe Kawa Fund complements its credit portfolio with **macro-oriented positions**, such as trades in foreign exchange and interest rates, as well as trades in equities and equity indices, to create a diverse portfolio.\n\nDownside protection, active hedging, structural protections, overcollateralization, and diverse sources of optionality to benefit in a variety of market scenarios are hallmarks of The Kawa Fund’s commitment to **risk management and capital preservation**. The Kawa Fund’s portfolio is structured to offer a rich convexity profile for investors to benefit from multiple rate and credit scenarios.\n\nThe Kawa Fund targets **high single- to low double-digit annual net returns** over multiple market cycles, using limited fund-level leverage, while focusing on downside protection and limiting market or hedge fund beta.\n\n***\n\nThe risk of trading futures is substantial and may not be appropriate for all investors. Kawa makes no guarantee of future outcomes or targets. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections at the end of this presentation. \n\n8",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n**kawa** (logo)\n\n# Kawa Fund Overview | Quarterly AUM Growth by Feeder (USD)\nAs of December 31, 2024– Q4 2024\n\n---\n\n### Chart Description: Quarterly AUM Growth by Feeder\n**Type:** Stacked Bar Chart \n**Y-Axis:** AUM in USD, ranging from `-` (0) to `1,800,000,000.00` in increments of `200,000,000.00`. \n**X-Axis:** Time (Quarterly bars), with labels appearing semi-annually from `Sep 07` to `Sep 24`. \n**Legend:** \n* **Orange Square:** Kawa Onshore (Bottom segment of the stack) \n* **Blue Square:** Kawa Offshore (Top segment of the stack) \n\n**Chart Structure & Trends:**\nThe chart illustrates continuous AUM growth over 17 years. Growth is relatively flat and minimal from 2007 to 2010. Steady linear growth occurs between 2010 and 2015, followed by a brief plateau/slight dip through 2016 and 2017. From 2018 onwards, the fund exhibits aggressive, accelerating growth, steepest between 2020 and 2024. Offshore AUM consistently represents the majority share of the total AUM throughout the fund's history. \n\n**Estimated Values for Labeled Semi-Annual Periods (USD):**\n\n| Date Label | Total AUM (Est.) | Kawa Onshore (Est.) | Kawa Offshore (Est.) |\n| :--- | :--- | :--- | :--- |\n| Sep 07 | 5,000,000 | 0 | 5,000,000 |\n| Mar 08 | 10,000,000 | 0 | 10,000,000 |\n| Sep 08 | 15,000,000 | 0 | 15,000,000 |\n| Mar 09 | 20,000,000 | 0 | 20,000,000 |\n| Sep 09 | 25,000,000 | 0 | 25,000,000 |\n| Mar 10 | 40,000,000 | 5,000,000 | 35,000,000 |\n| Sep 10 | 60,000,000 | 10,000,000 | 50,000,000 |\n| Mar 11 | 100,000,000 | 20,000,000 | 80,000,000 |\n| Sep 11 | 130,000,000 | 25,000,000 | 105,000,000 |\n| Mar 12 | 160,000,000 | 30,000,000 | 130,000,000 |\n| Sep 12 | 190,000,000 | 40,000,000 | 150,000,000 |\n| Mar 13 | 220,000,000 | 50,000,000 | 170,000,000 |\n| Sept 13 | 280,000,000 | 60,000,000 | 220,000,000 |\n| Mar 14 | 300,000,000 | 80,000,000 | 220,000,000 |\n| Sep 14 | 320,000,000 | 100,000,000 | 220,000,000 |\n| Mar 15 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 15 | 360,000,000 | 110,000,000 | 250,000,000 |\n| Mar 16 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 16 | 340,000,000 | 110,000,000 | 230,000,000 |\n| Mar 17 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 17 | 360,000,000 | 110,000,000 | 250,000,000 |\n| Mar 18 | 400,000,000 | 120,000,000 | 280,000,000 |\n| Sep 18 | 420,000,000 | 120,000,000 | 300,000,000 |\n| Mar 19 | 470,000,000 | 120,000,000 | 350,000,000 |\n| Sep 19 | 520,000,000 | 120,000,000 | 400,000,000 |\n| Mar 20 | 580,000,000 | 120,000,000 | 460,000,000 |\n| Sep 20 | 620,000,000 | 130,000,000 | 490,000,000 |\n| Mar 21 | 700,000,000 | 150,000,000 | 550,000,000 |\n| Sep 21 | 850,000,000 | 180,000,000 | 670,000,000 |\n| Mar 22 | 950,000,000 | 200,000,000 | 750,000,000 |\n| Sep 22 | 1,200,000,000 | 250,000,000 | 950,000,000 |\n| Mar 23 | 1,400,000,000 | 300,000,000 | 1,100,000,000 |\n| Sep 23 | 1,500,000,000 | 320,000,000 | 1,180,000,000 |\n| Mar 24 | 1,550,000,000 | 340,000,000 | 1,210,000,000 |\n| Sep 24 | 1,670,000,000 | 380,000,000 | 1,290,000,000 |\n\n---\n\nThe Kawa Fund was closed to subscriptions from May 1, 2011 until November 1, 2011, from May 1, 2013 until February 1, 2015 and from November 1, 2017 until January 1, 2019.\n\n9",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n**kawa** (logo)\n\n# Kawa Fund Overview | Quarterly AUM Growth by Feeder (USD)\nAs of December 31, 2024– Q4 2024\n\n---\n\n### Chart Description: Quarterly AUM Growth by Feeder\n**Type:** Stacked Bar Chart \n**Y-Axis:** AUM in USD, ranging from `-` (0) to `1,800,000,000.00` in increments of `200,000,000.00`. \n**X-Axis:** Time (Quarterly bars), with labels appearing semi-annually from `Sep 07` to `Sep 24`. \n**Legend:** \n* **Orange Square:** Kawa Onshore (Bottom segment of the stack) \n* **Blue Square:** Kawa Offshore (Top segment of the stack) \n\n**Chart Structure & Trends:**\nThe chart illustrates continuous AUM growth over 17 years. Growth is relatively flat and minimal from 2007 to 2010. Steady linear growth occurs between 2010 and 2015, followed by a brief plateau/slight dip through 2016 and 2017. From 2018 onwards, the fund exhibits aggressive, accelerating growth, steepest between 2020 and 2024. Offshore AUM consistently represents the majority share of the total AUM throughout the fund's history. \n\n**Estimated Values for Labeled Semi-Annual Periods (USD):**\n\n| Date Label | Total AUM (Est.) | Kawa Onshore (Est.) | Kawa Offshore (Est.) |\n| :--- | :--- | :--- | :--- |\n| Sep 07 | 5,000,000 | 0 | 5,000,000 |\n| Mar 08 | 10,000,000 | 0 | 10,000,000 |\n| Sep 08 | 15,000,000 | 0 | 15,000,000 |\n| Mar 09 | 20,000,000 | 0 | 20,000,000 |\n| Sep 09 | 25,000,000 | 0 | 25,000,000 |\n| Mar 10 | 40,000,000 | 5,000,000 | 35,000,000 |\n| Sep 10 | 60,000,000 | 10,000,000 | 50,000,000 |\n| Mar 11 | 100,000,000 | 20,000,000 | 80,000,000 |\n| Sep 11 | 130,000,000 | 25,000,000 | 105,000,000 |\n| Mar 12 | 160,000,000 | 30,000,000 | 130,000,000 |\n| Sep 12 | 190,000,000 | 40,000,000 | 150,000,000 |\n| Mar 13 | 220,000,000 | 50,000,000 | 170,000,000 |\n| Sept 13 | 280,000,000 | 60,000,000 | 220,000,000 |\n| Mar 14 | 300,000,000 | 80,000,000 | 220,000,000 |\n| Sep 14 | 320,000,000 | 100,000,000 | 220,000,000 |\n| Mar 15 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 15 | 360,000,000 | 110,000,000 | 250,000,000 |\n| Mar 16 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 16 | 340,000,000 | 110,000,000 | 230,000,000 |\n| Mar 17 | 350,000,000 | 110,000,000 | 240,000,000 |\n| Sep 17 | 360,000,000 | 110,000,000 | 250,000,000 |\n| Mar 18 | 400,000,000 | 120,000,000 | 280,000,000 |\n| Sep 18 | 420,000,000 | 120,000,000 | 300,000,000 |\n| Mar 19 | 470,000,000 | 120,000,000 | 350,000,000 |\n| Sep 19 | 520,000,000 | 120,000,000 | 400,000,000 |\n| Mar 20 | 580,000,000 | 120,000,000 | 460,000,000 |\n| Sep 20 | 620,000,000 | 130,000,000 | 490,000,000 |\n| Mar 21 | 700,000,000 | 150,000,000 | 550,000,000 |\n| Sep 21 | 850,000,000 | 180,000,000 | 670,000,000 |\n| Mar 22 | 950,000,000 | 200,000,000 | 750,000,000 |\n| Sep 22 | 1,200,000,000 | 250,000,000 | 950,000,000 |\n| Mar 23 | 1,400,000,000 | 300,000,000 | 1,100,000,000 |\n| Sep 23 | 1,500,000,000 | 320,000,000 | 1,180,000,000 |\n| Mar 24 | 1,550,000,000 | 340,000,000 | 1,210,000,000 |\n| Sep 24 | 1,670,000,000 | 380,000,000 | 1,290,000,000 |\n\n---\n\nThe Kawa Fund was closed to subscriptions from May 1, 2011 until November 1, 2011, from May 1, 2013 until February 1, 2015 and from November 1, 2017 until January 1, 2019.\n\n9",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder (net of fees & expenses)\n\n**10.46%**\n**Annualized Net Return**\n\n| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| 2025 | 0.52% | - | - | - | - | - | - | - | - | - | - | - | **0.52%** |\n| 2024 | 1.24% | 0.06% | 0.67% | 0.29% | 0.48% | 0.18% | 0.52% | -0.12% | 0.75% | -0.45% | 0.54% | -0.37% | **3.85%** |\n| 2023 | 2.15% | -0.52% | -0.94% | 0.29% | 0.63% | 1.31% | 1.05% | 0.26% | 0.34% | -0.24% | 1.51% | 1.16% | **7.17%** |\n| 2022 | 0.74% | 0.47% | 1.63% | 0.87% | -0.69% | -1.74% | 0.95% | 0.53% | -1.55% | -0.08% | 2.22% | 0.59% | **3.94%** |\n| 2021 | 2.58% | 2.53% | 4.02% | 1.36% | 3.74% | 0.78% | -0.03% | 0.59% | 0.38% | -0.24% | 0.59% | 0.43% | **17.94%** |\n| 2020 | -0.55% | 0.58% | -2.96% | 2.42% | 0.07% | 1.78% | 1.45% | 1.24% | -0.28% | 3.37% | 1.96% | 1.05% | **10.43%** |\n| 2019 | 1.46% | 0.57% | -0.37% | 0.51% | 0.11% | -0.20% | -0.29% | -2.82% | 3.18% | 0.67% | 0.20% | 1.17% | **4.17%** |\n| 2018 | 1.65% | 0.41% | -0.44% | 0.74% | 0.88% | 1.79% | 0.64% | 0.32% | 0.91% | 0.62% | -0.10% | -0.18% | **7.44%** |\n| 2017 | 0.70% | 1.12% | 0.38% | 0.16% | 0.48% | 1.25% | 0.90% | 0.15% | 0.64% | -0.31% | 0.14% | 0.16% | **5.92%** |\n| 2016 | -0.84% | -1.67% | 2.56% | -0.06% | -0.15% | -1.74% | 0.61% | 1.45% | 0.46% | 0.67% | 1.54% | 2.98% | **5.84%** |\n| 2015 | -0.23% | 0.33% | 0.10% | 2.03% | 1.03% | -0.15% | -0.11% | 0.17% | -0.72% | 0.98% | -0.57% | 3.17% | **6.12%** |\n| 2014 | 2.12% | 2.49% | 0.35% | 0.29% | 1.77% | 0.09% | 1.55% | 0.53% | 1.34% | -0.82% | 0.30% | 0.64% | **11.12%** |\n| 2013 | 0.73% | 0.31% | 1.08% | 0.91% | 0.77% | -0.03% | -0.98% | -1.33% | 2.03% | 0.85% | 0.64% | 0.42% | **5.49%** |\n| 2012 | 1.32% | 2.16% | 1.96% | 1.00% | 0.54% | 1.13% | 1.01% | 1.27% | 1.70% | 0.76% | 0.72% | 1.79% | **16.48%** |\n| 2011 | 2.07% | 1.03% | 2.19% | 1.23% | 0.71% | 1.08% | 0.20% | -0.76% | 0.40% | 2.09% | -0.19% | 1.26% | **11.86%** |\n| 2010 | 1.65% | 1.56% | 1.12% | 5.44% | 1.19% | 0.02% | 0.36% | 0.22% | 0.69% | 1.47% | 1.30% | 1.96% | **18.24%** |\n| 2009 | 2.60% | 0.71% | 0.80% | 4.59% | 3.86% | 3.68% | 0.92% | 4.05% | 0.78% | 1.70% | 1.13% | 2.10% | **30.34%** |\n| 2008 | 2.03% | 0.47% | -2.20% | 2.12% | 2.60% | 0.90% | 0.51% | 0.78% | 0.83% | 1.92% | 6.50% | -0.15% | **17.32%** |\n| 2007 | - | - | - | - | - | - | - | - | 0.05% | -0.08% | 0.09% | 1.52% | **1.59%** |\n\n**Past performance is not indicative of future results. The risk of trading futures is substantial and may not be appropriate for all investors.** The estimated net performance for the current month and year presented here is for the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd. and is net of all fees and expenses and reflects the reinvestment of any dividends or income received and is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n10",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder (net of fees & expenses)\n\n**10.46%**\n**Annualized Net Return**\n\n| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| 2025 | 0.52% | - | - | - | - | - | - | - | - | - | - | - | **0.52%** |\n| 2024 | 1.24% | 0.06% | 0.67% | 0.29% | 0.48% | 0.18% | 0.52% | -0.12% | 0.75% | -0.45% | 0.54% | -0.37% | **3.85%** |\n| 2023 | 2.15% | -0.52% | -0.94% | 0.29% | 0.63% | 1.31% | 1.05% | 0.26% | 0.34% | -0.24% | 1.51% | 1.16% | **7.17%** |\n| 2022 | 0.74% | 0.47% | 1.63% | 0.87% | -0.69% | -1.74% | 0.95% | 0.53% | -1.55% | -0.08% | 2.22% | 0.59% | **3.94%** |\n| 2021 | 2.58% | 2.53% | 4.02% | 1.36% | 3.74% | 0.78% | -0.03% | 0.59% | 0.38% | -0.24% | 0.59% | 0.43% | **17.94%** |\n| 2020 | -0.55% | 0.58% | -2.96% | 2.42% | 0.07% | 1.78% | 1.45% | 1.24% | -0.28% | 3.37% | 1.96% | 1.05% | **10.43%** |\n| 2019 | 1.46% | 0.57% | -0.37% | 0.51% | 0.11% | -0.20% | -0.29% | -2.82% | 3.18% | 0.67% | 0.20% | 1.17% | **4.17%** |\n| 2018 | 1.65% | 0.41% | -0.44% | 0.74% | 0.88% | 1.79% | 0.64% | 0.32% | 0.91% | 0.62% | -0.10% | -0.18% | **7.44%** |\n| 2017 | 0.70% | 1.12% | 0.38% | 0.16% | 0.48% | 1.25% | 0.90% | 0.15% | 0.64% | -0.31% | 0.14% | 0.16% | **5.92%** |\n| 2016 | -0.84% | -1.67% | 2.56% | -0.06% | -0.15% | -1.74% | 0.61% | 1.45% | 0.46% | 0.67% | 1.54% | 2.98% | **5.84%** |\n| 2015 | -0.23% | 0.33% | 0.10% | 2.03% | 1.03% | -0.15% | -0.11% | 0.17% | -0.72% | 0.98% | -0.57% | 3.17% | **6.12%** |\n| 2014 | 2.12% | 2.49% | 0.35% | 0.29% | 1.77% | 0.09% | 1.55% | 0.53% | 1.34% | -0.82% | 0.30% | 0.64% | **11.12%** |\n| 2013 | 0.73% | 0.31% | 1.08% | 0.91% | 0.77% | -0.03% | -0.98% | -1.33% | 2.03% | 0.85% | 0.64% | 0.42% | **5.49%** |\n| 2012 | 1.32% | 2.16% | 1.96% | 1.00% | 0.54% | 1.13% | 1.01% | 1.27% | 1.70% | 0.76% | 0.72% | 1.79% | **16.48%** |\n| 2011 | 2.07% | 1.03% | 2.19% | 1.23% | 0.71% | 1.08% | 0.20% | -0.76% | 0.40% | 2.09% | -0.19% | 1.26% | **11.86%** |\n| 2010 | 1.65% | 1.56% | 1.12% | 5.44% | 1.19% | 0.02% | 0.36% | 0.22% | 0.69% | 1.47% | 1.30% | 1.96% | **18.24%** |\n| 2009 | 2.60% | 0.71% | 0.80% | 4.59% | 3.86% | 3.68% | 0.92% | 4.05% | 0.78% | 1.70% | 1.13% | 2.10% | **30.34%** |\n| 2008 | 2.03% | 0.47% | -2.20% | 2.12% | 2.60% | 0.90% | 0.51% | 0.78% | 0.83% | 1.92% | 6.50% | -0.15% | **17.32%** |\n| 2007 | - | - | - | - | - | - | - | - | 0.05% | -0.08% | 0.09% | 1.52% | **1.59%** |\n\n**Past performance is not indicative of future results. The risk of trading futures is substantial and may not be appropriate for all investors.** The estimated net performance for the current month and year presented here is for the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd. and is net of all fees and expenses and reflects the reinvestment of any dividends or income received and is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n10",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder\n\n***\n\n### Growth of $1,000 invested (net of fees & expenses)\n*(Since inception)*\n\n**Type:** Line Graph\n**Y-axis:** Represents the hypothetical investment value from $900 to $6,300 in increments of $600.\n**X-axis:** Represents time in approximately six-month intervals from Sep 07 to Sep 24.\n**Data Tracking:**\n- **Sep 2007:** The graph starts near the $1,000 mark (annotated with \"Fund launched September 2007\").\n- **Mar 2009:** A minor valley at approximately $1,200.\n- **Sep 2009 – Sep 2019:** A steady, consistent upward trend reaching approximately $3,600.\n- **Mar 2020:** A visible dip/valley at approximately $3,600.\n- **Mar 2020 – Sep 2021:** A steep growth period, peaking near $4,800.\n- **Sep 2022:** A noticeable valley at approximately $4,600.\n- **Jan 2025:** The graph reaches its highest peak at $5,656 (annotated directly at the end of the line).\n\n***\n\n### Distribution of monthly returns (net of fees and expenses)\n\n**Type:** Bar Chart / Histogram\n**Y-axis:** Represents the frequency (number of months) from 0 to 100 in increments of 10.\n**X-axis:** Represents monthly percentage return brackets ranging from \"-7 to -6\" to \"6 to 7\".\n**Estimated Values:**\n- **-7 to -6:** 0\n- **-6 to -5:** 0\n- **-5 to -4:** 0\n- **-4 to -3:** 0\n- **-3 to -2:** ~2\n- **-2 to -1:** ~4\n- **-1 to 0:** ~32\n- **0 to 1:** ~82\n- **1 to 2:** ~51\n- **2 to 3:** ~22\n- **3 to 4:** ~5\n- **4 to 5:** ~1\n- **5 to 6:** ~0\n- **6 to 7:** 0\n\n***\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors.\n\nThe line graph above represents the growth of a hypothetical investment of $1,000 in the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., at its inception, calculated net of advisory fees (2%/20%) and expenses, and assuming reinvestment of dividends and earnings. Hypothetical portfolio results do not reflect trading in actual accounts and have many inherent limitations. The hypothetical results above are provided for informational and illustrative purposes only. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections at the end of this presentation.\n\n11",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder\n\n***\n\n### Growth of $1,000 invested (net of fees & expenses)\n*(Since inception)*\n\n**Type:** Line Graph\n**Y-axis:** Represents the hypothetical investment value from $900 to $6,300 in increments of $600.\n**X-axis:** Represents time in approximately six-month intervals from Sep 07 to Sep 24.\n**Data Tracking:**\n- **Sep 2007:** The graph starts near the $1,000 mark (annotated with \"Fund launched September 2007\").\n- **Mar 2009:** A minor valley at approximately $1,200.\n- **Sep 2009 – Sep 2019:** A steady, consistent upward trend reaching approximately $3,600.\n- **Mar 2020:** A visible dip/valley at approximately $3,600.\n- **Mar 2020 – Sep 2021:** A steep growth period, peaking near $4,800.\n- **Sep 2022:** A noticeable valley at approximately $4,600.\n- **Jan 2025:** The graph reaches its highest peak at $5,656 (annotated directly at the end of the line).\n\n***\n\n### Distribution of monthly returns (net of fees and expenses)\n\n**Type:** Bar Chart / Histogram\n**Y-axis:** Represents the frequency (number of months) from 0 to 100 in increments of 10.\n**X-axis:** Represents monthly percentage return brackets ranging from \"-7 to -6\" to \"6 to 7\".\n**Estimated Values:**\n- **-7 to -6:** 0\n- **-6 to -5:** 0\n- **-5 to -4:** 0\n- **-4 to -3:** 0\n- **-3 to -2:** ~2\n- **-2 to -1:** ~4\n- **-1 to 0:** ~32\n- **0 to 1:** ~82\n- **1 to 2:** ~51\n- **2 to 3:** ~22\n- **3 to 4:** ~5\n- **4 to 5:** ~1\n- **5 to 6:** ~0\n- **6 to 7:** 0\n\n***\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors.\n\nThe line graph above represents the growth of a hypothetical investment of $1,000 in the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., at its inception, calculated net of advisory fees (2%/20%) and expenses, and assuming reinvestment of dividends and earnings. Hypothetical portfolio results do not reflect trading in actual accounts and have many inherent limitations. The hypothetical results above are provided for informational and illustrative purposes only. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections at the end of this presentation.\n\n11",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder (net of fees & expenses)\n\n---\n\n### **Key Statistics (net of fees & expenses)**\n\n| | |\n| :--- | :--- |\n| **Annualized Net Return\\*** | 10.46% |\n| **Annualized Standard Deviation\\*\\*** | 4.35% |\n| **Sharpe Ratio (ref. 3M SOFR)** | 2.05 |\n| **% Positive Months** | 80% |\n| **Best Month** | 6.50% |\n| **Worst Month** | -2.96% |\n| **Average Monthly Return** | 0.84% |\n\n\\*An annualized total return is the geometric average amount of money earned by an investment each year over a given time period. The annualized return formula is calculated as a geometric average to show what an investor would earn over a period of time if the annual return were compounded. Returns shown are those of the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd, net of fund fees (2%/20%) and expenses, and before all taxes.\n\n\\*\\*The Annualized Standard Deviation is the standard deviation multiplied by the square root of the number of periods in one year. Standard deviation of return measures the average deviations of a return series from its mean and is often used as a measure of risk.\n\n---\n\n### **Drawdown Analysis**\n\n| Depth | Length (Mos.) | Recovery (Mos.) | Peak | Valley |\n| :--- | :--- | :--- | :--- | :--- |\n| -3.29% | 3 | 5 | May-19 | Aug-19 |\n| -2.96% | 1 | 4 | Feb-20 | Mar-20 |\n| -2.58% | 6 | 8 | Apr-22 | Oct-22 |\n| -2.49% | 2 | 3 | Dec-15 | Feb-16 |\n| -2.33% | 3 | 5 | May-13 | Aug-13 |\n| -2.20% | 1 | 3 | Feb-08 | Mar-08 |\n\n<br>\n\n**Fund Assets = $1.7B**\n**Offshore Lead NAV = $ 56,562**\n**Onshore Lead NAV = $ 55,238**\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n12",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n# Kawa Fund Overview | Kawa Fund Performance\nOffshore Feeder (net of fees & expenses)\n\n---\n\n### **Key Statistics (net of fees & expenses)**\n\n| | |\n| :--- | :--- |\n| **Annualized Net Return\\*** | 10.46% |\n| **Annualized Standard Deviation\\*\\*** | 4.35% |\n| **Sharpe Ratio (ref. 3M SOFR)** | 2.05 |\n| **% Positive Months** | 80% |\n| **Best Month** | 6.50% |\n| **Worst Month** | -2.96% |\n| **Average Monthly Return** | 0.84% |\n\n\\*An annualized total return is the geometric average amount of money earned by an investment each year over a given time period. The annualized return formula is calculated as a geometric average to show what an investor would earn over a period of time if the annual return were compounded. Returns shown are those of the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd, net of fund fees (2%/20%) and expenses, and before all taxes.\n\n\\*\\*The Annualized Standard Deviation is the standard deviation multiplied by the square root of the number of periods in one year. Standard deviation of return measures the average deviations of a return series from its mean and is often used as a measure of risk.\n\n---\n\n### **Drawdown Analysis**\n\n| Depth | Length (Mos.) | Recovery (Mos.) | Peak | Valley |\n| :--- | :--- | :--- | :--- | :--- |\n| -3.29% | 3 | 5 | May-19 | Aug-19 |\n| -2.96% | 1 | 4 | Feb-20 | Mar-20 |\n| -2.58% | 6 | 8 | Apr-22 | Oct-22 |\n| -2.49% | 2 | 3 | Dec-15 | Feb-16 |\n| -2.33% | 3 | 5 | May-13 | Aug-13 |\n| -2.20% | 1 | 3 | Feb-08 | Mar-08 |\n\n<br>\n\n**Fund Assets = $1.7B**\n**Offshore Lead NAV = $ 56,562**\n**Onshore Lead NAV = $ 55,238**\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n12",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Kawa Fund Overview | Strategies**\n\n**ABS:** High quality esoteric secured credit collateralized by a pool of assets. Securitized risk of a specific cashflow stream from multiple underlying assets. These deals tend to be driven by strong understanding of the underlying collateral pool, generally purchased in the secondary market, often with emphasis in positions where Kawa may be able to increase value for the fund by working with issuers, re-structuring legacy transactions, or improving model transparency used by market participants. The Fund generally tends to own the senior positions of the long-dated cash flows in the deals in order to have spread duration. This strategy includes ABS (such as Solar ABS, Student Loan ABS), TRUP CDOs, PACE Residual Tranches, and CMBS/RMBS, amongst others.\n\n**Single-Asset Financing:** High quality esoteric secured credit collateralized by specific assets. Securitized risk of a specific cashflow stream associated with an individual asset. These deals generally tend to be highly structured, embedded with structural protections and covenants, with the Fund having recourse to the underlying asset. This strategy includes CTLs with matching CDS when applicable, as well as PACE loans.\n\n**Preferred Equity and Perpetuals:** Often event driven and from investment grade issuers, Kawa Fund seeks to purchase undervalued preferred equities and perpetual subordinated debt securities. This includes Preferred Stocks, Canadian preferred equity, bank preferred equity, and auction rate preferred which are backed by a single closed end fund.\n\n**Fixed Income Value:** Kawa seeks undervalued credit risk, where generally companies have underlying assets such as real estate or renewable energy (instead of just generic operating businesses) that Kawa believes more than cover their existing liquidation value. This strategy includes unsecured corporate credit risk, sovereign bonds and CDS, and convertibles. Also includes shorting synthetically via CDS and dislocated sovereign and corporate risk on occasion.\n\n**Municipals:** Dislocated credit stories within the US municipal market, which Kawa believes still have strong downside protection. Dislocations may occur due to retail vs. institutional demand versus new issue supply, geographic market stress, overlooked municipal paper due to unique structures or non-traditional tax angle, or court settlement situations and new government programs. This strategy includes securities backed by specific asset pledges, various discounted general obligation bonds, tobacco settlement bonds.\n\n**Equity:** Medium to long term value approach on equities to complement the Fund’s core credit portfolio purchased at a discount to net asset value. While the Kawa Fund also looks for growth, as well as event-driven opportunities on occasion, most of the exposure carries an asset valuation/credit component. This includes single-name equity positions, equity REITs, SPACs and equity indices executed as directional alpha trades.\n\n**Macro Trading:** Complement the core credit portfolio with a concentrated macro overlay, with high conviction thematic trades designed to benefit in various market scenarios such as rates movements, Central Bank policy movement, correlation convergence between various markets, etc. This area of the book has the highest turnover and remains in liquid instruments such as futures, swaps, forwards. This strategy includes FX, rates, correlation swaps, and other macro strategies.\n\nThe Kawa Fund has broad discretion to invest across a broad range of asset classes, with limited specific diversification requirements. This slide reflects general descriptions of certain Fund strategies and types of investments. Not all strategies or investment types may be in the Fund as of the date of this presentation.\n\n13",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Kawa Fund Overview | Strategies**\n\n**ABS:** High quality esoteric secured credit collateralized by a pool of assets. Securitized risk of a specific cashflow stream from multiple underlying assets. These deals tend to be driven by strong understanding of the underlying collateral pool, generally purchased in the secondary market, often with emphasis in positions where Kawa may be able to increase value for the fund by working with issuers, re-structuring legacy transactions, or improving model transparency used by market participants. The Fund generally tends to own the senior positions of the long-dated cash flows in the deals in order to have spread duration. This strategy includes ABS (such as Solar ABS, Student Loan ABS), TRUP CDOs, PACE Residual Tranches, and CMBS/RMBS, amongst others.\n\n**Single-Asset Financing:** High quality esoteric secured credit collateralized by specific assets. Securitized risk of a specific cashflow stream associated with an individual asset. These deals generally tend to be highly structured, embedded with structural protections and covenants, with the Fund having recourse to the underlying asset. This strategy includes CTLs with matching CDS when applicable, as well as PACE loans.\n\n**Preferred Equity and Perpetuals:** Often event driven and from investment grade issuers, Kawa Fund seeks to purchase undervalued preferred equities and perpetual subordinated debt securities. This includes Preferred Stocks, Canadian preferred equity, bank preferred equity, and auction rate preferred which are backed by a single closed end fund.\n\n**Fixed Income Value:** Kawa seeks undervalued credit risk, where generally companies have underlying assets such as real estate or renewable energy (instead of just generic operating businesses) that Kawa believes more than cover their existing liquidation value. This strategy includes unsecured corporate credit risk, sovereign bonds and CDS, and convertibles. Also includes shorting synthetically via CDS and dislocated sovereign and corporate risk on occasion.\n\n**Municipals:** Dislocated credit stories within the US municipal market, which Kawa believes still have strong downside protection. Dislocations may occur due to retail vs. institutional demand versus new issue supply, geographic market stress, overlooked municipal paper due to unique structures or non-traditional tax angle, or court settlement situations and new government programs. This strategy includes securities backed by specific asset pledges, various discounted general obligation bonds, tobacco settlement bonds.\n\n**Equity:** Medium to long term value approach on equities to complement the Fund’s core credit portfolio purchased at a discount to net asset value. While the Kawa Fund also looks for growth, as well as event-driven opportunities on occasion, most of the exposure carries an asset valuation/credit component. This includes single-name equity positions, equity REITs, SPACs and equity indices executed as directional alpha trades.\n\n**Macro Trading:** Complement the core credit portfolio with a concentrated macro overlay, with high conviction thematic trades designed to benefit in various market scenarios such as rates movements, Central Bank policy movement, correlation convergence between various markets, etc. This area of the book has the highest turnover and remains in liquid instruments such as futures, swaps, forwards. This strategy includes FX, rates, correlation swaps, and other macro strategies.\n\nThe Kawa Fund has broad discretion to invest across a broad range of asset classes, with limited specific diversification requirements. This slide reflects general descriptions of certain Fund strategies and types of investments. Not all strategies or investment types may be in the Fund as of the date of this presentation.\n\n13",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Allocation – Historical fund exposures by book (% of NAV)*\n\n***\n\n**Chart Description: Historical fund exposures by book (% of NAV)**\n\nA combination chart featuring stacked bars and an overlaid line graph. \n* **Y-axis:** Ranges from -60% to 120% in increments of 10%.\n* **X-axis:** Timeline from Sep-07 to Dec-24, with labels corresponding to quarterly intervals, though the data plotted appears to be at a higher frequency (likely monthly).\n\n**Stacked Bar Chart Components (Allocations):**\n* **ABS (Dark Blue):** Forms the foundational positive layer of the portfolio for almost the entire timeline. Values consistently range between 20% and 50%. It shows brief negative exposures (~-10%) around 2008.\n* **Single Asset Financing (Gold):** Appears intermittently. Notable positive allocations occur in 2009-2010 (reaching ~30%), with smaller, sporadic appearances around 2013, 2018, and a brief spike in early 2020.\n* **FIV (Green):** Exhibits both positive and negative exposures. Significant positive allocations (up to 30%) are seen between 2010 and 2013, and again consistently from mid-2022 to the end of 2024. It shows occasional negative exposures of roughly -10% in 2008, 2010, and 2019.\n* **Munis (Light Blue):** Most prominent in two distinct periods. First, from mid-2011 through early 2013, peaking around 30%. Second, from mid-2021 through 2024, maintaining a steady presence of roughly 10% to 20%.\n* **Prefs. (Orange/Red):** Highly variable, forming the top layer of the positive stack and exhibiting the most significant negative exposures. Early in the fund's history (2007-2008), it shows deep negative allocations, bottoming out around -60%. From 2013 to 2021, it transitions to primarily positive allocations, often adding 20% to 50% on top of the other long positions. Its positive presence diminishes from 2022 onwards.\n\n**Line Graph Component (Cash Balance):**\n* **Cash (Black Dashed Line):** Overlaid across the bars to show the cash position.\n * **2007-2010 (High Volatility):** Starts near 40% in late 2007. Drops sharply to roughly -20% in late 2008, then immediately spikes to a major peak of nearly 70% in early 2009. Hits another peak of ~60% in mid-2009 before trending downwards.\n * **2011-2013:** Hits a major valley in mid-2011, dropping slightly below 0% (~-10%). It then steadily climbs to a peak of ~40% in early 2013.\n * **2014-2019 (Stable Period):** Fluctuates mostly between 10% and 30%. Notable valleys occur around mid-2014 (~5%) and mid-2018 (~5%). A minor peak occurs in late 2015 (~30%).\n * **2020-2024:** Surges to a peak of ~40% in mid-2020. Declines steadily to a valley near 0% in late 2021. Climbs back to another major peak of ~40% in mid-2023, before settling near 30% by the end of 2024.\n\n***\n\n### Average Cash Balance\n\n| | |\n| :--- | :--- |\n| Since Inception | 30% |\n| Last 3 Years | 28% |\n\n*Excludes Macro Trading (Rate trading, FX trading and Correlation Swaps). The past allocations across asset classes depicted here are not indicative of future asset allocations in the Fund.\nCash represents Cash and U.S. government treasuries, which are swapped for floating rate securities and T-bills of under 1 year in maturity.\n\n14",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Allocation – Historical fund exposures by book (% of NAV)*\n\n***\n\n**Chart Description: Historical fund exposures by book (% of NAV)**\n\nA combination chart featuring stacked bars and an overlaid line graph. \n* **Y-axis:** Ranges from -60% to 120% in increments of 10%.\n* **X-axis:** Timeline from Sep-07 to Dec-24, with labels corresponding to quarterly intervals, though the data plotted appears to be at a higher frequency (likely monthly).\n\n**Stacked Bar Chart Components (Allocations):**\n* **ABS (Dark Blue):** Forms the foundational positive layer of the portfolio for almost the entire timeline. Values consistently range between 20% and 50%. It shows brief negative exposures (~-10%) around 2008.\n* **Single Asset Financing (Gold):** Appears intermittently. Notable positive allocations occur in 2009-2010 (reaching ~30%), with smaller, sporadic appearances around 2013, 2018, and a brief spike in early 2020.\n* **FIV (Green):** Exhibits both positive and negative exposures. Significant positive allocations (up to 30%) are seen between 2010 and 2013, and again consistently from mid-2022 to the end of 2024. It shows occasional negative exposures of roughly -10% in 2008, 2010, and 2019.\n* **Munis (Light Blue):** Most prominent in two distinct periods. First, from mid-2011 through early 2013, peaking around 30%. Second, from mid-2021 through 2024, maintaining a steady presence of roughly 10% to 20%.\n* **Prefs. (Orange/Red):** Highly variable, forming the top layer of the positive stack and exhibiting the most significant negative exposures. Early in the fund's history (2007-2008), it shows deep negative allocations, bottoming out around -60%. From 2013 to 2021, it transitions to primarily positive allocations, often adding 20% to 50% on top of the other long positions. Its positive presence diminishes from 2022 onwards.\n\n**Line Graph Component (Cash Balance):**\n* **Cash (Black Dashed Line):** Overlaid across the bars to show the cash position.\n * **2007-2010 (High Volatility):** Starts near 40% in late 2007. Drops sharply to roughly -20% in late 2008, then immediately spikes to a major peak of nearly 70% in early 2009. Hits another peak of ~60% in mid-2009 before trending downwards.\n * **2011-2013:** Hits a major valley in mid-2011, dropping slightly below 0% (~-10%). It then steadily climbs to a peak of ~40% in early 2013.\n * **2014-2019 (Stable Period):** Fluctuates mostly between 10% and 30%. Notable valleys occur around mid-2014 (~5%) and mid-2018 (~5%). A minor peak occurs in late 2015 (~30%).\n * **2020-2024:** Surges to a peak of ~40% in mid-2020. Declines steadily to a valley near 0% in late 2021. Climbs back to another major peak of ~40% in mid-2023, before settling near 30% by the end of 2024.\n\n***\n\n### Average Cash Balance\n\n| | |\n| :--- | :--- |\n| Since Inception | 30% |\n| Last 3 Years | 28% |\n\n*Excludes Macro Trading (Rate trading, FX trading and Correlation Swaps). The past allocations across asset classes depicted here are not indicative of future asset allocations in the Fund.\nCash represents Cash and U.S. government treasuries, which are swapped for floating rate securities and T-bills of under 1 year in maturity.\n\n14",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Performance Attribution\n\n### Chart Description: Stacked Bar Chart\nA stacked bar chart illustrating the gross performance attribution by strategy and the impact of fees and expenses from 2007 to 2025.\n* **Y-axis:** Represents performance percentage, ranging from -40% to 100% in 20% increments.\n* **X-axis:** Represents years spanning from 2007 to 2025.\n* **Structure:** Each bar is stacked with various colored blocks representing different asset classes contributing positively (above 0%) or negatively (below 0%). \"Fees and Expenses\" typically appear as the primary negative block below 0% for most years.\n\n**Legend Categories:**\n* [Yellow square] Cash and Equivalents\n* [Dark Blue square] ABS\n* [Maroon square] Equity\n* [Green square] FIV\n* [Light Grey square] Macro Trading\n* [Light Blue square] Municipals\n* [Orange square] Prefs and Perps\n* [Gold/Tan square] Single Asset Financing\n* [Olive square] Fees and Expenses\n\n**Estimated Bar Chart Values (Total Positive / Total Negative bounds):**\n* **2007:** Pos ~60% (Mainly Macro Trading, FIV, Equity) / Neg ~-28% (Fees)\n* **2008:** Pos ~90% (Mainly Single Asset Financing, Prefs, Equity) / Neg ~-20% (Fees)\n* **2009:** Pos ~98% (Mainly Prefs, FIV, ABS) / Neg ~-18% (Fees)\n* **2010:** Pos ~95% (Mainly Single Asset Financing, FIV, ABS) / Neg ~-20% (Fees)\n* **2011:** Pos ~95% (Mainly Single Asset Financing, ABS) / Neg ~-10% (Fees)\n* **2012:** Pos ~95% (Mainly Single Asset Financing, ABS) / Neg ~-12% (Fees)\n* **2013:** Pos ~70% (Mainly Single Asset Financing, ABS) / Neg ~-30% (Fees)\n* **2014:** Pos ~75% (Mainly Light Blue, Macro Trading) / Neg ~-15% (Fees)\n* **2015:** Pos ~70% (Mainly Single Asset Financing, Macro Trading) / Neg ~-25% (Fees)\n* **2016:** Pos ~65% (Mainly Single Asset Financing, Municipals) / Neg ~-35% (Equity, Fees)\n* **2017:** Pos ~80% (Mainly Single Asset Financing, Prefs) / Neg ~-25% (Fees)\n* **2018:** Pos ~85% (Mainly Single Asset Financing, Prefs, Macro Trading) / Neg ~-20% (Fees)\n* **2019:** Pos ~65% (Mainly Single Asset Financing) / Neg ~-18% (Fees, Equity)\n* **2020:** Pos ~72% (Mainly Single Asset Financing, Macro Trading) / Neg ~-22% (Fees, Prefs)\n* **2021:** Pos ~80% (Mainly Single Asset Financing) / Neg ~-20% (Fees, Municipals)\n* **2022:** Pos ~65% (Mainly Macro Trading, Equity) / Neg ~-20% (Fees)\n* **2023:** Pos ~75% (Mainly FIV, Equity, Municipals, Cash) / Neg ~-20% (Fees, ABS)\n* **2024:** Pos ~68% (Mainly FIV, ABS, Cash) / Neg ~-22% (Fees, Macro Trading)\n* **2025:** Pos ~2% (Cash) / Neg ~-1% (Fees)\n\n---\n\n### Annual Performance (net of fees & expenses)\n\n| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| 1.59% | 17.32% | 30.34% | 18.24% | 11.86% | 16.48% | 5.49% | 11.12% | 6.12% | 5.84% | 5.92% | 7.44% | 4.17% | 10.43% | 17.94% | 3.94% | 7.17% | 3.85% | 0.52% |\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors. Attribution percentages shown above represent each book's contribution to the total annual performance of the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., net of fund fees (2%/20%) and expenses in the indicated year. *The estimated net performance for the current year presented here is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n15",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Performance Attribution\n\n### Chart Description: Stacked Bar Chart\nA stacked bar chart illustrating the gross performance attribution by strategy and the impact of fees and expenses from 2007 to 2025.\n* **Y-axis:** Represents performance percentage, ranging from -40% to 100% in 20% increments.\n* **X-axis:** Represents years spanning from 2007 to 2025.\n* **Structure:** Each bar is stacked with various colored blocks representing different asset classes contributing positively (above 0%) or negatively (below 0%). \"Fees and Expenses\" typically appear as the primary negative block below 0% for most years.\n\n**Legend Categories:**\n* [Yellow square] Cash and Equivalents\n* [Dark Blue square] ABS\n* [Maroon square] Equity\n* [Green square] FIV\n* [Light Grey square] Macro Trading\n* [Light Blue square] Municipals\n* [Orange square] Prefs and Perps\n* [Gold/Tan square] Single Asset Financing\n* [Olive square] Fees and Expenses\n\n**Estimated Bar Chart Values (Total Positive / Total Negative bounds):**\n* **2007:** Pos ~60% (Mainly Macro Trading, FIV, Equity) / Neg ~-28% (Fees)\n* **2008:** Pos ~90% (Mainly Single Asset Financing, Prefs, Equity) / Neg ~-20% (Fees)\n* **2009:** Pos ~98% (Mainly Prefs, FIV, ABS) / Neg ~-18% (Fees)\n* **2010:** Pos ~95% (Mainly Single Asset Financing, FIV, ABS) / Neg ~-20% (Fees)\n* **2011:** Pos ~95% (Mainly Single Asset Financing, ABS) / Neg ~-10% (Fees)\n* **2012:** Pos ~95% (Mainly Single Asset Financing, ABS) / Neg ~-12% (Fees)\n* **2013:** Pos ~70% (Mainly Single Asset Financing, ABS) / Neg ~-30% (Fees)\n* **2014:** Pos ~75% (Mainly Light Blue, Macro Trading) / Neg ~-15% (Fees)\n* **2015:** Pos ~70% (Mainly Single Asset Financing, Macro Trading) / Neg ~-25% (Fees)\n* **2016:** Pos ~65% (Mainly Single Asset Financing, Municipals) / Neg ~-35% (Equity, Fees)\n* **2017:** Pos ~80% (Mainly Single Asset Financing, Prefs) / Neg ~-25% (Fees)\n* **2018:** Pos ~85% (Mainly Single Asset Financing, Prefs, Macro Trading) / Neg ~-20% (Fees)\n* **2019:** Pos ~65% (Mainly Single Asset Financing) / Neg ~-18% (Fees, Equity)\n* **2020:** Pos ~72% (Mainly Single Asset Financing, Macro Trading) / Neg ~-22% (Fees, Prefs)\n* **2021:** Pos ~80% (Mainly Single Asset Financing) / Neg ~-20% (Fees, Municipals)\n* **2022:** Pos ~65% (Mainly Macro Trading, Equity) / Neg ~-20% (Fees)\n* **2023:** Pos ~75% (Mainly FIV, Equity, Municipals, Cash) / Neg ~-20% (Fees, ABS)\n* **2024:** Pos ~68% (Mainly FIV, ABS, Cash) / Neg ~-22% (Fees, Macro Trading)\n* **2025:** Pos ~2% (Cash) / Neg ~-1% (Fees)\n\n---\n\n### Annual Performance (net of fees & expenses)\n\n| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| 1.59% | 17.32% | 30.34% | 18.24% | 11.86% | 16.48% | 5.49% | 11.12% | 6.12% | 5.84% | 5.92% | 7.44% | 4.17% | 10.43% | 17.94% | 3.94% | 7.17% | 3.85% | 0.52% |\n\n**Past performance is not indicative of future results.** The risk of trading futures is substantial and may not be appropriate for all investors. Attribution percentages shown above represent each book's contribution to the total annual performance of the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., net of fund fees (2%/20%) and expenses in the indicated year. *The estimated net performance for the current year presented here is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. Please see the Priority Profit Share (PPS) disclosure at the end of this presentation.\n\n15",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Historical Comparison\nRelative performance since inception to Kawa Offshore (net of fees & expenses)\n\n---\n\n### [Chart Description: Historical Performance Line Graph]\n**Type:** Line Graph\n**Y-Axis:** \"Percentage Returns Since Inception\" ranging from 50% to 550% in increments of 100%.\n**X-Axis:** Time series from Aug-07 to Nov-24, labeled periodically (e.g., Aug-07, Nov-07, Feb-08, May-08, etc.).\n**Legend:**\n* **Kawa Offshore:** Solid Dark Blue line\n* **Barclays US Agg:** Dashed Orange line\n* **Eureka Hedge:** Dashed Light Blue line\n* **S&P Index:** Dash-dot Gold line\n* **Bank of America US High Yield:** Solid Light Blue line\n\n**Data Trajectory & Major Peaks/Valleys:**\n* **Kawa Offshore (Dark Blue line):** Starts near 50% in mid-2007. Exhibits a brief, shallow valley in late 2008. From 2009 onward, it shows a highly consistent upward trend with very low volatility compared to the S&P. It crosses 250% around 2013/2014, reaches 350% around 2017, and experiences an accelerated climb starting in 2020. It finishes as the top-performing asset on the chart, peaking just above 550% by Nov-24.\n* **S&P Index (Gold dash-dot line):** Starts near 50% in 2007. Experiences a major valley dropping below 50% during the 2008-2009 financial crisis. Recovers and grows steadily with moderate volatility, passing 250% in 2017. Experiences a sharp, brief valley in early 2020 (COVID-19 drop), followed by a massive spike, peaking around 450% in late 2021. It drops sharply into a valley around 350% in mid-2022, before rallying steeply to end just below the Kawa Offshore line near 550% in late 2024.\n* **Bank of America US High Yield (Light Blue solid line):** Starts near 50%, dips in 2008, and maintains a steady, moderate upward slope. It crosses 150% around 2013, reaches approximately 250% by 2021, and finishes the period just below 300%.\n* **Eureka Hedge (Light Blue dashed line):** Shows very steady, low-volatility, slow growth. It starts at 50%, slowly climbing over the 17-year period to finish just above the 150% mark by late 2024.\n* **Barclays US Agg (Orange dashed line):** Exhibits the lowest overall growth. Starts at 50%, climbs very slowly to peak just below 150% in 2020, and then enters a prolonged decline from 2021 to 2024, finishing near the 100% mark.\n\n---\n\n### Value of $1,000 Invested\n(since Kawa Fund Inception)\n\n↑ **$5,659** Kawa\n↑ **$5,857** S&P 500 Index\n↑ **$1,653** Barclays US Aggregate Bond Index\n↑ **$2,990** Bank of America US High Yield Index\n↑ **$2,575** Eureka Hedge\n\n### Correlation to Indices\n\n| Index | YTD | Last 3 Years | Last 5 Years | Since Inception |\n| :--- | :--- | :--- | :--- | :--- |\n| S&P 500 | 0.45 | 0.53 | 0.45 | 0.22 |\n| Barclays US Agg | 0.64 | 0.45 | 0.24 | 0.05 |\n| BofA US High Yield | 0.62 | 0.57 | 0.51 | 0.25 |\n| Eureka Hedge | 0.55 | 0.54 | 0.51 | 0.38 |\n\nSource: Bloomberg\n\n---\n\nThe line graph above represents the growth of a hypothetical investment of $1,000 in the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., at its inception, calculated net of advisory fees, and assuming reinvestment of dividends and earnings. Hypothetical portfolio results do not reflect trading in actual accounts and have many inherent limitations. The hypothetical results above are provided for informational and illustrative purposes only. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections and Indices Presented disclosures at the end of this presentation.\n\n**16**",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa Fund Overview | Historical Comparison\nRelative performance since inception to Kawa Offshore (net of fees & expenses)\n\n---\n\n### [Chart Description: Historical Performance Line Graph]\n**Type:** Line Graph\n**Y-Axis:** \"Percentage Returns Since Inception\" ranging from 50% to 550% in increments of 100%.\n**X-Axis:** Time series from Aug-07 to Nov-24, labeled periodically (e.g., Aug-07, Nov-07, Feb-08, May-08, etc.).\n**Legend:**\n* **Kawa Offshore:** Solid Dark Blue line\n* **Barclays US Agg:** Dashed Orange line\n* **Eureka Hedge:** Dashed Light Blue line\n* **S&P Index:** Dash-dot Gold line\n* **Bank of America US High Yield:** Solid Light Blue line\n\n**Data Trajectory & Major Peaks/Valleys:**\n* **Kawa Offshore (Dark Blue line):** Starts near 50% in mid-2007. Exhibits a brief, shallow valley in late 2008. From 2009 onward, it shows a highly consistent upward trend with very low volatility compared to the S&P. It crosses 250% around 2013/2014, reaches 350% around 2017, and experiences an accelerated climb starting in 2020. It finishes as the top-performing asset on the chart, peaking just above 550% by Nov-24.\n* **S&P Index (Gold dash-dot line):** Starts near 50% in 2007. Experiences a major valley dropping below 50% during the 2008-2009 financial crisis. Recovers and grows steadily with moderate volatility, passing 250% in 2017. Experiences a sharp, brief valley in early 2020 (COVID-19 drop), followed by a massive spike, peaking around 450% in late 2021. It drops sharply into a valley around 350% in mid-2022, before rallying steeply to end just below the Kawa Offshore line near 550% in late 2024.\n* **Bank of America US High Yield (Light Blue solid line):** Starts near 50%, dips in 2008, and maintains a steady, moderate upward slope. It crosses 150% around 2013, reaches approximately 250% by 2021, and finishes the period just below 300%.\n* **Eureka Hedge (Light Blue dashed line):** Shows very steady, low-volatility, slow growth. It starts at 50%, slowly climbing over the 17-year period to finish just above the 150% mark by late 2024.\n* **Barclays US Agg (Orange dashed line):** Exhibits the lowest overall growth. Starts at 50%, climbs very slowly to peak just below 150% in 2020, and then enters a prolonged decline from 2021 to 2024, finishing near the 100% mark.\n\n---\n\n### Value of $1,000 Invested\n(since Kawa Fund Inception)\n\n↑ **$5,659** Kawa\n↑ **$5,857** S&P 500 Index\n↑ **$1,653** Barclays US Aggregate Bond Index\n↑ **$2,990** Bank of America US High Yield Index\n↑ **$2,575** Eureka Hedge\n\n### Correlation to Indices\n\n| Index | YTD | Last 3 Years | Last 5 Years | Since Inception |\n| :--- | :--- | :--- | :--- | :--- |\n| S&P 500 | 0.45 | 0.53 | 0.45 | 0.22 |\n| Barclays US Agg | 0.64 | 0.45 | 0.24 | 0.05 |\n| BofA US High Yield | 0.62 | 0.57 | 0.51 | 0.25 |\n| Eureka Hedge | 0.55 | 0.54 | 0.51 | 0.38 |\n\nSource: Bloomberg\n\n---\n\nThe line graph above represents the growth of a hypothetical investment of $1,000 in the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd., at its inception, calculated net of advisory fees, and assuming reinvestment of dividends and earnings. Hypothetical portfolio results do not reflect trading in actual accounts and have many inherent limitations. The hypothetical results above are provided for informational and illustrative purposes only. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. Please see Important Disclosures Regarding Hypothetical Portfolio Results & Projections and Indices Presented disclosures at the end of this presentation.\n\n**16**",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n# Kawa Fund Overview | Portfolio Statistics\nOffshore Feeder\n\n### Concentration (as % of NAV)\n| | |\n| :--- | :--- |\n| Largest Position | 6.86% |\n| Largest 5 Positions | 20.45% |\n| # Positions | 82 Distinct Trades, 6>2% of NAV |\n\n### Geographical Breakdown (as % of NAV)\n| | |\n| :--- | :--- |\n| US | 78.14% |\n| Brazil | 2.92% |\n| Canada | 1.12% |\n| Other | 15.43% |\n\n### Largest 5 Positions (as % of NAV)*\n| | |\n| :--- | :--- |\n| Ginnie Mae Project Loans | 6.86% |\n| REVL SBA COOF | 5.38% |\n| US Government 20yr TIPS | 3.70% |\n| Makefield Crossing Ground Note | 2.33% |\n| 40 Fulton Ground Note | 2.17% |\n\n### Other\n| | |\n| :--- | :--- |\n| Leverage | 0.44x |\n| Annual Turnover | 3.00x |\n| Duration Exposure** | +2.98 Years |\n\nAnnual turnover excludes futures and forward contracts.\n\n\\*Does not include all of our positions and may exclude other relevant exposures which are not shared due to confidentiality issues (for instance, in a limited liquidity position which manager is currently accumulating), manager’s perceived materiality of the positions, amongst many other qualitative and quantitative reasons. The reader should not assume that an investment in the securities identified was or will be profitable. \\*\\*Includes US T-Bills, USD, CAD, EUR, GBP and JPY exposures.\n\n17",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n# Kawa Fund Overview | Portfolio Statistics\nOffshore Feeder\n\n### Concentration (as % of NAV)\n| | |\n| :--- | :--- |\n| Largest Position | 6.86% |\n| Largest 5 Positions | 20.45% |\n| # Positions | 82 Distinct Trades, 6>2% of NAV |\n\n### Geographical Breakdown (as % of NAV)\n| | |\n| :--- | :--- |\n| US | 78.14% |\n| Brazil | 2.92% |\n| Canada | 1.12% |\n| Other | 15.43% |\n\n### Largest 5 Positions (as % of NAV)*\n| | |\n| :--- | :--- |\n| Ginnie Mae Project Loans | 6.86% |\n| REVL SBA COOF | 5.38% |\n| US Government 20yr TIPS | 3.70% |\n| Makefield Crossing Ground Note | 2.33% |\n| 40 Fulton Ground Note | 2.17% |\n\n### Other\n| | |\n| :--- | :--- |\n| Leverage | 0.44x |\n| Annual Turnover | 3.00x |\n| Duration Exposure** | +2.98 Years |\n\nAnnual turnover excludes futures and forward contracts.\n\n\\*Does not include all of our positions and may exclude other relevant exposures which are not shared due to confidentiality issues (for instance, in a limited liquidity position which manager is currently accumulating), manager’s perceived materiality of the positions, amongst many other qualitative and quantitative reasons. The reader should not assume that an investment in the securities identified was or will be profitable. \\*\\*Includes US T-Bills, USD, CAD, EUR, GBP and JPY exposures.\n\n17",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**kawa**\n\n# Kawa Fund Overview | Current Portfolio Breakdown\n\n---\n\n### PORTFOLIO NAV BREAKDOWN BY BOOK\n\n**Chart Type:** Horizontal Bar Chart \n**X-Axis:** Percentage (0%, 10%, 20%, 30%, 40%) \n**Y-Axis:** Investment Books \n\n**Data Points (Top to Bottom):** \n* **Equity:** 2.06% \n* **Preferred Equity & Perpetuals:** 3.53% \n* **Macro Trading:** 4.41% \n* **Fixed Income Value:** 6.58% \n* **Asset Backed Securities:** 8.77% \n* **Mortgage Backed Securities:** 9.62% \n* **Single-Asset Financing:** 10.24% \n* **Treasury:** 19.75% \n* **Cash & Equivalents:** 34.39% \n\n---\n\n### Portfolio Duration: +2.98 years\n### PORTFOLIO NAV BREAKDOWN BY SUB-BOOK\n\n| Strategy | % of NAV |\n| :--- | :--- |\n| Equity Long Term | 2.1% |\n| Other Preferred Equity | 3.5% |\n| Equity Index | 0.01% |\n| FX Trading | 0.7% |\n| Rate Trading | 3.7% |\n| Corporate Credit | 1.8% |\n| EM Fixed Income | 4.5% |\n| Convertible | 0.3% |\n| ABS | 8.8% |\n| CMBS | 1.1% |\n| MBS | 8.5% |\n| CTL | 2.2% |\n| Secured Financing | 8.0% |\n| 20-Year Treasury Swap Spread | 19.7% |\n| Cash & Equivalents | 34.4% |\n\n**18**",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**kawa**\n\n# Kawa Fund Overview | Current Portfolio Breakdown\n\n---\n\n### PORTFOLIO NAV BREAKDOWN BY BOOK\n\n**Chart Type:** Horizontal Bar Chart \n**X-Axis:** Percentage (0%, 10%, 20%, 30%, 40%) \n**Y-Axis:** Investment Books \n\n**Data Points (Top to Bottom):** \n* **Equity:** 2.06% \n* **Preferred Equity & Perpetuals:** 3.53% \n* **Macro Trading:** 4.41% \n* **Fixed Income Value:** 6.58% \n* **Asset Backed Securities:** 8.77% \n* **Mortgage Backed Securities:** 9.62% \n* **Single-Asset Financing:** 10.24% \n* **Treasury:** 19.75% \n* **Cash & Equivalents:** 34.39% \n\n---\n\n### Portfolio Duration: +2.98 years\n### PORTFOLIO NAV BREAKDOWN BY SUB-BOOK\n\n| Strategy | % of NAV |\n| :--- | :--- |\n| Equity Long Term | 2.1% |\n| Other Preferred Equity | 3.5% |\n| Equity Index | 0.01% |\n| FX Trading | 0.7% |\n| Rate Trading | 3.7% |\n| Corporate Credit | 1.8% |\n| EM Fixed Income | 4.5% |\n| Convertible | 0.3% |\n| ABS | 8.8% |\n| CMBS | 1.1% |\n| MBS | 8.5% |\n| CTL | 2.2% |\n| Secured Financing | 8.0% |\n| 20-Year Treasury Swap Spread | 19.7% |\n| Cash & Equivalents | 34.4% |\n\n**18**",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa \n\n## Kawa Fund Overview | Liquidity Profile\n\n### Liquidity Analysis¹\n\n*(The following is a structural description of the horizontal bar chart provided in the slide)*\n\n**Type:** Horizontal Bar Chart \n**X-axis:** Percentage scale from 0% to 45%, marked in 5% increments. \n**Y-axis:** Liquidity categories (Timeframes). \n**Data Values (from top to bottom):** \n* **Above 3 Months:** 0.35% \n* **Under 3 Months:** 9.07% \n* **Under A Month:** 18.00% \n* **Under A Week:** 38.37% \n* **Cash & Equivalents:** 34.39% \n\n***\n\n### Level 1,2,3 Asset Exposure (as % of NAV)\nAs of January 31,2025\n\n| ASC 820 Asset Level | % of NAV |\n| :--- | :--- |\n| Level 1 | 59.38% |\n| Level 2 | 38.12% |\n| Level 3 | 0.35% |\n\n***\n\n¹Liquidity analysis assumes P&L impact of -1 to -2% of Fund performance and is not based on a scenario involving market stress.\n\nGiven the funds’ liquidity profile, in which a large percentage of the portfolio is comprised of assets that can be liquidated in a month or less, Kawa believes the current portfolio could be liquidated (outside of a stressed environment) within the notice period of the Fund (60 days).\n\nKawa makes no guarantee it will be able to liquidate the fund in the timeframe presented here, or at all. The Fund’s ability to liquidate its portfolio will depend on the then-prevailing specific market conditions, and other factors many of which are not in Kawa’s control.\n\n19",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa \n\n## Kawa Fund Overview | Liquidity Profile\n\n### Liquidity Analysis¹\n\n*(The following is a structural description of the horizontal bar chart provided in the slide)*\n\n**Type:** Horizontal Bar Chart \n**X-axis:** Percentage scale from 0% to 45%, marked in 5% increments. \n**Y-axis:** Liquidity categories (Timeframes). \n**Data Values (from top to bottom):** \n* **Above 3 Months:** 0.35% \n* **Under 3 Months:** 9.07% \n* **Under A Month:** 18.00% \n* **Under A Week:** 38.37% \n* **Cash & Equivalents:** 34.39% \n\n***\n\n### Level 1,2,3 Asset Exposure (as % of NAV)\nAs of January 31,2025\n\n| ASC 820 Asset Level | % of NAV |\n| :--- | :--- |\n| Level 1 | 59.38% |\n| Level 2 | 38.12% |\n| Level 3 | 0.35% |\n\n***\n\n¹Liquidity analysis assumes P&L impact of -1 to -2% of Fund performance and is not based on a scenario involving market stress.\n\nGiven the funds’ liquidity profile, in which a large percentage of the portfolio is comprised of assets that can be liquidated in a month or less, Kawa believes the current portfolio could be liquidated (outside of a stressed environment) within the notice period of the Fund (60 days).\n\nKawa makes no guarantee it will be able to liquidate the fund in the timeframe presented here, or at all. The Fund’s ability to liquidate its portfolio will depend on the then-prevailing specific market conditions, and other factors many of which are not in Kawa’s control.\n\n19",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n### Kawa Fund Overview | Pricing Process\n\n* For the Fund’s Level I assets, IDC and Bloomberg are the main pricing sources, but the Fund’s third party Administrator, SS&C GlobeOp (“SS&C”), will also use the Fund’s prime broker as a potential source.\n* At the beginning of each month, Kawa compiles a list of all the Fund’s Level II securities. This list is reviewed by at least two members of Kawa’s Valuation Committee (the “Committee”), which is comprised of a Portfolio Manager (“PM;” Daniel Ades or Alexandre Saverin), the Managing Directors of Operations and Finance (respectively, Xi Liu and Gustavo Avellar), the Deputy CEO (Cristina Baldim), and the firm’s General Counsel and Chief Compliance Officer (Jeremy Traster, non-voting member); or authorized designees.\n* The fund’s administrator, SS&C, then sends a list of the relevant securities to third-party brokers for valuation/pricing. SS&C currently works with independent brokers to carry out this process, including Seaport, Mesirow, StoneCastle, and Bank of America. SS&C attempts to get at least 2 prices for each security.\n* Upon receipt of prices from the brokers, SS&C is responsible for compiling a report with all the broker prices. The Valuation Committee then reviews this report. Valuations generally are marked at the average of the broker quotes. In rare instances in which the manager chooses to change the mark from the broker quote average, deviations up to two 2% from the average of the broker prices are then recorded by SS&C as “manager prices, independently confirmed” in the monthly transparency report. If the deviation is more than 2%, it is recorded as “manager priced.” In both cases, the Committee will add an explanation to the price report explaining why it decided to deviate from the average.\n* A final document noting any overrides and/or valuation issues is approved by the Committee and sent to SS&C for final approval.\n* At year end, the Fund’s valuation process is reviewed by its auditors, Grant Thornton, which audits all year-end prices for open positions.\n* Since its inception, the Fund has had no material pricing issues that required a NAV restatement.\n\n20",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n### Kawa Fund Overview | Pricing Process\n\n* For the Fund’s Level I assets, IDC and Bloomberg are the main pricing sources, but the Fund’s third party Administrator, SS&C GlobeOp (“SS&C”), will also use the Fund’s prime broker as a potential source.\n* At the beginning of each month, Kawa compiles a list of all the Fund’s Level II securities. This list is reviewed by at least two members of Kawa’s Valuation Committee (the “Committee”), which is comprised of a Portfolio Manager (“PM;” Daniel Ades or Alexandre Saverin), the Managing Directors of Operations and Finance (respectively, Xi Liu and Gustavo Avellar), the Deputy CEO (Cristina Baldim), and the firm’s General Counsel and Chief Compliance Officer (Jeremy Traster, non-voting member); or authorized designees.\n* The fund’s administrator, SS&C, then sends a list of the relevant securities to third-party brokers for valuation/pricing. SS&C currently works with independent brokers to carry out this process, including Seaport, Mesirow, StoneCastle, and Bank of America. SS&C attempts to get at least 2 prices for each security.\n* Upon receipt of prices from the brokers, SS&C is responsible for compiling a report with all the broker prices. The Valuation Committee then reviews this report. Valuations generally are marked at the average of the broker quotes. In rare instances in which the manager chooses to change the mark from the broker quote average, deviations up to two 2% from the average of the broker prices are then recorded by SS&C as “manager prices, independently confirmed” in the monthly transparency report. If the deviation is more than 2%, it is recorded as “manager priced.” In both cases, the Committee will add an explanation to the price report explaining why it decided to deviate from the average.\n* A final document noting any overrides and/or valuation issues is approved by the Committee and sent to SS&C for final approval.\n* At year end, the Fund’s valuation process is reviewed by its auditors, Grant Thornton, which audits all year-end prices for open positions.\n* Since its inception, the Fund has had no material pricing issues that required a NAV restatement.\n\n20",
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"gemini_markdown": "THE KAWA FUND\nkawa\n\n# Investment Process\n\n21",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa’s Investment Process\n\n**Generating Ideas**\nKawa proactively seeks new investment opportunities that fit its philosophy and objectives, through extensive research and a robust network of business relationships. An initial thesis is presented to the Portfolio Managers during a monthly investment meeting. Kawa’s PMs meet frequently throughout the month to review and discuss opportunities.\n\n**In-Depth Research & Analysis**\nIf the portfolio managers determine it is worthwhile to dive deeper, the research team typically performs an in-depth fundamental analysis to determine intrinsic value relative to market pricing.\n\nThe research process is reported regularly, and more/less research time and assets are allocated to the idea as it matures. Most ideas do not survive the research phase and are archived.\n\n**Evaluating & Purchasing**\nOnce research is complete, the thesis is reviewed by the Portfolio Managers. If approved by both PMs, risk profiles, stop loss/profits, and position sizes are determined and implemented.\n\n**Active Management**\nKawa’s team actively manages its positions, across the portfolio, through a disciplined risk management approach.\n\n**Sale**\nKawa generally exits the Fund’s positions once: (i) they have reached their estimates of fair value; (ii) conditions change whereby the risk/reward at market prices is no longer deemed attractive; or (iii) Kawa determines reallocation of capital would be beneficial to the portfolio.\n\n22",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Kawa’s Investment Process\n\n**Generating Ideas**\nKawa proactively seeks new investment opportunities that fit its philosophy and objectives, through extensive research and a robust network of business relationships. An initial thesis is presented to the Portfolio Managers during a monthly investment meeting. Kawa’s PMs meet frequently throughout the month to review and discuss opportunities.\n\n**In-Depth Research & Analysis**\nIf the portfolio managers determine it is worthwhile to dive deeper, the research team typically performs an in-depth fundamental analysis to determine intrinsic value relative to market pricing.\n\nThe research process is reported regularly, and more/less research time and assets are allocated to the idea as it matures. Most ideas do not survive the research phase and are archived.\n\n**Evaluating & Purchasing**\nOnce research is complete, the thesis is reviewed by the Portfolio Managers. If approved by both PMs, risk profiles, stop loss/profits, and position sizes are determined and implemented.\n\n**Active Management**\nKawa’s team actively manages its positions, across the portfolio, through a disciplined risk management approach.\n\n**Sale**\nKawa generally exits the Fund’s positions once: (i) they have reached their estimates of fair value; (ii) conditions change whereby the risk/reward at market prices is no longer deemed attractive; or (iii) Kawa determines reallocation of capital would be beneficial to the portfolio.\n\n22",
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"gemini_markdown": "THE KAWA FUND\nkawa\n\n# Risk Management & Control\n\n23",
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"markdown": "THE KAWA FUND\nkawa\n\n# Risk Management & Control\n\n23",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n## Risk Management & Control\n\n| Exposure Group | | Expected Ranges |\n| :--- | :--- | :--- |\n| **Portfolio DV01** | | -7 years to +7 years |\n| **Portfolio Leverage¹** | | 65% to 135% |\n| **ABS** | Individual Structured Credit Position² | 2% to 10% |\n| **Single-Asset Financing** | Individual Secured Credit Position² | 2% to 10% |\n| **Preferred Equity and Perpetuals** | Individual Bank Perpetual or Preferred Position<br>Individual Auction Rate Preferred Position<br>Individual Canadian Preferred Position<br>Other Individual Preferred Equity<br>Position | 1% to 3%<br>2% to 8%<br>0.5% to 3%<br>0.5% to 3% |\n| **FI Value** | Individual Unsecured Fixed Income Position | 2% to 5% |\n| **Muni** | Individual Muni Position | 1% to 3% |\n| **Equity** | Individual MLP<br>Individual REIT<br>Total Index Trading<br>Individual Equity | 0.5% to 2%<br>0.5% to 3%<br>-20% to 20%<br>0.5% to 2% |\n| **Macro** | Individual Currency Position<br>Total FX Exposure (not including purchased options)<br>Total Purchased Options as a % of NAV<br>Other Derivatives as Capital at Risk as % of NAV | 3% to 10%<br>5% to 20%<br>1% to 5%<br>1% to 5% |\n\n<br>\n\n¹Portfolio Leverage does not include Foreign Exchange, exposure through options, interest rate trading and relative value trades. ²Other than Agencies, Supranational & Treasuries and on a net basis (does not include Relative Value Trades).\n\nThe above ranges are as a percentage of NAV. The ranges are currently expected ranges only and may be exceeded or revised at any time in the sole discretion of the manager. The Fund is not restricted by asset classes or specific constraints. Prospective investors should carefully review the relevant Confidential Explanatory Memorandum relating to the applicable fund.\n\n24",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n## Risk Management & Control\n\n| Exposure Group | | Expected Ranges |\n| :--- | :--- | :--- |\n| **Portfolio DV01** | | -7 years to +7 years |\n| **Portfolio Leverage¹** | | 65% to 135% |\n| **ABS** | Individual Structured Credit Position² | 2% to 10% |\n| **Single-Asset Financing** | Individual Secured Credit Position² | 2% to 10% |\n| **Preferred Equity and Perpetuals** | Individual Bank Perpetual or Preferred Position<br>Individual Auction Rate Preferred Position<br>Individual Canadian Preferred Position<br>Other Individual Preferred Equity<br>Position | 1% to 3%<br>2% to 8%<br>0.5% to 3%<br>0.5% to 3% |\n| **FI Value** | Individual Unsecured Fixed Income Position | 2% to 5% |\n| **Muni** | Individual Muni Position | 1% to 3% |\n| **Equity** | Individual MLP<br>Individual REIT<br>Total Index Trading<br>Individual Equity | 0.5% to 2%<br>0.5% to 3%<br>-20% to 20%<br>0.5% to 2% |\n| **Macro** | Individual Currency Position<br>Total FX Exposure (not including purchased options)<br>Total Purchased Options as a % of NAV<br>Other Derivatives as Capital at Risk as % of NAV | 3% to 10%<br>5% to 20%<br>1% to 5%<br>1% to 5% |\n\n<br>\n\n¹Portfolio Leverage does not include Foreign Exchange, exposure through options, interest rate trading and relative value trades. ²Other than Agencies, Supranational & Treasuries and on a net basis (does not include Relative Value Trades).\n\nThe above ranges are as a percentage of NAV. The ranges are currently expected ranges only and may be exceeded or revised at any time in the sole discretion of the manager. The Fund is not restricted by asset classes or specific constraints. Prospective investors should carefully review the relevant Confidential Explanatory Memorandum relating to the applicable fund.\n\n24",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\nkawa\n\n**Risk Management & Control**\n\n# Built-in risk management.\n\n### Buying, Trading & Monitoring\n* Buying securities that Kawa believes are below their intrinsic value.\n* Sizing the Fund’s positions based on Kawa’s risk/reward analysis and correlations with other investments in the portfolio.\n* Limiting number of positions that are less liquid or illiquid, to be mindful of potential redemptions.\n* Using limited fund-level leverage.\n\n### Selling\n* Disciplined use of stop losses on trading positions.\n* Strategies in the event of a 4% intra-month drawdown:\n * No additional (fundamental or trading) positions are expected to be taken for the month, and\n * An attempt may be made to reduce trading positions by 50%, provided, however, that automatic sales may be avoided during periods of market distress, that Kawa believes represent opportunities for deep value investing.\n\nNot all risk mitigation techniques listed above are utilized at any specific point in time, or with regard to any specific Fund position.\n\n25",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\nkawa\n\n**Risk Management & Control**\n\n# Built-in risk management.\n\n### Buying, Trading & Monitoring\n* Buying securities that Kawa believes are below their intrinsic value.\n* Sizing the Fund’s positions based on Kawa’s risk/reward analysis and correlations with other investments in the portfolio.\n* Limiting number of positions that are less liquid or illiquid, to be mindful of potential redemptions.\n* Using limited fund-level leverage.\n\n### Selling\n* Disciplined use of stop losses on trading positions.\n* Strategies in the event of a 4% intra-month drawdown:\n * No additional (fundamental or trading) positions are expected to be taken for the month, and\n * An attempt may be made to reduce trading positions by 50%, provided, however, that automatic sales may be avoided during periods of market distress, that Kawa believes represent opportunities for deep value investing.\n\nNot all risk mitigation techniques listed above are utilized at any specific point in time, or with regard to any specific Fund position.\n\n25",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n**Kawa Fund Risk Report**\nJanuary 2025: 0.52%* | YTD: 0.52%*\n\n***\n\n### Left Column\n\n| Strategy | ATTRIBUTION MTD % | ATTRIBUTION YTD % | EXPOSURE % NAV Long | EXPOSURE % NAV Short | EXPOSURE % NAV Net |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| ABS | 0.08% | 0.08% | 2.18% | 0.00% | 2.18% |\n| Cash & Fees | -0.02% | -0.02% | 4.13% | -1.73% | 2.40% |\n| Cash Management | 0.05% | 0.05% | 0.37% | 0.00% | 0.37% |\n| Equity | 0.07% | 0.07% | 2.25% | 0.00% | 2.25% |\n| Fixed Income Value | -0.01% | -0.01% | 15.04% | -5.89% | 9.15% |\n| Macro Trading | -0.14% | -0.14% | 15.58% | -6.36% | 9.21% |\n| MBS | 0.07% | 0.07% | 11.74% | -8.10% | 3.63% |\n| Preferred Equity & Perpetuals | 0.01% | 0.01% | 0.54% | -2.37% | -1.83% |\n| Single-Asset Financing | 0.23% | 0.23% | 17.47% | 0.00% | 17.47% |\n| Treasury | 0.18% | 0.18% | 34.99% | -35.17% | -0.18% |\n| **Total** | **0.52%** | **0.52%** | **104.29%** | **-59.63%** | **44.66%** |\n\n**NET INSTRUMENT LEVEL PERFORMANCE**\n\n| Instrument Type | ATTRIBUTION MTD % | ATTRIBUTION YTD % | EXPOSURE % NAV Long | EXPOSURE % NAV Short | EXPOSURE % NAV Net |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Bond | 0.62% | 0.62% | 77.86% | -0.53% | 77.33% |\n| Cash & Fees | -0.02% | -0.02% | 4.13% | -1.73% | 2.40% |\n| CDS | 0.00% | 0.00% | 0.00% | -0.59% | -0.59% |\n| Equity | 0.03% | 0.03% | 2.25% | 0.00% | 2.25% |\n| Forward | -0.03% | -0.03% | 0.83% | 0.00% | 0.83% |\n| Future | -0.05% | -0.05% | 3.18% | 0.00% | 3.18% |\n| FX Option | -0.09% | -0.09% | 7.89% | -5.05% | 2.84% |\n| Option | -0.02% | -0.02% | 0.00% | -1.31% | -1.31% |\n| Preferred | 0.01% | 0.01% | 0.54% | -1.87% | -1.33% |\n| Swap | 0.12% | 0.12% | 7.53% | -48.53% | -41.00% |\n| Swap Option | -0.03% | -0.03% | 0.00% | 0.00% | 0.00% |\n| Volatility Swap | -0.01% | -0.01% | 0.07% | 0.00% | 0.07% |\n| **Total** | **0.52%** | **0.52%** | **104.29%** | **-59.63%** | **44.66%** |\n\n**RISK SCENARIOS\\***\n\n| Strategy | 10Y Adjusted^A | Duration^B | CS01^C (1bp up in spreads) | FX01^C (1% up in USD) | EQ01^C (1% up in S&P) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| ABS | 2.18% | 0.17 | -0.20 | 0.00 | 0.00 |\n| Cash & Fees | 0.00% | 0.00 | 0.00 | -0.01 | 0.00 |\n| Cash Management | 0.37% | 0.03 | -0.03 | 0.00 | 0.00 |\n| Equity | 0.00% | 0.00 | 0.00 | 0.00 | 2.25 |\n| Fixed Income Value | 8.92% | 0.70 | -0.71 | -0.66 | 0.00 |\n| Macro Trading | 7.47% | 0.58 | -0.52 | -5.77 | -0.25 |\n| MBS | 3.63% | 0.28 | -1.16 | 0.00 | 0.00 |\n| Preferred Equity & Perpetuals | -1.83% | -0.14 | -0.52 | -0.51 | 0.00 |\n| Single-Asset Financing | 17.47% | 1.37 | -1.41 | 0.00 | 0.00 |\n| Treasury | -0.18% | -0.01 | -1.90 | 0.00 | 0.00 |\n| **Total** | **38.03%** | **2.98** | **-6.46** | **-6.95** | **2.01** |\n\n***\n\n### Right Column\n\n**Past performance is not indicative of future results. The risk of trading futures is substantial and may not be appropriate for all investors.** *The estimated net performance for the current month and year presented here is for the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd. and is net of all fees (2%/20%) and expenses and reflects the reinvestment of any dividends or income received and is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. The reader should not assume that instruments of the types shown are, or will be, profitable. Please see the Important Disclosures Regarding Please see the Priority Profit Share (PPS) and Hypothetical Portfolio Results & Projections disclosures at the end of this presentation.\n\n| Instrument type | 10Y Adjusted^A | Duration^B | CS01^C (1bp up in spreads) | FX01^C (1% up in USD) | EQ01^C (1% up in S&P) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Bond | 77.33% | 6.05 | -6.32 | -1.45 | 0.00 |\n| Cash & Fees | 0.00% | 0.00 | 0.00 | -0.01 | 0.00 |\n| CDS | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 |\n| Equity | 0.00% | 0.00 | 0.00 | 0.00 | 2.25 |\n| Forward | 0.00% | 0.00 | 0.00 | 0.79 | 0.00 |\n| Future | 3.18% | 0.25 | -0.25 | 0.00 | 0.00 |\n| FX Option | 0.00% | 0.00 | 0.00 | -5.71 | 0.00 |\n| Option | 0.00% | 0.00 | 0.00 | 0.00 | -0.25 |\n| Preferred | -1.33% | -0.10 | -0.27 | -0.51 | 0.00 |\n| Swap | -41.00% | -3.21 | 0.36 | 0.00 | 0.00 |\n| Swap Option | -0.14% | -0.01 | 0.01 | -0.07 | 0.00 |\n| Volatility Swap | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 |\n| **Total** | **38.03%** | **2.98** | **-6.46** | **-6.95** | **2.01** |\n\n| Historical Scenario Analysis\\*\\* | Hypothetical PNL% |\n| :--- | :--- |\n| Japan | 11.90% |\n| Rate Shock1994 | -2.78% |\n| Reflation | 1.40% |\n| Disinflation | 1.15% |\n| Stagflation | 0.65% |\n| 2008 Risk Selloff | -6.43% |\n| Covid 2020 | -2.67% |\n| VAR1D1Y95 | 0.23% |\n| VAR1M1Y95 | 0.76% |\n\n**GLOBAL RATE EXPOSURE BY CURRENCY AND MATURITY**\n\n| | 0-2Y | 2Y-5Y | 5Y-10Y | 10Y-30Y | 30Y+ | Total | 10Y Adjusted |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| USD | 0.08 | 0.21 | 0.25 | 1.36 | 0.96 | 2.87 | 36.64% |\n| CAD | -0.01 | 0.01 | 0.01 | 0.00 | 0.04 | 0.05 | 0.66% |\n| COP | 0.00 | 0.00 | 0.00 | 0.07 | 0.00 | 0.07 | 0.87% |\n\n***\n\n### Footer\n\n**Important Information Regarding Net Instrument and Net Strategy Level Performance**\nThe performance of the Fund's Strategies and instrument types (each, a \"component\" of the Fund's portfolio) does not include an allocation of cash, as cash allocation decisions were made with respect to the total Kawa Fund portfolio, and not with respect to its components. A model cash allocation, based on the NAV weight of each component relative to the total Kawa Fund portfolio, if included, would tend to increase component performance. Component performance presented herein is net of: (i) estimated expenses, (ii) the management fee of 2% per annum applied as a percentage of the Kawa Fund portfolio's total management fee, based on the component's exposure relative to overall fund exposure, and (iii) modeled performance fees of 20%, applied to the standalone performance of each component, assuming a highwater mark based on the value of the component's performance as of January 1. The calculation of performance fees is done separately, but in addition to, the netting of estimated expenses and management fees, as noted above in clauses (i) and (ii).\n\n26",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n**Kawa Fund Risk Report**\nJanuary 2025: 0.52%* | YTD: 0.52%*\n\n***\n\n### Left Column\n\n| Strategy | ATTRIBUTION MTD % | ATTRIBUTION YTD % | EXPOSURE % NAV Long | EXPOSURE % NAV Short | EXPOSURE % NAV Net |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| ABS | 0.08% | 0.08% | 2.18% | 0.00% | 2.18% |\n| Cash & Fees | -0.02% | -0.02% | 4.13% | -1.73% | 2.40% |\n| Cash Management | 0.05% | 0.05% | 0.37% | 0.00% | 0.37% |\n| Equity | 0.07% | 0.07% | 2.25% | 0.00% | 2.25% |\n| Fixed Income Value | -0.01% | -0.01% | 15.04% | -5.89% | 9.15% |\n| Macro Trading | -0.14% | -0.14% | 15.58% | -6.36% | 9.21% |\n| MBS | 0.07% | 0.07% | 11.74% | -8.10% | 3.63% |\n| Preferred Equity & Perpetuals | 0.01% | 0.01% | 0.54% | -2.37% | -1.83% |\n| Single-Asset Financing | 0.23% | 0.23% | 17.47% | 0.00% | 17.47% |\n| Treasury | 0.18% | 0.18% | 34.99% | -35.17% | -0.18% |\n| **Total** | **0.52%** | **0.52%** | **104.29%** | **-59.63%** | **44.66%** |\n\n**NET INSTRUMENT LEVEL PERFORMANCE**\n\n| Instrument Type | ATTRIBUTION MTD % | ATTRIBUTION YTD % | EXPOSURE % NAV Long | EXPOSURE % NAV Short | EXPOSURE % NAV Net |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Bond | 0.62% | 0.62% | 77.86% | -0.53% | 77.33% |\n| Cash & Fees | -0.02% | -0.02% | 4.13% | -1.73% | 2.40% |\n| CDS | 0.00% | 0.00% | 0.00% | -0.59% | -0.59% |\n| Equity | 0.03% | 0.03% | 2.25% | 0.00% | 2.25% |\n| Forward | -0.03% | -0.03% | 0.83% | 0.00% | 0.83% |\n| Future | -0.05% | -0.05% | 3.18% | 0.00% | 3.18% |\n| FX Option | -0.09% | -0.09% | 7.89% | -5.05% | 2.84% |\n| Option | -0.02% | -0.02% | 0.00% | -1.31% | -1.31% |\n| Preferred | 0.01% | 0.01% | 0.54% | -1.87% | -1.33% |\n| Swap | 0.12% | 0.12% | 7.53% | -48.53% | -41.00% |\n| Swap Option | -0.03% | -0.03% | 0.00% | 0.00% | 0.00% |\n| Volatility Swap | -0.01% | -0.01% | 0.07% | 0.00% | 0.07% |\n| **Total** | **0.52%** | **0.52%** | **104.29%** | **-59.63%** | **44.66%** |\n\n**RISK SCENARIOS\\***\n\n| Strategy | 10Y Adjusted^A | Duration^B | CS01^C (1bp up in spreads) | FX01^C (1% up in USD) | EQ01^C (1% up in S&P) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| ABS | 2.18% | 0.17 | -0.20 | 0.00 | 0.00 |\n| Cash & Fees | 0.00% | 0.00 | 0.00 | -0.01 | 0.00 |\n| Cash Management | 0.37% | 0.03 | -0.03 | 0.00 | 0.00 |\n| Equity | 0.00% | 0.00 | 0.00 | 0.00 | 2.25 |\n| Fixed Income Value | 8.92% | 0.70 | -0.71 | -0.66 | 0.00 |\n| Macro Trading | 7.47% | 0.58 | -0.52 | -5.77 | -0.25 |\n| MBS | 3.63% | 0.28 | -1.16 | 0.00 | 0.00 |\n| Preferred Equity & Perpetuals | -1.83% | -0.14 | -0.52 | -0.51 | 0.00 |\n| Single-Asset Financing | 17.47% | 1.37 | -1.41 | 0.00 | 0.00 |\n| Treasury | -0.18% | -0.01 | -1.90 | 0.00 | 0.00 |\n| **Total** | **38.03%** | **2.98** | **-6.46** | **-6.95** | **2.01** |\n\n***\n\n### Right Column\n\n**Past performance is not indicative of future results. The risk of trading futures is substantial and may not be appropriate for all investors.** *The estimated net performance for the current month and year presented here is for the Standard Common Share Class of the Kawa Offshore Feeder Fund, Ltd. and is net of all fees (2%/20%) and expenses and reflects the reinvestment of any dividends or income received and is subject to change based on the final review of pricing for the month-end conducted by the Kawa Fund's independent administrator. As such, the estimated performance amounts may change and this material will not be updated. The reader should not assume that instruments of the types shown are, or will be, profitable. Please see the Important Disclosures Regarding Please see the Priority Profit Share (PPS) and Hypothetical Portfolio Results & Projections disclosures at the end of this presentation.\n\n| Instrument type | 10Y Adjusted^A | Duration^B | CS01^C (1bp up in spreads) | FX01^C (1% up in USD) | EQ01^C (1% up in S&P) |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Bond | 77.33% | 6.05 | -6.32 | -1.45 | 0.00 |\n| Cash & Fees | 0.00% | 0.00 | 0.00 | -0.01 | 0.00 |\n| CDS | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 |\n| Equity | 0.00% | 0.00 | 0.00 | 0.00 | 2.25 |\n| Forward | 0.00% | 0.00 | 0.00 | 0.79 | 0.00 |\n| Future | 3.18% | 0.25 | -0.25 | 0.00 | 0.00 |\n| FX Option | 0.00% | 0.00 | 0.00 | -5.71 | 0.00 |\n| Option | 0.00% | 0.00 | 0.00 | 0.00 | -0.25 |\n| Preferred | -1.33% | -0.10 | -0.27 | -0.51 | 0.00 |\n| Swap | -41.00% | -3.21 | 0.36 | 0.00 | 0.00 |\n| Swap Option | -0.14% | -0.01 | 0.01 | -0.07 | 0.00 |\n| Volatility Swap | 0.00% | 0.00 | 0.00 | 0.00 | 0.00 |\n| **Total** | **38.03%** | **2.98** | **-6.46** | **-6.95** | **2.01** |\n\n| Historical Scenario Analysis\\*\\* | Hypothetical PNL% |\n| :--- | :--- |\n| Japan | 11.90% |\n| Rate Shock1994 | -2.78% |\n| Reflation | 1.40% |\n| Disinflation | 1.15% |\n| Stagflation | 0.65% |\n| 2008 Risk Selloff | -6.43% |\n| Covid 2020 | -2.67% |\n| VAR1D1Y95 | 0.23% |\n| VAR1M1Y95 | 0.76% |\n\n**GLOBAL RATE EXPOSURE BY CURRENCY AND MATURITY**\n\n| | 0-2Y | 2Y-5Y | 5Y-10Y | 10Y-30Y | 30Y+ | Total | 10Y Adjusted |\n| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |\n| USD | 0.08 | 0.21 | 0.25 | 1.36 | 0.96 | 2.87 | 36.64% |\n| CAD | -0.01 | 0.01 | 0.01 | 0.00 | 0.04 | 0.05 | 0.66% |\n| COP | 0.00 | 0.00 | 0.00 | 0.07 | 0.00 | 0.07 | 0.87% |\n\n***\n\n### Footer\n\n**Important Information Regarding Net Instrument and Net Strategy Level Performance**\nThe performance of the Fund's Strategies and instrument types (each, a \"component\" of the Fund's portfolio) does not include an allocation of cash, as cash allocation decisions were made with respect to the total Kawa Fund portfolio, and not with respect to its components. A model cash allocation, based on the NAV weight of each component relative to the total Kawa Fund portfolio, if included, would tend to increase component performance. Component performance presented herein is net of: (i) estimated expenses, (ii) the management fee of 2% per annum applied as a percentage of the Kawa Fund portfolio's total management fee, based on the component's exposure relative to overall fund exposure, and (iii) modeled performance fees of 20%, applied to the standalone performance of each component, assuming a highwater mark based on the value of the component's performance as of January 1. The calculation of performance fees is done separately, but in addition to, the netting of estimated expenses and management fees, as noted above in clauses (i) and (ii).\n\n26",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n**kawa**\n\n## Risk Management & Control | Information regarding stress and scenario analysis\n\n**Scenario Analysis**\n\nIn order to create the scenario analysis, Kawa applied the rate shifts, currency shifts and spread shifts that occurred during certain historic scenarios to the Kawa Fund’s portfolio. The key assumptions and shifts made for the depicted scenarios are set forth below. The scenario analysis reflects hypothetical results and does not reflect actual results. Other factors that are not accounted for may have been present during these historical scenarios and may adversely reflect the results of the scenario analysis. Kawa was not offering any products before 2007, and certain of the historical scenarios were before 2007. Hypothetical results have many inherent limitations, some of which are described in the disclosure. Simulated or hypothetical results in general are also subject to the fact that they are designed with the benefit of hindsight. There may be other historical scenarios under which the Kawa Fund’s portfolio would have performed worse, or better. \n\n**Key Assumptions for the Historical Scenarios**\n\n**Japan:** Japan 30-year rates go to 0% in 2016. This scenario imagines if that had happened in the US, 30-year rates move from 1.5% to 0%. Currency moves 25%, gain then loss. AA spreads widen by 40 bps.\n\n**Rate Shock 1994:** 30-year rates move from 6% to 8% US dollar index moves from 95 to 82, losing 13%, AA spreads widen slightly by 15 bps.\n\n**2008 Risk Selloff:** 30-year rates move from 4% to 2.5%, US dollar index moves from 72 to 86, gaining 19%, AA spreads widen from 200 to 370 bps.\n\n**Reflation:** 2yr Tsy+10bps / 10yr Tsy +25bps, IG -15bps / HY -45bps, US eq +18%, EUR/USD -10%, Commodities +4%.\n\n**Disinflation:** 2yr Tsy -15bps / 10 yr -70bps, IG +100bps / HY +230bps, SPX -29%, EUR/USD -5%, Comm +1%.\n\n**Stagflation:** 2yr Tsy +110bps / 10 yr +225bps, IG +100bps / HY +230bps, SPX -24%, EUR/USD +12%, Comm +7%.\n\n**COVID 2020:** US 10yr -100bps, credit spreads +250bps, SPX -26%, EUR -8%.\n\nPlease see Important Disclosures Regarding Hypothetical Portfolio Results & Projections at the end of this presentation.\n\n27",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n**kawa**\n\n# Team & Infrastructure\n\n## Investment Team\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer, PM\n\n### Investment & Originations\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Alex Saverin | Chief Risk Officer, PM | Daniel Amer, CFA | Managing Director |\n| Jacques Holzmann | Managing Director | Emile Ernandez | Managing Director |\n| Harlan Lam | Senior Director | Michael Aronovitz | Director |\n| Michael Baratta | Director | Jeremy Lash | Director |\n| Jonathan Wolgin | Director | Jose Kliksberg | Director |\n| Rohit Kar | Director | Tim Sullivan | Senior Associate |\n| Pooria Dariush | Senior Associate | Nicholas Martucci | Senior Associate |\n| Jonathan Dahari | Senior Associate | Avgustina Nikolova | Associate |\n| Tina Cheesman | Associate | Zachary Goldberg | Analyst |\n| Juan Marini | Analyst | Matthew Philbin | Analyst |\n| Kai Yudelson | Analyst | | |\n\n---\n\n## Infrastructure Team\n**Cristina Baldim** \nDeputy Chief Executive Officer\n\n### Investor Relations\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Felipe Lemos | Head of IR | | |\n| Luciano Lautenberg | Managing Director | Fernando Braghin | Managing Director |\n| Tyler Claus, CAIA | Director | Magda Alvarez | Senior Associate |\n| Raquel Shoshani | Senior Associate | | |\n\n**Middle Office**\n| Name | Title |\n| :--- | :--- |\n| Gabriella Mendez | Manager |\n\n**Marketing**\n| Name | Title |\n| :--- | :--- |\n| Stephanie Holzmann | Director |\n\n### Legal & Compliance\n| Name | Title |\n| :--- | :--- |\n| Jeremy Traster | General Counsel & CCO |\n| Peter Cunha | Deputy General Counsel |\n| Franco Piccinini | Assistant General Counsel |\n| Daniel Bumm | Assistant General Counsel |\n| Tatjana Martin | Senior Legal Assistant |\n\n**Compliance**\n| Name | Title |\n| :--- | :--- |\n| Edward Goldfarb | Senior Compliance Officer |\n| Nataly Torosian | Senior Compliance Officer |\n\n### Operations & Finance\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Xi Liu | Managing Director, Operations | Lee Li | Controller |\n| Katherine Handley | Director | Jue Wang | Senior Accountant |\n| Oscar Garcia | Senior Operations Analyst | Christopher Barr | Operations Analyst |\n\n**Finance**\n| Name | Title |\n| :--- | :--- |\n| Gustavo Avellar | Managing Director |\n| Felipe Gutnik | Director |\n| Jimmy Mitchell | Senior Financial Analyst |\n\n### Tax\n| Name | Title |\n| :--- | :--- |\n| Ted Brooks | Tax Director, Global Tax Counsel |\n| Adam Katz | Senior Tax Manager |\n| Alejandro Aponte | Sr. Tax Accountant |\n\n### Information Systems\n| Name | Title |\n| :--- | :--- |\n| Lando Kravetz | Chief Technology Officer |\n| Nelson Torres | IT Director, CISO |\n| Alberto Palacio | Information Systems Administrator |\n\n### HR & Corporate Services\n| Name | Title |\n| :--- | :--- |\n| Leticia Heleodoro | Managing Director |\n\n**Corporate Services**\n| Name | Title |\n| :--- | :--- |\n| Katiussi Soares | Executive Assistant |\n| Alessandra Stanzione | Executive Assistant |\n| Lais Girardi | Executive Assistant |\n\n---\n**29**",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n**kawa**\n\n# Team & Infrastructure\n\n## Investment Team\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer, PM\n\n### Investment & Originations\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Alex Saverin | Chief Risk Officer, PM | Daniel Amer, CFA | Managing Director |\n| Jacques Holzmann | Managing Director | Emile Ernandez | Managing Director |\n| Harlan Lam | Senior Director | Michael Aronovitz | Director |\n| Michael Baratta | Director | Jeremy Lash | Director |\n| Jonathan Wolgin | Director | Jose Kliksberg | Director |\n| Rohit Kar | Director | Tim Sullivan | Senior Associate |\n| Pooria Dariush | Senior Associate | Nicholas Martucci | Senior Associate |\n| Jonathan Dahari | Senior Associate | Avgustina Nikolova | Associate |\n| Tina Cheesman | Associate | Zachary Goldberg | Analyst |\n| Juan Marini | Analyst | Matthew Philbin | Analyst |\n| Kai Yudelson | Analyst | | |\n\n---\n\n## Infrastructure Team\n**Cristina Baldim** \nDeputy Chief Executive Officer\n\n### Investor Relations\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Felipe Lemos | Head of IR | | |\n| Luciano Lautenberg | Managing Director | Fernando Braghin | Managing Director |\n| Tyler Claus, CAIA | Director | Magda Alvarez | Senior Associate |\n| Raquel Shoshani | Senior Associate | | |\n\n**Middle Office**\n| Name | Title |\n| :--- | :--- |\n| Gabriella Mendez | Manager |\n\n**Marketing**\n| Name | Title |\n| :--- | :--- |\n| Stephanie Holzmann | Director |\n\n### Legal & Compliance\n| Name | Title |\n| :--- | :--- |\n| Jeremy Traster | General Counsel & CCO |\n| Peter Cunha | Deputy General Counsel |\n| Franco Piccinini | Assistant General Counsel |\n| Daniel Bumm | Assistant General Counsel |\n| Tatjana Martin | Senior Legal Assistant |\n\n**Compliance**\n| Name | Title |\n| :--- | :--- |\n| Edward Goldfarb | Senior Compliance Officer |\n| Nataly Torosian | Senior Compliance Officer |\n\n### Operations & Finance\n| Name | Title | Name | Title |\n| :--- | :--- | :--- | :--- |\n| Xi Liu | Managing Director, Operations | Lee Li | Controller |\n| Katherine Handley | Director | Jue Wang | Senior Accountant |\n| Oscar Garcia | Senior Operations Analyst | Christopher Barr | Operations Analyst |\n\n**Finance**\n| Name | Title |\n| :--- | :--- |\n| Gustavo Avellar | Managing Director |\n| Felipe Gutnik | Director |\n| Jimmy Mitchell | Senior Financial Analyst |\n\n### Tax\n| Name | Title |\n| :--- | :--- |\n| Ted Brooks | Tax Director, Global Tax Counsel |\n| Adam Katz | Senior Tax Manager |\n| Alejandro Aponte | Sr. Tax Accountant |\n\n### Information Systems\n| Name | Title |\n| :--- | :--- |\n| Lando Kravetz | Chief Technology Officer |\n| Nelson Torres | IT Director, CISO |\n| Alberto Palacio | Information Systems Administrator |\n\n### HR & Corporate Services\n| Name | Title |\n| :--- | :--- |\n| Leticia Heleodoro | Managing Director |\n\n**Corporate Services**\n| Name | Title |\n| :--- | :--- |\n| Katiussi Soares | Executive Assistant |\n| Alessandra Stanzione | Executive Assistant |\n| Lais Girardi | Executive Assistant |\n\n---\n**29**",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer, PM \nDaniel Ades is Kawa's Chief Executive Officer and Chief Investment Officer. Daniel has been responsible for overseeing the firm's investment decisions since its inception in 2007. Daniel is ultimately accountable for the overall strategy across all of Kawa's investing and, together with Alex, the Chief Risk Officer, manages capital and risk among strategies and investments. Daniel has been instrumental in building the investment team and creating an infrastructure capable of processing large amounts of simultaneous transactions and analysis, as well as ensuring an institutional-quality foundation for the different areas of the firm. Before starting Kawa, Daniel was a Partner at Horn Eichenwald Investments, an SEC-registered boutique investment advisor servicing high net-worth clients based in Miami, FL. Daniel has a B.A. in Economics and International Relations from Tufts University and a Master of Arts in Law and Diplomacy (MALD) from the Fletcher School with a minor in economic development and international business relations. Daniel received honors for his master's thesis on the pricing of emerging market debt. His thesis consisted of building a model for determining credit spreads in emerging market bonds by linking a government's tax revenue, its existing debt load, and the volatility of currency options markets. He was born and raised in Sao Paulo, Brazil, and is philanthropically active in several organizations in Miami and Israel, focusing on education.\n\n**Alex Saverin** \nChief Risk Officer, PM \nAlex Saverin is Kawa's Co-Founder and Chief Risk Officer. Alex spends most of his time evaluating investment opportunities and actively participating in quantitative analysis, risk management, hedging, and downside analysis for liquid funds. He has also overseen the implementation and build-out of Kawa's proprietary trading and monitoring systems. Before Kawa, Alex worked at Horn Eichenwald Investments, where he led the development of an asset management software platform and explored automated computer-based trading models. Before Horn Eichenwald, Alex was a Senior Developer for Motorola's Multimedia Messaging team, where he helped to successfully launch Motorola's multimedia messaging platform to over 60 million Verizon and U.S. Cellular subscribers. Alex has a B.A. in Computer Science from Cornell University. At Cornell, he was involved in computer vision research and studied computational finance.\n\n30",
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"markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Daniel Ades** \nChief Executive Officer, Chief Investment Officer, PM \nDaniel Ades is Kawa's Chief Executive Officer and Chief Investment Officer. Daniel has been responsible for overseeing the firm's investment decisions since its inception in 2007. Daniel is ultimately accountable for the overall strategy across all of Kawa's investing and, together with Alex, the Chief Risk Officer, manages capital and risk among strategies and investments. Daniel has been instrumental in building the investment team and creating an infrastructure capable of processing large amounts of simultaneous transactions and analysis, as well as ensuring an institutional-quality foundation for the different areas of the firm. Before starting Kawa, Daniel was a Partner at Horn Eichenwald Investments, an SEC-registered boutique investment advisor servicing high net-worth clients based in Miami, FL. Daniel has a B.A. in Economics and International Relations from Tufts University and a Master of Arts in Law and Diplomacy (MALD) from the Fletcher School with a minor in economic development and international business relations. Daniel received honors for his master's thesis on the pricing of emerging market debt. His thesis consisted of building a model for determining credit spreads in emerging market bonds by linking a government's tax revenue, its existing debt load, and the volatility of currency options markets. He was born and raised in Sao Paulo, Brazil, and is philanthropically active in several organizations in Miami and Israel, focusing on education.\n\n**Alex Saverin** \nChief Risk Officer, PM \nAlex Saverin is Kawa's Co-Founder and Chief Risk Officer. Alex spends most of his time evaluating investment opportunities and actively participating in quantitative analysis, risk management, hedging, and downside analysis for liquid funds. He has also overseen the implementation and build-out of Kawa's proprietary trading and monitoring systems. Before Kawa, Alex worked at Horn Eichenwald Investments, where he led the development of an asset management software platform and explored automated computer-based trading models. Before Horn Eichenwald, Alex was a Senior Developer for Motorola's Multimedia Messaging team, where he helped to successfully launch Motorola's multimedia messaging platform to over 60 million Verizon and U.S. Cellular subscribers. Alex has a B.A. in Computer Science from Cornell University. At Cornell, he was involved in computer vision research and studied computational finance.\n\n30",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Daniel Amer** \nManaging Director\nDan Amer joined Kawa in November 2011 and serves as a Managing Director on the Investment & Originations team, leading research on tradeable securities for the Kawa Fund across various asset classes. Dan is a CFA charter holder and provides underwriting and execution of private investments throughout the capital structure, including leading the acquisition and financing of several commercial real estate and renewable energy opportunities over the past few years. Before Kawa, Dan worked as a Senior Equity Research Associate at Raymond James, covering real estate equities from 2007 to 2011. Dan graduated Cum Laude from the University of Pennsylvania in 2007, receiving a B.S. in Economics from the Wharton School of Business, with concentrations in Finance and Real Estate.\n\n**Emile Ernandez**\nManaging Director\nEmile Ernandez re-joined Kawa in February 2024 and serves as Managing Director, Head of Structured Credit on the Investment & Originations team. Emile’s background includes over 18 years of securitized products banking, structuring, and trading experience. Emile recently spent six months at Guggenheim Securities as a Managing Director, focused on Esoteric ABS. Prior to that, Emile was at Kawa from 2018 - 2023, working as Managing Director in the Investment & Originations department.\n\nBefore 2018, Emile was a Director in the Securitized Products Group within the Investment Banking division at Barclays in New York, where he spent seven years focusing on originating and structuring Esoteric structured finance transactions, including securitizations, warehouse facilities, and illiquid trading opportunities. Before Barclays, Emile spent six years at Deutsche Bank in New York as a Vice President in the Credit Solutions Group, focusing on structured lending in emerging markets and ABS transactions across the student loan and residential mortgage sectors. Emile is fluent in French and proficient in Spanish. He received his bachelor’s degree in Economics, with honors, from the University of Chicago.\n\n**Harlan Lam**\nSenior Director\nHarlan Lam joined Kawa in 2022 and serves as a Senior Trader on the Investment & Originations team. Before joining Kawa, he worked at Safra National Bank of New York, where he managed the bank's investment portfolio and facilitated the execution of client flows. Harlan is a CFA charter holder with a bachelor's degree in Accounting from Pennsylvania State University.\n\n31",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Daniel Amer** \nManaging Director\nDan Amer joined Kawa in November 2011 and serves as a Managing Director on the Investment & Originations team, leading research on tradeable securities for the Kawa Fund across various asset classes. Dan is a CFA charter holder and provides underwriting and execution of private investments throughout the capital structure, including leading the acquisition and financing of several commercial real estate and renewable energy opportunities over the past few years. Before Kawa, Dan worked as a Senior Equity Research Associate at Raymond James, covering real estate equities from 2007 to 2011. Dan graduated Cum Laude from the University of Pennsylvania in 2007, receiving a B.S. in Economics from the Wharton School of Business, with concentrations in Finance and Real Estate.\n\n**Emile Ernandez**\nManaging Director\nEmile Ernandez re-joined Kawa in February 2024 and serves as Managing Director, Head of Structured Credit on the Investment & Originations team. Emile’s background includes over 18 years of securitized products banking, structuring, and trading experience. Emile recently spent six months at Guggenheim Securities as a Managing Director, focused on Esoteric ABS. Prior to that, Emile was at Kawa from 2018 - 2023, working as Managing Director in the Investment & Originations department.\n\nBefore 2018, Emile was a Director in the Securitized Products Group within the Investment Banking division at Barclays in New York, where he spent seven years focusing on originating and structuring Esoteric structured finance transactions, including securitizations, warehouse facilities, and illiquid trading opportunities. Before Barclays, Emile spent six years at Deutsche Bank in New York as a Vice President in the Credit Solutions Group, focusing on structured lending in emerging markets and ABS transactions across the student loan and residential mortgage sectors. Emile is fluent in French and proficient in Spanish. He received his bachelor’s degree in Economics, with honors, from the University of Chicago.\n\n**Harlan Lam**\nSenior Director\nHarlan Lam joined Kawa in 2022 and serves as a Senior Trader on the Investment & Originations team. Before joining Kawa, he worked at Safra National Bank of New York, where he managed the bank's investment portfolio and facilitated the execution of client flows. Harlan is a CFA charter holder with a bachelor's degree in Accounting from Pennsylvania State University.\n\n31",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \nkawa\n\n**Team & Infrastructure |** Kawa Investment Team\n\n**Michael Aronovitz** \nDirector \nMichael Aronovitz joined Kawa in 2019 and serves as a Senior Trader on the Investment & Originations team. He is responsible for the firm’s liquid hedge funds trading, hedging, and cash management. Before joining Kawa, Michael worked as the COO of a global macro investment firm, Banyan Equity Management. Michael has over twenty years of experience as a trader and portfolio manager focusing on FX, equity, commodity, fixed income, and option markets. Michael graduated from Boston University with a B.S. in Business Administration in 2002.\n\n**Jose Kliksberg** \nDirector \nJose Kliksberg joined Kawa in 2023 and serves as a Director on the Investment & Originations department. He is responsible for research and ideas origination on tradeable credit securities for the Kawa Fund. Jose has 18 years of experience covering credit and emerging markets. Before joining Kawa, he worked in distressed and high-yield investments at Moneda Asset Management. He also worked at Morgan Stanley's Emerging Markets desk for five years as the leading credit analyst and at Black River Asset Management. Jose has a degree in Finance from the University of Maryland and an MBA from MIT Sloan.\n\n**Jonathan Wolgin** \nDirector \nJonathan Wolgin joined Kawa in July 2019 and serves as a Director on the Investment & Originations team. He is responsible for underwriting and structuring asset-backed loans and credit facilities, as well as ABS and CTL trades. Before joining Kawa, Jonathan worked at Starwood Property Trust from 2013 to 2019. There, he focused on asset-managing properties acquired out of REO in special situations. Jon completed the CMBS rotational analyst program at Starwood. He has a B.A. degree in Philosophy from the University of Michigan.\n\n32",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**Team & Infrastructure | Kawa Investment Team**\n\n**Rohit Kar** \nDirector \nRohit Kar joined Kawa in 2024 and serves as a Director on the Investment & Originations team. He is responsible for insurance and reinsurance opportunities. Before joining Kawa, he worked at Obra Capital, where he helped build out the firm’s Special Situations team, focusing on transactions in Life and P&C (re)insurance through debt, preferred equity, and direct reinsurance investments. Prior to Obra, he was on the investment team at Hudson Structured Capital Management for three years and helped the firm grow from $250M to over $4B AUM. He began his career at Houlihan Lokey in the Financial Restructuring group and has a B.A. in both Mathematics and Economics from Cornell University as well as an MSc. in Private Equity and Finance from the London School of Economics.\n\n**Nicholas Martucci** \nSenior Associate \nNick Martucci joined Kawa in May 2021 and serves as a Senior Investment Associate covering structured credit on the Investment & Originations team. He is responsible for underwriting private structured credit opportunities and assisting in investment decisions for the firm's various asset-backed books. Before joining Kawa, Nick spent three years at Houlihan Lokey in New York as an Analyst in its Structured Finance coverage group. Nick graduated from Fordham University with honors, earning a bachelor's degree in Finance and a minor in Economics.\n\n**Christina Cheesman** \nInvestment Associate \nTina Cheesman joined Kawa in 2023 and serves as an Investment Associate covering structured credit on the Investment & Originations team. She is responsible for underwriting private structured credit opportunities and assisting in investment decisions for the firm's various asset-backed books. Before joining Kawa, Tina spent almost a year at Atalaya in New York on its Financial Assets team, a year and a half at Man Group in New York in their Global Private Markets division, and two years at Morgan Stanley in New York in their structured products capital markets group. Tina graduated from Georgetown University, earning a BSFS in Science, Technology, and International Affairs, with a minor in Spanish.\n\n33",
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"gemini_markdown": "THE KAWA FUND \nEstimated as of January 31, 2025 \n\n**Team & Infrastructure |** Kawa Investment Team \n\n**Zachary Goldberg** \nInvestment Analyst \n\nZachary Goldberg joined Kawa in 2021 after interning at the firm for two summers and serves as an Analyst on the Investment & Originations team. He is responsible for executing trades and analyzing new investments and credit opportunities. Zac graduated Magna Cum Laude from Tufts University with a Bachelor of Science in Quantitative Economics. \n\n**Juan Marini** \nInvestment Analyst \n\nJuan B. Marini joined Kawa in 2024 and serves as an Analyst on the Investments & Originations team. He is responsible for screening and analyzing new investments and credit opportunities. Prior to joining Kawa, Juan worked at HSBC as an Investment Banking analyst in the Leveraged & Acquisitions Finance team based in New York. Juan holds a bachelor’s degree in business administration, with double majors in Computer Information Systems and Data Analytics from Florida International University. \n\n**Kai Yudelson** \nInvestment Analyst \n\nKai Yudelson joined Kawa in 2024 and serves as an Analyst on the Investment and Originations team. He is responsible for analyzing new investments across liquid credit strategies. Before joining Kawa, Kai was a summer analyst with Blue Owl’s direct lending team. He was also a Junior Analyst at Argo Partners focused on distressed credit. Kai graduated from Emory University’s Goizueta Business School with a bachelor’s degree in finance and accounting. \n\n34",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n# Team & Infrastructure\n\n## Middle & Back Office\nIn-house team focused on operations, valuation, pricing, trade execution, clearing, counterparty management, risk, financing and coordinating audit and accounting procedures.\n\n## Service Partners\n* Fund Administrator: SS&C Cayman Fund Services, Ltd.\n* Auditor: Grant Thornton LLP\n* U.S. Legal Counsel: Sidley Austin LLP\n Global law firm that has been in operation for over 150 years, with offices worldwide.\n* Offshore Legal Counsel: Conyers Dill & Pearman\n Established offshore firm with offices globally\n\n## Technology\n* Full time IT network support on site\n* Dual redundant data backup sites located in MA and IN (also the Disaster Recovery site)\n* Disaster Recovery and Business Continuity Plans\n* Cybersecurity Program\n\n## Regulatory & Compliance\n* U.S. Securities and Exchange Commission-registered investment adviser since 2011\n* CFTC-registered as a Commodity Pool Operator and Commodity Trading Advisor, and NFA member since 2012\n* Jeremy Traster, General Counsel and Chief Compliance Officer, is responsible for managing the firm’s compliance program and keeping up to date with changing regulatory environment, with support from the Compliance team\n\n35",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n# Investment Terms\n\n| | |\n| :--- | :--- |\n| **Legal Structure** | Onshore and Offshore Master / Feeder Structure |\n| **Minimum Investment** | |\n| Institutional Share Class II | $100,000,000 |\n| Institutional Share Class I | $25,000,000 |\n| Standard Common Share Class | $1,000,000 |\n| **Investor Qualification** | Non-U.S. Persons: US$1.0MM Net Worth<br>U.S. Persons: 3(c)(7)<br>Qualified Purchasers, Qualified Eligible Persons, Qualified Clients |\n| **Management Fee** | |\n| Institutional Share Class II | Offshore: 1% of net asset value, payable monthly; Onshore: 1% as a priority profit share of net profits. |\n| Institutional Share Class I | Offshore: 1.5% of net asset value, payable monthly; Onshore: 1.5% as a priority profit share of net profits. |\n| Standard Common Share Class | Offshore: 2% of net asset value, payable monthly; Onshore: 2% as a priority profit share of net profits. |\n| **Performance Fee** | 20% of net profits, paid annually for all share classes and subject to a high-water mark. |\n| **Hurdle Rate** | No |\n| **Subscriptions** | Monthly |\n| **Liquidity** | |\n| Institutional Share Class II | Monthly – 12-months notice period |\n| Institutional Share Class I | Monthly – 12-months notice period |\n| Standard Common Share Class | Monthly – with 60-day notice period, subject to initial,12-month soft lockup |\n\nNote: The above is a summary of investment terms. Prospective investors should read carefully the fund’s Confidential Explanatory Memorandum, as its terms will control in the case of any differences from the terms above.\n\n37",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n# Investment Terms\n\n| | |\n| :--- | :--- |\n| **Legal Structure** | Onshore and Offshore Master / Feeder Structure |\n| **Minimum Investment** | |\n| Institutional Share Class II | $100,000,000 |\n| Institutional Share Class I | $25,000,000 |\n| Standard Common Share Class | $1,000,000 |\n| **Investor Qualification** | Non-U.S. Persons: US$1.0MM Net Worth<br>U.S. Persons: 3(c)(7)<br>Qualified Purchasers, Qualified Eligible Persons, Qualified Clients |\n| **Management Fee** | |\n| Institutional Share Class II | Offshore: 1% of net asset value, payable monthly; Onshore: 1% as a priority profit share of net profits. |\n| Institutional Share Class I | Offshore: 1.5% of net asset value, payable monthly; Onshore: 1.5% as a priority profit share of net profits. |\n| Standard Common Share Class | Offshore: 2% of net asset value, payable monthly; Onshore: 2% as a priority profit share of net profits. |\n| **Performance Fee** | 20% of net profits, paid annually for all share classes and subject to a high-water mark. |\n| **Hurdle Rate** | No |\n| **Subscriptions** | Monthly |\n| **Liquidity** | |\n| Institutional Share Class II | Monthly – 12-months notice period |\n| Institutional Share Class I | Monthly – 12-months notice period |\n| Standard Common Share Class | Monthly – with 60-day notice period, subject to initial,12-month soft lockup |\n\nNote: The above is a summary of investment terms. Prospective investors should read carefully the fund’s Confidential Explanatory Memorandum, as its terms will control in the case of any differences from the terms above.\n\n37",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n# Contact Information\n\n**For information regarding the fund, please contact the investor relations team at:**\n\n## Kawa Capital Management \nAttn: Investor Relations Department \n1010 S. Federal Hwy, Suite 2900\nHallandale Beach, FL 33009, US\n**Tel:** +1 (305) 560-5200\n**E-mail:** ir@kawa.com\n\n***\n\n**Fund administrator is available at:**\n\n## SS&C GlobeOp\nAttn: Investor Relations Department\n\n**Offshore:** SS&C Fund Services (Cayman) Limited\nGardenia Court, Camana Bay\nGrand Cayman, KY1-9003\nCayman Islands\n\n**Onshore:** SS&C Financial Services LLC\nOne South Road\nHarrison, NY 10528\nUnited States\n\n**E-mail:** kawa.ir@sscinc.com\n\n38",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Disclosures & Important Information (1/2)\n\n**General.** This material is provided by Kawa Capital Management, Inc. (\"Kawa\") on the condition that it is treated as confidential and proprietary to Kawa. No portion of this material may be copied, reproduced, or otherwise disclosed to any party without the prior written consent of Kawa. By accepting delivery of this material, each recipient hereof agrees to the foregoing. Certain sections of this material may contain information and/or statements of opinion by representatives of Kawa and other unaffiliated third parties and should be recognized as such. The accuracy of any information or opinion provided by unaffiliated third parties has not been verified by Kawa. Certain information contained herein may be based on estimates (as indicated herein) and is therefore subject to change. The information herein shall not be updated or corrected as of any time subsequent to the date of distribution of this material. Kawa believes the information contained herein is accurate as of publication but makes no representations or warranties as to the accuracy or completeness of such information and accepts no responsibility for any loss arising from any use of, or reliance on, the information contained herein.\n\nKawa has prepared this material solely for informational purposes, to determine preliminary interest in investing in its products. It is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any security or to participate in any trading strategy. Kawa products will not be registered under the U.S. Securities Act of 1933 and issuers of Kawa products will not be registered under the U.S. Investment Company Act of 1940, as amended. Offers and sales of the Kawa Fund will be made available upon expression of interest by Qualified Eligible Persons, as defined under CFTC Regulation 4.7.\n\n**Past Performance of this or Similar Investments Is Not Indicative of Future Results.** You should not assume any of the securities, holdings or sectors discussed were or will prove to be profitable, or that the investment recommendations or decisions Kawa makes in the future will be profitable or will equal the past investment performance of the securities or investment strategies, or asset types discussed herein.\n\n**The risk of trading futures is substantial and may not be appropriate for all investors.** An investment in the Kawa Fund involves risk, including the risk of loss of all principal. Kawa products are highly speculative and are suitable only for sophisticated persons, for which an investment in such products does not represent a complete investment program and who fully understand, and are capable of assuming, the risks of such an investment. Any decision to invest in a Kawa product should be made after conducting such investigations as the investor deems necessary and consulting the investor’s own legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of such an investment.\n\n**Indices Presented.** Any comparisons to indices are provided for illustrative purposes only. An index is a broadly diversified, unmanaged group of securities, which may include only large capitalization companies or companies of a certain size. Broadly based indices may be shown only as an indication of the general performance of the financial markets during the periods indicated. Because of the differences between the investments in and performance of the Kawa Fund and any indices shown here in comparison, investors are cautioned that no index is directly comparable to the performance shown since each index has its own unique results and volatility, and such indices, if shown, should not be relied upon as an accurate comparison. S&P 500 (SPX), the Standard and Poor’s 500, tracks the performance of 500 large companies listed on stock exchanges in the United States. LBUSTRUU, the Bloomberg Barclays U.S. Aggregate Bond Index, measures the performance of the investment-grade, U.S. dollar-denominated, fixed-rate, taxable bond market, and included treasuries, government-related and corporate securities, mortgage-backed securities and asset-backed securities. BOA US HY (or H0A0) the Intercontinental Exchange Bank of America US High Yield Index, tracks the performance of U.S.-dollar-denominated, below-investment-grade-rated (based on an average of Moody’s, S&P and Fitch ratings) corporate debt that is publicly issued in the US domestic market, and has more than 1 year of remaining maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million. The Eurekahedge Fixed Income Hedge Fund Index (EHFI289) is an index of 514, equally-weighted, constituent funds, designed to provide a broad measure of the performance of fixed income hedge fund managers.\n\n39",
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"gemini_markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Disclosures & Important Information (2/2)\n\n**Priority Profit Share (PPS).** Performance information set forth in this material, other than as it relates to assets under management and the stress and scenario analyses on page 26, is for the Kawa Offshore Feeder Fund only, and is presented net of fees and reflects the reinvestment of any dividends or income received. Kawa also manages an Onshore Feeder Fund. Beginning June 1, 2018, the Kawa Onshore Feeder Fund allocates a priority profit share (PPS) to the Investment Advisor instead of fund investors paying a management fee, pro rata. Investors in the Kawa Offshore Feeder Fund shall continue to pay a management fee, pro rata. Both the PPS and the management fee are ultimately in equal amounts with the primary difference being that the PPS is only due and payable for determination periods when the Kawa Onshore Feeder Fund has net profits, and to the extent there are not net profits for a certain determination period, such amount of the undistributed PPS is carried forward to be charged and paid in a future period or periods with positive performance. This difference does not have a material impact on long-term investors in either fund, but because the PPS is owed and payable to the manager only in periods when the Kawa Fund has net profits, the timing of the deduction of the PPS (months when the Fund has positive returns) therefore differs from the time at which management fee payments are made by the Kawa Offshore Feeder Fund (each month).This, along with minor differences in their respective operating expenses, results in variations in performance in some periods between the Onshore and Offshore Feeder Funds. The performance and returns table, as well as additional information for the Kawa Onshore Feeder Fund is available on the Kawa application on the deal detail page, or upon request.\n\nKawa Fund AUM as of the most recent month end also includes subscriptions as of the first day of the following month. The AUM set forth above on page 6 is calculated according to different parameters than Kawa Capital Management, Inc.’s “regulatory assets under management,” presented in Kawa’s Form ADV Part 1.\n\n**Important Disclosures Regarding Hypothetical Portfolio Results & Projections.** Hypothetical portfolio results, such as those depicted in the stress and scenario analysis on page 26, have many inherent limitations, some of which are described below. Hypothetical portfolio results do not reflect trading in actual accounts and is provided for informational and illustrative purposes only. Hypothetical portfolio results should not be interpreted as an indication of actual performance and actual performance for client accounts may be materially lower. Hypothetical portfolio results also differ from actual performance because it is achieved with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown in the hypothetical results. In fact, there are frequently significant differences between hypothetical results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. Projected, or estimated investment results should not be interpreted as an indication of likely actual future performance, and the actual performance of the Fund may be materially lower. The Projections contained in this material (including targeted returns, opinions, estimated fees, predictions or expectations about any future event) are based on a variety of estimates and assumptions by Kawa, including, among others, estimates and assumptions regarding future operating results, the value of assets and market conditions at the time of purchase and disposition, interest rates, and other realization events. Performance estimates and underlying assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside Kawa’s control. There can be no assurance that the assumptions made in connection with the Projections will prove accurate, and actual results may differ materially, including the possibility that an investor may lose some or all of any invested capital.\n\nKawa did not offer the Fund or a similar product during certain of the historical scenarios depicted in the scenario analysis on page 26. Prior to 2007, Kawa did not manage client assets. In addition, such results may not reflect the impact that material economic and market factors might have had if the investment had actually been managed by Kawa during the period portrayed.\n\n**Kawa** is a U.S. Securities & Exchange Commission-registered investment adviser and is a National Futures Association (“NFA”) member registered with the U.S. Commodity Futures Trading Commission as a Commodity Pool Operator and a Commodity Trading Adviser (NFA ID #0403747). These registrations do not imply a particular level of skill or training. More information about the firm, including its investment strategies, objectives and fee schedule, can be found in its Form ADV Part 2A, which is available at adviserinfo.sec.gov and from Kawa, upon request.\n\nKawa has retained Belco Private Capital Inc. (“Belco”) as its exempt market dealer in certain jurisdictions in Canada. Belco will conduct the registrable trading activity in connection with a distribution of securities in Canada but is not otherwise involved with the issuer. Belco will be compensated for the services that it provides in its capacity as exempt market dealer pursuant to a distribution agreement that it has entered with Kawa.\n\n40",
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"markdown": "THE KAWA FUND\nEstimated as of January 31, 2025\n\n**kawa**\n\n# Disclosures & Important Information (2/2)\n\n**Priority Profit Share (PPS).** Performance information set forth in this material, other than as it relates to assets under management and the stress and scenario analyses on page 26, is for the Kawa Offshore Feeder Fund only, and is presented net of fees and reflects the reinvestment of any dividends or income received. Kawa also manages an Onshore Feeder Fund. Beginning June 1, 2018, the Kawa Onshore Feeder Fund allocates a priority profit share (PPS) to the Investment Advisor instead of fund investors paying a management fee, pro rata. Investors in the Kawa Offshore Feeder Fund shall continue to pay a management fee, pro rata. Both the PPS and the management fee are ultimately in equal amounts with the primary difference being that the PPS is only due and payable for determination periods when the Kawa Onshore Feeder Fund has net profits, and to the extent there are not net profits for a certain determination period, such amount of the undistributed PPS is carried forward to be charged and paid in a future period or periods with positive performance. This difference does not have a material impact on long-term investors in either fund, but because the PPS is owed and payable to the manager only in periods when the Kawa Fund has net profits, the timing of the deduction of the PPS (months when the Fund has positive returns) therefore differs from the time at which management fee payments are made by the Kawa Offshore Feeder Fund (each month).This, along with minor differences in their respective operating expenses, results in variations in performance in some periods between the Onshore and Offshore Feeder Funds. The performance and returns table, as well as additional information for the Kawa Onshore Feeder Fund is available on the Kawa application on the deal detail page, or upon request.\n\nKawa Fund AUM as of the most recent month end also includes subscriptions as of the first day of the following month. The AUM set forth above on page 6 is calculated according to different parameters than Kawa Capital Management, Inc.’s “regulatory assets under management,” presented in Kawa’s Form ADV Part 1.\n\n**Important Disclosures Regarding Hypothetical Portfolio Results & Projections.** Hypothetical portfolio results, such as those depicted in the stress and scenario analysis on page 26, have many inherent limitations, some of which are described below. Hypothetical portfolio results do not reflect trading in actual accounts and is provided for informational and illustrative purposes only. Hypothetical portfolio results should not be interpreted as an indication of actual performance and actual performance for client accounts may be materially lower. Hypothetical portfolio results also differ from actual performance because it is achieved with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown in the hypothetical results. In fact, there are frequently significant differences between hypothetical results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. Projected, or estimated investment results should not be interpreted as an indication of likely actual future performance, and the actual performance of the Fund may be materially lower. The Projections contained in this material (including targeted returns, opinions, estimated fees, predictions or expectations about any future event) are based on a variety of estimates and assumptions by Kawa, including, among others, estimates and assumptions regarding future operating results, the value of assets and market conditions at the time of purchase and disposition, interest rates, and other realization events. Performance estimates and underlying assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive and financial risks that are outside Kawa’s control. There can be no assurance that the assumptions made in connection with the Projections will prove accurate, and actual results may differ materially, including the possibility that an investor may lose some or all of any invested capital.\n\nKawa did not offer the Fund or a similar product during certain of the historical scenarios depicted in the scenario analysis on page 26. Prior to 2007, Kawa did not manage client assets. In addition, such results may not reflect the impact that material economic and market factors might have had if the investment had actually been managed by Kawa during the period portrayed.\n\n**Kawa** is a U.S. Securities & Exchange Commission-registered investment adviser and is a National Futures Association (“NFA”) member registered with the U.S. Commodity Futures Trading Commission as a Commodity Pool Operator and a Commodity Trading Adviser (NFA ID #0403747). These registrations do not imply a particular level of skill or training. More information about the firm, including its investment strategies, objectives and fee schedule, can be found in its Form ADV Part 2A, which is available at adviserinfo.sec.gov and from Kawa, upon request.\n\nKawa has retained Belco Private Capital Inc. (“Belco”) as its exempt market dealer in certain jurisdictions in Canada. Belco will conduct the registrable trading activity in connection with a distribution of securities in Canada but is not otherwise involved with the issuer. Belco will be compensated for the services that it provides in its capacity as exempt market dealer pursuant to a distribution agreement that it has entered with Kawa.\n\n40",
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"gemini_markdown": "# kawa\n\n[Abstract Geometric Design: The top right corner features a decorative arrangement of thin, intersecting white lines over the dark blue background. The overlapping lines form a stylized, wireframe-like pattern consisting of sweeping curves and sharp, intersecting angles.]\n\n**Kawa Investor Relations**\n\n1010 S. Federal Hwy, Suite 2900, Hallandale Beach, FL 33009 | (305) 560-5200 | ir@kawa.com\n**kawa.com**",
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"markdown": "# kawa\n\n[Abstract Geometric Design: The top right corner features a decorative arrangement of thin, intersecting white lines over the dark blue background. The overlapping lines form a stylized, wireframe-like pattern consisting of sweeping curves and sharp, intersecting angles.]\n\n**Kawa Investor Relations**\n\n1010 S. Federal Hwy, Suite 2900, Hallandale Beach, FL 33009 | (305) 560-5200 | ir@kawa.com\n**kawa.com**",
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"bio": "Lais Girardi serves as Executive Assistant and is part of the Extended Team.",
"name": "Lais Girardi",
"roles": [
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],
"source_urls": null,
"title": "Executive Assistant"
}
],
"teamSourceUrls": [
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"team_data": {
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"name": "Jacques Holzmann",
"roles": [
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"Extended Team (Website)"
],
"source_urls": null,
"title": "Managing Director"
},
{
"bio": "Luciano Lautenberg serves as Managing Director, Investor Relations and is part of the Extended Team.",
"name": "Luciano Lautenberg",
"roles": [
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"Extended Team (Website)"
],
"source_urls": null,
"title": "Managing Director, Investor Relations"
},
{
"bio": "Fernando Braghin serves as Managing Director, Investor Relations and is part of the Extended Team.",
"name": "Fernando Braghin",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Managing Director, Investor Relations"
},
{
"bio": "Michael Baratta serves as Director and is part of the Extended Team.",
"name": "Michael Baratta",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Jeremy Lash serves as Director and is part of the Extended Team.",
"name": "Jeremy Lash",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Tyler Claus serves as Director, Investor Relations and is part of the Extended Team.",
"name": "Tyler Claus",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director, Investor Relations"
},
{
"bio": "Stephanie Holzmann serves as Director, Marketing and is part of the Extended Team.",
"name": "Stephanie Holzmann",
"roles": [
"Extended Team (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Director, Marketing"
},
{
"bio": "Katherine Handley serves as Director, Operations & Finance and is part of the Extended Team.",
"name": "Katherine Handley",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director, Operations & Finance"
},
{
"bio": "Felipe Gutnik serves as Director, Finance and is part of the Extended Team.",
"name": "Felipe Gutnik",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director, Finance"
},
{
"bio": "Ted Brooks serves as Tax Director, Global Tax Counsel and is part of the Extended Team.",
"name": "Ted Brooks",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Tax Director, Global Tax Counsel"
},
{
"bio": "Nelson Torres serves as IT Director, CISO and is part of the Extended Team.",
"name": "Nelson Torres",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "IT Director, CISO"
},
{
"bio": "Peter Cunha serves as Deputy General Counsel and is part of the Extended Team.",
"name": "Peter Cunha",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Deputy General Counsel"
},
{
"bio": "Franco Piccinini serves as Assistant General Counsel and is part of the Extended Team.",
"name": "Franco Piccinini",
"roles": [
"Extended Team (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Assistant General Counsel"
},
{
"bio": "Daniel Bumm serves as Assistant General Counsel and is part of the Extended Team.",
"name": "Daniel Bumm",
"roles": [
"Extended Team (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Assistant General Counsel"
},
{
"bio": "Lee Li serves as Controller and is part of the Extended Team.",
"name": "Lee Li",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Controller"
},
{
"bio": "Adam Katz serves as Senior Tax Manager and is part of the Extended Team.",
"name": "Adam Katz",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Tax Manager"
},
{
"bio": "Gabriella Mendez serves as Manager, Middle Office and is part of the Extended Team.",
"name": "Gabriella Mendez",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Manager, Middle Office"
},
{
"bio": "Tim Sullivan serves as Senior Associate and is part of the Extended Team.",
"name": "Tim Sullivan",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Associate"
},
{
"bio": "Pooria Dariush serves as Senior Associate and is part of the Extended Team.",
"name": "Pooria Dariush",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Associate"
},
{
"bio": "Nicholas Martucci serves as Senior Associate and is part of the Extended Team.",
"name": "Nicholas Martucci",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Associate"
},
{
"bio": "Jonathan Dahari serves as Senior Associate and is part of the Extended Team.",
"name": "Jonathan Dahari",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Associate"
},
{
"bio": "Magda Alvarez serves as Senior Associate, Investor Relations and is part of the Extended Team.",
"name": "Magda Alvarez",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Associate, Investor Relations"
},
{
"bio": "Raquel Shoshani serves as Senior Associate, Investor Relations and is part of the Extended Team.",
"name": "Raquel Shoshani",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Associate, Investor Relations"
},
{
"bio": "Edward Goldfarb serves as Senior Compliance Officer and is part of the Extended Team.",
"name": "Edward Goldfarb",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Compliance Officer"
},
{
"bio": "Nataly Torosian serves as Senior Compliance Officer and is part of the Extended Team.",
"name": "Nataly Torosian",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Compliance Officer"
},
{
"bio": "Avgustina Nikolova serves as Associate and is part of the Extended Team.",
"name": "Avgustina Nikolova",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Associate"
},
{
"bio": "Christina Cheesman serves as Investment Associate and is part of the Extended Team.",
"name": "Christina Cheesman",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Investment Associate"
},
{
"bio": "Jue Wang serves as Senior Accountant and is part of the Extended Team.",
"name": "Jue Wang",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Accountant"
},
{
"bio": "Oscar Garcia serves as Senior Operations Analyst and is part of the Extended Team.",
"name": "Oscar Garcia",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Operations Analyst"
},
{
"bio": "Jimmy Mitchell serves as Senior Financial Analyst and is part of the Extended Team.",
"name": "Jimmy Mitchell",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Senior Financial Analyst"
},
{
"bio": "Alejandro Aponte serves as Sr. Tax Accountant and is part of the Extended Team.",
"name": "Alejandro Aponte",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Sr. Tax Accountant"
},
{
"bio": "Zachary Goldberg serves as Investment Analyst and is part of the Extended Team.",
"name": "Zachary Goldberg",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Investment Analyst"
},
{
"bio": "Juan Marini serves as Investment Analyst and is part of the Extended Team.",
"name": "Juan Marini",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Investment Analyst"
},
{
"bio": "Matthew Philbin serves as Analyst and is part of the Extended Team.",
"name": "Matthew Philbin",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Analyst"
},
{
"bio": "Kai Yudelson serves as Investment Analyst and is part of the Extended Team.",
"name": "Kai Yudelson",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Investment Analyst"
},
{
"bio": "Christopher Barr serves as Operations Analyst and is part of the Extended Team.",
"name": "Christopher Barr",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Operations Analyst"
},
{
"bio": "Alberto Palacio serves as Information Systems Administrator and is part of the Extended Team.",
"name": "Alberto Palacio",
"roles": [
"Extended Team (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Information Systems Administrator"
},
{
"bio": "Tatjana Martin serves as Senior Legal Assistant and is part of the Extended Team.",
"name": "Tatjana Martin",
"roles": [
"Extended Team (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Senior Legal Assistant"
},
{
"bio": "Katiussi Soares serves as Executive Assistant and is part of the Extended Team.",
"name": "Katiussi Soares",
"roles": [
"Extended Team (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Executive Assistant"
},
{
"bio": "Alessandra Stanzione serves as Executive Assistant and is part of the Extended Team.",
"name": "Alessandra Stanzione",
"roles": [
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"Other Native Members (Website)"
],
"source_urls": null,
"title": "Executive Assistant"
},
{
"bio": "Lais Girardi serves as Executive Assistant and is part of the Extended Team.",
"name": "Lais Girardi",
"roles": [
"Extended Team (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Executive Assistant"
}
],
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"bio": "Daniel Ades serves as the Chief Executive Officer, Chief Investment Officer & PM. He is recognized as a Key Principal and part of the Firm Leadership.",
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"roles": [
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"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Chief Executive Officer, Chief Investment Officer & PM"
},
{
"bio": "Alexandre Saverin serves as the Chief Risk Officer & PM. He is recognized as a Key Principal and part of the Firm Leadership.",
"name": "Alexandre Saverin",
"roles": [
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"Key Principal (Website)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Chief Risk Officer & PM"
},
{
"bio": "Bruno Piacentini serves as Chief Financial Officer & Chief Operations Officer and is part of the Firm Leadership.",
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"roles": [
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Chief Financial Officer & Chief Operations Officer"
},
{
"bio": "Cristina Baldim serves as Deputy Chief Executive Officer and is part of the Firm Leadership.",
"name": "Cristina Baldim",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Deputy Chief Executive Officer"
},
{
"bio": "Jeremy Traster serves as General Counsel & Chief Compliance Officer and is part of the Firm Leadership.",
"name": "Jeremy Traster",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "General Counsel & Chief Compliance Officer"
},
{
"bio": "Lando Kravetz serves as Chief Technology Officer and is part of the Firm Leadership.",
"name": "Lando Kravetz",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Chief Technology Officer"
},
{
"bio": "Gustavo Avellar serves as Managing Director, Finance and is part of the Firm Leadership.",
"name": "Gustavo Avellar",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Managing Director, Finance"
},
{
"bio": "Xi Liu serves as Managing Director, Operations and is part of the Firm Leadership.",
"name": "Xi Liu",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Managing Director, Operations"
},
{
"bio": "Leticia Heleodoro serves as Managing Director HR & Corporate Services and is part of the Firm Leadership.",
"name": "Leticia Heleodoro",
"roles": [
"Firm Leadership (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Managing Director HR & Corporate Services"
},
{
"bio": "Felipe Lemos serves as Head of Investor Relations and is part of the Firm Leadership and Extended Team.",
"name": "Felipe Lemos",
"roles": [
"Firm Leadership (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Head of Investor Relations"
}
],
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{
"bio": "Daniel Amer serves as Managing Director and is recognized as a Key Principal.",
"name": "Daniel Amer",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Managing Director"
},
{
"bio": "Emile Ernandez serves as Managing Director, Head of Structured Credit and is recognized as a Key Principal.",
"name": "Emile Ernandez",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Managing Director, Head of Structured Credit"
},
{
"bio": "Harlan Lam serves as Senior Director and is recognized as a Key Principal.",
"name": "Harlan Lam",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Senior Director"
},
{
"bio": "Michael Aronovitz serves as Director and is recognized as a Key Principal.",
"name": "Michael Aronovitz",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Jose Kliksberg serves as Director and is recognized as a Key Principal.",
"name": "Jose Kliksberg",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Jonathan Wolgin serves as Director and is recognized as a Key Principal.",
"name": "Jonathan Wolgin",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Rohit Kar serves as Director and is recognized as a Key Principal.",
"name": "Rohit Kar",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Director"
}
],
"metadata": {
"sourceUrls": [
"https://www.kawa.com/team"
],
"totalTeamMembers": 58
},
"otherFirmMembers": [],
"sourceUrls": [
"https://www.kawa.com/team"
],
"unifiedTeamList": [
{
"bio": "Daniel Ades serves as the Chief Executive Officer, Chief Investment Officer & PM. He is recognized as a Key Principal and part of the Firm Leadership.",
"name": "Daniel Ades",
"roles": [
"Key Principal (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Chief Executive Officer, Chief Investment Officer & PM"
},
{
"bio": "Alexandre Saverin serves as the Chief Risk Officer & PM. He is recognized as a Key Principal and part of the Firm Leadership.",
"name": "Alexandre Saverin",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Chief Risk Officer & PM"
},
{
"bio": "Bruno Piacentini serves as Chief Financial Officer & Chief Operations Officer and is part of the Firm Leadership.",
"name": "Bruno Piacentini",
"roles": [
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Chief Financial Officer & Chief Operations Officer"
},
{
"bio": "Cristina Baldim serves as Deputy Chief Executive Officer and is part of the Firm Leadership.",
"name": "Cristina Baldim",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Deputy Chief Executive Officer"
},
{
"bio": "Jeremy Traster serves as General Counsel & Chief Compliance Officer and is part of the Firm Leadership.",
"name": "Jeremy Traster",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "General Counsel & Chief Compliance Officer"
},
{
"bio": "Lando Kravetz serves as Chief Technology Officer and is part of the Firm Leadership.",
"name": "Lando Kravetz",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Chief Technology Officer"
},
{
"bio": "Daniel Amer serves as Managing Director and is recognized as a Key Principal.",
"name": "Daniel Amer",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Managing Director"
},
{
"bio": "Emile Ernandez serves as Managing Director, Head of Structured Credit and is recognized as a Key Principal.",
"name": "Emile Ernandez",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Managing Director, Head of Structured Credit"
},
{
"bio": "Gustavo Avellar serves as Managing Director, Finance and is part of the Firm Leadership.",
"name": "Gustavo Avellar",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Managing Director, Finance"
},
{
"bio": "Xi Liu serves as Managing Director, Operations and is part of the Firm Leadership.",
"name": "Xi Liu",
"roles": [
"Firm Leadership (Deck)",
"Firm Leadership (Website)"
],
"source_urls": null,
"title": "Managing Director, Operations"
},
{
"bio": "Leticia Heleodoro serves as Managing Director HR & Corporate Services and is part of the Firm Leadership.",
"name": "Leticia Heleodoro",
"roles": [
"Firm Leadership (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Managing Director HR & Corporate Services"
},
{
"bio": "Jacques Holzmann serves as Managing Director and is part of the Extended Team.",
"name": "Jacques Holzmann",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Managing Director"
},
{
"bio": "Luciano Lautenberg serves as Managing Director, Investor Relations and is part of the Extended Team.",
"name": "Luciano Lautenberg",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Managing Director, Investor Relations"
},
{
"bio": "Fernando Braghin serves as Managing Director, Investor Relations and is part of the Extended Team.",
"name": "Fernando Braghin",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Managing Director, Investor Relations"
},
{
"bio": "Harlan Lam serves as Senior Director and is recognized as a Key Principal.",
"name": "Harlan Lam",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Senior Director"
},
{
"bio": "Michael Aronovitz serves as Director and is recognized as a Key Principal.",
"name": "Michael Aronovitz",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Jose Kliksberg serves as Director and is recognized as a Key Principal.",
"name": "Jose Kliksberg",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Jonathan Wolgin serves as Director and is recognized as a Key Principal.",
"name": "Jonathan Wolgin",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Rohit Kar serves as Director and is recognized as a Key Principal.",
"name": "Rohit Kar",
"roles": [
"Key Principal (Deck)",
"Key Principal (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Felipe Lemos serves as Head of Investor Relations and is part of the Firm Leadership and Extended Team.",
"name": "Felipe Lemos",
"roles": [
"Firm Leadership (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Head of Investor Relations"
},
{
"bio": "Michael Baratta serves as Director and is part of the Extended Team.",
"name": "Michael Baratta",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Jeremy Lash serves as Director and is part of the Extended Team.",
"name": "Jeremy Lash",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director"
},
{
"bio": "Tyler Claus serves as Director, Investor Relations and is part of the Extended Team.",
"name": "Tyler Claus",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director, Investor Relations"
},
{
"bio": "Stephanie Holzmann serves as Director, Marketing and is part of the Extended Team.",
"name": "Stephanie Holzmann",
"roles": [
"Extended Team (Deck)",
"Other Native Members (Website)"
],
"source_urls": null,
"title": "Director, Marketing"
},
{
"bio": "Katherine Handley serves as Director, Operations & Finance and is part of the Extended Team.",
"name": "Katherine Handley",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director, Operations & Finance"
},
{
"bio": "Felipe Gutnik serves as Director, Finance and is part of the Extended Team.",
"name": "Felipe Gutnik",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Director, Finance"
},
{
"bio": "Ted Brooks serves as Tax Director, Global Tax Counsel and is part of the Extended Team.",
"name": "Ted Brooks",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Tax Director, Global Tax Counsel"
},
{
"bio": "Nelson Torres serves as IT Director, CISO and is part of the Extended Team.",
"name": "Nelson Torres",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "IT Director, CISO"
},
{
"bio": "Peter Cunha serves as Deputy General Counsel and is part of the Extended Team.",
"name": "Peter Cunha",
"roles": [
"Extended Team (Deck)",
"Extended Team (Website)"
],
"source_urls": null,
"title": "Deputy General Counsel"
},
{
"bio": "Franco Piccinini serves as Assistant General Counsel and is part of the Extended Team.",
"name": "Franco Piccinini",
"roles": [
"Extended Team (Deck)",
"Other Native Members (Website)"
],
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