WelcomeLETTER FROM THE PRESIDENT Over the past year ELEMENT MULTI-STRATEGY FUND LTD returned 3.23% while keeping the fund’s monthly volatility below 1.29%. These returns and low volatility reflect our philosophy that our clients’ capital preservation is our first priority. The strength of these returns is due to our commitment to choosing investments that meet a strict set of conditions that focus on risk, volatility, diversification, low correlation to any major asset classes or indices, and ultimately total return potential. With respect to our investments in external hedge fund managers we remain committed to our due diligence requirements. All the managers we are invested in reflect our philosophy of navigating through these changing times and being as adaptive as possible. ELEMENT has made some changes to the managers the fund is invested in over the past year, removing investments that were underperforming and adding two funds that reflect our core investment values and have a proven track record of performance. We are similarly pleased with the proprietary investments we have made. ELEMENT was able to take advantage of opportunities within the equity and fixed income markets over the past year. Particularly successful have been our investments in Latin American fixed income, an expertise we pride ourselves on given our ties to the region. As always, our goal is to have our portfolio be entirely reflective of our investment philosophy at all times and extend transparency to our investors. We believe so strongly in our investment philosophy that we “eat our own cooking” and the managers of ELEMENT CAPITAL ADVISORS LTD. are also the primary investors in ELEMENT MULTI-STRATEGY FUND LTD. At ELEMENT we make sure that our interests are completely aligned with our investors. We look forward to working together with you to build a strong investment relationship rooted in transparent and stable investment results. Francisco D’Agostino President & Managing Director |
