CRESCAT CAPITAL OCTOBER PERFORMANCE UPDATE

Dear Investors:

Crescat’s three hedge funds surged in October to maintain their year-to-date performance leadership within the universe of managers. The S&P 500 declined 2.4% in the same month as US election day neared. All five of the firm’s investment strategies substantially outperformed their benchmarks net of fees in 2020 and since inception. Collectively, the Crescat strategies encompass three business cycles going back to 1999, including the same number of recessions.

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