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Portfolio Manager Summary Cross Shore Discovery Fund Registered Investment Advisor Portfolio Manager Summary Cross Shore Discovery Fund 111 Great Neck Road, Suite 210 1 International Place, 24th Floor Great Neck, NY 11021 Boston, MA 02110 Tel: (516) 684-4040 Tel: (617) 310-4801 Contact: Investor Relations (516) 684-4040 [email protected] March, 2015 Cross Shore Capital Management, LLC This summary is based on information provided to Cross Shore Capital Management, LLC by the various fund managers and is believed to be accurate; however Cross Shore Capital Management, LLC has not independently verified all of the following data. Because of these limitations, the performance information should not be relied upon as a precise reporting of actual performance, but rather a general indication of past performance. Historical performance shown is based on the performance of a specific fund, as indicated, and is not intended to represent the composite performance for all funds from a specific portfolio manager or firm. Performance experienced by the Cross Shore Funds investment in a manager or fund may vary from what is shown. Cross Shore Capital Management, LLC maintains the right to add or remove managers at its discretion. This publication is for informational purposes only and is not intended as an offer to purchase interest in Cross Shore Discovery Fund. Full details are available in the Prospectus. While reasonable care has been taken to ensure that the information herein is factually correct, Cross Shore Capital Management, LLC makes no representation as to its accuracy or completeness. The information herein is subject to change without notice. 2 Table of Contents FIRM PORTFOLIO MANAGER(S) PAGE Armistice Capital Steven Boyd Page 4 Atika Capital Mgmt Brad Farber Page 5 Bloom Tree Partners Alok Agrawal Page 6 Game Creek Capital Sean Murphy Page 7 Light Street Capital Mgmt Glen Kacher Page 8 Lomas Capital Dan Lascano, Charlie LoCastro, Rob McIntosh Page 9 Long Pond Capital John Khoury Page 10 Riverloft Capital Mgmt Marc Lehmann Page 11 Sachem Head Capital Mgmt Scott Ferguson Page 12 Shellback Capital, L.P. Jonathan Hilsabeck, Douglas Gordon, Donald Jabro Page 13 Suvretta Capital Mgmt Aaron Cowen Page 14 Tiger Legatus Capital Mgmt Jesse Ro Page 15 3 Armistice Capital Fund: Armistice Capital Offshore Fund, Ltd. Inception Date: May 2012 Focus: Event Driven / Trading Auditor: KPMG Administrator: SS&C Fund Services Legal: Seward & Kissel Firm AUM (12/31/14): $135 Million Gross / Net Exposure Weighting (2/28/2015): 8.2% Armistice Capital is a value-oriented and event-driven hedge fund that is focused exclusively on the healthcare and consumer sectors. The Fund will invest opportunistically across the capital structure, generating proprietary ideas with the goal of identifying undervalued themes and inflection points in the market place. The Fund invests primarily in small and mid cap companies, with a 3-9 month time-frame for catalyst realization. Bottom up financial models are constructed to assess all components of a company’s capital structure, with an emphasis on free cash flow development. In all of its investing activities, the Fund emphasizes capital preservation and seeks to mitigate risk through various hedging strategies at both position and portfolio levels. Steven Boyd is the founder and portfolio manager of Armistice Capital. Prior to founding Armistice in 2012, Mr. Boyd had been a senior research analyst at Senator Investment Group (2008-2011). Prior to joining Senator, Mr. Boyd was an associate at York Capital, focusing primarily on investments in consumer and healthcare equities (2007-2008). Prior to York, Mr. Boyd was an analyst at SAB Capital Management, a value-oriented long/short equity hedge fund (2005- 2007). Mr. Boyd began his career as a business analyst at McKinsey & Company Average Gross Exposure: 275% (2003-2005). He received a B.S. in Economics (with a concentration in Finance) as well as a B.A. in Political Science from The Wharton School of the University of Pennsylvania (2003). Average Net Exposure: 45% 4 Atika Capital Management Fund: Atika Offshore Fund, Ltd. Inception Date: February 2013 Focus: Value Auditor: KPMG Administrator: Northern Trust Legal: Seward & Kissel Firm AUM (12/31/14): $114 Million Gross / Net Exposure Weighting (2/28/2015): 9.2% Atika Capital Management invests primarily in publicly-traded global equities, both long and short, with a particular focus on the healthcare technology/media/telecommunications (“TMT”), and consumer sectors. Atika Capital Management employs a fundamentally-driven research process and believes that investing based on in-depth fundamental analysis will allow one to obtain higher conviction and afford oneself the opportunity to size a position aggressively, thus helping to generate a superior return on investment. Atika believes that there is a time arbitrage in certain segments of the equity market and those willing to hold positions longer can capitalize on opportunities created by the intense focus on short-term performance. Atika has developed a proprietary model to support buy or short decisions and help determine position sizing. Individual weightings are determined by probability weighted risk/reward, liquidity, and size of related holdings. Atika diversifies investments in order to manage volatility and minimize downside risk in the portfolio, though it may hold large positions (e.g., exceeding 10%) in individual equities (measured at the time of investment). Brad Farber is the Founder, Managing Member & Portfolio Manager of Atika Average Gross Exposure: 178% Capital Management (“ACM”). Prior to founding ACM in September 2012, Mr. Farber served as a Portfolio Manager for Gilder, Gagnon, Howe & Co., (GGHC) an investment firm with approximately $5 billion under management, where he managed a $50 million long/short equity portfolio since January 2001. Before Average Net Exposure: 55% joining GGHC in April 1999, Mr. Farber spent two years as an equity research analyst at UBS covering the medical technology and biotechnology sectors. Mr. Farber is a CFA Charter holder and received a BA in International Relations from the University of Michigan in 1996. 5 Bloom Tree Partners Fund: Bloom Tree Offshore Fund, Ltd. Inception Date: October 2010 Focus: Opportunistic Auditor: KPMG Administrator: SS&C Fund Services Legal: Seward & Kissel Firm AUM (12/31/14): $934 Million Gross / Net Exposure Weighting (2/28/2015): 7.5% Bloom Tree is a global, fundamental investment manager that utilizes primary research to develop original and proprietary views on specific companies, industrial sectors and the macroeconomic environment to identify compelling investments. The long portfolio will focus on high-quality businesses that generate a high return on investment capital (ROIC) and management teams that demonstrate the ability to allocate capital efficiently. The short portfolio will focus on businesses with deteriorating fundamentals, declining earnings power, high valuations with inflated expectations, weak financial positions and/or poor management teams. Short positions require a business that is fundamentally flawed with pressure on its terminal value. Alok Agrawal is the portfolio manager of Bloom Tree Partners. Prior to Bloom Tree, Mr. Agrawal worked at Tiger Management where he served as an analyst and co-portfolio manager (2005-2007). Prior to joining Tiger Management, Mr. Agrawal served as an associate at Bessemer Venture Partners (2002-2005). Mr. Agrawal began his professional career at Oracle Corporation in 1996 where he led a development team, started a new product group and oversaw a product management team. He left Oracle in 2000 to Average Gross Exposure: 151% attend Harvard Business School where he was elected a Siebel Scholar and Baker Scholar (2002). Mr. Agrawal earned his M.S. in Computer Science from the University of California, Berkeley (1996) and a Bachelor of Technology in Computer Science from the Indian Institute of Technology, Kanpur, where he Average Net Exposure: 15% was awarded the President of India Gold Medal for distinguished academic achievement (1994). 6 Game Creek Capital Fund: Game Creek Offshore Fund, Ltd. Inception Date: January 2008 Focus: Opportunistic Auditor: KPMG Administrator: SS&C Fund Services Legal: Bingham McCutchen Firm AUM (12/31/14): $95 Million Gross / Net Exposure Weighting (2/28/2015): 7.7% Game Creek is a U.S. long/short equity fund focused on the consumer, media and telecom sectors that seeks to generate alpha via a concentrated, “best ideas” equity portfolio. Game Creek employs a rigorous, bottoms-up due diligence process to identify companies trading at attractive valuations relative to cash flow, earnings and / or assets. Looking across the mid to large cap spectrum, Sean and the team seek out companies where recognized expectations are low but the business franchise, potential earnings power or proven cash flow suggest an outsized opportunity to achieve superior risk adjusted returns. Idea generation stems from company meetings and visits, industry conferences, financial and trade publications, and valuation screens. To assess company management, Game Creek will talk to former employees, consultants, board members, competitors, suppliers, and customers. Utilizing direct and indirect channel checks, Game Creek gathers as much information as possible to develop an in-depth mosaic on each company. On the short side, the team seeks to identify companies with deteriorating fundamentals, inappropriate capital structures, flawed strategies or excessive expectations.
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