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Lazarus-Behavioral Finance Fund - v4 9.1.16

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Transcript of Lazarus-Behavioral Finance Fund - v4 9.1.16


Impact of Missing the Best Days in the Stock Market (1974-2015)
Outcome of $10,000 Initially Invested
$800,000
$93,000
$18,000
$6,000
11.0% Annual Return
5.5% Annual Return
2.1% Annual Return
-1.2% Annual Return
0 Days
Source: Fama & French daily market returns
retrieved from www.crsp.com
Present
10 Years
20 Years
30 Years
The Power of Compounding
Lazarus Team
Terms of Investment
Management Fee

Incentive Fee

High Water Mark

Lock-Up & Liquidity

Minimum Investment
Standard Terms
0%

0% below 10% annual hurdle, 50/50 split on additional returns

Yes

No lock-up, monthly withdrawals up to 60 days' notice

$1 million (institutions), $500,000 (individuals)
Monkey
Experiment
Rick Barry
Hold on to Losers
Sell Winners
Behavioral Finance Fund
Laurie Santos: “A Monkey Economy As Irrational As Ours.” TEDGlobal 2010, July 2010.
“The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence.” Hersh Shefrin and Meir Statman. Journal of Finance, Vol XL, NO 3, July 1985.
The Power of Compounding: This graph illustrates the value of $1 million after 10, 20, and 30 year periods at various rates of annualized growth. It is not a representation of past or future performance of any investment or a representation that any investor or portfolio will or is likely to achieve profits or losses similar to those show.
Justin B. Borus
Manager & CIO
Chris Jennings

Controller
Adam Eisenberg
Managing Director
Brian T. Abrams
President
Ari Rubin

Analyst
Eliot Penn
Managing Director
Adam Averbach
General Counsel & Chief Compliance Officer
Linda Houlihan
Business Manager & Investor Relations
1 Day
2 Days
3 Days
This presentation is not an offer to sell securities of any investment fund or a solicitation of offers to buy any such securities. Securities of the Lazarus Behavioral Finance Fund LP (the “Fund”), of which Lazarus GP LLC is the general partner (the “General Partner”) and Lazarus Management Company LLC is the investment manager (the “Manager” and, collectively with the General Partner, “Lazarus”), are offered to selected investors only by means of a complete offering memorandum and related subscription materials which contain significant additional information about the terms of an investment in the Fund (such documents, the “Offering Documents”). Any decision to invest must be based solely upon the information set forth in the Offering Documents, regardless of any information investors may have been otherwise furnished, including this presentation.
The description herein of the approach of Lazarus and the targeted characteristics of its strategies and investments is based on current expectations and should not be considered definitive or a guarantee that the approaches, strategies, and investment portfolio will, in fact, possess these characteristics. In addition, the description herein of the Fund’s risk management strategies is based on current expectations and should not be considered definitive or a guarantee that such strategies will reduce all risk. These descriptions are based on information available as of the date of preparation of this presentation, and the description may change over time. Past performance of these strategies is not necessarily indicative of future results. There is the possibility of loss and all investment involves risk including the loss of principal. There is no guarantee that the investment objective will be achieved.
The information in this presentation was prepared by Lazarus and is believed by Lazarus to be reliable and has been obtained from public sources believed to be reliable. Lazarus makes no representation as to the accuracy or completeness of such information. Statements, opinions, estimates and projections in this presentation constitute the current judgment of Lazarus and are subject to change without notice. Such statements, opinions, estimates and projections have not been verified, attested to, or otherwise confirmed by any other party. Any projections, forecasts and estimates contained in this presentation are necessarily speculative in nature and are based upon certain assumptions. It can be expected that some or all of such assumptions will not materialize or will vary significantly from actual results. Accordingly, any projections are only estimates and actual results will differ and may vary substantially from the projections or estimates shown. This presentation is not intended as a recommendation to purchase or sell any security. Lazarus has no obligation to update, modify or amend this presentation or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
This presentation is strictly confidential and may not be reproduced or redistributed in whole or in part nor may its contents be disclosed to any other person without the express consent of the General Partner.
The parent company of Lazarus holds a material ownership interest in the parent company of AthenaInvest Advisors LLC, an investment adviser providing strategies to the Fund, and Messrs. Borus and Abrams serve on such company’s Board of Directors. Lazarus holds an exclusive license to AthenaInvest Advisors’ strategies for use in private investment funds.



$260M

$240M

$220M

$180M

$160M

$140M

$120M

$100M

$80M

$60M

$40M

$20M

$1M
4% $3.2M
10% $17.5M
20%
$237M
Behavioral Finance Fund Performance Highlights (% Net of Fees)*
*Past performance is not necessarily indicative of future results. The potential for profit is accompanied by the possibility of loss, including the possibility of a total loss. Performance information is presented net of all fees and expenses, including performance allocations and expenses identified as Partnership Expenses in the Offering Documents. Performance results of the Fund are presented for information purposes only and reflect the impact that material economic and market factors had on Lazarus’ decision-making process. No representation is being made that any investor or portfolio will or is likely to achieve profits or losses similar to those shown. Net monthly returns are net of all fees and expenses to the investor; however, performance of individual investors may vary based upon differing incentive allocation arrangements and the timing of contributions and withdrawals. Performance numbers were prepared by Lazarus, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. The information provided is historical and is not a guide to future performance. Investors should be aware that a total loss of investment is possible.

Direct comparisons between the Fund's performance and equity market indices are not without complications. The Fund’s portfolio may contain options and other derivative securities, fixed income investments, may include short sales of securities and margin trading and may not be as diversified as market indices. The indices may be unmanaged, may be market weighted, and unlike the Fund, indices do not incur fees and expenses. Due to the differences among the Fund’s portfolio and the performance of equity market indices, no such index is directly comparable to the investment strategy of the Fund.
IBEX BFF
S&P 500
1 Month
3 Months
6 Months
YTD
1 Year
Since Inception
July 1, 2016
+4.35%
+0.14%
+15.93%
+3.83%








“Losing feels worse than
winning feels good.”
- Vin Scully
Full transcript