January 2015
Portfolio Manager: John Cassarini
Marketing Contact: Victoria Hayes
vhayes@jaccapitaladvisors.com
480-596-8400
Website: www.jaccap.com
JAC Long-Short Equity Fund ("Fund") is a long/short equity fund whose investment objective is to generate attractive and consistent returns with moderate risk
while giving investors exposure to less widely held securities. The Fund's strategy combines fundamental bottom-up and event driven analysis with top-down
secular and thematic insights to find asymmetric risk/reward opportunities. The Fund invests primarily in the equity of small and mid-cap, publicly traded,
exchange listed companies in the US and Canada.
Current
Net
Exposure
JAC CAPITAL NET MONTHLY RETURNS 1
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
YTD
2015
0.93% *
2014
0.37%
10.74%
-6.23%
-2.75%
-2.14%
4.19%
-2.32%
-1.25%
-0.87%
-5.25%
4.98%
-5.30%
-6.90%
0.93% * 17.00%
34.39%**
2013
2.12%
-1.19%
2.32%
4.50%
2.56%
-0.61%
2.88%
-2.31%
3.95%
2.92%
1.54%
-1.35%
18.45%
34.83%**
2012
3.27%
-0.55%
0.07%
1.45%
0.62%
0.49%
2.96%
0.23%
1.65%
-1.22%
-0.73%
-4.33%
3.76%
22.24%**
-0.08%
4.65%
-0.03%
-1.47%
3.00%
11.63%**
2011
CUMULATIVE NET RETURNS
RUSSELL 2
JAC
JAC
80%
PERFORMANCE AND RISK STATISTICS
HFN 3
Russell
70%
60%
Cumulative Net Return
18.95%*
68.10%
26.45%
Annualized Net Return
5.21%
16.42%
7.29%
Average Monthly Net Return
0.47%
1.38%
0.60%
30%
11.14%
16.34%
6.03%
20%
0.46
1.00
1.21
10%
-16.24%
-11.21%
-4.32%
0%
53.7%
63.4%
65.0%
-10%
0.32
0.45
-20%
SECTOR EXPOSURE (as of January 31, 2015)
Long
Short
Gross
Net
Consumer Discretionary
9.3%
-10.3%
19.6%
-1.0%
Consumer Staples
3.9%
-2.0%
5.9%
1.9%
Energy
2.6%
0.0%
2.6%
2.6%
Financials
1.9%
-6.3%
8.2%
-4.4%
General Mkt/Non-Sector Indices 0.0%
1.3%
-1.3%
1.3%
6.5%
-6.7%
13.2%
-0.2%
Top 5 Positions
25.2%
-8.2%
33.4%
17.0%
Top 10 Positions
39.4%
-14.0%
53.4%
25.4%
MARKET CAP EXPOSURES (as of January 31, 2015)
< $2B $2B - $10B
> $10B
Industrials
Information Technology
14.6%
0.0%
14.6%
14.6%
Materials
0.0%
0.0%
0.0%
0.0%
Telecommunication Services
4.7%
-2.5%
7.2%
2.2%
PORTFOLIO EXPOSURES (as of January 31, 2015)
Long
Short
Exposure
Number of Positions
Minimum Investment
Management Fee
Performance Fee
September, 2011
Long/Short Equity
Yes
Master Fund: Cayman LP
Domestic Feeder: Delaware LLC
Offshore Feeder: Cayman Company
$1M
1.5%
15%
Prime Broker
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Jan-15
Nov-14
Net
-26.4%
69.8%
17.0%
14
21
35
PORTFOLIO CONCENTRATION (as of January 31, 2015)
Long
Short
Gross
Subscription
Redemption
Lock-Up Period
Hurdle
Gates
Side Pocket
Administrator
Auditor
Legal Counsel
Sep-14
Jul-14
May-14
Gross
43.4%
74.3%
FUND INFORMATION
Inception Date
Strategy
Open to New Investors
Legal Structure
Mar-14
Jan-14
Nov-13
Sep-13
Jul-13
May-13
Mar-13
Jan-13
Nov-12
Sep-12
** Average Annual Net Exposure
Jul-12
* Estimate
May-12
Correlation to JAC
Mar-12
% of Positive Months
Jan-12
Max Drawdown
Nov-11
Sharpe Ratio 3
40%
Sep-11
Standard Deviation
50%
Monthly
Monthly with 60 days notice
None
None
None
None
SS&C Technologies, Inc.
KPMG
US: Bingham McCutchen LLP
Cayman: Walkers
BTIG (JPMorgan - Custodian)
22.9%
Net
2.9%
IMPORTANT NOTES AND DISCLOSURES
1. The performance information contained herein represents the unaudited Founder's Class returns of JAC Long-Short Equity Fund LLC (the Fund) net of all
fees and expenses. Past performance is not indicative of future results.
2. The indices are included merely to show the general trends in equity markets and are not intended to imply that the portfolio owned by JAC Long-Short Equity
Master Fund, LP (the "Master Fund") would be comparable to any index either in composition or element of risk. The Russell 2000 Index is an equal weighted
index of the smallest market capitalization stocks in the Russell 3000 and measures the performance of the small-cap segment of the U.S. equity universe. The
HFN Long/Short Equity Index is an equal-weighted index of over 1,000 long/short equity funds that report to HFN Database and is intended to track the
performance of long/short equity hedge funds.
3. The average daily 1 Month US Treasury Bill rate was used to calculate Sharpe Ratio.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTES AND CERTAIN RISKS OF INVESTING IN THE FUND
General Disclaimer
This document has been prepared and issued by JAC Capital Advisors, LLC (JAC). The enclosed material is confidential and not to be reproduced or
redistributed in whole or in part without the prior written consent of JAC Capital Advisors LLC. The distribution of this document in certain jurisdictions may be
restricted by law; therefore, people into whose possession this document comes should inform themselves about and observe any such restrictions.
Notwithstanding the foregoing, an Investor may disclose to any and all persons, without limitation of any kind, the tax treatments and tax structure of the Fund
and all materials of any kind (including opinions or other tax analyses) that are provided to the Investor relating to such tax treatment and tax structure.
The information contained herein is only current as of the date indicated, and may be superseded by subsequent market events or for other reasons. These
materials may contain historical market data; however, historical market trends are not reliable indicators of future market behavior. Any statements of opinion
constitute only current opinions of JAC, which are subject to change and which JAC does not undertake to update. Nothing herein constitutes an offer to sell, or
solicitation of an offer to purchase, any securities, nor does it constitute an endorsement with respect to any investment strategy or vehicle. Any offer of
securities may be made only by means of a formal confidential private offering memorandum. Please read the relevant offering memorandum carefully before
investing. Due to, among other things, the volatile nature of the markets and the investment strategies discussed herein, the investment strategies may only be
suitable for certain investors. Parties should independently investigate any investment strategy or manager, and should consult with qualified investment, legal
and tax professionals before making any investment.
JAC Long-Short Equity Fund LLC (the "Domestic Fund"), JAC Long-Short Equity Fund Ltd. (the "Offshore Fund"), and JAC Long-Short Equity Master Fund, LP
(the "Master Fund", each a "Fund" and collectively, the "Funds") are not registered under the Investment Company Act of 1940, as amended, in reliance on an
exception there under. Interests in the Funds have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state and
are being offered and sold in reliance on exemptions from the registration requirements of said Act and laws. Neither the Funds offering documents, nor the
offering of its interests, have been reviewed or approved by U.S. federal or state regulators. Interests in the Funds are not deposits or obligations of, or
guaranteed or endorsed by, any bank or other insured depository institution, and are not Federally insured by the Federal Deposit Insurance Corporation, The
Federal Reserve Board or any other governmental agency. The units or shares issued by a Fund managed or promoted by JAC are offered or otherwise made
available only in accordance with available, applicable private placement or offering rules. An investment in a Fund is illiquid and there are significant restrictions
on transferring a Funds interest. There are no secondary markets for a Funds interests and none are expected to develop. JAC or a JAC affiliate has sole
discretion regarding the allocation of Fund assets. Investment in the Funds is speculative and involves a high degree of risk.
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