After these trades we are short the DJI & US 10yr and long $Yen. As Congress gets quagmired in Health Care, we are concerned the Trump rally has paused after the President's speech to the joint session of Congress. We are also concerned the Federal Open Market Committee has sought 2% inflation with full employment while ignoring the demand destruction in excess bank reserves resulting in slow GDP growth. The challenge globally is the FOMC is raising rates as Europe and then Japan will begin ending quantitative easing. Lastly, if the FOMC is going to raise rates into the foreseeable future and the Border Adjustment Tax is going to exist, the US$ needs to reprice higher to compensate for border taxes otherwise the BAT will be inflationary.

On Wednesday, March 15th, we sold the US 10yr futures at an equivalent yield of 2.52%, yields move in opposite direction to price. We also bought the $Yen at 103.50 at a discount to our methodology, so if $Yen doesn’t rally, we will be out of this position.

In 2012 modeled performance (7 ˝ mo.) net of all fees was +12.46% with a 10% Hurdle rate
In 2013, modeled performance net of all fees was +19.73% with a 10% Hurdle rate
In 2014, modeled performance net of all fees was +56.42% with a 10% Hurdle rate
In 2015, modeled performance net of all fees is +72.68% with an 8% Hurdle rate
In 2016, modeled performance net of all fees is +52.12% with a Graduated 10% Hurdle Rate
In 2017, Fund performance net of all fees is -0.71% with a Graduated 10% Hurdle Rate

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Disclaimer:

The Unicorn Macro Fund, LP (“Fund”) operates under the SEC rules of 506(c) of Regulation D. This rule allows general solicitation as long as all purchasers of the Fund are accredited investors and the Fund takes reasonable steps to verify that purchasers are accredited investors. The 506(c) rule benefits funds that perform better than their peers, because for the first time, Regulation D funds can post their results publicly.

The Fund trades both long and short positions in a variety of global markets and its performance is not correlated to any one market. Performance of the model of the Fund is measured by Net Asset Value (NAV) which is net of all fees, is unaudited, and may include the use of estimates. Individual results will vary based on the timing of an investment and past performance is no guarantee of future results and there is a possibility of loss.

The modeled results are based only on capital appreciation from macro style trades. The results do not include dividend reinvestment or any other form of cash flow and are taxed as ordinary income. All trades have a risk/reward objective of at least 3 to 1 and each full position risks no more than 2% of assets. There will be times when market conditions may alter these objectives. Since the inception of the model our trading of the methodology has become more precise.