FUND SUMMARY INFORMATION MODELED NET RETURNS 2
Unicorn Macro Fund, LP is a private hedge fund operating pursuant to SEC Rule 506(c). The Fund focuses on markets that have advanced central banks, specifically Japan, Europe and the United States. The Fund trades currencies and futures and may not be suitable for all accredited investors. Strategy:
Instruments:
Positions:
Capital Per Position:
Risk Per Position:
Total Risk Exposure:
Holding Periods:

Annualized Return:1
Standard Deviation:
Sharpe Ratio: 		Global Macro
Currencies and Futures
0-4
25% AUM
2% AUM
0-8% AUM
0-3 months

45.79%
33.38%
1.38
1 Annualized results based on monthly net returns
The Unicorn Macro Fund, LP (the “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.

All fees are annualized using a High Water Mark and a Hurdle Rate. Below the Hurdle Rate only a 0.5% management fee is charged. For returns above the Hurdle Rate an additional 1.5% management fee and a 20% performance fee over the Hurdle Rate are charged.

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 5% 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.


 
UNICORN MACRO FUND 1
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2018 0 (1.53) (0.01) 2.99 2.28 - - - - - - - 3.73
2017 0 0 (5.75) (8.14) 6.59 (5.30) (3.44) 5.99 (2.94) 6.47 2.25 (2.83) (6.87)
2016 (5.57) 12.25 10.68 10.87 (5.84) 7.77 (0.27) 3.74 1.00 (5.57) 23.08 0 52.12
2015 17.87 (8.16) (10.08) 17.10 5.98 0.78 7.17 (0.32) 13.27 7.52 21.05 (0.16) 72.02
2014 (11.66) 1.84 (0.25) 15.12 11.01 5.69 (7.69) (9.24) 3.09 14.08 14.78 19.70 56.42
2013 9.77 4.94 12.15 4.30 3.77 (23.35) 0.37 (0.85) (1.58) 16.99 (1.92) (4.86) 19.73
Unicorn Macro Fund's modeled performance is based on real-time paper-trading. The results are calculated based on monthly performance since January 2013. The performance of Unicorn Macro Fund is measured by Net Asset Value (NAV), which is net of all fees, 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.

There are no expenses and all fees are annualized using a High Water Mark and a Graduated 10% Hurdle Rate. The Graduated 10% Hurdle Rate is derived from a limited function that scales from 0% to 100% when annualized Performance is between 0% - 10%. For example, for annualized performance greater than 10%, the full 2% management fee and 20% performance fees fees are charged, for an annualized performance between 0% and 10%, only a portion of management and performance fees are charged and for annualized performance below 0%, no fees are charged.

 
TRADING ARCHIVE
In order to provide transparency in the trading style and thinking of Unicorn Macro Fund, an email archive is written after each trade, at times it can be unpolished, and should not be considered investment advice.

05/31/2017 May end of month
03/31/2017 March end of month bought DJI and sold US 10yr
03/24/2017 Sold S&P
03/21/2017 Sold $Yen and bought the US 10yr and S&P
03/15/2017 Sold US 10yr and bought $Yen
03/09/2017 Sold DJI
11/30/2016 November end of the Month - Closed all positions
11/22/2016 Sold Euro$ and bought DJI
11/17/2016 Bought $Yen and sold DJI
11/16/2016 Bought Euro$
11/15/2016 Sold US 10yr and $Yen
11/09/2016 Bought S&P and US 10yr note
11/07/2016 Sold S&P
11/04/2016 Bought German Dax and $Yen
11/02/2016 Sold S&P and Euro$
10/31/2016 October end of month
10/27/2016 Bought S&P
10/25/2016 Sold US 10yr
10/13/2016 Sold Euro$, Bought US 10yr and traded S&P
09/30/2016 September end of Month
09/29/2016 Bought Japanese Nikkei
09/26/2016 Bought German 10yr bund
09/14/2016 Bought Euro$ and sold $Yen
09/12/2016 Bought S&P
09/07/2016 Bought German Dax, sold Japanese Nikkei and German 10yr
08/31/2016 August end of Month, bought Euro$ and sold German Dax
08/29/2016 Sold US 10yr and bought Japanese Nikkei
08/23/2016 Bought $Yen
08/17/2016 Sold Euro$
08/07/2016 Bought DJI, S&P and US 10yr
07/31/2016 July end of Month, bought German Dax
07/22/2016 Sold S&P
07/21/2016 Sold Japanese Nikkei, German Dax and DJI
07/08/2016 Bought DJI - Relative value
06/30/2016 June end of month, bought S&P and sold DJI
06/29/2016 Sold S&P and Japanese Nikkei
06/23/2016 Bought German Dax
06/16/2016 Sold $Yen
06/14/2016 Bought S&P and sold US 10yr note
06/13/2016 Bought $Yen
06/06/2016 Sold German Dax and S&P
05/31/2016 May end of Month
05/25/2016 Bought S&P and Japanese Nikkei
05/18/2016 Bought US 10yr notes
05/10/2016 Sold S&P
05/05/2016 Bought German 10yr bund
05/03/2016 Bought US 10yr
04/30/2016 Sold S&P, End of the Month
04/28/2016 Sold Japanese Nikkei
04/14/2016 Bought Japanese Nikkei
04/11/2016 Sold Japanese Nikkei and German 10yr Bund
04/05/2016 Sold German 10yr bund
03/30/2016 End of the Month
03/29/2016 Bought S&P
03/25/2016 Sold Japanese Nikkei
03/23/2016 Bought German 10yr bund
03/16/2016 Sold S&P and $Yen
03/15/2016 Sold US 10yr
03/10/2016 Bought US 10yr
02/29/2016 End of the Month, Bought Japanese Nikkei
02/25/2016 Bought S&P
02/16/2016 Sold S&P
02/11/2016 Bought German 10yr Bund and S&P and sold US 10yrs
02/10/2016 Bought $Yen and Japanese Nikkei
02/08/2016 Sold the German Bund and Dax
02/02/2016 Sold Japanese Nikkei
01/31/2016 January - End of the Month

 
LEGAL DOCUMENTS

OFFERING DOCUMENTS
Subscription Terms
Private Placement Memorandum
Limited Partnership Agreement
Investor Subscription Agreement
TEARSHEETS
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016

 
REGULATORY  FILINGS

Securities and Exchange Commission Form D

 
FEE CALCULATION: Graduated 10% Hurdle Rate ("gR")









Monthly Management Fee = (0.5% / 12) x Monthly Ending Balance
During the year, on the last day of the month, Unicorn Capital Partners charges 0.042% management fee on the ending balance of each partner's capital account(s).

Management Fee = 2% x gR x Ending Balance - Monthly Management Fee
On the last day of the fiscal year, or on a withdrawal or redemption, Unicorn Capital Partners charges a management fee based on the Graduated 10% Hurdle Rate less the monthly management fees already charged. If the management fee is less than the monthly management Fees already charged, we will return the difference.

Performance Fee = 20% x gR x (Performance - Highwatermark - Management Fee)
On the last day of the fiscal year, or on a withdrawal or redemption, Unicorn Capital Partners charges a performance fee based on the Graduated 10% Hurdle Rate attributed to each partner's performance minus high water mark and management fee.

Fee Strcture - the Graduated 10% Hurdle Rate ensures that our interests are aligned with our partners by charging fees based only on performance. The Graduated 10% Hurdle Rate ("gR") is derived from a limited function that scales from 0% to 100% when annualized Performance is between 0% - 10%.

To calculate fees, this "gR" is applied to the 2% management fee and 20% performance fee. For example, for annualized performance greater than 10%, the full 2% management fee and 20% performance fees fees are charged, for an annualized performance between 0% and 10%, only a portion of management and performance fees are charged and for annualized performance below 0%, no fees are charged.

 
WORKING PAPERS
The central banks are the largest traders in the market, so these working papers are meant to help us understand what the central banks are doing.
Impact of Monetary Policy

Monetary Policy for Excess Reserves

Natural Equilibrium of Interest Rates

Quantitative Monetary Policy

 
PORTFOLIO MANAGER

Peter del Rio

Unicorn Capital Partners, LLC
Managing Member

Unicorn Macro Fund, LP
Portfolio Manager

peter.delrio@unicornfunds.com
(917)-902-0148

Peter has over 36 years experience in Applied Mathematics, Finance and Technology. He began his career at Merrill Lynch Capital Markets in 1982, where he traded the first Collateralized Mortgage Obligation (CMO). He went on to trade Government National Mortgage Association bonds, GNMAs for Merrill Lynch, Dean Witter and Donaldson Lufkin & Jenrette and traded FNMAs and FHLMCs for Greenwich Capital.

After an illustrious career on Wall Street, he founded IC3D

<--in 1996, a 3D CAD/CAM company where he wrote the artificial intelligence to make perfectly fitting clothes. --> in 1996, a 3D CAD/CAM company where he created a genetically engineered neural network (GENN) to make perfectly fitting clothes. In 1998, the Dallas Federal Reserve singled out Dell Computer and Interactive Custom Clothes Company (IC3D) in the essay, The Right Stuff America’s Move to Mass Customization. Peter still believes Mass Customization and production on demand will be how America regains its manufacturing competitiveness.

In 2003, Peter returned back to Finance where he built the technology to hedge the Zephyr Unicorn Fund and served on the New York Steering Committee for the risk management organization PRMIA.org. During that time he was invited to the New York Federal Reserve to discuss his Value-at-Risk (VaR) algorithm that captured VAR not for a single day but rather captured VaR when considering market liquidity.

Over the next 10 years, Peter developed and fine tuned the applied mathematics and technology necessary to manage a portfolio to earn better than 20% returns, net of all fees. Peter’s holistic approach, incorporating risk management and money management in both entry and exit strategies is the foundation for all the Unicorn funds.

Peter is also involved in his local community. He was the founding Treasurer and Chairman of the Board for O+ Festival in Kingston, NY. He was responsible for filing their 501(c)3 with the IRS enabling the organization to operate as a non-profit. Peter still believes that preventative medicine, rather than treating the symptoms, is far more cost effective for providing healthcare in America. Currently, Peter serves on the vestry and finance committee for Christ the King of High Falls, NY that houses the food pantry for the Rondout Valley. He is married to Elaine Young, now retired Metropolitan Opera Chorus member, whom he met while riding horses in the operas of Carmen and Aida.

Peter earned his BA in Economics and Political Science from Tufts University in 1982.

Dear God,
may your grace flow through me,
may I be the person I say I am,
may I forgive myself and others for our sins,
may I love my neighbor as I love myself,
may I be healthy and all that I can be,
may I live everyday as if it is my last,
and may I be successful so I may help others.