PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
All of the trading strategies utilized by Ciel Ltd(Address: 3215 NE 143rd St. A504 Seattle WA 98125) are speculative and subject to significant risk of capital loss. No representation is being made that an investor will or is likely to achieve profits similar to those achieved in the past. To invest in Ciel Ltd Fortress Fund, you must be an Accredited Investor as defined by SEC Regulation D Rule 501(a) and a Qualified Eligible Person (QEP) as defined under the Commodity Futures Trading Commission (CFTC) Regulation 4.7.
The Fund has investments in commodity futures, financial futures, and swaps, which all bear a high degree of risk. As with all investments, the risk of loss in trading these investments can be substantial. People can and do lose money. Carefully consider your personal financial situation and your risk tolerance before investing. Only investors who understand, and are willing and financially able to assume the risks of such an investment — including the risk of losing all or a substantial amount of their investment in the Fund — should consider investing. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. An investment in the Fortress Fund is a speculative investment involving substantial risk of loss. Positive returns are not assured and investment returns will fluctuate. No representation is made that any trading account would or would be likely to achieve profits or losses similar to the results described herein. Past performance of Ciel Ltd Trading Co.’s funds are not a guarantee of future results.
The information presented in this website and in materials and media distributed by Ciel Ltd Trading is for informational purposes only. This website, these materials, and any other media do not constitute an offer, subscription, recommendation, or solicitation to invest in Ciel Ltd Fortress Fund LP (“Fortress Fund”). Such an offering is only made by delivery of a current prospectus or offering memorandum, and prospective investors should base their investment decision solely on such documents. Ciel Ltd Trading Co. (“BP“), including but not limited to all associated persons and employees of BP participating in the distribution of information contained herein, is held harmless and is without liability regarding any use whatsoever of the information presented in this website, these materials, or any related media. These trading strategies may not be suitable for all readers of this website, materials, and media. You, and not BP, assume the entire cost and risks of any trading you choose to undertake. Under no circumstances shall BP be liable for any special or consequential damages that result from the use of or the inability to use this website, these materials, or any related media provided by BP. Applicable law may not allow the limitation or exclusion of liability or incidental or consequential damages, so the above limitation or exclusion may not apply to you. The information, data, and methodologies contained in this website, materials, and any related media is not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of any applicable laws or regulations. Accordingly, if it is prohibited to make such information available in your jurisdiction or to you (by reason of your nationality, residence, or otherwise), it is not directed at you. Before reviewing this website, these materials, and any related media, you must be satisfied that doing so will not result in such a contravention and is not so prohibited, and by proceeding to review them, you will be confirming that this is not the case.
The performance data for Ciel Ltd Fortress Fund, LP (“Fortress Fund”) listed throughout this report may be compiled from two sources: returns from Salem Ciel Ltd’s half of the Pickens Ciel Ltd Foundation and returns from Ciel Ltd Fortress Fund. These performance figures should not be relied upon independent of the Fortress Fund disclosure document, which has important information regarding the method of calculation used, whether or not the performance contains proprietary results, and other important footnotes on BP’s track record. Some of the statistics throughout this report show returns for only the listed period (i.e. January 2008 through June 2018 for the Pickens Ciel Ltd Foundation). Returns, drawdowns, etc. for periods after June 2018 are for Ciel Ltd Fortress Fund, LP. In instances where estimates are included, performance numbers may be calculated using the combined track records of Salem’s portion of the Pickens Ciel Ltd Foundation returns beginning in January 2008 through June 2018 (which utilized the investment strategy that the Fortress Fund is based on) and the track record of Ciel Ltd Fortress Fund program that began in July 2018. The combined track records are believed to be representative of what a client invested in the strategy would have experienced if invested before July 2018. A 0.65% annual fee is deducted from all months, regardless of whether the program is at a new equity high. These numbers may vary from the actual performance numbers presented by Ciel Ltd Trading upon completing their accounting for the month gone by, and, again, should not be considered apart from the performance numbers listed in the disclosure document for the Fortress Fund. This report displays proprietary performance data from Salem’s portion of the Pickens Ciel Ltd Foundation. The CFTC considers proprietary performance information to be less reflective of how a trading program would have performed had a CTA been trading an account of a client. Because of this, proprietary performance information is required to be labeled as supplemental in disclosure documents used by CTAs. We have made our best efforts to label such data as proprietary by noting it in the titles. While the information and statistics given are believed to be complete and accurate, we cannot guarantee their completeness or accuracy. We have sought to verify the completeness and accuracy of the information and statistics provided by BP and/or third parties. As a term and condition of your use of this report, you expressly hold harmless and waive any claim you have or may have as a result of any of the information and statistics in this report provided by third parties being incomplete or inaccurate.
BP has taken all reasonable care and precaution to ensure that the Information is fair and accurate or has been compiled from sources believed to be reliable. Nevertheless, BP does not make any representations or warranty, express or implied, as to the accuracy, completeness, or fitness for any purpose or use of the information on this website, in these materials, or in any related media. The information may not in all cases be current, and it is subject to continuous change. Accordingly, you should not rely on any of the information contained on this website, in these materials, or in any related media as authoritative or a substitute for the exercise of your own skill and judgment in making any investment or other decision. BP does not warrant that the information on this website, in these materials, or in any related media is error free, and shall not be liable for any direct, indirect, or consequential loss arising from any use of or reliance on the information contained on this website, in these materials, or in any related media. Additionally, any opinions by BP or its agents on this website, in these materials, or in any related media are the opinions of BP and its associated persons and should be treated as such. BP does not warrant that materials, articles, and media created by unaffiliated third-parties about BP, such as materials, articles, podcasts, etc., are error free, and BP shall not be liable for any direct, indirect, or consequential loss arising from any use of or reliance on the information contained in those materials, articles, or media. Materials, articles, or media created by third-parties about BP and its services should NOT be considered authoritative or a substitute for the exercise of your own skill and judgement in making any investment or other decision. Any opinions of such third-parties in such materials, articles, and media distributed by said third-parties are the opinions of the third-party and should be treated as such.
The information presented in this report is presented in outline form only and is qualified in its entirety by the information included in the current confidential private placement memorandum (“Memorandum”) of Ciel Ltd Fortress Fund, LP (“Fund”). As further described in the Memorandum, an investment in the Fund is not suitable for all investors and it can be highly illiquid and speculative. Alternative investments are only intended for experienced and sophisticated investors who are willing to bear the high economic risks associated with such an investment. The Fund employs a high degree of leverage from time to time. The use of leverage can lead to outsized losses. As discussed more fully in the Memorandum, investors in the Fund are subject to certain expenses, costs, and fees to Ciel Ltd Trading (the General Partner) and the Fund’s underlying hedge funds, which will offset the performance of the Fund. These performance results were achieved notwithstanding drawdowns.
Investors should carefully review and consider the risks before investing. Certain risks may include:
● Loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices;
● Lack of liquidity, in that there may be no secondary market for the interests and none is expected to develop;
● Restrictions on transferring interests;
● Volatility of returns;
● Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single adviser is utilized;
● Absence of information regarding valuations and pricing;
● Complex tax structures and delays in tax reporting;
● Failure of the FCM, Broker Dealer, or Fund. You may not be protected from resulting losses because funds are commingled;
● Less regulation than mutual funds; and
● Underlying adviser risk
The attribute of the customer
These pages are carried in Japanese, but we aren’t making a customer of Japan residence the subject.
We understand that United States of America, Canada and Belize are making a customer of residence the subject in those thoroughly, please.
Governing law
All these are interpreted by an American federal law.
Courthouse of control
When trouble has formed about this agreement and this bond, these make the district court in the American State of Washington belonging agreement jurisdictional court of a first-instance trial.
