Important Disclosures


Crescat Capital LLC (“Crescat”) is pleased to offer you access to its website, social media networks, and other services provided online. Social media networks include a range of online activity, including participation on Twitter, LinkedIn, Facebook, YouTube, and other interactive blogs and websites.


CONFLICTS OF INTEREST. Crescat’s private funds, separately managed accounts, principals, and employees are direct and/or indirect investors in many of the companies posted about by Crescat on its social media networks and website. In addition, Dr. Quinton Hennigh, Crescat’s Geologic and Technical Director, may hold formal roles with such companies from time-to-time. For example, he serves on the Board of Directors of Eskay Mining Corporation and Irving Resources Inc., is co-chairman of Novo Resources Corporation, and is an executive officer for a privately held Canadian corporation. Crescat’s clients, principals and employees may stand to realize significant gains or losses if the price of those or any other companies’ securities held in their portfolios moves. After the publication or posting of any communication regarding a company, Crescat, its principals and employees may continue transacting in the securities discussed, and may be long, short or neutral at any time thereafter regardless of their initial position.

FORWARD LOOKING STATEMENTS. Crescat’s communications, including those made on social media networks and its website, may include comments that could be deemed “forward looking statements.” Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential,” “targets,” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. ALTHOUGH CRESCAT BELIEVES THE EXPECTATIONS EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON REASONABLE ASSUMPTIONS, SUCH STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS. Factors that could cause the actual results to differ materially include, but are not limited to, market prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. You are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Crescat on the date the statements are made. CRESCAT DOES NOT GENERALLY UPDATE OR REVIEW PREVIOUS FORWARD-LOOKING STATEMENTS, INCLUDING THOSE CONTAINED ON ITS WEBSITE AND SOCIAL MEDIA NETWORKS, WHETHER BECAUSE OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.

Case studies, including those contained in videos Crescat posts on website and social media networks, are provided as a general overview of investments held by the Crescat Global Macro Fund, Crescat Precious Metals Fund, Crescat Long/Short Fund, and/or Crescat’s separately managed accounts. The case studies are not completely representative of Crescat’s Funds or separately managed accounts, investments or strategies, and Crescat reserves the right to use or modify any methodologies mentioned therein.

OWNERSHIP. All content posted on Crescat’s website and social media networks including graphics, logos, articles, and other materials, is the property of Crescat or others and is protected by copyright and other laws. All trademarks and logos are the property of their respective owners, who may or may not be affiliated with Crescat. Nothing contained on Crescat’s website or social media networks should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any content or trademark displayed on any site without the written permission of Crescat or such other third party that may own the content or trademark displayed on any site.

NO WARRANTY. Crescat compiles its research and case studies in good faith and while it uses reasonable efforts to include accurate and up-to-date information, Crescat’s website and social media posts are provided on an “as is” basis with no warranties of any kind. Crescat does not warrant the information on its website or social media networks is accurate, reliable, up to date or correct. In no event shall Crescat be responsible or liable for the correctness of any such information or content, or for any damage or lost opportunity resulting from use of its website or social media networks.

Crescat may retweet, link, like, share, comment on, etc., third-party social media content and websites as part of its social media activity to provide additional perspective for informational purposes only. Crescat is not responsible for the content of such third-party websites and Crescat does not endorse the products, services, or investment recommendations described or offered in third-party social media posts and websites.

You should be aware that the internet, as an open network, is not secure. If you choose to send any electronic communications to Crescat, you do so at your own risk. Crescat cannot guarantee that such communications will not be intercepted or changed or that they will reach it safely. Crescat will endeavor to use reasonable measures to ensure its website and electronic platforms are secure. However, Crescat does not guarantee that information displayed has not been interfered with by third parties without its consent. Crescat does not guarantee that its website, social media networks, or other electronic platforms or materials will be free from viruses (including, without limitation, spyware, malicious software, worms, trojan horses and harmful or contaminating code).


PRIVATE FUND OFFERINGS. Crescat manages private funds and separately managed accounts through its wholly owned subsidiary, Crescat Portfolio Management LLC, an investment adviser registered with the U.S. Securities and Exchange Commission. Registration as an investment adviser does not imply a certain level of skill or training. Crescat claims compliance with Global Investment Performance Standards (GIPS®). Prospective clients can obtain a compliant presentation and Crescat list of composite descriptions by visiting its website at Crescat may disseminate information supplemental to the GIPS-compliant presentations included on its website. Prior to making any investment or hiring an investment manager you should strive to understand the strategy or private fund’s investment objectives, risks, fees and expenses carefully.

Crescat’s private funds are offered in reliance on an exemption from the registration requirements of the Securities Act of 1933 and are not required to comply with specific disclosure requirements that apply to registration under the Securities Act or under the securities laws of any state. The SEC has not passed upon the merits of or given its approval to any of Crescat’s private funds, the terms of any offering, or the accuracy or completeness of any offering materials. A registration statement has not been filed for any of Crescat’s private funds with the SEC.

Interests in private funds are typically not listed on an exchange and are subject to legal restrictions on transfer and resale. Investors should not assume they will be able to sell their securities. Private funds are speculative investments, and are not suitable for all investors, nor do they constitute a complete investment program. Investing in securities involves risk. Investors should be able to bear the loss of their investments. Please refer to the private offering memorandum for each Crescat private fund for more complete information and risk factors. Only accredited investors and qualified clients are admitted as limited partners or shareholders into Crescat’s private funds. For natural persons, investors must meet SEC requirements including minimum annual income or net worth thresholds.

PERFORMANCE. Performance data represents past performance, and past performance does not guarantee future results. Performance data is subject to revision following each monthly reconciliation and/or annual audit. Historical net returns reflect the performance of an investor who invested from inception and is eligible to participate in new issues. Net returns reflect the reinvestment of dividends and earnings and the deduction of all fees and expenses (including a management fee and incentive allocation, where applicable). Individual performance may be lower or higher than the performance data presented. Crescat is not required by law to follow any standard methodology when calculating and representing performance data. The performance of Crescat’s private funds may not be directly comparable to the performance of other private or registered funds. Investors may obtain the most current performance data and private offering memorandum for Crescat’s private funds by emailing a request to Returns are presented net of management fees and performance fees. The currency used to express performance is U.S. dollars. Performance includes reinvestment of dividends and other earnings.

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 a fund managed by Crescat may be offered to selected qualified 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 and which supersedes information herein in its entirety. 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, and should be made after reviewing such Offering Documents, conducting such investigations as the investor deems necessary and consulting the investor’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the Fund.

GIPS® is a registered trademark of CFA Institute.  CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.


HFRX GLOBAL HEDGE FUND INDEX. The HFRX Global Hedge Fund Index represents a broad universe of hedge funds with the capability to trade a range of asset classes and investment strategies across the global securities markets. The index is weighted based on the distribution of assets in the global hedge fund industry. It is a tradeable index of actual hedge funds.
It is a suitable benchmark for the Crescat Global Macro private fund which has also traded in multiple asset classes and applied a multi-disciplinary investment process since inception.

HFRX EQUITY HEDGE INDEX. The HFRX Equity Hedge Index represents an investable index of hedge funds that trade both long and short in global equity securities. Managers of funds in the index employ a wide variety of investment processes. They may be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding periods, concentrations of market capitalizations and valuation ranges of typical portfolios. It is a suitable benchmark for the Crescat Long/Short private fund, which has also been predominantly composed of long and short global equities since inception.

PHILADELPHIA STOCK EXCHANGE GOLD AND SILVER INDEX. The Philadelphia Stock Exchange Gold and Silver Index is the longest running index of global precious metals mining stocks. It is a diversified, capitalization-weighted index of the leading companies involved in gold and silver mining. It is a suitable benchmark for the Crescat Precious Metals private fund and the Crescat Precious Metals SMA strategy, which have also been predominately composed of precious metals mining companies involved in gold and silver mining since inception.

RUSSELL 1000 INDEX. The Russell 1000 Index is a market-cap weighted index of the 1,000 largest companies in US equity markets. It represents a broad scope of companies across all sectors of the economy. It is a commonly followed index among institutions. This index contains many of the same securities as the S&P 500 but is broader and includes some mid-cap companies. It is a suitable benchmark for the Crescat Large Cap SMA strategy, which has predominantly held and traded similar securities since inception.

S&P 500 INDEX. The S&P 500 Index is perhaps the most followed stock market index. It is considered representative of the U.S. stock market at large. It is a market cap-weighted index of the 500 largest and most liquid companies listed on the NYSE and NASDAQ exchanges. While the companies are U.S. based, most of them have broad global operations. Therefore, the index is representative of the broad global economy. It is a suitable benchmark for the Crescat Global Macro and Crescat Long/Short private funds, and the Large Cap and Precious Metals SMA strategies, which have also traded extensively in large, highly liquid global equities through U.S.-listed securities, and in companies Crescat believes are on track to achieve that status. The S&P 500 Index is also used as a supplemental benchmark for the Crescat Precious Metals private fund and Precius Metals SMA strategy because one of the long-term goals of the precious metals strategy is low correlation to the S&P 500.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only. Reference to an index does not imply that the fund or separately managed account will achieve returns, volatility or other results similar to that index. The composition of an index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking.

For additional performance-related information, please refer to Crescat’s Performance Reports page.