Tycho Scopia Market Neutral Equity Fund

In addition to Tycho Scopia Market Neutral Equity Fund (the “Fund”), Scopia Capital Management LP (“Scopia”) provides investment advisory services on a discretionary basis to other, privately offered pooled investment vehicles and accounts (“Other Clients”). The Other Clients may have investment objectives or may implement investment strategies similar or different to those of the Fund. The Fund and one or more of such Other Clients could, therefore, hold opposite positions in the same security. While it is anticipated that there will be significant overlap between the Fund’s portfolio and positions held by Other Clients that also use a “market neutral” investment strategy, the respective portfolios will, in certain circumstances, trade differently from each other because of mandates, objectives, liquidity, concentration, risk tolerance and other parameters that are different between the portfolios. Other Clients whose strategies are different from that of the Fund likely will have fees and/or fee structures different from the Fund.

The S&P 500 Index is comprised of a representative sample of 500 large-cap companies. The index is an unmanaged, float weighted index with each stock's weight in the index in proportion to its float, as determined by Standard & Poor's. The index is one of the most widely used benchmarks of U.S. equity performance. References to the S&P 500 Index are only included for illustrative purposes to show the general trends in the markets during the periods indicated and are not intended to imply that the investments in the Fund will be comparable to the indices either in composition or risk. It is not possible to invest directly in an index. Comparisons to indices and other benchmarks are unreliable indicators of future performance. In particular, the strategy used to generate the performance of the Fund vary from the strategies used to generate the returns depicted in the benchmark. Additionally, results of the Fund reflect the net realized and unrealized returns to an investor after deduction of all operational expenses, management fees, and performance allocations, while Scopia can make no representations as to the methodology used to generate the benchmark returns.

The information on this profile page is for illustration and discussion purposes only and is not intended to be, nor should it be construed or used as, financial, legal, tax or investment advice or an offer to sell, or a solicitation of any offer to buy, an interest in the Fund or any other funds for which Scopia acts as investment manager. Any offer or solicitation of an investment in any funds may be made only by delivery of a fund’s applicable offering materials, which will contain material information not included herein regarding, among other things, information with respect to risks and potential conflicts of interest, to qualified prospective investors. This profile page should not be used as the sole basis for making a decision to invest in any funds managed by Scopia. Although Scopia Capital Management LP is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”), this profile page has not been reviewed or endorsed in any manner by the SEC.

Net performance for the month reflects actual fees paid for a Class F-USD representative 0.75% management fee/20% performance fee paying investor. Gross gain or loss, as applicable, of the position or sector that is the largest contributor to Fund performance is measured based on gross performance of the position or sector, as applicable, and does not reflect the deduction of fund-level fees and expenses. Net gain or loss, as applicable, of the position or sector that is the largest contributor to Fund performance is estimated.