Canepa Short-Term High Yield

Onshore Fund, LLC

Fund Investment Objectives

Concise Capital generates stable income with reduced volatility. The portfolio managers conduct intensive credit research to identify a well-diversified, leveraged portfolio of short-maturity, high yield bonds in smaller, under-followed companies. When necessary, the portfolio is hedged with the Russell 2000, which correlates to high yield credit spreads, to further dampen volatility during market corrections. Management Fee 1.25 below $5 million, .75 at $5 million or above. Incentive fee is 10% risk adjusted.