EFTA02611082

From: Lesley Groff < Sent: Tuesday, December 18, 2018 1:09 PM To: Jefffrey Epstein Subject: Michael Fowler-Atorus Intl Begin forwarded message: c l From: =/b>Michael Fowler Subject: =/b>Re: Jeffrey =pstein Date: =/b>December 18, 2018 at 6:59:52 AM =ST To: =/b>Lesley Groff .M.M. Lesley - Wanted to pass along =urrent performance update should Jeffrey wish to see, attached hereto. =ope you have a wonderful holiday! Best Regards, </=iv>Michael J. Fowler Head of Quantitative =esearch & Strategies Atorus International Investment =anagement, LLC Dorado, Puerto Rico 00646 </=iv> The information =ontained in this e-mail message, as well as any attachments hereto, are =ent on a confidential basis to the recipient(s) named above. This =essage is not an advertisement and does not constitute an offer of any =ecurities or investment advisory services. Any offering may only =e made pursuant to the securities laws, a final offering document, and =elated subscription materials all of which must be read and completed =n their entirety. This message is intended exclusively for the =se of the recipient(s) named above, and it is not to be reproduced or =edistributed to any other person without the prior consent of Atorus =nvestment Management LLC. If the reader of this message is not =he intended recipient or an agent responsible for delivering it to the =ntended recipient, you are EFTA_R1_01806357 EFTA02611082 hereby notified that you have received this =ocument in error and that any review, dissemination, distribution, or =opying of this message is strictly prohibited. If you have =eceived this communication in error, please notify us immediately by =-mail, and delete the original message. Past performance is not =ecessarily indicative of future results. This document may =ontain forward looking statements and projection that are based on our =urrent beliefs and assumptions. However, such statements =ecessarily involve risks, uncertainties and assumptions, and =rospective investors may not put undue reliance on any of these =tatements. Actual results may materially differ from the expected =r past performance. Investment in a fund is speculative and may =esult in a complete loss of =apical </=iv> On Mon, Oct 29, 2018 =t 8:14 PM Lesley Groff > wrote: Hi Michael. Happy to =ass along! thank you for the update on your cell as well. =esley On Oct 29, 2018, at 8:06 PM, =ichael Fowler <mailto:[email protected]> wrote: Lesley - I hope you are well! I was wondering if =ou could pass the following along to Jeffrey whenever either you or he =as a free moment. BTW, my mobile number has changed a. =ither way thank you very much. Jeff=- Wanted to reconnect. Since we last communicated I took on another =artner who provided myself and my other partner Josh the capital needed =o roll out what we had previously discussed in the amount of $7.5MM in =rading and operational capital to build out the systems. To be frank =he systems have taken long and have been more complex then I expected =given that I have little patience for anything more then 0% friction; ='m fine with taking market risk but I hate operational risk). That =eing said, we have been slowly rolling out it out. Currently we have =ur offices in Dorado Puerto Rico, where we obtained the favorable Act =0/22 tax decrees, hence the PR domicile. At the moment the trading =apital is at Interactive Brokers. I'm aware not a marquee name, but was =elected just for speed. We are currently finalizing all the operational =ystems which will be done by year end, wherein I'll feel comfortable in =aving responsibility for any outside capital outside of my own. I've =ttached the current returns (they are not audited but verifiable as =eeded). Also, as part of scaling out the systems we are only running =he current portfolio on between 5-7 individual assets, so please take =ny performance with that in mind. Current portfolio is made up of ES, =Q, NG, EUR, CL, and GC futures. The idea is making, for now, the =ortfolio construction unintelligent by design. More dispersion will =ead to even lower vol then currently. Currently since start (albeit a =mall sample size) we are up 16.54%. Here are the following =tatistics: (A) =onthly Calendar » (9/18) +9.43%, (10/18 =TD) +8.14% (B) Frequency of Positive Days =gt;> 66.67%, Pos/Neg Ratio 1.04X (C) Frequency =f Positive Rolling 5-Days » 78.13%, Pos/Neg Ratio =.10X (D) Percentage of Days @ Peak NAV =gt;> 56.76% Our total max risk (risk defined as net of hedges where hedge =eferences ONLY corresponding underlier for purposes of netting) has =een run at 5%. The asymmetry in the upside to downside vol ratio is =nherent to the risk and not random. Additionally return attribution has =een disperse. There isn't some one-off winner that distorts the current =eturn stream. In any event I wanted to get back on the radar and would =appy to go 2 EFTA_R1_01806358 EFTA02611083 through in more detail if you'd like at some point and see =f you'd like to start tracking again. I hope all is well with you. =hanks for taking the time. Best Regards, -c/riv>Michael J. Fowler Head of Quantitative research & Strategies Atorus International Investment =anagement, LLC Dorado, Puerto Rico 00646 </riv> The information =ontained in this e-mail message, as well as any attachments hereto, are =ent on a confidential basis to the recipient(s) named above. This =essage is not an advertisement and does not constitute an offer of any =ecurities or investment advisory services. Any offering may only =e made pursuant to the securities laws, a final offering document, and =elated subscription materials all of which must be read and completed =n their entirety. This message is intended exclusively for the =se of the recipient(s) named above, and it is not to be reproduced or redistributed to any other person without the prior consent of Atorus =nvestment Management LLC. If the reader of this message is not =he intended recipient or an agent responsible for delivering it to the =ntended recipient, you are hereby notified that you have received this rocument in error and that any review, dissemination, distribution, or =opying of this message is strictly prohibited. If you have received this communication in error, please notify us immediately by =-mail, and delete the original message. Past performance is not =ecessarily indicative of future results. This document may =ontain forward looking statements and projection that are based on our =urrent beliefs and assumptions. However, such statements =ecessarily involve risks, uncertainties and assumptions, and =rospective investors may not put undue reliance on any of these =tatements. Actual results may materially differ from the expected =r past performance. Investment in a fund is speculative and may result in a complete loss of =apital </=iv> On Thu, Jul 10, 2014 =t 3:31 PM Lesley Groff <mailto > wrote: Hello Michael. Hope =ou are doing well. Jeffrey is asking if you could please send him your =nvestment concept. Might it be possible? Thanks, Lesley Sent from my iPhone 3 EFTA_R1_01806359 EFTA02611084 The information contained =n this e-mail message, as well as any attachments hereto, are sent on a =onfidential basis to the recipient(s) named above. This message is not =n advertisement and does not constitute an offer of any securities or =nvestment advisory services. Any offering may only be made =ursuant to the securities laws, a final offering document, and related =ubscription materials all of which must be read and completed in their =ntirety. This message is intended exclusively for the use of the =ecipient(s) named above, and it is not to be reproduced or =edistributed to any other person without the prior consent of Atorus =nvestment Management LLC. If the reader of this message is not =he intended recipient or an agent responsible for delivering it to the =ntended recipient, you are hereby notified that you have received this =ocument in error and that any review, dissemination, distribution, or =opying of this message is strictly prohibited. If you have =eceived this communication in error, please notify us immediately by =-mail, and delete the original message. Past performance is not =ecessarily indicative of future results. This document may =ontain forward looking statements and projection that are based on our =urrent beliefs and assumptions. However, such statements =ecessarily involve risks, uncertainties and assumptions, and =rospective investors may not put undue reliance on any of these =tatements. Actual results may materially differ from the expected =r past performance. Investment in a fund is speculative and may =esult in a complete loss of =apital. The information contained =n this e-mail message, as well as any attachments hereto, are sent on a =onfidential basis to the recipient(s) named above. This message is not =n advertisement and does not constitute an offer of any securities or =nvestment advisory services. Any offering may only be made =ursuant to the securities laws, a final offering document, and related =ubscription materials all of which must be read and completed in their =ntirety. This message is intended exclusively for the use of the =ecipient(s) named above, and it is not to be reproduced or =edistributed to any other person without the prior consent of Atorus =nvestment Management LLC. If the reader of this message is not =he intended recipient or an agent responsible for delivering it to the =ntended recipient, you are hereby notified that you have received this =ocument in error and that any review, dissemination, distribution, or =opying of this message is strictly prohibited. If you have =eceived this communication in error, please notify us immediately by =-mail, and delete the original message. Past performance is not =ecessarily indicative of future results. This document may =ontain forward looking statements and projection that are based on our =urrent beliefs and assumptions. However, such statements =ecessarily involve risks, uncertainties and assumptions, and =rospective investors may not put undue reliance on any of these =tatements. Actual results may materially differ from the expected =r past performance. Investment in a fund is speculative and may =esult in a complete loss of capital. 4 EFTA_R1_01806360 EFTA02611085