Corsaires High Yield Portfolio, LP (CHYP) broke impound and admitted its first investors on 01/07/2003. CHYP closed subscription on 10/31/2003 with a total of 99 members and net offering capitalization of $3,648,203.
On 12/23/2013, CHYP terminated operations and made liquidating distributions of $15,980,227. Over the life of the Fund, CHYP paid $2,416,998 in annual distributions and $16,728,355 in liquidation proceeds, resulting in total cash disbursements of $19,145,353.
Corsaires High Yield Portfolio, LP Performance Relative to Benchmark From 1/07/03 (Inception) – 12/23/13 (Final Liquidation)
Important Notes and Disclosure:
Corsaires High Yield Portfolio, LP was formed in 2002 to invest in a diversified portfolio of publicly traded real estate equities and debt securities with the objective of seeking long-term capital growth. Current income was a secondary objective. The fund liquidated on 12/23/2013. 2nd Market Capital Advisory Corporation (2MCAC) acted as the Investment Advisor to the fund.
Past performance does not guarantee future results. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions. The performance described represents Corsaires High Yield Portfolio, LP only and does not represent the performance of all advisory clients. Information regarding all funds formed 2000-present are included in this presentation. Although the statements of fact and data in this report have been obtained from sources believed to be reliable, 2nd Market Capital Advisory Corporation does not guarantee their accuracy and assumes no liability or responsibility for any omissions/errors.
Calculation Methodology: Returns are calculated by 2MC with data from our qualified custodians using the Modified Dietz method, a time-weighted measure of performance in which cash flows are weighted based on their timing. Dividends were paid, but not reinvested.
Expenses: Returns reflect the deduction of all administrative costs, 2MC management fees, and any transaction expenses. These returns do not reflect management’s equity participation paid upon liquidation.
Use of Leverage or Margin: Corsaires High Yield Portfolio, LP, by prospectus, had the capacity to borrow capital to leverage investment (typically described as margin) thereby increasing both the possibility of gain and risk of loss. Margin limits were capped at 100% of the greater of gross offering proceeds or current portfolio net assets borrowing against net equity.
Benchmark Information: Corsaires High Yield Portfolio, LP is compared to the MSCI US REIT Total Return Index (RMS) because the issues we research, target, and invest in, are members (or aspire to be members) of the RMS or compete in the broad REIT sector. The MSCI US REIT Total Return Index (RMS) is a free float-adjusted market capitalization index that is comprised of equity REITs. The RMS represents about 99% of the US REIT universe and securities are classified in the Equity REITs Industry. However, it excludes Mortgage REITs and selected Specialized REITs. The RMS is calculated with dividends reinvested. Corsaires High Yield Portfolio, LP is compared to the S&P 500 Total Return Index, because it is commonly used to represent the U.S. equity market. The S&P 500 Total Return Index is an index based on the market capitalization of 500 large companies. The S&P 500 Total Return Index is calculated with dividends reinvested.
All 2MC Corsaires Funds are closed-end offerings, finite life, and completely illiquid during their stated term. Our operating funds are closed to new investors and we have no funds in capitalization. This is not an offering nor the solicitation of an offer to purchase an interest in any fund.
View disclosure information for 2nd Market Capital Advisory Corporation and our investment professionals by visiting the SEC Investment Advisor Public Disclosure website.
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