Dear Partners and Friends,

August was another strong month of absolute and relative performance for the Trident Fund, with the Global Macro and Global Macro Enhanced share classes up 0.4% and 0.7%, respectively.  

“The Time Has Come”

As we head to the end of the year, the environment is setting up very well for us. Most importantly, when Federal Reserve Chairman Powell said, “the time has come for policy to adjust”, that means good things for our strategy. Typically, we do our best when the Fed is active because the persistent change in interest rates drives persistent and, and for us, predictable change across all markets. In addition, given the conflicts in Gaza and the Ukraine, and the drama surrounding the Presidential election, we expect significant volatility across the globe.  As we demonstrated in March, 2020 and throughout 2022, this is the environment in which we thrive.

Finally, we want to share some exciting news with you. We are changing the name of Trident Capital Management to Gnomon Alpha, and the fund will be renamed the Gnomon Alpha Fund.

There are no changes in strategy, management, or ownership. This is just a name change, but we think this is the right time.

Overall, we have produced consistent uncorrelated alpha over the last five years with downside protection versus traditional asset classes like stocks and bonds, CTAs, and other global macro managers. We have achieved this by taking a complex problem, the markets, using long-term fundamental relationships, mathematics, and practical models to implement simple, repeatable and unique trading ideas.

We wanted our name and message to represent this idea better. Gnomon is an ancient Greek word meaning “one that knows or examines”. The sundial is our logo because it is a perfect example of what we do: a simple solution to a complex problem. An ancient Greek mathematician first determined the complex movements of the sun around the earth, then he used a simple block of wood to create a suindial to tell time. Complexity is best expressed simply, and that what we do.

How does this affect you?

As I wrote above, nothing is changing, but the name should resonate more clearly with potential investors and help them better understand who we are, which will help us attract the right partners and grow at a deliberate pace.  This growth will benefit you.  

First, it will enable us to hire additional high-quality research analysts to assist our current team as we explore new opportunities in global markets. This will, in turn, allow us to continue to deliver the differentiated return stream that has set us apart from the pack so far.

Second, underlying expenses and fees will decrease as the fund and firm grow. Over the next several weeks, you will see our logo, firm, and fund documentation, as well as our website and other social media sites, transition from the old Trident logo to the new Gnomon Alpha logo.  You will see our logo below, and you can check out our new website here. www.gnomonalpha.com 

Let me close on a personal note to thank you for your continued confidence in the team at Gnomon Alpha.  We are proud of the results we have delivered for you, our partners, and we look forward to continuing to work on your behalf for years to come.

Sincerely,

Jay R. Feuerstein

Founder | CIO

Trident Capital Management

1 Parkview Plaza

17W110 22nd Ste 655

Oakbrook Terrace, IL 60181

(312) 961-1709

* Federal Reserve Chairman Jerome Powell August 23, 2024 Keynote Address, Jackson Hole Wyoming.