The most comprehensive research service specializing in shareholder activism and 13D filings. Learn more 3rd Annual Active-Passive Investor Summit Keynote Speaker: Carl Icahn April 30, 2012 - New York, NY Learn more

The 13D Activist Fund is an event driven fund that focuses on 13D filings. 13D filings are made by investors who acquire over 5% of a company’s common stock and intend to influence management. The 13D Activist Fund will invest in companies that are the subject of what we believe to be the most compelling 13D filings of activist investors. These are generally investments of prominent, experienced portfolio managers who are not only putting their fund’s capital on the line, but are also putting their reputations on the line by publicly taking a position that their strategy and ideas are better than management’s. The Fund is designed to allow investors of all sizes to invest along activist investors such as Carl Icahn, Nelson Peltz and Bill Ackman in their largest, most public positions.

The Fund is managed by Ken Squire. Mr. Squire is the founder and chief executive of 13D Monitor, a research company that has been specializing in 13D filings and shareholder activism since 2006, and has been writing The Activist Spotlight column in Barron’s since 2007. 13D Monitor is the preeminent and most comprehensive research service and resource with respect to shareholder activism and 13D filings, and its clients include many of the nation’s top pension funds, investment banks, law firms, institutional investors and hedge funds. Since 2006, Mr. Squire been studying and analyzing activism, activist investors, activist strategies and activist success rates. The Fund will use this knowledge and analysis to create a portfolio of the best activist investors in situations that are likely to succeed and generate outsized returns that are non-correlated to the markets.

The 13D Activist Fund will essentially be an activist hedge fund replicator that is based on more current information than other hedge fund replicators¹ . Hedge fund replicators generally rely on 13F filings, quarterly filings (i.e., only four per year) that are filed on a 45 day lag and not required to be amended upon a change in holdings. The 13D Activist Fund analyzes 13D filings, filings that are required to be made within ten calendar days of an active investor acquiring more than five percent of a company’s common stock and promptly amended (generally within two business days) upon any material change, including a one percentage point change in holdings.

Investors should carefully consider the investment objectives, risks, charges and expenses. This and other important information is contained within the Prospectus, which can be obtained by calling 877-413-3228. The Fund Prospectus should be read carefully before investing. The Fund is distributed by Northern Lights Distributors, LLC. 13D Monitor and 13D Management, LLC are not affiliated with Northern Lights Distributors.

Overall stock market risks will affect the value of individual instruments in which the Fund invests. Factors such as economic growth, market conditions, interest rate levels, and political events affect the U.S. securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.
The Fund is a non-diversified investment company, which makes the value of the Fund's shares more susceptible to certain risks than shares of a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.
The value of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

© 2012 - 13D Management, LLC

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