Disclosures:
The Firm: Discovery Management, Ltd. (Discovery) is an investment adviser registered with the SEC. Since it began operations in 1989, Discovery has operated as a manager of limited partnership investments using a long/short market neutral strategy. The common name for this type of investment is “hedge fund”.
Performance: The performance presented is for a partnership called Discovery Partners, LP. (“Contrarian”). Partnership fees are 0.08333% of assets charged monthly (1% per year) and 20% of the net profit charged at the end of each year after completion of the audit.
Benchmark: The benchmark chosen for performance comparison is the return of United States Treasury Bills.
Past performance is not necessarily an indicator of future returns.
This document does not constitute an offering of limited partnership interests ("Interests") in any Discovery Management investment plan (the "Fund"). Such Interests may only be offered through the Private Placement Memorandum. This document is not, and under no circumstances is to be construed as, a prospectus, advertisement or public offering of the Interests. An investment in the Fund is speculative and involves significant risk and could result in a loss of capital. Prospective investors should carefully read the Private Placement Memorandum including the "Investment Program and Risk Factors" and "Fees and Expenses" sections before making any investment decisions.
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