Disclaimer

Highline Important Performance Disclosures

Highline Capital Management, L.P. (“HCM”) is a registered investment adviser to private investment funds. The performance results in this presentation represent those of HCM's private funds, Highline Capital Partners, L.P. (“Highline Capital”), Highline Select, L.P, and Highline Enhanced, Ltd (collectively the “Highline Funds”).

The returns represent those of an unrestricted investor who invested in a Highline Fund at inception (July 17, 1995 for Highline Capital, January 1, 2007 for Highline Select and May 1, 2010 for Highline Enhanced) and has made no capital adjustments during the time period depicted and is new issue eligible.  Monthly returns from the fund's inception to 6/30/17 are estimated and unaudited.

The returns for Highline Capital are calculated on the basis of a 1.0% annual management fee (the original fee charged to founding interests) and a 20% incentive fee.  The management fee applied to all investors that subscribed to Highline Capital after August 1, 2014 is 1.5%; therefore, their returns on capital contributions are lower compared to the returns portrayed.  Incentive Fees have remained at 20% for all  Highline Capital investors.  When the 1.5% management fee is applied to the returns since August 1, 2004, the annualized net return of Highline Capital would have been reduced to 9.8% from 10.1%.  New subscriptions to Highline Capital will likely be subject to a 1.5% management fee.  The returns of Highline Select refelct the deduction of a 1.5% management fee and a 20% incentive fee.  The annualized return for Highline Select was 8.7%.  The returns of Highline Enhanced are Class D and reflect the deduction of a 1.5% management fee and a 16% incentive fee.  The incentive fee applied to investors in Class B, BB is 20%; therefore, their returns on capital contributions are lower compared to the returns portrayed.  Management fees have remained at 1.5% for all Highline Enhanced investors.  When the 20% incentive fee is applied to the returns since inception, the annualized net return of Highline Enhanced is 13.0% compared to 13.2%.

Further information on management fees and incentive fees for the Highline Funds can be found in the relevant Confidential Offering Memoranda.  All returns are presented net of management fees, incentive fees, and all expenses, including brokerage and other commissions.  Dividends and interest are reinvested.

The returns of Highline Capital are compared to the S&P 500 Index (“Index”), which is a market-capitalization weighted index containing the 500 most widely held companies chosen with respect to market size, liquidity, and industry. The Index is calculated on a total return basis with dividends reinvested. The returns of Highline Capital are also compared to the HFR Index (“HFRI”, the Index and HFRI are referred to as “Indices”), which is designed to be representative of the overall composition of the hedge fund universe. The Index is calculated on a total return basis with dividends reinvested. HFRI monthly and annual numbers are estimates and may be subject to change.  The volitility of the Indices may be materially different from that of the Highline Funds. In addition, the holdings in the Highline Funds may differ significantly from the securities that comprise the Indices. The Indices have not been selected to represent an appropriate benchmark to compare the performance of Highline Capital, but rather are disclosed to allow for comparison of Highline Capital to those of well-known and widely recognized Indices. Past performance is not indicative of future results. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the Highline Funds, and the reader should not assume that investments in the securities identified and discussed were or will be profitable. 

Beginning in 2013, long and short attribution is presented gross of management fee, incentive accrual and certain fund level expense accruals, but net of expenses that are directly attributable to the positions, such as, but not limited to, trading commissions, dividends and interest, and borrowing expenses. The overall performance of the fund is presented net of all fees and expenses.

These materials have been sent to you because you have previously requested that we send you information about our offerings. If you no longer wish to receive materials of this nature, please contact us at ir@highlinecap.com.  The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva.  The distribution of shares in Switzerland must exclusively be made to qualified investors.  The place of performance for Shares in the Fund distributed in Switzerland is at the registered office of the Representative.


Inception: July 17, 1995 — Jun 30, 2017
1 Year: Jul 1, 2016 — Jun 30, 2017
3 Year: Jul 1, 2014 — Jun 30, 2017
5 Year: Jul 1, 2012 — Jun 30, 2017
10 Year: Jul 1, 2007 — Jun 30, 2017


Fund Exposures: The data represents the typical number of positions and aggregate exposures of investments made in Highline Capital Partners, Highline Select and Highline Enhanced. The actual number of positions and aggregate exposures may materially differ based on market and non-market related factors.


Monthly Performance Figures: Presented above are unaudited monthly performance figures. These figures are subject to change based on a completed audit.


This website is maintained by Highline Capital Management, L.P. ("Highline"). None of the information or materials contained on or accessible through this website, including any information or materials accessible in any password protected areas, should be construed as providing any type of investment or other advice to you, nor should you consider such information or materials as a solicitation, recommendation, endorsement or offer to you to purchase or sell any financial security or other financial instrument. Past performance of Highline or any of its affiliates, officers, directors, managers or employees is not an indication of future performance.


Highline makes every effort to use reliable information but does not make any representation to, and disclaims any liability with respect to, the accuracy, timeliness and/or completeness of the information contained herein. Highline has no obligation to inform you when information contained herein changes or is updated. Highline may have an interest in and may effect transactions in, securities and/or other financial instruments mentioned herein. The materials and information on this website are for informational purposes only and do not constitute financial, legal, tax or any other advice. Users must make their own investment decisions based on their own investment objectives and in light of their own financial position. Highline recommends you seek advice from independent advisers as deemed necessary. This information contained on this website may not be sold or redistributed without the prior written consent of Highline.