Building Momentum.

At Solimar Fund, our journey began almost four years ago with the humble beginnings of our algorithmic trading system. After months of dedicated coding and rigorous testing, we took our first steps in trading operations on July 1st, 2020, marking a significant milestone in our pursuit of excellence. In the years since, we’ve remained focused on continuous improvement, leveraging innovative technology and data analytics to refine our algorithm while minimizing risk.

Fast forward to October 2023, and the culmination of our efforts led to the launch of the Solimar Fund. Since then, our commitment to delivering value to our investors has been at the forefront of everything we do. We are humbled to report that February marked our fourth consecutive month of positive gains with a return of 7.50% net of fees, compared to the S&P 500’s return of 5.17%. Our year-to-date returns are 10.97% net of fees compared to the S&P 500’s return of 6.84%. As we grow our expanding network of family offices, institutional allocators, and qualified investors, it is becoming increasingly evident that we have something folks are keen to invest in.

Sharpe of 2+

Our ethos revolves around prudent risk management and sustainable growth. We are pleased to report that the Fund’s performance aligns closely with our backtested results, which project the potential to double the S&P's return while assuming only half the risk (over 3 to 5 yrs). This achievement not only reflects our strategic investment approach but also highlights the efficacy of our methodologies in delivering superior results.

Our algorithm’s backtested results boast a Sharpe ratio of 2.11 over the previous 5 years. This remarkable achievement underscores the consistency of our investment strategy in generating superior risk-adjusted returns. A Sharpe ratio above 2 signifies a compelling balance between return and risk, indicating that our algorithm consistently delivers meaningful returns while effectively managing volatility. This is crucial for investors seeking stability and consistent growth in their portfolios. And more importantly for the quants out there, our Sortino ratio is in the mid 3 range over the same period which demonstrates that the volatility that we do experience is larger on the upside than the downside. We embrace upside volatility!

A great first 5 months.

Our first five months have been nothing short of exceptional, laying a solid foundation for our fund's track record. While we're thrilled with our initial success, we're committed to the long haul, eagerly anticipating the annual return metrics that will unfold over the next decade. With a keen focus on sustainable growth and value creation, we're poised to deliver consistent returns and forge enduring relationships with our investors for years to come.

As we continue on this journey, we remain steadfast in our commitment to top of class risk adjusted returns, transparency, and above all, delivering value to our investors.

Thank you for being part of the Solimar Fund family. If you haven’t already, join us as we embark on a journey of continued success and prosperity.

Warm regards,

Geoffrey & Tyler

_{2by2 Capital LLC | [email protected] | www.2by2Capital.com}

_Disclaimer

_{Solimar Fund is a private fund operating under Rule 506(c) of Regulation D, which allows us to engage in general solicitation and advertising to raise an unlimited amount of capital from accredited investors, provided we take reasonable steps to verify their accredited investor status. This fund is exclusively available for investment by accredited investors, as defined by applicable securities laws}

_{This material does not constitute an offer or the solicitation of an offer to purchase an interest in Solimar Fund, LP (the “Fund”), which such offer will only be made via a confidential private placement memorandum. An investment in the Fund is speculative and is subject to a risk of loss, including a risk of loss of principal. There is no secondary market for interests in the Fund and none is expected to develop. No assurance can be given that the Fund will achieve its objective or that an investor will receive a return of all or part of its investment. All statements herein are qualified in their entirety by reference to the Memorandum, and to the extent that this document contradicts the Memorandum, the Memorandum shall govern in all respects.}

_{The hypothetical backtest results presented herein are for illustrative purposes only and do not represent actual trading or future performance. Past performance, whether actual or simulated, is not indicative of future results. The backtest is based on historical data and assumptions that may not be accurate or complete. Investors should not rely solely on this information when making investment decisions and should consult with financial advisors to understand all risks associated with investing in our hedge fund.}

_{Past and simulated performance is not necessarily indicative of future performance. Any performance data prior 10/2023 does not represent the performance of the Solimar Fund. 2023 performance data prior to launching the Fund is taken from actual returns net of fees from a live trading account managed by 2by2 Capital. Data prior to 2023 represent the simulated performance of 2by2 Capital’s long-short algorithm.}

_{Information provided reflects 2by2 Capital’s views as of the date of this document. Such views are subject to change at any point without notice. The information contained herein is for informational purposes only and should not be considered a recommendation to buy or sell any securities. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. There is a risk of loss from an investment in securities, including the risk of loss of principal. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular investor’s financial situation or risk tolerance. Asset allocation and portfolio diversification cannot assure or guarantee better performance and cannot eliminate the risk of investment losses. Past performance is not necessarily indicative of future performance. There can be no assurance that the performance achieved above will be achieved at any time in the future. All investments involve risk, including the loss of the entire investment.}