DOSHI CAPITAL MANAGEMENT, LLC

DOSHI GAMA FUND, LP.| Ytd. Return +41.2%| Report Date: 4/30/2013

FUNDSUMMARY

HYPOTHETICALGROWTHOF$1,000INVESTMENT
$2,624,400

DGFModel

The Doshi Gama Fund (or DGF) is a macro driven

tactical asset allocation fund. The funds strategy is
based on our Global Assets & Macro Allocation
(GAMA) equity/bond model coupled with
fundamental analysis on commodity and currency
selection. The funds goal is to assign capital to either
stocks, bonds, or a combination of a short equity and a
long bond position, with a modest tilt towards
commodities and/or currencies when appropriate.
Our Global Assets & Macro Allocation Model is a
multi-factor composite model utilizing several
disciplines to forecast short to intermediate-term
allocation between equities and bonds. The model is
based on our proprietary SAFER (Stock Analyst
Forward Earnings Revision) Force Index, combined
with economic, commodity, technical, fixed income
and financial market indicators.

S&P500

$874,800
$291,600
$97,200
$32,400
$10,800
$3,600

Jul12

Jan13

Jul11

Jan12

Jul10

Jan11

Jul09

Jan10

Jul08

Jan09

Jul07

Jan08

Jul06

Jan07

Jul05

Jan06

Jul04

Jan05

Jul03

Jan04

Jul02

Jan03

Jul01

Jan02

Jul00

Jan01

Jul99

$400

Jan00

$1,200

FUNDINFORMATION

Valuesarenetoffeesandonalogscale.

DISTRIBUTIONOFMODELRETURNS

PercentageofMonths

25%
20%
15%
10%
5%

>25%

20%

15%

10%

5%

0%

5%

10%

15%

20%

0%

Inception Date

July 2012

Management Fee %
Incentive Fee %
Minimum Investment
Lockup Period
Redemption
Advanced Notice
Fund Leverage
High Water Mark
Custodian
Prime Broker
Fund Administrator
Auditor/Accountant
Legal Counsel

1% per annum
20%
$100,000
None
Monthly
30 days
300%
Yes
Interactive Brokers
Gar Wood Securities
Fund Associates
Raines & Fischer
Investment Law Group

STATISTICALANALYSIS
Backtested
Gama Model

Doshi Gama
Fund

S&P 500

Long-term
Bonds

HFRX
Macro/CTA
Index

DJCS Global
Macro Fund
Index

Hennessee
Global Macro
Fund Index

Barclay Hedge
Global Macro
Fund Index

75.1%

66.2%

3.2%

8.7%

4.8%

5.5%

7.5%

7.3%

1.8

2.5

0.3

0.7

0.6

0.8

0.9

1.3

0.28

0.23

1.00

(0.22)

0.02

0.14

0.36

0.13

Correlation to S&P 500

10.0%

15.5%

100.0%

-28.3%

3.1%

31.3%

68.5%

37.0%

Avg. Annual Drawdown %

-11.9%

-1.8%

-12.0%

-6.4%

-5.4%

-4.9%

-5.4%

-2.7%

Avg. Monthly Return

5.3%

4.5%

0.4%

0.8%

0.4%

0.5%

0.6%

0.6%

Avg. Monthly Gain

9.8%

6.0%

3.2%

2.8%

1.9%

1.6%

2.0%

1.5%

Avg. Monthly Loss

-6.3%

-1.7%

-4.0%

-2.3%

-1.5%

-1.4%

-1.7%

-0.9%

% of Winning Months

72.1%

80.0%

60.6%

59.4%

57.0%

62.5%

63.0%

63.0%

% of Losing Months

27.9%

20.0%

39.4%

40.6%

43.0%

37.5%

37.0%

37.0%

CAGR
Sharpe Ratio
Beta vs. S&P 500

ACTUALNETRETURNS(sinceJuly2012)&BACKTESTEDNETRETURNS(highlighted)
1999
January
February
March
April
May
June
July
August
September
October
November
December
Annual

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

10.6%

-3.1%

-4.3%

14.4%

0.7%

-1.1%

6.0%

2.8%

-4.5%

-7.5%

9.7%

0.6%

1.7%

3.1%

-5.5%

14.1%

-5.5%

-4.7%

2.7%

4.3%

-0.1%

-5.9%

15.2%

16.4%

3.7%

19.2%

9.6%

3.4%

24.2%

6.1%

9.3%

28.7%

5.6%

-3.9%

-3.3%

3.0%

13.7%

51.2%

14.7%

0.1%

7.4%

12.2%

-9.0%

-11.6%

-3.0%

-7.1%

-9.7%

5.9%

-0.8%

12.9%

-8.8%

14.3%

3.1%

11.4%

-1.3%

18.0%

-1.2%

0.2%

4.7%

12.8%

2.6%

12.5%

-4.1%

3.2%

-6.7%

11.6%

-19.7%

6.2%

23.3%

6.8%

5.6%

-16.2%

3.1%

8.7%

2.5%

0.5%

4.8%

2.3%

2.4%

10.6%

4.4%

14.1%

5.5%

7.8%

34.7%

3.4%

2.1%

8.7%

10.1%

15.4%

-11.3%

18.0%

28.3%

21.7%

4.0%

-6.9%

10.6%

20.5%

7.5%

4.1%

0.1%

-2.9%

4.7%

5.9%

1.1%

7.7%

-11.5%

-16.9%

0.9%

-13.0%

-4.6%

40.6%

17.6%

-2.4%

2.9%

8.1%

13.0%

6.5%

7.6%

9.6%

23.8%

15.9%

-1.8%

15.9%

10.9%

12.0%

-14.0%

10.7%

3.0%

1.4%

-0.4%

8.0%

10.7%

-5.1%

10.3%

-8.9%

4.1%

5.0%

5.7%

-12.1%

-4.9%

1.4%

10.1%

8.5%

5.6%

-11.4%

20.3%

17.9%

-1.0%

12.4%

-1.5%

19.4%

8.7%

-7.9%

5.9%

13.8%

9.1%

0.9%

3.7%

-2.1%

10.1%

6.9%

17.9%

-0.5%

2.4%

17.7%

76.8%

81.7%

23.8%

103.4%

43.3%

53.4%

39.0%

48.3%

53.9%

254.2%

116.3%

76.8%

80.2%

INFO@DOSHICAPM.COM

41.2%

WWW.DOSHICAPM.COM

DOSHI CAPITAL MANAGEMENT, LLC

MONTHLYCOMMENTARY

The Doshi Gama Fund returned 18% for the month of April and is up 41.2% ytd., compared to 1.8% and 12% for the S&P 500, respectively. The funds
Global Assets and Macro Allocation model rotated in and out of equities throughout the month (see below). The highlight of the month was a rout in
commodities, following a slowdown in Chinese economic data. Gold dropped over $200 before rebounding back to $1,475, as Asian buyers stepped in to
buy physical gold. Equities finally pulled back 3-5% on what seemed like a much vocalized forecast given the recent rally, but then pushed forward on
speculation of an ECB rate cut, after a slew of economic data showed the Eurozone plunging further into recession. First quarter earnings have been
mixed at best, with companies reporting better than expected earnings and worse than expected revenue growth. April also presented a swoon in US
economic indicators, as manufacturing, employment, and spending data all showed signs of another spring lull in the US economy. Nonetheless, the
market ended the month at all-time highs as the focus remains on global liquidity from the Fed, BOJ and ECB. Technical analysis continues to point to
an overbought market and negative divergences in daily and weekly chart patterns. Heading into May our model has shifted towards a bearish stance. Our
near-term forecast for a risk-off allocation is predicated on a continued slowdown in Europe and Asia, low volatility, downbeat trader sentiment, and
elevated bullish investor sentiment. Positive factors for equities remain narrowing bond spreads and a rebound in our bottom-up fundamental earnings
SAFER index.
RELATIVEPERFORMANCEVS.S&P500(CUMULATIVE)

Jul12

Aug12

Sep12

Oct12

Nov12 Dec12

Jan13

Feb13 Mar13 Apr13

Jan13

Feb13 Mar13 Apr13

MONTHLYPERFORMANCE
20%
15%
10%
5%
0%
5%

DGF

Jul12

S&P500

Aug12

Sep12

Oct12

Nov12 Dec12

RiskOff|RiskOn

DoshiGamaModelWeeklyAssetAllocation(Weekending)

40%
30%
20%
10%
0%
10%

WeeklyPerformance(Weekending)
DOSHIGAMAFUNDCUMULATIVEPERFORMANCE
60%
50%
40%
30%
20%
10%
0%

8%

6.4%
4.2%

4.8%

4%

0.1%

0%

1.8%

4%

Jul12

Aug12

Sep12

Oct12

Nov12 Dec12

Jan13

Feb13 Mar13 Apr13

04/05

04/12

04/19

04/26

04/30

DOSHICAPITALMANAGEMENT,LLC

Founded in 2011, Doshi Capital Management, LLC (DCM) is an innovative private investment management firm. DCM applies its experience and
expertise investing across a range of asset classes stocks, bonds, commodities, and currencies. The firm seeks to provide its investors with risk-adjusted
returns while closely aligning the interests of investors and managers. The firm utilizes proprietary tools to generate superior returns and true
diversification. DCM takes a research-driven approach towards investing, relating quantitative methodologies with global economic analysis and
fundamental research. Doshi Capital Management currently focuses on tactical asset allocation through the research of fundamental analysis and macroeconomic conditions.

Disclosures
The back tested performance data shown do not represent the results of actual investment performance of any account advised by Doshi
Capital Management, LLC (the Adviser). Rather, the performance for this period represents hypothetical performance results.
Past
performance does not guarantee future results.
This document, which is being provided, shall not constitute an offer to sell or the
solicitation of any offer to buy an interest in Doshi Gama Fund (The Fund), or Doshi Capital Management, LLC (The Manager), which
may only be made at the time a qualified offeree receives an offering memorandum (PPM), which contains important information (including
investment objective, policies, risk factors, fees, tax implications and relevant qualifications, and only in those jurisdictions where
permitted by law). In the case of any inconsistency between the descriptions or terms in this document and the PPM, the PPM shall control.
These securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the
requirements of the laws of such jurisdiction have been satisfied. This document is not intended for public use or distribution. While all the
information prepared in this document is believed to be accurate, Doshi Capital Management makes no express warranty as to the
completeness or accuracy of the document, nor can it accept responsibility for errors appearing in this document.

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