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Important Disclosures

This Website

This site is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client's account should or would be handled, as appropriate investment strategies depend upon the client's investment objectives. Shepherd Kaplan Krochuk LLC provides investment advice. It does not provide legal or tax advice. It is the responsibility of clients to inform themselves of and to obtain appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.  This site does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Moreover, this site neither constitutes an offer to enter into an investment agreement with the recipient of this document nor an invitation to respond to the document by making an offer to enter into an investment agreement. 

Portfolio Performance

The portfolio risk management process includes an effort to monitor and manage risk, but should not be confused with and does not imply low risk. Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Please refer to our Form ADV for additional information. Opinions expressed are current opinions as of the date appearing in this material only. No part of this material may be i) copied, photocopied or duplicated in any form, by any means, or ii) redistributed without Shepherd Kaplan LLC's prior written consent.

Margin and Line of Credit Debt Disclosure and Illustration

Shepherd Kaplan does not consider the source of funds in determining the value of assets under Shepherd Kaplan management and upon which investment performance and asset-based advisory fees are calculated. Accordingly, Shepherd Kaplan disregards margin and line of credit debt, including accrued interest on such debt, in reporting the value of assets under Shepherd Kaplan management and upon which performance and advisory fees are calculated. Thus, for a brokerage account with a margin debt balance, the broker will deduct the margin debt balance from the total asset value in the account to report a net account value, while Shepherd Kaplan will show an asset value for that account that disregards the margin debt balance. If a client maintains a margin debt balance, we recommend that the client compare the Shepherd Kaplan-reported asset value with the brokerage-reported account value, and address any questions about any differences with their Shepherd Kaplan client representative.  Following is a simplified illustration of the market values reported by Shepherd Kaplan compared to the market values reported in a client’s brokerage account when margin is held and interest is paid from a client’s account.

12/31/16 BalancesShepherd Kaplan Krochuk AccountBrokerage Account
Margin LineNA$-300,000
Total Portfolio Value$1,000,000$700,000
Margin Interest posted on 1/1/2017
1/1/17 BalancesShepherd Kaplan Krochuk AccountBrokerage Account
Margin LineNA$-308,500
Total Portfolio Value$1,000,000$691,500

Business Continuity Plan at Shepherd Kaplan LLC

Shepherd Kaplan Krochuk LLC maintains a detailed Business Continuity and Disaster Recovery Plan in the event of an internal, or external, disaster. In the event of a disaster, Shepherd Kaplan Krochuk will respond by safeguarding employees, firm property, books and records, making a financial and operational assessment, and quickly recovering and resuming operations, thus allowing our clients and investors to transact business. In the event that our normal business operations are disrupted, clients and investors will be notified, and will have prompt access to their accounts, as all of our custodians have several locations. If a disaster has occurred, and you are a Shepherd Kaplan Krochuk client or investor, you may contact Shepherd Kaplan Krochuk in several ways:

  • Calling the main line at 617-896-1600
  • If you have a standard contact, all phones will be re-routed to the individuals’ cell phones