The Highwater Capital Fund employs a strategy of researching and trading equities, currencies, bonds and other investments to achieve superior risk-adjusted returns. The Fund uses both macroeconomic top-down analysis and bottom-up fundamental analysis of individual investments to identify opportunities. The Fund's manager, Christopher von Dahm, has over 20 years of experience in finance and seeks investments that exhibit characteristics like strong balance sheets, profitability, and management quality. The Fund aims to balance performance with risk management techniques like position limits and diversification. Past performance includes returns of over 140% since inception but past results do not guarantee future performance.

1. Highwater Capital Fund, LLC 2013
Marketing Summary
Investment Strategy
The Highwater Capital Fund, LLC (“Fund”) or (“Company”)
employs a tested investing strategy with the intention of achieving
superior risk-adjusted returns over a broad range of market
environments. The Fund’s strategy is to extensively research and then
to trade and invest in equities, currencies, bonds, and other
instruments and investments by developing a target price to purchase
such an investment, with the intention of generating profits for the
Company, Highwater Capital Fund, LLC. The Company employs a
fundamental, as well as a technical analysis before investing, with the
intention of receiving superior risk-adjusted returns over a broad
range of market environments, and taking advantage of market
movements is any direction. The Company combines a “top-down”
macroeconomic analysis along with a “bottom-up” fundamental
analysis in order to generate investment ideas, many of which are
politically and geopolitically driven. The key variables from a
macroeconomic standpoint include the direction of interest rates, the
overall business environment (including central bank policies, Fed
policy, legislative and regulatory developments), capital flows,
domestic or international economic events, elections, speeches, and
potential market moving global happenings, including foreign finance
policy news, or any news domestic or international.
In making investment decisions, the Company also analyzes
whether certain stocks or international currencies are reasonably
valued, and analyzes whether the underlying company, fund, or
currency has the potential for long-term or short-term earnings
growth, speculative growth, and/or profitability to achieve long or
short term gains for the Company. The Company closely monitors
trends in the stock market, currency market, bond market, and
interest rate direction to formulate strategies to achieve maximum
returns for the Company. After closely monitoring market trends and
movements, the Company may also take short positions to achieve
positive returns when the market, companies, or currencies go down
in value.
The Company’s “bottom-up” fundamental analysis seeks to
identify companies, currencies, bonds, funds, notes, ETF’s, or ETN’s,
that display some or all of the flowing characteristics: strong balance
sheets, momentum, little or no debt, profitability, improving revenue
and earnings growth, strong cash flow and/or access to capital,
liquidity/cash on balance sheets, competitive advantage or dominant
industry position, politically backed corporate or market position,
high barriers to entry or exit depending on the company’s current
business and position, new innovative or revolutionary products,
proven strong management team and/or CEO, short or immediate-
term “catalysts” to propel the stock, currency, bond, or investment
vehicle up or down in value, undiscovered hidden assets on the
company’s balance sheet, the business of the company is in or out of
favor in their industry resulting in a lower valuation, favorable
risk/reward ratio with a high probability of success, not well-covered
by Wall Street analysts, potential break-up or takeover possibilities.
The Company utilizes numerous sources to uncover this
information and more regarding different companies, markets, bonds,
or currencies including networks of national, international, and
regional brokers, bankers, analysts, news, investment bankers,
proprietary research, industry publications, financial press, new-
wires, buy-side contracts, software, charts, the internet, and more.
After an idea has been generated, the Company will perform and
in-depth analysis in order to determine a “target price” at which the
investment would represent a compelling opportunity for the
Company. The Company will monitor the movements and trends of
stocks, currencies, bonds, or such investments’ price or value, with a
view to generate positive returns for the Company through many
market environments by purchasing these stocks, bonds, currencies,
or other vehicles to capitalize on the market movements as they relate
to the Company’s “target price”, as such price may be revised from
time to time.
The Company may invest in currency pairs where the Company
determines that one currency will increase or decrease in value
against another currency with long-term or short-term expectations of
profiting for the Company, based on the economic environment,
including technical analysis, fundamental analysis, news events,
central bank policies, meetings, statements, and/or the release of
minutes from central banks or Federal Reserve meetings. HCF looks
for advantages in the currency market to profit from including central
banks printing money and central banks slowing the printing of
money, among many other events and short-term, as well as long-
term technical analysis. Specific entry and exit prices for currency
trades by the Company are determined by the Company before
entering into each trade.
Risk Management
Risk management is fundamental to the overall integrity and long
term viability of the Fund trading strategy. The design of the system
includes such considerations as active money management, position
limits, diversification, and sophisticated valuation methods. These
active risk management techniques help to actively balance long-term
performance with short-term or intermediate-term volatility.
Monthly Performance (%) Net of Fees of an individual
account Managed by same Manager
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013 4.5% 3.2% 2.4% -3.1% 1.8% -2.2% 1.9% 3.4%
2012 9.4%-72.2%22.8% 1.4% -1.1% -0.3% 2.6% 5.5% -3.2% -6.4% 12.1% 5.3%
201116.5% -4.0% 42% -11.2% 21.9% -6.2% 17.8% -2.3% 37.4% 10.1% 10.4% 10.6%
2010 9.2% 16.7% 10.2% -9.1% 11.8% 3.7%
Inception: 146.2%
Results of a portfolio primarily invested in high-yield fixed income
products until Q1 2013, and now primarily invested in equities and
currencies.
PAST PERFORMANCE IS NO INDICATION OF FUTURE
RESULTS
About Highwater Capital Management, LLC
Highwater Capital Management, LLC is a Florida limited liability
company and Management company of Highwater Capital Fund,
LLC. The managing director is Christopher von Dahm, who has over
20 years of cumulative investment experience with a successful track
record in corporate finance and the investment industry. Mr. von
Dahm specializes in high-net-worth individuals and institutions. At
Highwater Capital we encourage open investor communication with
all of our clients. In order to maintain transparent, world-class client
service, we employ independent, third-party professionals in the areas
of trade execution, administration, legal counsel and fund accounting.

2. Highwater Capital Fund, LLC 2013
Marketing Summary
Legal, Administrative, Accounting & Custody
Administrator Fund Associates, LLC
Legal Counsel Allan M. Lerner, PA
Affiliated Executing Broker Interactive Brokers, LLC
Clearing Broker Interactive Brokers, LLC
Auditor KBMG, LLC
Custodian Interactive Brokers, LLC
Terms
Fund Strategy Absolute Returns
Equities/Currency Strategy
Domicile Florida Limited Liability Co.
Investor Eligibility Accredited Investor
Minimum Investment $100,000
Additional Investments $50,000 accepted monthly
Lock-Up None
Redemptions Monthly with 30 days notice
Management Fee 2%
Incentive Allocation 20% of profits monthly using
all-time high-water mark
Investment Team
Christopher von Dahm
Founder & Manager
Mr. von Dahm, 37, is the manager of Highwater Capital
Management, LLC. He is responsible for trading, trading
policies and procedures, day to day operations of Highwater
Capital Fund, LLC. Mr. von Dahm has high-net worth
individuals and institutions as clientele. Prior to managing the
Company, Mr. von Dahm performed the same services at
other investment companies and in his individual capacity as
well. Mr. von Dahm has previously been the manager of
mortgage backed securities portfolios, focused on high-yield
fixed-income.
Mr. von Dahm graduated from the University of Phoenix in
2011, earning a degree in business and finance.

3. Highwater Capital Fund, LLC 2013
Marketing Summary
DISCLAIMER
THIS DOCUMENT IS NOT AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY SHARES OF
THE FUND. AN OFFERING OF INTERESTS WILL
BE MADE ONLY BY MEANS OF A CONFIDENTIAL
PRIVATE PLACEMENT MEMORANDUM AND ONLY
TO QUALIFIED INVESTORS IN JURISDICTIONS
WHERE PERMITTED BY LAW. PAST PERFORMANCE
IS NO GUARANTEE OF FUTURE PERFORMANCE.
An investment in the Fund is speculative and involves a high
degree of risk. The Fund will have substantial limitations on
investors’ ability to redeem or transfer their shares, and no
secondary market for the Fund’s shares exists or will develop.
All of these risks, and other important risks, are described in
detail in the Fund’s Confidential Private Placement
Memorandum. Prospective investors are strongly urged to
review this Confidential Private Placement
Memorandum carefully and consult with their own financial,
legal and tax advisors, before investing.
This document contains certain forward looking statements
and projections. Such statements and projections are subject to
a number of assumptions,
risks and uncertainties which may cause actual results,
performance or achievements to be materially different from
future results, performance or achievements expressed or
implied by these forward-looking statements and projections.
Prospective investors are cautioned not to invest based on
these forward-looking statements and projections.
Certain information contained herein has been supplied to
Highwater Capital Management, LLC by third parties. While
Highwater Capital Management,
LLC believes such sources are reliable, it cannot guarantee the
accuracy of any such information and does not represent that
such information is accurate or complete.
Highwater Capital Management, LLC
230 SE 9 ST
Pompano Beach, FL 33060
USA Toll-Free (888) 212-0561
Fax: (888) 212-0562
chris@highwatercapitalfund.com