SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): date November 16, 2018
THE EVEREST FUND, L.P.
(Exact name of registrant as specified in its charter)
Iowa 0-17555 42-1318186
(State or other jurisdiction
of incorporation) (Commission file number) (IRS Employer
1100 North 4th Street
Fairfield, Iowa 52556
(Address of principal executive offices)
Registrant's telephone number, including area code: (641) 472-5500
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Securities
Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 OTHER EVENTS
Date: November 16, 2018
National Futures Association
300 South Riverside Plaza, #1800
Chicago, IL 60606
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581
Please be notified that on November 1, 2018 The Everest Fund, L.P.
(NFA ID# P001601) has suspended trading and Everest Asset
Management, Inc. is withdrawing as general partner. This
effectively closes the Fund. Recent performance triggered a
suspension of trading in accordance with the Fund's offering
memorandum and the General Partner's communications to investors
The decision to suspend trading and start closing down the
partnership was recommended and approved by the board of directors.
During two most recent years 2016 and 2017 and subsequent interim
period, there were no disagreements on any matter of accounting
principles or practices, financial statement disclosure,
auditing scope or procedures or compliance with the applicable
rules of the Commission.
There were no reportable events under 304(a)(1)(v) of Regulation SK.
We provided the Limited Partners with a Fund closing notice.
A copy of the letter is attached to this Form 8-K as
Fund closing notice
The Everest Fund, L.P. (NFA ID# P001601)
November 16, 2018
As the General partner for the Everest Fund I am writing
you today to make you aware of some significant changes that
we are implementing regarding your investment. We have
terminated EMC Capital Management (EMC) and are closing down
the partnership. Although EMC had performed better than many of
its peers at the time they were hired to manage the Fund, this
action is due to continued performance below our expectations,
and disappointing results for the past several years. This
decision comes after poor performance in October and the first
day of November triggered a suspension of trading in accordance
with the Fund's offering memorandum and the General Partner's
communications to investors in 2012.
In addition, the General Partner has made a business decision
to exit from the managed futures asset category. In the coming
weeks your funds will be returned to you based on the
instructions you provide to your investment advisor.
On Thursday November 1st, the Fund suspended trading. Most US
trading positions were closed in an orderly manner on that day,
and the Asian and European positions were closed on Friday,
November 2nd. Foreign currencies were converted to US Dollars
on Monday, November 5th. This concludes all trading activity
in the Fund. The Fund still has some positions that the London
Metal Exchange (LME) is scheduled to settle on December 19th.
The results of these positions are already known as the
positions have been offset, but the exchange still needs to
settle and remove them from the Fund's account.
The General Partner has calculated an NAV and is sending a
statement for October as usual. The end of October NAV is
$1,443.91. As soon as is practical and possible thereafter,
the Fund will produce a statement for the final trading, closing
of positions and currency conversions to US Dollars for the
activity in November. The estimated NAV as of November 14, 2018
is $1,391.45. This number is preliminary and may change due
to a number of factors including interest calculations,
operation expenses, and final settlements.
Once we have either a final NAV or a close estimated NAV
based on the LME settlement, the General Partner intends
to return approximately 95% of investor money. 5% will be
held back in order to pay for the Fund's final audit, K-1
tax forms and Fund operating costs, which the General Partner
estimates will be completed by the end of March 2019. As
soon as practical after that, any remaining funds will be
returned to investors.
On behalf of the General Partner, I want to thank you for
the support you have shown Everest over the years. Please
feel free to contact me or your financial advisor with any
comments or questions.
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Date: November 16, 2018
THE EVEREST FUND, L.P.
By: Everest Asset Management, Inc., General Partner
By: /s/ Peter Lamoureux
President, Secretary, Treasurer and Directo