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Our short-term, discretionary strategy was first launched January 1999. This higher leveraged strategy targets strong returns, with modest volatility.   Components Traded: Instruments Traded: Trading Strategy: Average Leverage: Investment Vehicles: Currency Majors Spot FX and Overnights Discretionary, Short Term 0.75 Times Managed Account only

Program Description

The program seeks risk-adjusted returns (pure ALPHA), that is uncorrelated to other investment strategies by trading the most liquid assets available to investors, the currency majors. The strategy is categorised as being intraday, discretionary, however the expertise and success behind the program is defined by the high degree of discipline within the methodology. This is best shown in the low number of trades executed. Technical analysis is the only input for position taking decisions, whereas other indicators may be used to reduce overall risk. Performance tends to be strong in all markets.

Investment Process

In order to provide a source of uncorrelated alpha to professional investors, Capricorn’s niche as a currency manager is the discipline inherent within our trading methodology. This routine is initiated by an analysis of the overnight movements of the major currency crosses, and updating the in-house “Information Model”. This model provides an indication of the strength behind the information generated from the technical data. Combined with information on significant levels and flows provided by brokers, the days trading bias is evaluated. Further technical analysis on price data of the currency majors and the USD Index, is studied to determine the support and resistance levels. Finally, announcements of fundamental events and statistical releases are evaluated for risk management purposes. Hereafter follows market monitoring and position taking.

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Industry Recognition

Hedge Fund Nominations and Awards

2009 Best Currency Hedge Fund 2008 Best Newcomer Hedge Fund 2008 Best Operator Single Manager 2007 Best Operator Single Manager

Top Currency Manager Rankings

FEB 2010 - BarclayHedge JAN 2010 - Stark & Company OCT 2009 - Stark & Company SEP 2009 - MA-Research MAR 2009 - BarclayHedge

Constituent of Indexes

MAR 2010 - HFRI Global Macro Index NOV 2006 - Parker Discretionary FX