Addax Launches Maiden Currency Fund

Mar 7 2007 | 10:24am ET

U.K.-based Addax Capital last month launched its maiden fund, the Addax FX1 Fund, an Irish-domiciled and listed global currency fund. The new offering boasted more than €17 million (US$22.3 million) in assets under management and finished its first months of trading up 0.54%.

The fund employs a model-driven mechanical trading strategy focusing on short-term trends in the currency markets, according to fund documents. Its entry and exit points, as well as risk parameters and stop-loss levels, are also determined by the trading model, which generates signals across all major currency pairs.

The funds charges a 2% management fee and 20% performance fee, with a €250,000 (US$327,600) minmum investment requirement.

Going forward, the firm says it will roll out more aggressive products. “For example, we have plans for a more aggressive fund using exactly the same technical model and trading techniques as the FX1 Fund, but using more leverage,” said Gavin Taylor, Addax’s CFO. “This will be aimed at investors with a higher risk appetite. There are also plans to roll out our existing trading model and strategy into other products.”
 
Co-founder Federico Grego, a former foreign exchange trader with Dresdner Bank and HSBC Markets in New York, is the fund’s portfolio manager.


In Depth

Prominent Hedgie Renee Haugerud Embroiled in Ugly Child Custody Battle

Sep 10 2014 | 2:43pm ET

A high-profile hedge fund manager is caught up in a nasty child custody battle in...

Lifestyle

Full House’s Stamos To Play TV Hedge-Fund Manager

Sep 5 2014 | 4:43am ET

The life of a Connecticut hedge-fund billionaire is coming to the small screen.

Guest Contributor

The Cult of Loss Aversion: A Call to Rethink Risk in Global Macro Investing

Sep 4 2014 | 5:45am ET

In the wake of a traumatic loss, whether it is financial or personal, it is just...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.