Monday, 30 November 2015
Last updated 13 min ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…