St. Thomas-based commodity trading advisor Drury Capital Management last month launched a systematic foreign exchange vehicle with $2 million in assets. The Drury Currency Strategy returned 1.28% in its first month of trading.

The fund trades currencies in developed and emerging economies representing all major economic regions, according to firm documents. Currencies are traded in pairs both against the U.S. dollar as well as cross rates. The program employs a mathematical algorithm that focuses on both the technical and term structure of the instruments traded.

The new offering charges a 2% management fee and 20% performance fee.

Bernard Drury founded the eponymous CTA in August 1992. Prior to striking out on his own, he worked as an analyst and trader in the grains market. In addition to the new strategy, Drury also manages the Diversified Trend Following, Financial Strategy and Multi-Strategy programs, and some $151 million in combined assets among the four programs.