We believe that risk-adjusted returns can be consistently achieved in today’s currency market by having technical rules for trading, combined with a strong discipline. From our expertise of the currency markets, we believe that it is a liquid, cost-efficient and well developed asset class that fluctuates due to a multiple of quantifiable factors. The firm's trading activities may be divided into two broad categories – Technical analysis based on mathematical and computational models and – Fundamental analysis based on macro-economic events Technical analysis remains the central focus of our trading and investment activities. Such measures are used to identify not only intra-day movements between currencies, but also the investment potential of longer term positions. Although our models as a whole are proprietary in nature, they do contain elements of established indicators and oscillators. While a great deal of effort is expended in conducting the trading utilizing our models, we never forego the human judgment regarding the fundamental soundness of the underlying trends. Clear and precise decisions are derived as to entry points, stop losses and profit expansion that are based on our models, but ultimately they are validated by the experience of our trading staff. Our fundamental analysis driven strategies are rooted in the detailed activity of a particular currency’s underlying economy. This “Big Picture” approach helps to guide our decisions as to the longer term directional trends and the correlates that might ensue between certain currency pairs. It is by understanding how the varying impacts of these factors influence currency fluctuations that our investment philosophy is formed. Our managed accounts only deal with the currencies of the G8 countries and do not handle any options or futures.