Regional Allocation as of 02/27/2015

Region Assets
Asia Pacific 34.5%
Europe 24.1%
Latin America 33.6%
Middle East and Africa 7.6%
Other -1.0%
United States 1.2%

Portfolio Details as of 02/27/2015

Total Net Assets
$477.17 M
Number of Holdings
647
Modified Duration
.23 Years

Portfolio Positioning as of 12/31/2014

  • We continue to focus on countries with increasing growth and positive structural reforms
  • As 2015 progresses, we anticipate central banks will become more aggressive in preventing further currency depreciation.
  • We maintain a bias toward the currencies of those countries that will ultimately benefit from the depressed price of oil.
  • We anticipate differentiation will return to emerging market currencies if the price of oil begins to stabilize.
  • Actions by the U.S Federal Reserve will continue to be closely monitored for their impact on emerging market currencies.
Currency Assets
Indonesia 9.4%
Mexico 9.1%
India 9.0%
South Africa 8.6%
Argentina 7.8%
Thailand 7.6%
Brazil 7.1%
Turkey 6.6%
Poland 6.3%
Hungary 5.9%
Colombia 5.7%
South Korea 5.3%
Philippines 5.2%
Chile 4.9%
Russia 4.4%
Euro 1.0%
Australia -1.0%
Israel -1.0%
Peru -1.0%
Singapore -2.0%
Currency Name Position Expiration Date Current MV (USD)
Argentine Peso Total Contracts: $29,139,680
Argentine Peso Long 04/13/2015 $263,310
Argentine Peso Long 03/10/2015 $21,212,502
Argentine Peso Long 02/12/2015 $2,066,971
Argentine Peso Long 02/12/2015 $6,688,947
Argentine Peso Short 02/12/2015 $-643,058
Argentine Peso Short 02/12/2015 $-448,992
Baht Total Contracts: $28,527,419
Baht Long 04/10/2015 $7,603,111
Baht Long 04/10/2015 $307,535
Baht Long 04/10/2015 $459,780
Baht Long 04/10/2015 $374,522
Baht Long 03/10/2015 $18,168,769
Baht Long 02/12/2015 $1,613,702
Brazilian Real Total Contracts: $32,157,564
Brazilian Real Long 04/13/2015 $3,657,550
Brazilian Real Long 04/13/2015 $383,276
Brazilian Real Long 03/10/2015 $868,326
Brazilian Real Long 03/10/2015 $193,576
Brazilian Real Long 02/12/2015 $356,571
Brazilian Real Long 02/12/2015 $24,161,409
Brazilian Real Long 02/12/2015 $507,000
Brazilian Real Long 02/12/2015 $2,029,856
Chilean Peso Total Contracts: $17,655,287
Chilean Peso Long 04/13/2015 $175,064
Chilean Peso Long 04/13/2015 $454,509
Chilean Peso Short 03/10/2015 $-7,601,115
Chilean Peso Long 03/10/2015 $21,679,292
Chilean Peso Long 02/12/2015 $4,413,425
Chilean Peso Long 02/12/2015 $2,301,286
Chilean Peso Short 02/12/2015 $-3,767,174
Colombian Peso Total Contracts: $17,495,483
Colombian Peso Long 03/10/2015 $330,701
Colombian Peso Long 03/10/2015 $259,253
Colombian Peso Long 03/10/2015 $5,232,009
Colombian Peso Long 02/12/2015 $1,268,861
Colombian Peso Long 02/12/2015 $10,736,200
Colombian Peso Short 02/12/2015 $-331,541
Euro Total Contracts: $-3,776,754
Euro Short 04/13/2015 $-3,963,330
Euro Short 04/13/2015 $-457,960
Euro Long 04/13/2015 $644,536
Euro Short 03/10/2015 $-2,305,973
Euro Long 03/10/2015 $2,305,973
Forint Total Contracts: $23,372,928
Forint Long 04/13/2015 $3,784,311
Forint Long 04/13/2015 $7,673,842
Forint Long 02/12/2015 $1,864,637
Forint Long 02/12/2015 $10,050,138
Indian Rupee Total Contracts: $34,152,506
Indian Rupee Long 04/13/2015 $573,324
Indian Rupee Long 03/10/2015 $3,537,998
Indian Rupee Long 03/10/2015 $11,460,873
Indian Rupee Short 02/12/2015 $-5,765,804
Indian Rupee Long 02/12/2015 $21,456,774
Indian Rupee Long 02/12/2015 $2,889,341
Malaysian Ringgit Total Contracts: $-3,605,310
Malaysian Ringgit Short 02/12/2015 $-409,913
Malaysian Ringgit Short 02/12/2015 $-5,144,548
Malaysian Ringgit Short 02/12/2015 $-3,693,345
Malaysian Ringgit Long 02/12/2015 $5,642,496
Mexican Peso Total Contracts: $28,824,110
Mexican Peso Long 04/13/2015 $371,877
Mexican Peso Long 04/13/2015 $3,828,337
Mexican Peso Long 04/13/2015 $229,435
Mexican Peso Long 03/10/2015 $1,816,714
Mexican Peso Long 03/10/2015 $411,922
Mexican Peso Long 02/12/2015 $7,880,990
Mexican Peso Long 02/12/2015 $12,198,436
Mexican Peso Long 02/12/2015 $2,086,399
New Israeli Sheqel Total Contracts: $-3,914,614
New Israeli Sheqel Short 04/27/2015 $-3,914,614
Philippine Peso Total Contracts: $27,865,943
Philippine Peso Long 04/13/2015 $309,082
Philippine Peso Long 04/13/2015 $379,246
Philippine Peso Long 03/10/2015 $16,126,413
Philippine Peso Long 02/12/2015 $15,748,612
Philippine Peso Long 02/12/2015 $263,798
Philippine Peso Short 02/12/2015 $-7,701,082
Philippine Peso Long 02/12/2015 $2,739,874
Rand Total Contracts: $30,713,976
Rand Long 04/13/2015 $344,139
Rand Long 04/13/2015 $11,211,025
Rand Long 04/13/2015 $339,471
Rand Long 03/10/2015 $13,391,776
Rand Long 03/10/2015 $189,909
Rand Long 02/12/2015 $1,448,476
Rand Long 02/12/2015 $3,779,752
Rand Long 02/12/2015 $542,536
Rand Short 02/12/2015 $-533,108
Rupiah Total Contracts: $36,744,601
Rupiah Long 04/13/2015 $417,422
Rupiah Long 04/13/2015 $382,637
Rupiah Long 03/10/2015 $3,650,972
Rupiah Long 03/10/2015 $17,110,524
Rupiah Long 03/10/2015 $342,522
Rupiah Long 03/10/2015 $186,830
Rupiah Long 02/12/2015 $6,894,932
Rupiah Long 02/12/2015 $7,758,762
Russian Ruble Total Contracts: $14,910,052
Russian Ruble Long 04/13/2015 $370,682
Russian Ruble Long 04/13/2015 $2,685,697
Russian Ruble Long 03/10/2015 $13,706,025
Russian Ruble Long 03/10/2015 $422,938
Russian Ruble Short 03/10/2015 $-3,635,132
Russian Ruble Long 02/12/2015 $308,269
Russian Ruble Long 02/12/2015 $1,051,573
Singapore Dollar Total Contracts: $-7,500,875
Singapore Dollar Short 03/10/2015 $-3,645,090
Singapore Dollar Short 03/10/2015 $-3,471,514
Singapore Dollar Short 02/12/2015 $-384,271
Turkish Lira Total Contracts: $33,063,137
Turkish Lira Long 04/13/2015 $9,489,785
Turkish Lira Long 04/13/2015 $9,489,785
Turkish Lira Long 04/13/2015 $4,744,892
Turkish Lira Long 04/13/2015 $382,555
Turkish Lira Long 03/10/2015 $441,983
Turkish Lira Long 03/10/2015 $733,935
Turkish Lira Long 03/10/2015 $255,458
Turkish Lira Long 03/10/2015 $3,586,552
Turkish Lira Long 02/12/2015 $348,567
Turkish Lira Long 02/12/2015 $5,034,852
Turkish Lira Short 02/12/2015 $-3,510,128
Turkish Lira Long 02/12/2015 $2,064,901
Won Total Contracts: $19,982,217
Won Long 04/13/2015 $262,217
Won Long 04/13/2015 $1,980,187
Won Long 03/10/2015 $9,258,382
Won Long 03/10/2015 $267,112
Won Long 02/12/2015 $12,567,362
Won Long 02/12/2015 $295,970
Won Short 02/12/2015 $-6,515,904
Won Long 02/12/2015 $1,866,891
Zloty Total Contracts: $23,485,003
Zloty Long 04/13/2015 $3,862,579
Zloty Long 04/13/2015 $4,379,564
Zloty Long 03/10/2015 $292,511
Zloty Short 02/12/2015 $-453,368
Zloty Long 02/12/2015 $1,360,104
Zloty Long 02/12/2015 $13,668,505
Zloty Long 02/12/2015 $375,108
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