Regional Allocation as of 03/31/2015

Region Assets
Asia Pacific 35.4%
Europe 24.2%
Latin America 33.0%
Middle East and Africa 7.4%
Other -1.0%
United States 1.0%

Portfolio Details as of 03/31/2015

Total Net Assets
$531.67 M
Number of Holdings
748
Modified Duration
.19 Years

Portfolio Positioning as of 03/31/2015

  • We continue to focus on countries with increasing growth and positive structural reforms
  • Lower commodity prices will likely prove beneficial for emerging market countries overall, and previous currency depreciation will help those countries that rely on export revenue.
  • Our expectation is that emerging market currencies will outperform their developed peers (excluding the U.S. dollar) and we seek to capitalize through select underweights in certain developed countries.
  • We anticipate differentiation will continue in emerging market currencies and central banks to take action based on domestic economic cycles, assuming the price of oil remains stable and rates are hiked only gradually in the United States.
  • We expect those countries with the ability to tighten monetary policy in step with the U.S Federal Reserve will outperform their peers. 
Currency Assets
India 9.7%
Indonesia 9.6%
Mexico 9.1%
South Africa 8.4%
Argentina 7.9%
Thailand 7.7%
Turkey 6.5%
Poland 6.2%
Hungary 5.7%
Brazil 5.6%
Colombia 5.5%
South Korea 5.3%
Philippines 5.2%
Chile 4.9%
Russia 4.7%
Euro 1.0%
Australia -1.0%
Israel -1.0%
Singapore -2.0%
Currency Name Position Expiration Date Current MV (USD)
Argentine Peso Total Contracts: $37,115,114
Argentine Peso Long 05/12/2015 $8,060,572
Argentine Peso Long 05/12/2015 $1,668,833
Argentine Peso Long 05/12/2015 $3,773,962
Argentine Peso Long 05/12/2015 $1,908,796
Argentine Peso Long 04/13/2015 $267,289
Argentine Peso Long 03/10/2015 $21,435,662
Australian Dollar Total Contracts: $-4,552,187
Australian Dollar Short 06/10/2015 $-4,552,187
Baht Total Contracts: $36,145,081
Baht Long 05/12/2015 $1,327,954
Baht Long 05/12/2015 $505,300
Baht Long 05/12/2015 $3,413,857
Baht Long 05/12/2015 $1,891,795
Baht Long 05/12/2015 $1,725,415
Baht Long 04/10/2015 $311,685
Baht Long 04/10/2015 $7,705,713
Baht Long 04/10/2015 $379,577
Baht Long 04/10/2015 $465,984
Baht Long 03/10/2015 $18,417,801
Brazilian Real Total Contracts: $34,078,513
Brazilian Real Long 05/12/2015 $25,788,918
Brazilian Real Long 05/12/2015 $423,616
Brazilian Real Long 05/12/2015 $1,840,836
Brazilian Real Long 05/12/2015 $3,168,510
Brazilian Real Long 05/12/2015 $1,651,414
Brazilian Real Short 04/13/2015 $-3,650,373
Brazilian Real Long 04/13/2015 $3,480,185
Brazilian Real Long 04/13/2015 $364,690
Brazilian Real Long 03/10/2015 $184,245
Brazilian Real Long 03/10/2015 $826,472
Chilean Peso Total Contracts: $23,209,936
Chilean Peso Long 05/12/2015 $1,103,106
Chilean Peso Long 05/12/2015 $232,119
Chilean Peso Long 05/12/2015 $2,310,887
Chilean Peso Long 05/12/2015 $1,143,365
Chilean Peso Long 05/12/2015 $3,273,890
Chilean Peso Long 04/13/2015 $180,319
Chilean Peso Long 04/13/2015 $468,152
Chilean Peso Long 03/10/2015 $22,325,937
Chilean Peso Short 03/10/2015 $-7,827,839
Colombian Peso Total Contracts: $27,246,391
Colombian Peso Long 05/12/2015 $1,286,392
Colombian Peso Long 05/12/2015 $2,610,502
Colombian Peso Long 05/12/2015 $256,087
Colombian Peso Long 05/12/2015 $1,421,383
Colombian Peso Long 05/12/2015 $4,565,897
Colombian Peso Long 05/12/2015 $11,408,786
Colombian Peso Long 03/10/2015 $5,120,018
Colombian Peso Long 03/10/2015 $323,622
Colombian Peso Long 03/10/2015 $253,704
Euro Total Contracts: $4,715,661
Euro Long 05/13/2015 $240,824
Euro Long 05/13/2015 $3,741,165
Euro Long 05/13/2015 $509,650
Euro Long 05/13/2015 $224,022
Euro Short 04/13/2015 $-3,924,511
Euro Short 04/13/2015 $-453,474
Euro Long 04/13/2015 $638,223
Euro Long 04/13/2015 $3,739,762
Euro Short 03/10/2015 $-2,283,187
Euro Long 03/10/2015 $2,283,187
Forint Total Contracts: $28,105,497
Forint Long 05/12/2015 $3,018,028
Forint Long 05/12/2015 $1,356,914
Forint Long 05/12/2015 $307,444
Forint Long 05/12/2015 $12,308,096
Forint Long 05/12/2015 $335,541
Forint Long 05/12/2015 $1,341,059
Forint Short 04/13/2015 $-2,213,858
Forint Long 04/13/2015 $3,848,423
Forint Long 04/13/2015 $7,803,850
Indian Rupee Total Contracts: $43,068,780
Indian Rupee Long 05/12/2015 $2,064,639
Indian Rupee Long 05/12/2015 $4,326,598
Indian Rupee Long 05/12/2015 $2,165,705
Indian Rupee Long 05/12/2015 $18,785,487
Indian Rupee Long 04/13/2015 $579,946
Indian Rupee Long 03/10/2015 $3,572,799
Indian Rupee Long 03/10/2015 $11,573,606
Malaysian Ringgit Total Contracts: $0
Malaysian Ringgit Long 05/12/2015 $3,822,020
Malaysian Ringgit Short 05/12/2015 $-3,822,020
Mexican Peso Total Contracts: $43,448,814
Mexican Peso Long 05/12/2015 $3,899,431
Mexican Peso Long 05/12/2015 $1,966,380
Mexican Peso Long 05/12/2015 $578,249
Mexican Peso Long 05/12/2015 $3,939,425
Mexican Peso Long 05/12/2015 $11,086,716
Mexican Peso Long 05/12/2015 $11,086,716
Mexican Peso Long 05/12/2015 $4,464,016
Mexican Peso Long 04/13/2015 $373,925
Mexican Peso Long 04/13/2015 $3,849,425
Mexican Peso Long 04/13/2015 $230,698
Mexican Peso Short 03/10/2015 $-267,729
Mexican Peso Long 03/10/2015 $1,827,251
Mexican Peso Long 03/10/2015 $414,311
New Israeli Sheqel Total Contracts: $-4,752,533
New Israeli Sheqel Short 04/27/2015 $-332,740
New Israeli Sheqel Short 04/27/2015 $-220,990
New Israeli Sheqel Short 04/27/2015 $-3,863,552
New Israeli Sheqel Short 04/27/2015 $-335,251
Nuevo Sol Total Contracts: $-4,790,587
Nuevo Sol Short 05/12/2015 $-228,275
Nuevo Sol Short 05/12/2015 $-517,211
Nuevo Sol Short 05/12/2015 $-3,805,651
Nuevo Sol Short 05/12/2015 $-239,450
Philippine Peso Total Contracts: $24,746,184
Philippine Peso Long 05/12/2015 $387,524
Philippine Peso Long 05/12/2015 $11,550,928
Philippine Peso Long 05/12/2015 $1,284,947
Philippine Peso Long 05/12/2015 $2,345,539
Philippine Peso Long 05/12/2015 $1,194,298
Philippine Peso Long 04/13/2015 $310,675
Philippine Peso Long 04/13/2015 $381,201
Philippine Peso Long 03/10/2015 $16,192,554
Philippine Peso Short 03/10/2015 $-4,909,481
Philippine Peso Short 03/10/2015 $-3,992,001
Rand Total Contracts: $41,158,591
Rand Long 05/12/2015 $1,456,320
Rand Long 05/12/2015 $4,342,713
Rand Long 05/12/2015 $381,014
Rand Long 05/12/2015 $5,139,456
Rand Long 05/12/2015 $457,217
Rand Long 05/12/2015 $3,850,358
Rand Long 04/13/2015 $344,875
Rand Long 04/13/2015 $340,198
Rand Long 04/13/2015 $11,235,029
Rand Long 03/10/2015 $13,421,086
Rand Long 03/10/2015 $190,325
Rupiah Total Contracts: $45,098,561
Rupiah Long 05/12/2015 $14,081,293
Rupiah Long 05/12/2015 $2,387,681
Rupiah Long 05/12/2015 $4,398,757
Rupiah Long 05/12/2015 $379,995
Rupiah Long 05/12/2015 $2,026,140
Rupiah Long 04/13/2015 $409,718
Rupiah Long 04/13/2015 $375,574
Rupiah Long 03/10/2015 $16,908,448
Rupiah Long 03/10/2015 $184,624
Rupiah Long 03/10/2015 $3,607,854
Rupiah Long 03/10/2015 $338,477
Russian Ruble Total Contracts: $20,969,289
Russian Ruble Long 05/12/2015 $1,525,761
Russian Ruble Long 05/12/2015 $1,836,204
Russian Ruble Long 05/12/2015 $991,239
Russian Ruble Long 05/12/2015 $868,306
Russian Ruble Long 05/12/2015 $381,246
Russian Ruble Long 04/13/2015 $3,041,353
Russian Ruble Long 04/13/2015 $419,770
Russian Ruble Long 03/10/2015 $15,549,693
Russian Ruble Long 03/10/2015 $479,829
Russian Ruble Short 03/10/2015 $-4,124,112
Singapore Dollar Total Contracts: $-9,528,403
Singapore Dollar Short 06/10/2015 $-428,288
Singapore Dollar Short 06/10/2015 $-501,500
Singapore Dollar Short 06/10/2015 $-1,035,945
Singapore Dollar Short 03/10/2015 $-3,619,959
Singapore Dollar Short 03/10/2015 $-495,131
Singapore Dollar Short 03/10/2015 $-3,447,580
Turkish Lira Total Contracts: $31,498,372
Turkish Lira Long 05/12/2015 $3,385,938
Turkish Lira Long 05/12/2015 $340,158
Turkish Lira Long 05/12/2015 $4,115,126
Turkish Lira Long 05/12/2015 $1,513,115
Turkish Lira Long 04/13/2015 $9,279,743
Turkish Lira Long 04/13/2015 $9,279,743
Turkish Lira Long 04/13/2015 $4,639,871
Turkish Lira Long 04/13/2015 $374,088
Turkish Lira Short 04/13/2015 $-1,429,410
Turkish Lira Short 03/10/2015 $-3,689,977
Turkish Lira Short 03/10/2015 $-1,228,005
Turkish Lira Long 03/10/2015 $3,515,115
Turkish Lira Long 03/10/2015 $719,317
Turkish Lira Long 03/10/2015 $250,370
Turkish Lira Long 03/10/2015 $433,180
Won Total Contracts: $25,231,745
Won Long 05/12/2015 $1,104,563
Won Long 05/12/2015 $2,403,782
Won Long 05/12/2015 $1,290,165
Won Long 05/12/2015 $8,270,638
Won Long 05/12/2015 $345,855
Won Long 04/13/2015 $1,985,000
Won Long 04/13/2015 $262,854
Won Long 03/10/2015 $9,300,559
Won Long 03/10/2015 $268,329
Zloty Total Contracts: $29,990,759
Zloty Long 05/12/2015 $14,951,027
Zloty Long 05/12/2015 $305,343
Zloty Long 05/12/2015 $231,361
Zloty Long 05/12/2015 $1,441,970
Zloty Long 05/12/2015 $3,140,859
Zloty Long 05/12/2015 $1,341,086
Zloty Long 05/12/2015 $336,280
Zloty Long 04/13/2015 $4,379,931
Zloty Long 04/13/2015 $3,862,902
Zloty Short 03/10/2015 $-292,567
Zloty Long 03/10/2015 $292,567
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