Regional Allocation as of 04/30/2015

Region Assets
Asia Pacific 36.2%
Latin America 34.4%
Europe 21.5%
Middle East and Africa 7.4%
United States 0.5%

Portfolio Details as of 04/30/2015

Total Net Assets
$569.05 M
Number of Holdings
786
Modified Duration
.21 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
Mexico 8.9%
India 8.8%
Indonesia 8.7%
South Africa 8.4%
South Korea 8.1%
Chile 7.9%
Argentina 7.8%
Thailand 7.4%
Philippines 7.3%
Turkey 6.2%
Colombia 6.0%
Hungary 5.8%
Brazil 5.8%
Russia 5.5%
Poland 5.0%
Japan -1.0%
Israel -1.0%
Malaysia -1.0%
Euro -1.0%
Peru -2.0%
Singapore -2.0%
Currency Name Position Expiration Date Current MV (USD)
Argentine Peso Total Contracts: $42,273,601
Argentine Peso Long 06/10/2015 $722,215
Argentine Peso Long 06/10/2015 $21,461,638
Argentine Peso Long 06/10/2015 $1,293,519
Argentine Peso Long 06/10/2015 $1,875,603
Argentine Peso Long 05/12/2015 $3,809,692
Argentine Peso Long 05/12/2015 $1,926,867
Argentine Peso Long 05/12/2015 $1,092,809
Argentine Peso Long 05/12/2015 $1,684,633
Argentine Peso Long 05/12/2015 $8,136,885
Argentine Peso Long 04/13/2015 $269,740
Australian Dollar Total Contracts: $-5,196,326
Australian Dollar Short 06/10/2015 $-4,445,324
Australian Dollar Short 06/10/2015 $-386,880
Australian Dollar Short 06/10/2015 $-364,122
Baht Total Contracts: $40,740,604
Baht Long 06/10/2015 $18,414,444
Baht Long 06/10/2015 $1,780,165
Baht Long 06/10/2015 $1,228,651
Baht Long 06/10/2015 $689,393
Baht Long 05/12/2015 $1,322,009
Baht Long 05/12/2015 $503,038
Baht Long 05/12/2015 $1,717,692
Baht Long 05/12/2015 $981,538
Baht Long 05/12/2015 $1,883,326
Baht Long 05/12/2015 $3,398,576
Baht Long 04/10/2015 $310,236
Baht Long 04/10/2015 $7,669,904
Baht Long 04/10/2015 $377,813
Baht Long 04/10/2015 $463,819
Brazilian Real Total Contracts: $29,677,011
Brazilian Real Long 06/10/2015 $1,319,250
Brazilian Real Long 06/10/2015 $837,570
Brazilian Real Long 06/10/2015 $1,418,960
Brazilian Real Long 06/10/2015 $460,203
Brazilian Real Short 05/12/2015 $-4,587,824
Brazilian Real Long 05/12/2015 $23,188,408
Brazilian Real Long 05/12/2015 $380,899
Brazilian Real Long 05/12/2015 $670,445
Brazilian Real Long 05/12/2015 $1,484,888
Brazilian Real Long 05/12/2015 $1,655,209
Brazilian Real Long 05/12/2015 $2,849,003
Brazilian Real Long 04/13/2015 $3,128,799
Brazilian Real Long 04/13/2015 $327,868
Brazilian Real Short 04/13/2015 $-3,281,804
Brazilian Real Short 04/13/2015 $-174,863
Chilean Peso Total Contracts: $26,006,986
Chilean Peso Long 06/10/2015 $14,453,961
Chilean Peso Long 06/10/2015 $674,571
Chilean Peso Long 06/10/2015 $1,121,634
Chilean Peso Long 06/10/2015 $493,201
Chilean Peso Long 05/12/2015 $3,243,197
Chilean Peso Long 05/12/2015 $229,943
Chilean Peso Long 05/12/2015 $2,289,222
Chilean Peso Long 05/12/2015 $1,132,646
Chilean Peso Long 05/12/2015 $1,092,764
Chilean Peso Long 05/12/2015 $633,325
Chilean Peso Long 04/13/2015 $463,857
Chilean Peso Long 04/13/2015 $178,665
Colombian Peso Total Contracts: $29,480,213
Colombian Peso Long 06/10/2015 $1,105,730
Colombian Peso Long 06/10/2015 $762,572
Colombian Peso Long 06/10/2015 $5,433,329
Colombian Peso Long 06/10/2015 $648,187
Colombian Peso Long 05/12/2015 $2,515,546
Colombian Peso Long 05/12/2015 $1,369,681
Colombian Peso Long 05/12/2015 $765,185
Colombian Peso Long 05/12/2015 $1,239,600
Colombian Peso Long 05/12/2015 $246,772
Colombian Peso Long 05/12/2015 $4,399,814
Colombian Peso Long 05/12/2015 $10,993,797
Euro Total Contracts: $5,287,959
Euro Long 05/13/2015 $263,591
Euro Long 05/13/2015 $306,626
Euro Long 05/13/2015 $231,315
Euro Long 05/13/2015 $188,279
Euro Long 05/13/2015 $3,593,447
Euro Long 05/13/2015 $489,526
Euro Long 05/13/2015 $215,176
Euro Short 04/13/2015 $-3,769,421
Euro Short 04/13/2015 $-435,554
Euro Long 04/13/2015 $3,591,973
Euro Long 04/13/2015 $613,001
Forint Total Contracts: $30,454,387
Forint Long 06/10/2015 $1,314,225
Forint Long 06/10/2015 $775,386
Forint Long 06/10/2015 $489,529
Forint Long 05/12/2015 $325,351
Forint Long 05/12/2015 $1,300,330
Forint Long 05/12/2015 $1,315,704
Forint Long 05/12/2015 $2,926,368
Forint Long 05/12/2015 $298,107
Forint Long 05/12/2015 $11,934,289
Forint Long 05/12/2015 $624,244
Forint Long 04/13/2015 $3,731,173
Forint Long 04/13/2015 $7,566,089
Forint Short 04/13/2015 $-2,146,408
Indian Rupee Total Contracts: $51,361,375
Indian Rupee Long 06/10/2015 $2,812,352
Indian Rupee Long 06/10/2015 $1,372,073
Indian Rupee Long 06/10/2015 $15,073,764
Indian Rupee Long 06/10/2015 $2,687,835
Indian Rupee Long 06/10/2015 $586,898
Indian Rupee Long 05/12/2015 $4,299,683
Indian Rupee Long 05/12/2015 $2,152,233
Indian Rupee Long 05/12/2015 $1,080,899
Indian Rupee Long 05/12/2015 $2,051,795
Indian Rupee Long 05/12/2015 $18,668,626
Indian Rupee Long 04/13/2015 $575,217
Malaysian Ringgit Total Contracts: $0
Malaysian Ringgit Long 05/12/2015 $3,732,552
Malaysian Ringgit Short 05/12/2015 $-3,732,552
Mexican Peso Total Contracts: $48,133,575
Mexican Peso Long 06/10/2015 $652,387
Mexican Peso Long 06/10/2015 $2,100,687
Mexican Peso Long 06/10/2015 $1,063,391
Mexican Peso Long 06/10/2015 $2,430,142
Mexican Peso Long 05/12/2015 $1,928,361
Mexican Peso Long 05/12/2015 $3,824,039
Mexican Peso Long 05/12/2015 $567,069
Mexican Peso Long 05/12/2015 $3,863,260
Mexican Peso Long 05/12/2015 $10,872,363
Mexican Peso Long 05/12/2015 $10,872,363
Mexican Peso Long 05/12/2015 $1,212,580
Mexican Peso Long 05/12/2015 $4,377,707
Mexican Peso Long 04/13/2015 $366,804
Mexican Peso Long 04/13/2015 $3,776,117
Mexican Peso Long 04/13/2015 $226,305
New Israeli Sheqel Total Contracts: $-5,283,436
New Israeli Sheqel Short 04/27/2015 $-527,715
New Israeli Sheqel Short 04/27/2015 $-3,866,144
New Israeli Sheqel Short 04/27/2015 $-335,476
New Israeli Sheqel Short 04/27/2015 $-221,138
New Israeli Sheqel Short 04/27/2015 $-332,963
Nuevo Sol Total Contracts: $0
Nuevo Sol Long 05/12/2015 $4,807,234
Nuevo Sol Short 05/12/2015 $-3,818,876
Nuevo Sol Short 05/12/2015 $-519,008
Nuevo Sol Short 05/12/2015 $-229,068
Nuevo Sol Short 05/12/2015 $-240,282
Philippine Peso Total Contracts: $27,625,719
Philippine Peso Long 06/10/2015 $388,214
Philippine Peso Long 06/10/2015 $711,726
Philippine Peso Long 06/10/2015 $7,291,283
Philippine Peso Long 06/10/2015 $490,845
Philippine Peso Long 06/10/2015 $756,348
Philippine Peso Long 05/12/2015 $777,550
Philippine Peso Long 05/12/2015 $1,177,496
Philippine Peso Long 05/12/2015 $1,266,870
Philippine Peso Long 05/12/2015 $2,312,540
Philippine Peso Long 05/12/2015 $382,072
Philippine Peso Long 05/12/2015 $11,388,423
Philippine Peso Long 04/13/2015 $375,953
Philippine Peso Long 04/13/2015 $306,399
Rand Total Contracts: $44,724,099
Rand Long 06/10/2015 $2,157,889
Rand Long 06/10/2015 $977,711
Rand Long 06/10/2015 $13,158,355
Rand Long 06/10/2015 $399,232
Rand Long 06/10/2015 $195,542
Rand Long 05/12/2015 $1,197,234
Rand Long 05/12/2015 $4,969,034
Rand Long 05/12/2015 $442,056
Rand Long 05/12/2015 $3,722,682
Rand Long 05/12/2015 $1,408,029
Rand Long 05/12/2015 $368,380
Rand Long 05/12/2015 $4,198,711
Rand Long 04/13/2015 $333,567
Rand Long 04/13/2015 $329,043
Rand Long 04/13/2015 $10,866,634
Rupiah Total Contracts: $50,859,120
Rupiah Long 06/10/2015 $291,993
Rupiah Long 06/10/2015 $291,993
Rupiah Long 06/10/2015 $20,933,639
Rupiah Long 06/10/2015 $1,261,559
Rupiah Long 06/10/2015 $2,448,247
Rupiah Long 05/12/2015 $2,030,072
Rupiah Long 05/12/2015 $1,524,441
Rupiah Long 05/12/2015 $2,392,315
Rupiah Long 05/12/2015 $4,407,294
Rupiah Long 05/12/2015 $14,108,624
Rupiah Long 05/12/2015 $380,733
Rupiah Long 04/13/2015 $376,970
Rupiah Long 04/13/2015 $411,240
Russian Ruble Total Contracts: $25,234,646
Russian Ruble Long 06/10/2015 $1,435,353
Russian Ruble Long 06/10/2015 $12,584,375
Russian Ruble Long 06/10/2015 $667,606
Russian Ruble Long 05/12/2015 $1,652,669
Russian Ruble Long 05/12/2015 $748,378
Russian Ruble Long 05/12/2015 $412,957
Russian Ruble Long 05/12/2015 $1,073,687
Russian Ruble Long 05/12/2015 $940,530
Russian Ruble Long 05/12/2015 $1,988,933
Russian Ruble Long 04/13/2015 $452,399
Russian Ruble Long 04/13/2015 $3,277,759
Singapore Dollar Total Contracts: $-10,714,079
Singapore Dollar Short 06/10/2015 $-341,861
Singapore Dollar Short 06/10/2015 $-425,508
Singapore Dollar Short 06/10/2015 $-498,245
Singapore Dollar Short 06/10/2015 $-461,876
Singapore Dollar Short 06/10/2015 $-538,250
Singapore Dollar Short 06/10/2015 $-7,419,118
Singapore Dollar Short 06/10/2015 $-1,029,221
Turkish Lira Total Contracts: $34,699,318
Turkish Lira Long 06/10/2015 $864,955
Turkish Lira Long 06/10/2015 $1,767,681
Turkish Lira Long 05/12/2015 $4,002,958
Turkish Lira Long 05/12/2015 $673,182
Turkish Lira Long 05/12/2015 $494,427
Turkish Lira Long 05/12/2015 $243,410
Turkish Lira Long 05/12/2015 $1,471,871
Turkish Lira Long 05/12/2015 $3,293,645
Turkish Lira Long 05/12/2015 $330,886
Turkish Lira Short 04/13/2015 $-1,391,471
Turkish Lira Long 04/13/2015 $9,033,446
Turkish Lira Long 04/13/2015 $9,033,446
Turkish Lira Long 04/13/2015 $4,516,723
Turkish Lira Long 04/13/2015 $364,159
Won Total Contracts: $28,242,546
Won Long 06/10/2015 $539,633
Won Long 06/10/2015 $9,443,580
Won Long 06/10/2015 $665,548
Won Long 06/10/2015 $1,335,592
Won Long 05/12/2015 $8,223,064
Won Long 05/12/2015 $343,865
Won Long 05/12/2015 $2,389,955
Won Long 05/12/2015 $1,282,744
Won Long 05/12/2015 $1,098,209
Won Long 05/12/2015 $685,930
Won Long 04/13/2015 $1,973,142
Won Long 04/13/2015 $261,284
Zloty Total Contracts: $33,077,333
Zloty Long 06/10/2015 $289,583
Zloty Long 06/10/2015 $829,259
Zloty Long 06/10/2015 $1,907,296
Zloty Long 05/12/2015 $675,882
Zloty Long 05/12/2015 $14,644,118
Zloty Long 05/12/2015 $299,075
Zloty Long 05/12/2015 $226,612
Zloty Long 05/12/2015 $1,412,370
Zloty Long 05/12/2015 $1,313,557
Zloty Long 05/12/2015 $329,377
Zloty Long 05/12/2015 $3,076,385
Zloty Long 04/13/2015 $3,783,696
Zloty Long 04/13/2015 $4,290,123
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