Regional Allocation as of 01/30/2015

Region Assets
Asia Pacific 36.2%
Europe 24.2%
Latin America 33.3%
Middle East and Africa 7.1%
United States -0.9%

Portfolio Details as of 01/30/2015

Total Net Assets
$375.10 M
Number of Holdings
563
Modified Duration
.19 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 9.8%
India 9.1%
Turkey 8.8%
Brazil 8.6%
South Africa 8.2%
Argentina 7.8%
Mexico 7.7%
Thailand 7.6%
Philippines 7.4%
Poland 6.3%
Hungary 6.2%
South Korea 5.3%
Chile 4.7%
Colombia 4.7%
Russia 4.0%
Malaysia -1.0%
Euro -1.0%
Israel -1.0%
Singapore -2.0%
Currency Name Position Expiration Date Current MV (USD)
Argentine Peso Total Contracts: $29,142,885
Argentine Peso Long 03/10/2015 $20,589,045
Argentine Peso Long 02/12/2015 $2,018,046
Argentine Peso Long 02/12/2015 $6,530,620
Argentine Peso Short 02/12/2015 $-438,364
Argentine Peso Long 01/12/2015 $443,538
Baht Total Contracts: $19,873,636
Baht Long 03/10/2015 $18,048,317
Baht Long 02/12/2015 $1,602,820
Baht Long 01/12/2015 $222,499
Brazilian Real Total Contracts: $32,000,627
Brazilian Real Long 03/10/2015 $869,398
Brazilian Real Long 03/10/2015 $193,815
Brazilian Real Long 02/12/2015 $2,032,110
Brazilian Real Long 02/12/2015 $507,563
Brazilian Real Long 02/12/2015 $356,967
Brazilian Real Long 02/12/2015 $24,188,239
Brazilian Real Long 01/12/2015 $249,337
Brazilian Real Long 01/12/2015 $3,603,198
Chilean Peso Total Contracts: $29,812,884
Chilean Peso Long 03/10/2015 $22,570,882
Chilean Peso Long 02/12/2015 $4,592,378
Chilean Peso Long 02/12/2015 $2,394,597
Chilean Peso Long 01/12/2015 $255,027
Colombian Peso Total Contracts: $17,694,392
Colombian Peso Long 03/10/2015 $5,373,228
Colombian Peso Long 03/10/2015 $339,627
Colombian Peso Long 02/12/2015 $1,302,341
Colombian Peso Long 02/12/2015 $11,019,485
Colombian Peso Short 02/12/2015 $-340,289
Euro Total Contracts: $-6,639,259
Euro Short 03/10/2015 $-2,470,081
Euro Short 01/12/2015 $-3,697,196
Euro Short 01/12/2015 $-471,982
Forint Total Contracts: $20,736,341
Forint Long 02/12/2015 $10,556,254
Forint Long 02/12/2015 $1,958,538
Forint Long 01/12/2015 $242,271
Forint Long 01/12/2015 $176,162
Forint Long 01/12/2015 $7,803,116
Indian Rupee Total Contracts: $32,750,991
Indian Rupee Long 03/10/2015 $11,185,841
Indian Rupee Long 03/10/2015 $3,453,095
Indian Rupee Short 02/12/2015 $-5,620,496
Indian Rupee Long 02/12/2015 $2,816,524
Indian Rupee Long 02/12/2015 $20,916,027
Malaysian Ringgit Total Contracts: $-3,728,236
Malaysian Ringgit Short 02/12/2015 $-423,889
Malaysian Ringgit Short 02/12/2015 $-5,319,955
Malaysian Ringgit Short 02/12/2015 $-3,819,273
Malaysian Ringgit Long 02/12/2015 $5,834,881
Mexican Peso Total Contracts: $24,945,561
Mexican Peso Long 03/10/2015 $417,746
Mexican Peso Long 03/10/2015 $1,842,402
Mexican Peso Long 02/12/2015 $2,115,799
Mexican Peso Long 02/12/2015 $7,992,040
Mexican Peso Long 02/12/2015 $12,370,324
Mexican Peso Long 01/12/2015 $172,708
Mexican Peso Long 01/12/2015 $447,008
Mexican Peso Short 01/12/2015 $-412,466
Philippine Peso Total Contracts: $35,007,128
Philippine Peso Long 03/10/2015 $15,902,262
Philippine Peso Long 02/12/2015 $15,511,151
Philippine Peso Long 02/12/2015 $259,820
Philippine Peso Long 02/12/2015 $2,698,561
Philippine Peso Long 01/12/2015 $223,394
Philippine Peso Long 01/12/2015 $261,372
Philippine Peso Long 01/12/2015 $150,568
Rand Total Contracts: $18,847,701
Rand Long 03/10/2015 $13,411,354
Rand Long 03/10/2015 $190,187
Rand Long 02/12/2015 $1,450,828
Rand Long 02/12/2015 $543,417
Rand Long 02/12/2015 $3,785,889
Rand Short 02/12/2015 $-533,974
Rupiah Total Contracts: $36,637,088
Rupiah Long 03/10/2015 $3,727,269
Rupiah Long 03/10/2015 $190,734
Rupiah Long 03/10/2015 $349,680
Rupiah Long 03/10/2015 $17,468,096
Rupiah Long 02/12/2015 $7,011,441
Rupiah Long 02/12/2015 $7,889,868
Rupiah Long 01/12/2015 $221,296
Rupiah Long 01/12/2015 $147,263
Rupiah Short 01/12/2015 $-368,559
Russian Ruble Total Contracts: $21,032,495
Russian Ruble Long 03/10/2015 $15,930,996
Russian Ruble Long 03/10/2015 $491,595
Russian Ruble Long 02/12/2015 $358,919
Russian Ruble Long 02/12/2015 $1,224,349
Russian Ruble Long 01/13/2015 $263,041
Russian Ruble Long 01/13/2015 $2,763,595
Singapore Dollar Total Contracts: $-7,656,915
Singapore Dollar Short 03/10/2015 $-3,720,962
Singapore Dollar Short 03/10/2015 $-3,543,773
Singapore Dollar Short 02/12/2015 $-392,180
Turkish Lira Total Contracts: $37,886,927
Turkish Lira Long 03/10/2015 $763,495
Turkish Lira Long 03/10/2015 $459,785
Turkish Lira Long 03/10/2015 $265,747
Turkish Lira Long 03/10/2015 $3,731,004
Turkish Lira Long 02/12/2015 $5,237,541
Turkish Lira Long 02/12/2015 $362,599
Turkish Lira Long 02/12/2015 $2,148,028
Turkish Lira Short 01/12/2015 $-264,798
Turkish Lira Long 01/12/2015 $8,803,450
Turkish Lira Long 01/12/2015 $8,803,450
Turkish Lira Long 01/12/2015 $254,120
Turkish Lira Long 01/12/2015 $7,068,386
Turkish Lira Long 01/12/2015 $254,120
Won Total Contracts: $26,329,512
Won Long 03/10/2015 $268,830
Won Long 03/10/2015 $9,317,906
Won Long 02/12/2015 $296,504
Won Long 02/12/2015 $12,590,021
Won Long 02/12/2015 $1,870,257
Won Short 01/12/2015 $-368,958
Won Long 01/12/2015 $1,890,338
Won Long 01/12/2015 $214,087
Won Long 01/12/2015 $250,527
Zloty Total Contracts: $20,662,394
Zloty Long 03/10/2015 $305,509
Zloty Long 02/12/2015 $14,277,675
Zloty Long 02/12/2015 $391,826
Zloty Long 02/12/2015 $1,420,720
Zloty Long 01/12/2015 $3,915,225
Zloty Long 01/12/2015 $351,439
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