Ebullio Capital Management

LLP (Far East Comm. Fund)

Fund Investment Objectives

The EBULLIO FAR EAST COMMODITY FUND is mainly directional in nature and seeks to capture short term momentum in commodity markets through a combination of fundamental, technical and sentiment analysis. The methodology is 100% discretionary with the team capitalising on market volatility by applying directional (counter trend/trend following) and spread trading (relative value/calendar) strategies. As a guide to strategy distribution, there is roughly a 70/30 split between directional and spread trades. Of directional trades, 60% tend to be trend following and 40% mean reversion. Intraday trading accounts for approx. 30%. The programme applies a top down approach to analysis, the highest level formed from a broad macro fundamental and technical view to create sentiment and directional themes. These viewpoints are distilled down to the individual commodity and form a short-term view. The approach is dynamic, adjusting as necessary to the continuous information flow taking into consideration sentiment, volume and relevant technical levels.