Gables Capital Management

(GCM Global FX)

Fund Investment Objectives

GCM GLOBAL FX's objective is to achieve superior non-correlated returns through short-term discretionary trading in the FX markets. Markets traded are primarily G-10 currencies. Typically 90% G-10 and 10% emerging markets. Trading decisions are all discretionary, driven by monitoring the global macro environment, historical correlations, changes in global interest rate spreads, market sentiment and positioning, central bank policy and economic data. Positions are taken in those currencies in which the Investment Manager anticipates the highest risk to reward profit opportunities. Manager's past returns are uncorrelated with equity and bond markets. Ideal environment is elevated volatility. GCM FX targets annual returns of +16% net of all fees and expenses. Strict risk limits are employed, including maximum monthly loss of 4% and maximum gross exposure of 250%.