Summary

-Global Trends Programme (GTP) - Strategy Description: We follow a medium term systematic trend following strategy. It is designed to produce annual returns over time which will exceed by 10% or more the standard deviation of those returns. We trade markets directionally to generate profits by capturing trends and managing risk within clearly defined limits. To provide consistency, our investment decisions are highly disciplined and based on a dispassionate analysis of market price action, and do not depend on fundamental information. Our investment process is systematic. We operate exclusively in global futures markets which offer full transparency, high levels of liquidity and low execution costs. This also enables us to achieve significant levels of diversification across asset classes and time frames, and seek out profitable investment opportunities in a wide array of disparate markets. Our strategy has been rigorously tested with the goal of delivering consistent returns over the long-term, independent of stock and bond markets. The foundation of our investment strategy is our unique way of measuring trend, and applying the results to how we allocate capital to markets, take positions, and manage risk. By applying this methodology we believe we can accurately select those markets that present the best return opportunities for our method of trading, and avoid those markets that would under perform and dilute the portfolio's returns. We feel strongly that the uniqueness of our concept which aligns asset allocation and buy/sell signal determination with a market's trending attributes is inherently robust and will continue to be relevant and successful over the long term. The GT Programme has been built using new generation technology and runs on a real-time basis monitoring price movements in over 90 global equity, financial, currency and commodity markets, measuring and analyzing trends over a wide spectrum of time frequencies seeking to identify profit opportunities. This technology is employed to implement these factors with utmost efficiency, aiming to maximize returns within a strict risk management framework. In order to provide significant scalability we employ processes that are systems driven and fully automated; this is especially crucial for dealing with large volumes of data and rapidly changing markets. While being systems dependant these processes are based on trading and risk management logic which is intuitive, proven and can be clearly explained. Execution of trades is also a systematic process conducted on a purely non-discretionary basis in line with what we trust to be a successful approach.