Antipodean Capital Management : Currency Program

Summary

-Antipodean Capital Currency Program - Antipodean Capital's currency program utilizes quantitative methods, based on fundamental parameters, to assess investment opportunities in G10 currencies. The investment approach is systematic, so decisions are robust, rational and uniform. Our strategy allocates capital equally to two models. The first captures variations in the spot AUD$ rate from its equilibrium value, via spot and options. Antipodean views itself as an AUD$ specialist. The second model developed by Antipodean is a G7 "Forward Bias" model, which is based on the concept that high yield currencies outperform low yield currencies by more than that expected by the market. Combining these non correlated models is the key to superior risk adjusted returns. Robust risk management techniques such as stop loss limits, time-outs, a proprietary Risk Aversion barometer, and other risk measurement devices are used to ensure that we limit the potential for drawdowns. A 10 year historic simulation of our program generated returns which are not correlated with either global equities or major hedge fund indexes.