Carrousel Capital Ltd : Centrix IX Fund Ltd

Summary

A proprietary expert system reproducing discretionary strategies in a fully systematic manner A unique technology allowing us to implement numerous investment strategies. A fully systematic investment but with no correlation with quantitative funds: we look at more data than price history to approach the markets with different angles: Economics, Analysts… Out performance of similar strategies and discretionary traders as we focus on the quality of our investment process. A Real Added value product A rigorous Investment Process Designed to look for optimum opportunities No short term speculation but thought through investment decisions Objective and ‘unemotional’ decisions: Discipline to understand investment psychology A Transparent decision process A constant quality control of the investment decisions: no rogue trading. Stable and consistent process days after days. Designed with risk management in mind: Multiple layers of diversification

Investment Strategy

Centrix IX is split 50/ 50 between market-neutral (MN) and global directional (GD) strategies Combines downside protection with targeted exposures to profitable opportunities Geographic/ asset allocation MN portfolio rotates style/ seeks profitable trades among 150 most liquid equities across three regions GD portfolio split 40/ 40/ 20 between, respectively, equity indices, G20 currency pairs, and commodities Currently fixed as noted above and set out in detail in the next slide, the weightings for each level of diversification may be altered to reflect long-term changes in market dynamics. Style Well-established that no single investment style can be consistently successful One-third of MN portfolio rotates between multiple styles: for example value, growth and income Remaining two-thirds is managed opportunistically GD portfolio evenly split into trend-following, mean reversion, and contrarian styles

Risk Management

Total market risk is minimised through diversification of the Centrix IX portfolio of liquid investments across multiple asset classes, regions, and trading styles. Prescribed maximum size for every position - within each portfolio (market-neutral / global directional) and - within each sub-strategy - Market-neutral: style rotation Market-neutral: opportunistic Global directional: regions Global directional: commodities Global directional: currencies - to ensure Centrix IX maintains wide diversification at every level, mitigating tail risk. Stop-loss on every single position and for each strategy to minimize downside. Experienced investment professionals monitor and assess risk on a daily basis: market exposures FX risk sector concentration and specific events are also scrutinized, amongst other key metrics. Continuous testing of all Centrix IX systems to refine their rules in line with market developments. Risk exposure report sent to head of risk twice daily