SWING FX Fund Performance Summary - Short Version

Swing FX Programme April 2012

FUND DESCRIPTION

Swing FX is a hybrid (systematic signals/qualitative overlay) contrarian product, monitoring short term trend exhaustion
swing points in a diversified array of currencies within a multi timeframe platform. Swing FX engages strictly in the speculative
trading of spot currencies. Swing's investment philosophy is directed towards achieving superior capital appreciation through
maximising absolute and uncorrelated returns. This investment methodology does not rely on favourable conditions in any
markets and is achieved by employing a combination of technical signals and unique qualitative overlay translated
through a strict and discretionary risk management system

  Annualized Return Annualized StDev Largest Drawdown Largest Drawdown Length Sharpe Ratio
SWING FX 8.38% 5.50% -6.83 3 1.52
Bar CTA 4.86% 5.76% -5.65 6 0.84
S&P 500 1.24% 18.05% -52.56 16 0.07
GSCI -4.30% 26.67% -67.65 8 -0.16

GENERAL TERMS

    Structure:
    Program Inception:
    Manager:
    Management Fees:
    Performance Fees:
    Capacity:
    Regulator:
    Primebroker:
    Investor Type:
    Subscription:
    Redemption:
    Lock-up Period:
    Hurdle Rate:
    High Water Mark:
    Minimum Investment:
    Access Points: 
  
    Managed accounts & FX Select Platform
    September 2006
    Swing Capital
    2%
    20%
    Soft close target :500M
    AMF (Canada)
    UBS
    Qualified Investor
    Monthly
    Daily
    No
    No
    Yes
    5M (notional)
    Managed Accounts, Deutsche 
    FX Select or  Alphametrix
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2012 -1.34% -2.09% 1.07% 1.99% -0.43%
2011 0.90% 1.16% 0.30% -0.79% 1.73% 1.53% 0.57% 1.47% -1.00% 1.64% -0.06% -0.26% 7.38%
2010 -0.63% 2.11% -0.33% -0.30% -0.57% -0.80% 1.33% -2.40% 1.72% -0.50% 2.77% 0.50% 2.79%
2009 1.07% 1.97% -0.97% 0.46% -1.07% -0.71% 0.92% 0.38% -0.60% -0.94% -0.45% 0.30% 0.31%
2008 2.06% 0.71% 1.75% 1.20% 3.81% 2.07% 2.64% 3.20% 2.03% 1.60% 2.03% 1.79% 27.89%
2007 0.03% 2.61% 2.97% -2.21% -4.27% -0.48% 1.90% 2.72% 2.33% 1.75% 3.07% 1.85% 12.65%
2006 -0.39% 1.80% 0.45% -2.49% -0.68%

SWING FX CORRELATION SINCE INCEPTION - 09/06 to April 2012

CORRELATION MATRIX SWING FX
SWING FX 1.00
Bar CTA -0.14
S&P 500 -0.19
GSCI -0.02

HIGHLIGHTS

    

  • Low to negative correlation to both
     alternative and standard portfolios
    • 

  • 100% transparent managed account set-up
    • 

  • Very low margin to equity ratio
    • 

  • 5 1/2 years of real track record
    • 

  • Daily liquidity
    •

SWING CAPITAL FX PROGRAMME

535 de la Commune Street West 
Montréal (QC) H3C 5X5 CANADA 
T: [514] 680-4762, F: [514] 543-3157

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS