Monthly Archives: April 2016

Interview with Claire Cummings, Cummings Law

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Claire Cummings qualified as a solicitor in 1996 and since then has specialised in the legal issues surrounding both funds and fund management.
As a solicitor in private practice, Claire has acted for a number of clients in the alternative investment arena and built up experience of a wide range of legal and regulatory matters. Claire has acted as in-house counsel and director of legal and compliance for a fund manager, where she was involved in the running and growth of a fund management business and worked closely with other directors, the trading and operations departments and brokerage counterparties.
In July 2002 Claire established Cummings and draws on her experience as both a lawyer and a director of a fund management company to work with her clients as they establish and build their businesses. Ms. Cummings, why don’t we start at the beginning: Could you as an expert explain our readers briefly what the UCITS Directive is?
Claire Cummings: Starting with a legislative answer, the Undertakings for Collective Investment in Transferable Securities (UCITS) Directives are a set of EU Directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorisation from one member state.  In practice, many EU Member States have imposed additional regulatory requirements which has impacted  the ability to operate freely. Read More

Fund of the month April 2016: Garraway Financial Trends

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Fund Strategy
Garraway Financial Trends is a systematic trend following managed futures fund trading in global financial markets. It aims to perform independently of traditional stock and bond investments, thereby providing valuable diversification benefits and potentially improving the risk/reward profile of a traditional portfolio. The investment manager employs a systematic, proprietary, trend following strategy which currently trades across 36 UCITS eligible exchange traded financial futures. The strategy looks to identify longer term and shorter-term price trends. The aim is to enter the market in the direction of the long-term trend when ‘action’ is taking place, this is typically when new highs are being made in an up-trend or new lows are being made in a down-trend. The fund then exits the market when ‘reaction’ is taking place, this is typically when markets are falling from recent highs in the case of a long position or rallying from recent lows in the case of a short position. The strategy is agnostic: It has no intrinsic bias to taking a long or short position in any of the markets in which it trades and can spend long periods of time with no position at all. Positions are sized by the strategy in line with each specific market’s volatility. The strategy trades futures on a wide range of global currencies, stock indices and government bonds. It only trades highly liquid exchange listed contracts.

Fund Chart

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UCITS HFS Index breaks negative trend, up 0.50% in March 2016

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After three down months the UCITS HFS Index broke its negative trend with gains of 0.50% in March 2016. The broad index started positively into the month with first week gains of 0.33%. After the performance came to a halt in week two (0.00%), week three saw the UCITS HFS Index rise another 0.13%. The last week and a half completed the come back with marginal gains of 0.03%. Of all funds tracked 66.76% reported gains in March 2016.
chart_UCITS HFS Index_2016_03
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