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INFORME(OPERATIVO(Y(
TRACK0RECORD(TRIMESTRAL!
Documento!Orientativo!para!Potenciales!Inversores!de!
Ocean!Alpha!Arbitrage!
Manuel!Aarn!Fajardo!Garca!
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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 3!
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Introduccin!
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Desde!la!liquidacin!del!capital!gestionado,!a!cuyo!trmino!llegu!el!7!de!febrero!
del!ao!2014;!con!la!intencin!de!elaborar!un!trackArecord!y!probar!la!vala!de!las!
tcnicas! que! utilizar! a! la! hora! de! gestionar! Ocean! Alpha! Arbitrage,! he! estado!
operando!da!y!noche!desde!la!fecha!previamente!dicha!hasta!hoy,!da!3!de!mayo!
del!ao!2014,!cuando!ya!tengo!datos!suficientes!como!para!elaborar!este!informe!
trimestral!detallado!de!las!operaciones!llevadas!acabo.!
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La! estrategia! de! posicionamiento! a! seguir! est! detallada! en! el! informe! sobre! las!
estrategias! de! media/alta! frecuencia! para! los! potenciales! inversores! del! Hedge!
Fund.!Las!estrategias!que!se!ejecutaron!en!este!lapso!de!3!meses!han!sido:!
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Reconocimiento!y!explotacin!de!patrones!bivariantes!mediante!anlisis!de!
correlaciones!seriales!en!spreads!a!travs!de!redes!neurales.!
Reconocimiento! y! explotacin! de! multiAcointegraciones! entre! pares! de!
divisas.!
Aplicacin!de!coberturas!directas!e!indirectas.!
Exhaustiva! gestin! del! riesgo! mediante! el! clculo! del! riesgo! de! ruina! en!
base!a!la!volatilidad!esperada.!
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La!gestin!integral!de!las!posiciones!ha!sido!llevada!acabo!por!mi,!tanto!la!apertura!
como!el!cierre!de!las!operaciones!y!la!aplicacin!de!coberturas.!!
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El!riesgo!asumido!en!la!operativa!es!de!un!drawdown!del!100%.!Las!coberturas!se!
programaron!para!frenar!la!cada!de!los!niveles!de!equity!cuando!este!rebasara!la!
barrera! del! A5%.! Las! cifras! alcanzadas! por! tanto,! para! ajustarse! a! la! realidad! que!
ser!Ocean!Alpha!Arbitrage!deben!dividirse!por!10,!ya!que!el!mximo!drawdown!
asumido!(sobre!el!equity!a!comienzos!del!periodo!anual)!cuando!est!gestionando!
el!Hedge!Fund!ser!del!10%.!Una!prdida!mayor!al!10%!supondr!la!liquidacin!y!
devolucin!del!capital!a!los!inversores.!!
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Espero!que!el!informe!sea!de!su!agrado!y!que!las!cifras!sirvan!para!disipar!dudas!
sobre!el!proceder!de!la!mecnica!de!la!operativa!cuantitativa.!
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Un!cordial!saludo,!
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Manuel!Aarn!Fajardo!Garca!
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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!

Anlisis!de!los!Retornos!
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Advertencia:! Las$ operaciones$ de$ arbitraje$ estadstico$ han$ sido$ llevadas$ acabo$
asumiendo$un$riesgo$del$100%.$Las$cifras$por$tanto$pueden$parecer$increbles,$pero$
no$son$reflejo$de$los$retornos$que$alcanzar$Ocean$Alpha$Arbitrage.$Para$que$la$cifra$
sea$ acorde$ a$ la$ realidad$ del$ Hedge$ Fund,$ aquellas$ presentadas$ en$ este$ informe$
debern$dividirse$entre$10.$$
$

$
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El!punto!de!inflexin!y!el!cambio!de!estrategia:!Como!pueden!observar!en!la!curva!
del!balance!tiene!dos!fases:!!
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1. Pendiente!con!mayor!grado:!Las!estrategias!que!se!estaban!llevando!acabo!
hasta! el! 22! de! abril! (inclusive)! eran! de! media! frecuencia.! En! total! 199!
operaciones.!
2. El!22!de!abril!se!estipul!que!la!volatilidad!de!las!divisas!decrecera!en!los!
siguientes!das!con!los!cual!las!tcnicas!regresivas!a!aplicar!pasaron!de!ser!
de!media!frecuencia!a!ser!de!alta!frecuencia.!!
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El! resultado! puede! verse! claramente! en! el! grfico! del! balance.! Las! operaciones!
liquidadas!crecieron!exponencialmente:!
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Media!Frecuencia:!199!operaciones!cerradas!en!2!meses!y!medio.!
Alta!Frecuencia:!188!operaciones!cerradas!en!10!das.!
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Por!eso!pueden!observar!que!la!curva!del!balance!tiene!una!mayor!pendiente!en!el!
periodo! de! media! frecuencia,! ya! que! los! criterios! para! operar! el! spread! del!
arbitraje! eran! mayores.! Cuando! operamos! con! alta! frecuencia! los! spreads! entre!
pares! de! divisas! cointegrados! se! reducen! muchsimo! porque! las! divergencias! se!
calculan!en!escalas!temporales!nfimas.!Eso!se!traduce!en!un!mayor!flujo!operativo!
con!unas!ganancias!menores!por!operacin,!lo!que!ha!causado!que!la!pendiente!de!
la!curva!decreciera!en!el!segundo!tramo.!
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Ahora!les!presentar!los!resultados!de!la!curva!de!retornos!mes!a!mes.!Tengan!en!
cuenta!que!cuando!presento!una!cifra!seguida!de!una!barra,!la!cifra!posterior!es!la!
misma!cifra!dividida!entre!10!para!simular!el!resultado!en!trminos!de!los!riesgos!
que!correr!con!Ocean!Alpha!Arbitrage.!

INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 5!
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Febrero!2014!
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Ganancia!en!pips:!1750,1!
Aumento!del!balance:!181,75%/18,175%!
Aumento!del!equity:!88,14%/8,814%!
Mnimo!retorno!en!balance:!A17,81%/A1,781%!
Mximo!retorno!en!balance:!18,8%/1,88%!
Mnimo!retorno!en!equity:!A21,64%/A2,164%!
Mximo!retorno!en!equity:!19,7%/1,97%!
Mximo!Drawdown:!A40,2%/A4,02%!
HighAWater!Mark:!104,17%/10,417%!
HighAWater!Mark!desde!el!mximo!Drawdown:!341,82%/34,182%!
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Anlisis!de!las!posiciones:!
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Nmero!de!operaciones!ejecutadas:!59!
Operaciones!Ganadoras:!45!(76,2%)!
Operaciones!Perdedoras:!14!(23,8%)!
Esperanza!Matemtica!(media!de!las!ganancias):!29,7!pips/operacin!
Riesgo!Base!(desviacin!tpica!de!las!ganancias):!56,6!pips/operacin!
Mediana:!34,6!pips/operacin!
Mxima!Prdida:!163,9!pips!
Mxima!Ganancia:!172,9!pips!
Asimetra!de!la!distribucin!de!ganancias:!A0,65!
Curtosis!de!la!distribucin!de!ganancias:!1,62!
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Funcin!de!Densidad!de!las!Ganancias!

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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
Histograma!de!Ganancias!Febrero!

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Desglose!por!par!negociado:!
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EUR/JPY:!!
Nmero!de!operaciones!ejecutadas:!18!
Operaciones!Ganadoras:!14!(77,8%)!
Operaciones!Perdedoras:!4!(22,2%)!
EUR/USD:$
Nmero!de!operaciones!ejecutadas:!11!
Operaciones!Ganadoras:!10!(90,9%)!
Operaciones!Perdedoras:!1!(9,1%)!
GBP/USD:$
Nmero!de!operaciones!ejecutadas:!15!
Operaciones!Ganadoras:!11!(73,3%)!
Operaciones!Perdedoras:!4!(26,7%)!
USD/JPY:$
Nmero!de!operaciones!ejecutadas:!7!
Operaciones!Ganadoras:!6!(85,7%)!
Operaciones!Perdedoras:!1!(14,3%)!
AUD/JPY:$
Nmero!de!operaciones!ejecutadas:!1!
Operaciones!Ganadoras:!1!(100%)!
Operaciones!Perdedoras:!0!(0%)!
USD/CHF:$
Nmero!de!operaciones!ejecutadas:!4!
Operaciones!Ganadoras:!0!(0%)!
Operaciones!Perdedoras:!4!(100%)!
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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 7!
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CAD/CHF:$
Nmero!de!operaciones!ejecutadas:!3!
Operaciones!Ganadoras:!3!(100%)!
Operaciones!Perdedoras:!0!(0%)!
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Curva!del!Crecimiento!del!Balance!
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Curva!de!Crecimiento!del!Equity!

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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
TrackMRecord!Febrero!
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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 9!
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Comentario!Sobre!Febrero!
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Febrero! fue! el! mes! en! el! que! empec! a! elaborar! el! trackArecord! para! atraer!
inversores!al!fondo.!Se!puede!observar!que!la!asimetra!negativa!de!la!distribucin!
de!retornos!favorece!fuertemente!la!aparicin!de!retornos!consistentes!y!positivos.!
Pese!a!que!la!funcin!sea!!leptocrtica,!los!resultados!en!la!cola!negativa!son!mucho!
menores!que!en!la!cola!positiva!y!se!estima!una!probabilidad!superior!de!adquirir!
retornos!sorpresa!positivos!que!negativos.!
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Las! medidas! de! riesgo! para! los! arbitrajes! denotaron! una! desmejora! en! la!
probabilidad!de!no!arruinarnos!negociando!el!AUD/JPY,!el!CAD/CHF!y!el!USD/CHF!
por!lo!que!se!procedi!a!eliminar!dichos!pares!y!conformar!una!cartera!compuesta!
por! AUD/USD,! EUR/JPY,! GBP/USD,! USD/CAD,! CHF/JPY,! EUR/USD,! NZD/USD! y!
USD/JPY;!para!explotarla!mediante!el!uso!de!multicointegraciones.!
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Considerando!las!medidas!para!Ocean!Alpha!Arbitrage,!el!fondo!hubiera!tenido!!un!
rendimiento!del!8,814%!con!un!drawdown!mximo!del!4,02%.!
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10! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
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Marzo!2014!
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Ganancia!en!pips:!4280,5!!
Aumento!del!balance!(desde!el!inicio):!628,95%/62,895%!
Aumento!del!equity!(desde!el!inicio):!139,55%/13,955%!!
Mnimo!retorno!en!balance:!0,01%/0,001%!
Mximo!retorno!en!balance:!5,2%/0,52%!
Mnimo!retorno!en!equity:!A8,87%/A0,87%!
Mximo!retorno!en!equity:!12,8%/1,28%!
Drawdown!Relativo:!A39,43%/A3,943%!
HighAWater!Mark:!173,3%/17,33%!
HighAWater!Mark!desde!el!Drawdown!Relativo:!203,20%/20,32%!
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Anlisis!de!las!posiciones:!
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Nmero!de!operaciones!ejecutadas:!89!
Operaciones!Ganadoras:!89!(100%)!
Operaciones!Perdedoras:!0!(0%)!
Esperanza!Matemtica!(media!de!las!ganancias):!48,1!pips/operacin!
Riesgo!Base!(desviacin!tpica!de!las!ganancias):!26,4!pips/operacin!
Mediana:!40,2!pips/operacin!
Mxima!Prdida:!0!pips!
Mxima!Ganancia:!171!pips!
Asimetra!de!la!distribucin!de!ganancias:!2,03!
Curtosis!de!la!distribucin!de!ganancias:!6,47!
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Funcin!de!Densidad!de!las!Ganancias!

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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 1
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Histograma!de!Ganancias!Marzo

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Desglose!por!par!negociado:!
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EUR/JPY:!!
Nmero!de!operaciones!ejecutadas:!11!
Operaciones!Ganadoras:!11!(100%)!
Operaciones!Perdedoras:!0!(0%)!
EUR/USD:$
Nmero!de!operaciones!ejecutadas:!11!
Operaciones!Ganadoras:!11!(100%)!
Operaciones!Perdedoras:!0!(0%)!
GBP/USD:$
Nmero!de!operaciones!ejecutadas:!10!
Operaciones!Ganadoras:!10!(100%)!
Operaciones!Perdedoras:!0!(0%)!
USD/JPY:$
Nmero!de!operaciones!ejecutadas:!9!
Operaciones!Ganadoras:!9!(100%)!
Operaciones!Perdedoras:!0!(0%)!
AUD/USD:$
Nmero!de!operaciones!ejecutadas:!15!
Operaciones!Ganadoras:!15!(100%)!
Operaciones!Perdedoras:!0!(0%)!
CHF/JPY:$
Nmero!de!operaciones!ejecutadas:!13!
Operaciones!Ganadoras:!13!(100%)!
Operaciones!Perdedoras:!0!(0%)!
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12! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
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NZD/USD:$
Nmero!de!operaciones!ejecutadas:!10!
Operaciones!Ganadoras:!10!(100%)!
Operaciones!Perdedoras:!0!(0%)!
USD/CAD:$
Nmero!de!operaciones!ejecutadas:!10!
Operaciones!Ganadoras:!10!(100%)!
Operaciones!Perdedoras:!0!(0%)!
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Curva!del!Crecimiento!del!Balance!
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Curva!de!Crecimiento!del!Equity!

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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 1
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TrackMRecord!Marzo!

14! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 1
5!
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Comentario!Sobre!Marzo!
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Marzo!fue!un!mes!errtico!en!la!curva!del!equity,!An!as!logr!batir!el!highAwater!
mark!del!mes!de!enero!y!para!limitar!los!drawdown!en!arbitrajes!abiertos!hice!uso!
de!coberturas!sintticas!creando!derivados!hbridos!a!partir!de!arbitrajes!abiertos!
y!asegurados!y!posiciones!direccionales!en!favor!de!modelos!multivariantes!sobre!
variables!macro.!!
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Empec!a!considerar!el!aumento!del!lotaje!en!las!operaciones!a!raz!del!incremento!
del!equity!por!encima!del!100%!de!ganancia,!pero!prefer!esperar!a!un!momento!
de!estabilidad!de!la!curva!de!equity!para!aumentarlas.!
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Considerando!las!medidas!para!Ocean!Alpha!Arbitrage,!el!fondo!hubiera!tenido!un!
rendimiento!del!13,955%!con!un!drawdown!relativo!del!3,94%.!
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16! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
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AbrilM!primeros!das!de!Mayo!2014!
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Ganancia!en!pips:!5617,9!!
Aumento!del!balance!(desde!el!inicio):!1442,45%/144,25%!
Aumento!del!equity!(desde!el!inicio):!443,32%/44,33%!!
Mnimo!retorno!en!balance:!A0,79/A0,079%!
Mximo!retorno!en!balance:!3,1%/0,31%!
Mnimo!retorno!en!equity:!A23,06%/A2,306%!
Mximo!retorno!en!equity:!13,12$/1,312%!
Drawdown!Relativo:!A34,49%/A3,449%!
HighAWater!Mark:!470,71%/47,71%!
HighAWater!Mark!desde!el!Drawdown!Relativo:!233,64%/23,364%!
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Anlisis!de!las!posiciones:!
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Nmero!de!operaciones!ejecutadas:!239!
Operaciones!Ganadoras:!226!(96,84%)!
Operaciones!Perdedoras:!13!(5,44%)!
Esperanza!Matemtica!(media!de!las!ganancias):!23,5!pips/operacin!
Riesgo!Base!(desviacin!tpica!de!las!ganancias):!24,4!pips/operacin!
Mediana:!18,7!pips/operacin!
Mxima!Prdida:!A95,4!pips!
Mxima!Ganancia:!123,8!pips!
Asimetra!de!la!distribucin!de!ganancias:!0,17!
Curtosis!de!la!distribucin!de!ganancias:!5,89!
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Funcin!de!Densidad!de!las!Ganancias!

INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 1
7!
Histograma!de!Ganancias!AbrilMprimeros!das!de!Mayo

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Desglose!por!par!negociado:!
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EUR/JPY:!!
Nmero!de!operaciones!ejecutadas:!47!
Operaciones!Ganadoras:!44!(93,62%)!
Operaciones!Perdedoras:!3!(6,38%)!
EUR/USD:$
Nmero!de!operaciones!ejecutadas:!27!
Operaciones!Ganadoras:!26!(96,3%)!
Operaciones!Perdedoras:!1!(3,7%)!
GBP/USD:$
Nmero!de!operaciones!ejecutadas:!29!
Operaciones!Ganadoras:!28!(96,55%)!
Operaciones!Perdedoras:!1!(3,45%)!
USD/JPY:$
Nmero!de!operaciones!ejecutadas:!21!
Operaciones!Ganadoras:!21!(100%)!
Operaciones!Perdedoras:!0!(0%)!
AUD/USD:$
Nmero!de!operaciones!ejecutadas:!30!
Operaciones!Ganadoras:!28!(93,33%)!
Operaciones!Perdedoras:!2!(6,67%)!
CHF/JPY:$
Nmero!de!operaciones!ejecutadas:!32!
Operaciones!Ganadoras:!31!(96,88%)!
Operaciones!Perdedoras:!1!(3,12%)!
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18! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
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NZD/USD:$
Nmero!de!operaciones!ejecutadas:!35!
Operaciones!Ganadoras:!30!(85,71%)!
Operaciones!Perdedoras:!5!(14,29%)!
USD/CAD:$
Nmero!de!operaciones!ejecutadas:!18!
Operaciones!Ganadoras:!18!(100%)!
Operaciones!Perdedoras:!0!(0%)!
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Curva!del!Crecimiento!del!Balance!
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Curva!de!Crecimiento!del!Equity!

INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 1
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TrackMRecord!AbrilMprimeros!das!de!Mayo!

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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 2
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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 2
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24! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
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Comentario!Sobre!AbrilMprincipios!de!Mayo!
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Abril!fue!un!mes!magnifico!para!el!equity,!aument!de!un!acumulado!del!139,55%!
a! un! 443,42%.! Esto! justific! la! subida! del! monto! de! las! operaciones,! desde! la!
unidad! de! lotaje! hasta! las! 2! unidades! pudiendo! abrirse! la! posibilidad! de!
incrementarlo!de!nuevo!ms!adelante!en!el!mes!de!mayo!a!3!unidades.!
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La! bajada! de! la! volatilidad! en! el! mercado! de! divisas! justific! de! igual! forma! la!
subida!de!la!frecuencia!de!las!operaciones.!De!ah!el!salto!cuantitativo!de!ejecucin!
de!!89!operaciones!a!239.!!
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Considerando!las!medidas!para!Ocean!Alpha!Arbitrage,!el!fondo!hubiera!tenido!un!
rendimiento!del!44,42%!con!un!drawdown!relativo!del!3,449%.!
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INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 2
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Recopilacin!Trimestral:!FebreroMMarzoMAbrilMprincipios!de!Mayo!
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Ganancia!en!pips:!11648,5!!
Aumento!del!balance!(desde!el!inicio):!1442,45%/144,25%!
Aumento!del!equity!(desde!el!inicio):!443,32%/44,33%!!
Mnimo!retorno!en!balance:!A17,81%/A1,781%!
Mximo!retorno!en!balance:!18,8%/1,88%!
Mnimo!retorno!en!equity:!A23,06%/A2,306%!
Mximo!retorno!en!equity:!19,7%/1,97%!
Mximo!Drawdown:!A40,2%/A4,02%!
HighAWater!Mark:!470,71%/47,71%!
HighAWater!Mark!desde!el!mximo!Drawdown:!855,47%/85,547%!
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Anlisis!de!las!posiciones:!
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Nmero!de!operaciones!ejecutadas:!387!
Operaciones!Ganadoras:!360!(96,84%)!
Operaciones!Perdedoras:!27!(5,44%)!
Esperanza!Matemtica!(media!de!las!ganancias):!30!pips/operacin!
Riesgo!Base!(desviacin!tpica!de!las!ganancias):!33,3!pips/operacin!
Mediana:!29,7!pips/operacin!
Mxima!Prdida:!A95,4!pips!
Mxima!Ganancia:!172,9!pips!
Asimetra!de!la!distribucin!de!ganancias:!A0,1621542!
Curtosis!de!la!distribucin!de!ganancias:!6,16!
!
Funcin!de!Densidad!de!las!Ganancias!
!

26! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
!
Histograma!de!Ganancias!Marzo

!
Desglose!por!par!negociado:!
!
EUR/JPY:!!
Nmero!de!operaciones!ejecutadas:!76!
Operaciones!Ganadoras:!69!(90,79%)!
Operaciones!Perdedoras:!7!(9,21%)!
EUR/USD:$
Nmero!de!operaciones!ejecutadas:!49!
Operaciones!Ganadoras:!47!(95,92%)!
Operaciones!Perdedoras:!2!(4,08%)!
GBP/USD:$
Nmero!de!operaciones!ejecutadas:!54!
Operaciones!Ganadoras:!49!(90,74%)!
Operaciones!Perdedoras:!5!(9,26%)!
USD/JPY:$
Nmero!de!operaciones!ejecutadas:!37!
Operaciones!Ganadoras:!36!(97,3%)!
Operaciones!Perdedoras:!1!(2,7%)!
AUD/USD:$
Nmero!de!operaciones!ejecutadas:!45!
Operaciones!Ganadoras:!43!(95,56%)!
Operaciones!Perdedoras:!2!(4,44%)!
CHF/JPY:$
Nmero!de!operaciones!ejecutadas:!45!
Operaciones!Ganadoras:!44!(97,78%)!
Operaciones!Perdedoras:!1!(2,22%)!
!

INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 2
7!

!
NZD/USD:$
Nmero!de!operaciones!ejecutadas:!45!
Operaciones!Ganadoras:!40!(88,89%)!
Operaciones!Perdedoras:!5!(11,11%)!
USD/CAD:$
Nmero!de!operaciones!ejecutadas:!28!
Operaciones!Ganadoras:!28!(100%)!
Operaciones!Perdedoras:!0!(0%)!
AUD/JPY:$
Nmero!de!operaciones!ejecutadas:!1!
Operaciones!Ganadoras:!1!(100%)!
Operaciones!Perdedoras:!0!(0%)!
USD/CHF:$
Nmero!de!operaciones!ejecutadas:!4!
Operaciones!Ganadoras:!0!(0%)!
Operaciones!Perdedoras:!4!(100%)!
CAD/CHF:$
Nmero!de!operaciones!ejecutadas:!3!
Operaciones!Ganadoras:!3!(100%)!
Operaciones!Perdedoras:!0!(0%)!
!
Curva!del!Crecimiento!del!Balance!
!

Curva!de!Crecimiento!del!Equity!

28! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
!
TrackMRecord!con!unidades!de!Lotaje!y!ganancia!en!Pips!
Open%Time
2014.05.02%16:43:13
2014.05.02%15:55:30
2014.04.30%14:49:13
2014.05.02%16:23:03
2014.05.02%16:00:02
2014.04.24%19:40:58
2014.04.10%00:05:20
2014.05.02%15:52:02
2014.05.02%12:14:02
2014.04.30%14:45:16
2014.05.01%22:36:06
2014.04.29%05:01:33
2014.04.29%11:44:54
2014.05.02%12:06:02
2014.04.08%13:45:04
2014.05.02%14:18:03
2014.04.29%15:37:08
2014.04.30%14:49:26
2014.04.29%15:37:17
2014.04.30%22:03:22
2014.05.01%17:26:25
2014.04.30%16:16:07
2014.05.01%20:00:06
2014.05.01%15:33:08
2014.05.01%17:56:55
2014.04.30%23:30:02
2014.05.01%17:56:55
2014.05.01%17:31:02
2014.04.24%19:40:58
2014.04.11%02:00:27
2014.05.01%16:03:02
2014.05.01%15:34:07
2014.05.01%16:08:58
2014.04.30%19:21:03
2014.04.30%17:24:03
2014.04.28%15:14:13
2014.04.30%15:56:01
2014.04.30%21:44:06
2014.04.30%16:04:09
2014.04.30%18:56:13
2014.04.24%03:57:41
2014.04.28%20:53:24
2014.04.29%17:34:49
2014.04.30%18:38:15
2014.04.24%19:40:58
2014.04.24%04:14:06
2014.04.30%14:34:09
2014.04.30%17:06:05
2014.04.30%16:54:02
2014.04.24%19:40:58
2014.04.24%12:00:53
2014.04.28%07:55:47
2014.04.30%17:04:12
2014.04.30%16:00:01
2014.04.30%14:49:13
2014.04.24%16:16:02
2014.04.30%15:57:15
2014.04.28%12:46:04
2014.04.23%13:31:04
2014.04.30%16:23:36
2014.04.29%20:45:11
2014.04.30%01:34:06
2014.04.29%16:24:06
2014.04.28%12:28:20
2014.04.30%14:46:23
2014.04.30%14:29:51
2014.04.29%20:55:06
2014.04.30%14:49:13
2014.04.30%14:28:51
2014.04.29%15:39:41
2014.04.30%05:53:25
2014.04.29%17:33:10
2014.04.30%03:40:28
2014.04.29%17:44:40
2014.04.29%18:27:03
2014.04.28%22:47:08
2014.04.29%19:13:14
2014.04.29%18:35:23

Type
buy
buy
sell
buy
buy
buy
buy
sell
sell
sell
sell
sell
sell
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
sell
sell
sell
sell
buy
buy
buy
sell
sell
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
sell
sell
buy
buy
buy
buy
buy
sell
sell
sell
sell
sell
sell
buy
sell
buy
buy
buy
buy
buy
buy
sell
sell
buy
buy
buy
buy
buy
sell
sell
sell
buy

Size
x2
x2
x2
x2
x2
x1
x1
x2
x2
x2
x2
x2
x2
x1
x1
x2
x2
x1
x1
x2
x2
x1
x2
x2
x1
x1
x1
x1
x1
x1
x2
x2
x1
x2
x1
x2
x2
x2
x2
x2
x1
x1
x2
x2
x1
x1
x1
x1
x2
x1
x1
x2
x2
x2
x1
x1
x2
x1
x1
x2
x2
x2
x2
x2
x2
x2
x2
x1
x1
x2
x1
x2
x2
x1
x1
x1
x2
x2

Item
gbpusd
gbpusd
chfjpy
eurusd
nzdusd
nzdusd
nzdusd
usdcad
chfjpy
eurusd
eurusd
audusd
audusd
usdjpy
usdjpy
eurjpy
eurjpy
chfjpy
chfjpy
nzdusd
eurjpy
usdjpy
chfjpy
audusd
usdcad
usdcad
usdcad
usdcad
nzdusd
nzdusd
nzdusd
chfjpy
usdcad
gbpusd
usdcad
eurusd
eurjpy
eurjpy
chfjpy
nzdusd
audusd
audusd
audusd
eurjpy
nzdusd
nzdusd
usdcad
usdcad
nzdusd
nzdusd
nzdusd
nzdusd
audusd
chfjpy
chfjpy
chfjpy
eurjpy
usdjpy
usdjpy
gbpusd
audusd
gbpusd
gbpusd
gbpusd
eurusd
audusd
nzdusd
chfjpy
chfjpy
eurusd
usdjpy
eurjpy
eurjpy
chfjpy
chfjpy
usdjpy
eurjpy
audusd

Price
1,68703
1,68705
1,16311
1,38582
0.86112
0.85590
0.87156
1,09567
1,16356
1,38250
1,38259
0.92376
0.92578
1,02863
1,02865
1,42236
1,42078
1,16496
1,16503
0.86269
1,42019
1,02452
1,16365
0.92674
1,09600
1,09599
1,09672
1,09671
0.85590
0.86763
0.86148
1,16326
1,09790
1,68889
1,09890
1,38768
1,41966
1,41969
1,16411
0.86038
0.92974
0.92484
0.92781
1,41713
0.85590
0.86318
1,09499
1,09561
0.85688
0.85590
0.85888
0.85778
0.92601
1,16016
1,16017
1,16016
1,41604
1,02115
1,02113
1,68869
0.92703
1,68588
1,68588
1,68592
1,38624
0.92680
0.85563
1,16271
1,16266
1,38515
1,02522
1,42005
1,42005
1,16365
1,15848
1,02375
1,41335
0.92624

S%/%L
0.00000
0.00000
0.000
0.00000
0.00000
0.00000
0.00000
0.00000
0.000
0.00000
0.00000
0.00000
0.00000
0.000
0.000
0.000
0.000
0.000
0.000
0.00000
0.000
0.000
0.000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.000
0.00000
0.00000
0.00000
0.00000
0.000
0.000
0.000
0.00000
0.00000
0.00000
0.00000
0.000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.000
0.000
0.000
0.000
0.000
0.000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.000
0.000
0.00000
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.00000

T%/%P
0.00000
0.00000
0.000
0.00000
0.00000
0.00000
0.00000
0.00000
0.000
0.00000
0.00000
0.00000
0.00000
0.000
0.000
0.000
0.000
0.000
0.000
0.00000
0.000
0.000
0.000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.000
0.00000
0.00000
0.00000
0.00000
0.000
0.000
0.000
0.00000
0.00000
0.00000
0.00000
0.000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.000
0.000
0.000
0.000
0.000
0.000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.000
0.000
0.00000
0.000
0.000
0.000
0.000
0.000
0.000
0.000
0.00000

Close%Time
2014.05.02%18:01:03
2014.05.02%18:01:00
2014.05.02%17:58:42
2014.05.02%17:57:02
2014.05.02%17:53:51
2014.05.02%17:53:32
2014.05.02%17:53:25
2014.05.02%17:52:02
2014.05.02%16:34:01
2014.05.02%15:58:44
2014.05.02%15:58:41
2014.05.02%15:55:21
2014.05.02%15:55:17
2014.05.02%15:55:05
2014.05.02%15:55:02
2014.05.02%15:48:03
2014.05.02%14:03:19
2014.05.02%12:47:18
2014.05.02%12:47:03
2014.05.02%12:41:01
2014.05.02%12:11:04
2014.05.02%12:04:58
2014.05.02%01:21:03
2014.05.01%20:28:54
2014.05.01%20:06:49
2014.05.01%20:06:28
2014.05.01%19:26:55
2014.05.01%19:26:45
2014.05.01%19:20:49
2014.05.01%19:20:40
2014.05.01%18:59:03
2014.05.01%17:41:38
2014.05.01%17:26:12
2014.05.01%17:23:02
2014.05.01%16:08:12
2014.05.01%15:49:51
2014.05.01%15:42:55
2014.05.01%15:42:49
2014.05.01%15:31:14
2014.04.30%22:02:50
2014.04.30%22:02:25
2014.04.30%22:02:18
2014.04.30%22:02:02
2014.04.30%21:42:45
2014.04.30%21:06:26
2014.04.30%21:06:17
2014.04.30%20:01:02
2014.04.30%18:58:37
2014.04.30%18:54:27
2014.04.30%18:54:05
2014.04.30%18:53:42
2014.04.30%18:53:17
2014.04.30%18:46:03
2014.04.30%18:40:05
2014.04.30%18:39:30
2014.04.30%18:39:21
2014.04.30%18:38:02
2014.04.30%18:31:07
2014.04.30%18:31:03
2014.04.30%18:19:06
2014.04.30%17:04:01
2014.04.30%16:22:52
2014.04.30%16:22:46
2014.04.30%16:22:42
2014.04.30%16:21:28
2014.04.30%16:09:40
2014.04.30%16:04:02
2014.04.30%15:58:18
2014.04.30%15:58:12
2014.04.30%14:45:08
2014.04.30%14:35:17
2014.04.30%14:31:29
2014.04.30%14:31:26
2014.04.30%14:27:47
2014.04.30%05:54:26
2014.04.30%05:53:13
2014.04.30%05:53:03
2014.04.30%03:38:31

Price
1,68703
1,68705
1,16311
1,38582
0.86496
0.86494
0.86493
1,09567
1,16356
1,3825
1,38259
0.92197
0.92199
1,02863
1,02865
1,42236
1,42078
1,16496
1,16503
0.86456
1,42019
1,02452
1,16365
0.92791
1,096
1,09599
1,09672
1,09671
0.86297
0.86298
0.86268
1,16326
1,0979
1,68889
1,0989
1,38768
1,41966
1,41969
1,16411
0.86257
0.92932
0.92936
0.92929
1,41713
0.86070
0.86067
1,09499
1,09561
0.86011
0.86024
0.86028
0.86034
0.92799
1,16016
1,16017
1,16016
1,41604
1,02115
1,02113
1,68869
0.92600
1,68588
1,68588
1,68592
1,38624
0.92817
0.85762
1,16271
1,16266
1,38515
1,02522
1,42005
1,42005
1,16365
1,15848
1,02375
1,41335
0.92775

Pips
37,1
26,5
10,9
38,7
38,4
90,4
L66,3
25,5
12,5
27,3
37,6
17,9
37,9
40,2
26,3
15,6
13,9
5,9
15,3
18,7
18,9
16
10,8
11,7
17,1
0,8
9,9
9,7
70,7
L46,5
12
9,8
11
10,9
15,9
14
13,9
26,5
15,6
21,9
L4,2
45,2
14,8
10,6
48
L25,1
10,5
16,8
32,3
43,4
14
25,6
19,8
20,5
40,3
L13,7
19,3
23,9
10,1
27,3
10,3
37,2
26,4
11,2
10,1
13,7
19,9
14,9
10,6
33,9
14,5
23
36,1
19
20,6
15,2
31,6
15,1

INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 2
9!

!
2014.04.30%00:00:22
2014.04.29%19:07:30
2014.04.29%17:12:45
2014.04.28%14:08:16
2014.04.28%20:55:03
2014.04.24%19:37:22
2014.04.29%17:08:40
2014.04.29%17:35:40
2014.04.29%17:35:04
2014.04.28%21:57:17
2014.04.28%18:38:52
2014.04.28%20:53:24
2014.04.28%14:06:02
2014.04.14%00:11:16
2014.04.28%20:53:24
2014.04.28%16:59:02
2014.04.28%19:25:16
2014.04.28%17:36:50
2014.04.28%21:35:17
2014.04.28%18:21:46
2014.04.28%22:35:02
2014.04.17%06:12:18
2014.03.07%21:56:03
2014.04.03%19:05:02
2014.04.29%12:03:51
2014.04.21%17:16:05
2014.04.23%12:36:40
2014.04.28%22:59:03
2014.03.11%13:35:07
2014.04.17%06:12:18
2014.04.28%12:39:29
2014.04.28%18:37:32
2014.04.28%20:53:33
2014.04.24%16:23:24
2014.04.28%20:51:06
2014.04.28%18:46:02
2014.04.28%20:56:06
2014.04.28%18:20:28
2014.04.28%14:10:02
2014.04.28%17:38:21
2014.04.28%14:03:24
2014.04.24%19:41:06
2014.04.28%13:41:08
2014.04.28%15:15:06
2014.04.24%19:30:25
2014.04.28%13:50:12
2014.04.24%19:41:06
2014.03.21%12:46:27
2014.04.28%00:23:51
2014.04.28%12:34:22
2014.04.28%00:28:16
2014.04.28%12:40:24
2014.04.23%12:41:03
2014.04.04%10:30:12
2014.04.17%06:12:18
2014.04.24%03:56:43
2014.04.28%08:00:11
2014.04.23%12:31:11
2014.04.17%08:15:03
2014.04.23%12:39:19
2014.04.28%07:49:56
2014.04.23%13:29:34
2014.04.24%11:59:30
2014.04.24%19:31:22
2014.04.28%01:19:14
2014.04.24%19:52:41
2014.04.23%15:23:36
2014.04.23%13:28:02
2014.04.24%19:40:58
2014.04.24%15:04:02
2014.04.24%12:51:02
2014.04.24%03:52:34
2014.04.24%14:19:02
2014.04.24%16:01:37
2014.04.24%16:12:08
2014.04.24%13:48:11
2014.04.24%14:20:17
2014.04.23%14:17:47
2014.04.24%16:07:24

sell
buy
sell
buy
sell
sell
sell
sell
buy
sell
sell
buy
buy
sell
buy
buy
buy
buy
sell
sell
sell
buy
buy
buy
sell
sell
buy
buy
buy
buy
buy
buy
sell
sell
buy
buy
buy
buy
sell
sell
sell
sell
sell
sell
buy
buy
sell
sell
sell
sell
sell
sell
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
sell
sell
sell
buy
sell
buy
buy
sell
buy
buy
sell
buy
sell
sell
sell
buy

x1
x2
x1
x2
x2
x2
x2
x1
x2
x2
x1
x1
x1
x1
x1
x1
x2
x2
x2
x2
x1
x1
x1
x1
x1
x1
x1
x2
x1
x1
x2
x1
x1
x1
x1
x2
x2
x2
x2
x1
x2
x2
x1
x2
x1
x2
x1
x1
x1
x2
x2
x1
x2
x1
x1
x2
x2
x2
x2
x2
x2
x1
x1
x2
x2
x1
x2
x2
x1
x1
x1
x2
x1
x1
x2
x1
x2
x1
x2

chfjpy
eurjpy
usdcad
nzdusd
eurjpy
eurusd
audusd
chfjpy
audusd
eurjpy
chfjpy
audusd
audusd
usdcad
audusd
audusd
gbpusd
gbpusd
eurusd
eurusd
chfjpy
eurjpy
eurjpy
chfjpy
usdcad
usdcad
usdjpy
eurusd
eurjpy
eurjpy
eurjpy
chfjpy
audusd
audusd
usdjpy
eurjpy
eurjpy
eurusd
eurjpy
usdjpy
nzdusd
nzdusd
chfjpy
eurusd
usdjpy
eurjpy
nzdusd
nzdusd
audusd
eurjpy
nzdusd
chfjpy
eurjpy
eurjpy
eurjpy
eurjpy
gbpusd
gbpusd
gbpusd
eurusd
eurusd
chfjpy
audusd
gbpusd
eurjpy
chfjpy
gbpusd
eurjpy
nzdusd
nzdusd
usdjpy
eurusd
audusd
usdjpy
gbpusd
audusd
eurjpy
chfjpy
eurusd

1,16079
1,41774
1,09513
0.85446
1,41652
1,38090
0.92740
1,16074
0.92780
1,41772
1,16186
0.92484
0.92819
1,09630
0.92484
0.92681
1,68308
1,68308
1,38184
1,38184
1,16358
1,42396
1,42393
1,16748
1,09793
1,09949
1,02650
1,38680
1,42343
1,42341
1,42342
1,16679
0.92485
0.92564
1,02527
1,42016
1,41907
1,38545
1,41760
1,02361
0.85403
0.85577
1,16379
1,38442
1,02539
1,42061
0.85577
0.85581
0.92727
1,41878
0.85755
1,16555
1,42000
1,41986
1,42006
1,41980
1,68468
1,68468
1,68468
1,38727
1,38728
1,16622
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1,67886
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1,41390
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0.85703
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0.92654
1,02338
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1,41490
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1,37974

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2014.04.30%03:22:34
2014.04.30%00:44:25
2014.04.29%23:29:08
2014.04.29%20:54:07
2014.04.29%19:07:19
2014.04.29%19:02:02
2014.04.29%18:35:11
2014.04.29%18:26:02
2014.04.29%17:36:44
2014.04.29%17:33:02
2014.04.29%17:31:02
2014.04.29%17:27:11
2014.04.29%17:27:03
2014.04.29%17:12:32
2014.04.29%17:10:50
2014.04.29%17:10:40
2014.04.29%16:23:09
2014.04.29%16:23:02
2014.04.29%15:39:31
2014.04.29%15:39:27
2014.04.29%15:37:27
2014.04.29%14:07:10
2014.04.29%14:07:02
2014.04.29%14:01:03
2014.04.29%13:12:01
2014.04.29%12:02:56
2014.04.29%12:02:02
2014.04.29%11:59:47
2014.04.29%11:57:29
2014.04.29%11:56:59
2014.04.29%11:56:39
2014.04.29%11:55:01
2014.04.29%05:00:30
2014.04.29%05:00:19
2014.04.28%22:47:01
2014.04.28%22:40:02
2014.04.28%21:57:10
2014.04.28%21:50:07
2014.04.28%20:54:02
2014.04.28%20:51:10
2014.04.28%19:32:31
2014.04.28%19:32:27
2014.04.28%18:37:50
2014.04.28%18:20:11
2014.04.28%17:38:12
2014.04.28%17:38:01
2014.04.28%17:18:39
2014.04.28%17:18:26
2014.04.28%17:16:02
2014.04.28%14:02:06
2014.04.28%14:00:33
2014.04.28%13:40:03
2014.04.28%12:38:59
2014.04.28%12:36:42
2014.04.28%12:36:28
2014.04.28%12:34:08
2014.04.28%12:27:45
2014.04.28%12:27:36
2014.04.28%12:27:32
2014.04.28%12:26:04
2014.04.28%12:26:00
2014.04.28%12:24:05
2014.04.28%12:22:32
2014.04.28%08:00:02
2014.04.28%07:51:33
2014.04.28%07:48:40
2014.04.28%01:17:39
2014.04.28%01:11:13
2014.04.28%00:27:50
2014.04.28%00:27:39
2014.04.28%00:15:18
2014.04.28%00:12:27
2014.04.25%14:00:12
2014.04.24%19:54:09
2014.04.24%19:31:38
2014.04.24%16:22:56
2014.04.24%16:18:01
2014.04.24%16:14:28
2014.04.24%16:09:29

1,16079
1,41774
1,09513
0.85544
1,41652
1,3809
0.92634
1,16074
0.92787
1,41772
1,16186
0.92771
0.92771
1,0963
0.92751
0.92751
1,68308
1,68308
1,38184
1,38184
1,16358
1,42396
1,42393
1,16748
1,09793
1,09949
1,0265
1,3868
1,42343
1,42341
1,42342
1,16679
0.92376
0.92379
1,02527
1,42016
1,41907
1,38545
1,4176
1,02361
0.85297
0.85299
1,16379
1,38442
1,02539
1,42061
0.85340
0.85343
0.92634
1,41878
0.85418
1,16555
1,42
1,41986
1,42006
1,4198
1,68468
1,68468
1,68468
1,38727
1,38728
1,16622
0.92941
1,67886
1,41246
1,15854
1,68029
1,4139
0.85755
0.85755
1,02194
1,38409
0.92852
1,02338
1,67983
0.92564
1,4149
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1,37974

9,2
10,3
9,6
9,8
9,4
15,5
10,6
9,2
0,7
13,2
17
28,7
L4,8
12,9
26,7
7
24,8
11,2
34,8
24,7
10,8
123,8
L95,4
19,4
13
33,5
15,9
17,6
L66
118,3
33,7
29,4
10,9
18,5
16,6
11,6
13,1
10,3
11
18,5
10,6
27,8
14,1
17,7
19
16
23,7
23,8
9,3
11,6
33,7
8,9
11,9
L35,2
84,8
35,1
57,7
39,6
14,1
30,1
48,9
63,7
17,8
10,2
13
16,4
11,5
8,8
16,5
5,2
15
20,9
19,8
22,7
20,6
12,7
10,1
10,9
0,8

30! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
!
2014.04.24%04:02:19
2014.04.24%14:45:04
2014.04.24%04:00:56
2014.04.24%12:02:18
2014.04.24%13:40:28
2014.04.24%03:59:20
2014.04.23%14:41:50
2014.04.23%12:57:07
2014.04.24%04:03:33
2014.04.24%03:55:27
2014.04.23%12:32:25
2014.04.17%16:40:03
2014.04.23%14:16:02
2014.04.23%13:36:59
2014.04.23%12:34:09
2014.04.23%12:46:18
2014.04.23%13:30:10
2014.04.22%19:28:57
2014.04.21%17:08:31
2014.04.17%21:34:27
2014.04.21%17:10:28
2014.04.23%12:45:09
2014.04.21%20:51:53
2014.04.16%19:35:26
2014.04.23%03:30:23
2014.04.17%20:05:11
2014.04.21%05:50:01
2014.04.23%03:37:44
2014.04.21%20:55:15
2014.04.21%21:06:57
2014.04.15%18:00:07
2014.04.17%20:01:10
2014.04.21%17:14:27
2014.04.17%06:12:18
2014.04.16%19:14:28
2014.04.16%22:38:56
2014.04.14%16:25:02
2014.04.10%01:00:02
2014.04.16%13:16:24
2014.04.16%13:00:09
2014.04.16%13:02:13
2014.04.16%13:00:15
2014.04.14%03:46:06
2014.04.11%13:45:02
2014.04.11%16:02:58
2014.04.10%15:05:03
2014.04.11%09:10:30
2014.04.10%15:18:32
2014.04.08%18:03:09
2014.03.14%19:37:25
2014.04.10%13:40:00
2014.04.10%03:20:24
2014.03.26%22:34:31
2014.04.09%06:35:02
2014.04.08%18:03:17
2014.03.19%23:15:42
2014.04.08%17:45:03
2014.03.27%13:00:01
2014.04.08%12:25:02
2014.04.08%13:34:39
2014.04.08%16:05:01
2014.03.31%17:17:53
2014.03.13%12:30:02
2014.03.03%01:00:03
2014.03.28%20:06:53
2014.03.28%20:27:40
2014.03.28%20:30:17
2014.04.03%14:45:28
2014.04.02%02:10:10
2014.03.31%20:01:09
2014.03.06%21:10:10
2014.03.31%16:40:04
2014.04.01%15:30:10
2014.04.02%18:47:29
2014.03.31%15:25:17
2014.03.20%14:20:08
2014.04.03%14:44:42
2014.04.01%14:26:23
2014.04.01%14:45:02

sell
sell
sell
buy
buy
buy
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buy
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buy
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buy
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sell
buy
sell
buy
buy
buy
sell
sell
sell
buy
buy
buy
sell
sell
buy
buy
sell
sell
buy
buy
buy

x2
x1
x2
x1
x2
x2
x1
x1
x1
x2
x1
x1
x2
x2
x1
x2
x2
x1
x1
x1
x2
x2
x1
x1
x2
x2
x2
x1
x2
x2
x1
x2
x1
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x2
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x1
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x1
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x2
x1
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x1
x1
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x1
x1
x1
x2
x1
x1
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x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1

eurusd
nzdusd
gbpusd
usdjpy
gbpusd
gbpusd
nzdusd
audusd
usdjpy
eurjpy
nzdusd
nzdusd
gbpusd
eurjpy
audusd
eurusd
gbpusd
nzdusd
chfjpy
usdjpy
eurjpy
eurjpy
chfjpy
usdcad
eurusd
eurusd
eurjpy
nzdusd
eurusd
eurjpy
audusd
gbpusd
nzdusd
eurjpy
eurjpy
nzdusd
eurusd
gbpusd
usdjpy
nzdusd
eurjpy
chfjpy
usdcad
eurjpy
gbpusd
eurjpy
audusd
eurjpy
eurusd
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eurjpy
eurjpy
usdjpy
audusd
eurusd
eurusd
gbpusd
nzdusd
usdcad
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eurjpy
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chfjpy
gbpusd
nzdusd
audusd
usdcad
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audusd
nzdusd
chfjpy
eurusd
gbpusd
usdjpy
chfjpy

1,37973
0.85708
1,67734
1,02573
1,67934
1,67928
0.85870
0.92819
1,02361
1,41512
0.85906
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1,08700
0.93372
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1,67423
1,67429
1,67422
1,02272
1,41039
1,15622
1,67102
0.86240
0.92723
1,09376
1,09777
0.92391
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1,16365
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2014.04.24%16:06:04
2014.04.24%16:04:21
2014.04.24%16:03:04
2014.04.24%16:01:22
2014.04.24%14:33:02
2014.04.24%14:22:00
2014.04.24%13:39:55
2014.04.24%13:38:53
2014.04.24%12:46:09
2014.04.24%12:40:44
2014.04.24%04:13:14
2014.04.24%04:13:09
2014.04.24%03:59:01
2014.04.24%03:55:16
2014.04.24%03:54:21
2014.04.24%03:52:26
2014.04.23%14:40:25
2014.04.23%14:39:17
2014.04.23%13:57:38
2014.04.23%13:29:05
2014.04.23%13:26:24
2014.04.23%13:26:19
2014.04.23%12:44:05
2014.04.23%12:35:51
2014.04.23%12:29:00
2014.04.23%12:28:52
2014.04.23%12:26:57
2014.04.23%03:41:30
2014.04.23%03:29:45
2014.04.23%03:26:22
2014.04.23%03:24:14
2014.04.22%20:30:59
2014.04.22%19:27:21
2014.04.21%05:45:10
2014.04.21%05:45:01
2014.04.17%20:05:05
2014.04.17%14:50:47
2014.04.17%07:20:03
2014.04.17%06:10:04
2014.04.17%04:05:02
2014.04.17%00:15:04
2014.04.16%20:20:03
2014.04.16%19:30:39
2014.04.16%13:00:43
2014.04.16%12:45:38
2014.04.14%03:09:39
2014.04.11%14:10:01
2014.04.11%11:00:05
2014.04.10%20:44:38
2014.04.10%20:44:27
2014.04.10%13:57:32
2014.04.10%13:57:13
2014.04.10%13:42:24
2014.04.10%13:38:47
2014.04.10%00:42:48
2014.04.10%00:42:36
2014.04.10%00:41:31
2014.04.10%00:05:13
2014.04.09%22:20:35
2014.04.09%06:25:10
2014.04.08%23:05:02
2014.04.08%17:35:15
2014.04.08%17:35:09
2014.04.08%17:35:02
2014.04.08%16:45:02
2014.04.08%15:59:49
2014.04.08%15:29:49
2014.04.08%14:50:25
2014.04.08%13:52:02
2014.04.08%13:27:38
2014.04.08%12:23:42
2014.04.04%18:35:16
2014.04.04%18:35:08
2014.04.04%18:00:03
2014.04.04%11:41:20
2014.04.03%19:35:20
2014.04.03%14:45:16
2014.04.02%11:50:00
2014.04.02%11:46:25

1,37973
0.85548
1,67734
1,02573
1,67934
1,67928
0.85718
0.92694
1,02361
1,41512
0.86308
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1,67897
1,41615
0.92946
1,38199
1,68016
0.85898
1,16014
1,02249
1,41489
1,4149
1,16234
1,10357
1,38416
1,38419
1,41875
0.86116
1,38041
1,41719
0.93686
1,68291
0.86002
1,41726
1,41726
0.85822
1,38569
1,68307
1,01987
0.86349
1,41285
1,1607
1,10159
1,41594
1,67927
1,40578
0.94093
1,41407
1,38854
1,38842
1,40975
1,40959
1,01557
0.94358
1,38537
1,38535
1,67905
0.87127
1,087
0.93730
1,40388
1,67423
1,67429
1,67422
1,02272
1,41039
1,15622
1,67102
0.86727
0.93365
1,09376
1,09777
0.92936
0.85904
1,16365
1,37122
1,65997
1,03807
1,17396

21,8
16
14
18,1
12,1
3,1
15,2
12,5
10,1
10,4
40,2
27,7
10,4
11,8
15,7
21,2
10,2
9,4
12,3
15,1
19
35,9
30,1
18,8
36,9
18,4
12,8
L1,2
11,2
23,2
12,7
30
30,2
56,8
27,7
42,6
36,8
38,9
29,9
34,8
28,3
29,2
31,1
47,5
58
37,4
32,6
43,7
93,1
L27,5
12,6
45,5
45,1
60,6
61,5
23,2
46,2
45,1
65
35,8
56,5
96,1
58
L3,4
56,5
33,8
31,7
115,3
48,7
64,2
45
41
54,5
35,7
37,9
58,3
1,2
42,1
34

INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 3
1!

!
2014.03.31%14:50:05
2014.03.06%17:30:02
2014.03.17%17:34:48
2014.03.17%14:35:03
2014.03.26%13:34:56
2014.03.13%16:56:44
2014.03.20%16:45:25
2014.03.18%02:45:02
2014.03.12%14:35:20
2014.03.27%03:10:51
2014.03.18%17:11:29
2014.03.27%03:14:09
2014.03.14%13:05:01
2014.03.20%15:50:01
2014.03.25%20:07:38
2014.03.19%22:40:08
2014.03.19%01:53:01
2014.03.19%22:10:02
2014.03.21%17:06:31
2014.03.25%00:05:58
2014.03.19%17:01:40
2014.03.19%22:35:14
2014.03.19%23:05:04
2014.03.14%15:15:23
2014.03.06%20:51:46
2014.03.19%23:00:07
2014.03.17%12:53:31
2014.03.17%17:00:27
2014.03.12%14:05:02
2014.03.17%12:30:10
2014.03.19%15:20:04
2014.03.18%17:36:23
2014.03.12%15:56:35
2014.03.06%20:25:02
2014.03.13%12:30:15
2014.03.17%12:27:56
2014.03.18%02:40:16
2014.03.13%14:30:48
2014.03.13%12:35:29
2014.03.17%12:35:02
2014.03.14%21:39:39
2014.03.14%21:39:11
2014.03.14%19:37:34
2014.03.14%14:15:03
2014.03.14%15:00:04
2014.03.13%23:04:04
2014.03.14%15:05:02
2014.03.13%14:35:02
2014.03.06%19:40:28
2014.03.05%14:50:55
2014.03.13%16:55:03
2014.03.06%19:40:22
2014.03.07%22:20:16
2014.03.07%14:50:04
2014.03.10%14:31:33
2014.03.07%15:11:39
2014.03.11%12:36:15
2014.03.07%14:30:02
2014.03.11%21:35:02
2014.03.12%11:48:15
2014.03.12%15:53:05
2014.03.11%13:35:02
2014.03.07%22:25:30
2014.03.11%12:55:03
2014.03.11%18:00:35
2014.03.05%21:50:04
2014.03.11%22:25:13
2014.03.11%12:50:10
2014.02.20%13:35:03
2014.02.26%16:45:02
2014.03.06%20:15:09
2014.03.05%22:15:17
2014.03.07%15:11:46
2014.03.06%21:20:02
2014.03.06%20:05:03
2014.03.06%19:45:02
2014.03.06%15:40:02
2014.03.03%01:03:40
2014.03.06%13:59:20

buy
buy
buy
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buy
sell
buy
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buy
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sell
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sell
sell
buy
buy
sell
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buy
sell
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buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
sell
sell
sell
buy
sell
sell
sell
sell
buy
buy
buy
buy
buy
buy
buy
buy

x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
x1
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x1
x1
x1
x1
x1
x1
x1
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x1
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x1

eurjpy
usdjpy
chfjpy
gbpusd
audusd
usdcad
chfjpy
eurjpy
usdjpy
usdjpy
nzdusd
eurjpy
eurjpy
chfjpy
usdcad
usdjpy
audusd
nzdusd
usdcad
eurusd
audusd
audusd
gbpusd
chfjpy
eurusd
nzdusd
audusd
eurusd
gbpusd
usdjpy
usdcad
chfjpy
usdcad
audusd
usdcad
usdjpy
chfjpy
audusd
nzdusd
eurjpy
chfjpy
nzdusd
eurjpy
gbpusd
chfjpy
eurusd
eurjpy
gbpusd
eurjpy
usdjpy
audusd
chfjpy
usdcad
chfjpy
gbpusd
eurusd
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nzdusd
nzdusd
chfjpy
eurusd
eurusd
usdcad
nzdusd
gbpusd
audusd
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audusd
gbpusd
gbpusd
audusd
usdcad
eurjpy
eurusd
eurjpy
chfjpy
nzdusd
eurusd
audusd

1,42706
1,03370
1,17026
1,66761
0.92326
1,10235
1,16746
1,42328
1,03202
1,02882
0.86290
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1,39127
1,41046
1,66232
1,41177
1,01803
0.90877
1,16460
1,10657
1,17764
1,66769
1,39544
0.90366
0.85122
0.84707
1,17486
1,38948
1,38928
1,11401
0.84827
1,65928
0.89860
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1,66112
1,66566
0.90944
1,10954
1,43366
1,38992
1,43071
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0.90551

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2014.04.01%17:35:40
2014.04.01%14:26:09
2014.04.01%14:15:02
2014.03.31%19:56:36
2014.03.31%19:51:06
2014.03.31%16:35:07
2014.03.31%15:25:02
2014.03.31%14:45:03
2014.03.31%13:41:25
2014.03.28%19:37:48
2014.03.27%12:45:16
2014.03.27%03:15:35
2014.03.27%03:15:09
2014.03.27%03:08:55
2014.03.26%22:30:16
2014.03.26%22:30:03
2014.03.26%13:34:49
2014.03.26%13:32:10
2014.03.25%20:00:03
2014.03.25%16:20:20
2014.03.25%11:55:04
2014.03.21%12:48:11
2014.03.20%15:40:03
2014.03.20%15:30:03
2014.03.20%14:15:06
2014.03.20%13:55:03
2014.03.20%13:45:02
2014.03.19%23:15:30
2014.03.19%23:00:02
2014.03.19%22:40:02
2014.03.19%22:15:03
2014.03.19%20:50:01
2014.03.19%14:00:03
2014.03.19%01:52:55
2014.03.18%22:00:51
2014.03.18%20:36:27
2014.03.18%20:34:53
2014.03.18%17:16:09
2014.03.18%17:11:20
2014.03.18%02:40:10
2014.03.17%16:48:47
2014.03.17%13:09:24
2014.03.17%12:21:59
2014.03.17%00:40:25
2014.03.14%19:37:52
2014.03.14%17:20:02
2014.03.14%16:57:31
2014.03.13%23:05:37
2014.03.13%23:04:41
2014.03.13%23:03:38
2014.03.13%23:03:11
2014.03.13%23:02:06
2014.03.13%16:50:37
2014.03.13%12:56:16
2014.03.13%12:25:33
2014.03.13%12:13:21
2014.03.13%11:45:27
2014.03.13%11:17:01
2014.03.13%00:45:03
2014.03.12%18:50:20
2014.03.12%17:20:11
2014.03.12%15:53:11
2014.03.12%15:10:02
2014.03.12%14:43:29
2014.03.12%14:00:42
2014.03.12%12:10:02
2014.03.11%22:42:59
2014.03.11%22:25:03
2014.03.11%14:49:17
2014.03.10%12:06:43
2014.03.10%02:10:02
2014.03.07%22:20:08
2014.03.07%20:45:41
2014.03.07%15:00:09
2014.03.07%15:00:02
2014.03.07%14:40:02
2014.03.07%14:10:02
2014.03.06%20:50:05
2014.03.06%20:15:04

1,42706
1,0337
1,17026
1,66761
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1,42328
1,03202
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1,38301
1,65434
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1,12399
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1,11796
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1,11388
1,01501
1,16162
0.91294
0.86270
1,41855
1,16533
0.85731
1,41442
1,66323
1,16309
1,39127
1,41046
1,66232
1,41177
1,01803
0.90331
1,1646
1,10657
1,17764
1,66769
1,39544
0.90679
0.85629
0.85167
1,17486
1,38948
1,38928
1,11401
0.84541
1,65928
0.89496
0.89771
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1,66112
1,66566
0.90582
1,10954
1,43366
1,38992
1,43071
1,17376
0.85100
1,38603
0.90944

33,2
32,2
50,2
58,3
37,4
37,6
97,2
42,7
44,8
96,8
33,6
0,9
48,4
46,5
64,8
38,7
96,3
45,4
37,7
44,6
37,4
37,7
35,2
35,2
84,4
35,9
57,4
98
48,1
60,4
63
32,7
39,2
35,7
69,7
30,8
45
69,4
60,5
40
38,1
38,8
35,9
29,6
31,1
45,4
29,7
75,1
154,2
64,2
54,6
48,8
29,7
32,5
30,1
54,7
31,3
50,7
46
33,5
1,6
46,6
42,6
28,6
36,6
36,4
1,2
57,2
40,2
5,3
36,2
52,9
31,6
38,1
30,9
35,5
32,6
81,1
39,3

32! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
!
2014.02.21%19:25:02
2014.03.06%14:50:03
2014.03.05%22:25:04
2014.02.24%01:00:08
2014.03.05%21:20:06
2014.03.05%21:10:04
2014.03.05%22:37:47
2014.03.04%10:40:03
2014.03.03%10:32:13
2014.03.03%11:00:03
2014.03.03%11:15:03
2014.02.20%10:13:59
2014.02.28%14:25:02
2014.02.27%22:30:02
2014.02.18%20:50:03
2014.02.25%20:26:52
2014.02.27%13:46:02
2014.02.27%12:40:03
2014.02.27%12:44:11
2014.02.27%17:20:02
2014.02.27%13:45:54
2014.02.20%10:30:55
2014.02.21%00:20:54
2014.02.20%10:28:19
2014.02.21%15:36:13
2014.02.12%05:38:05
2014.02.24%17:46:07
2014.02.17%17:20:06
2014.02.24%17:46:15
2014.02.18%20:26:54
2014.02.18%12:30:02
2014.02.18%18:00:03
2014.02.19%22:15:02
2014.02.18%20:21:35
2014.02.20%10:10:49
2014.02.18%11:01:03
2014.02.12%23:03:14
2014.02.19%18:07:58
2014.02.10%12:11:24
2014.02.10%12:11:16
2014.02.12%03:10:35
2014.02.12%03:10:30
2014.02.18%20:30:03
2014.02.12%13:58:10
2014.02.12%13:58:05
2014.02.17%04:33:51
2014.02.13%14:00:04
2014.02.14%00:08:40
2014.02.14%14:50:04
2014.02.13%14:30:38
2014.02.11%15:02:30
2014.02.11%15:02:23
2014.02.12%23:26:59
2014.02.11%18:15:41
2014.02.11%18:15:33
2014.02.12%15:35:33
2014.02.12%23:05:07
2014.02.11%20:09:29
2014.02.11%20:09:25
2014.02.11%16:52:52
2014.02.11%16:52:47
2014.02.10%12:17:06
2014.02.10%12:16:58
2014.02.11%14:59:54
2014.02.11%14:59:49
2014.02.11%20:08:53
2014.02.11%14:57:30
2014.02.11%14:57:39
2014.02.10%11:03:20
2014.02.10%11:03:09
2014.02.10%00:43:52
2014.02.10%00:43:45

buy
buy
sell
buy
buy
buy
buy
sell
buy
buy
sell
sell
buy
buy
buy
buy
buy
buy
buy
buy
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buy
buy
sell
buy
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sell
sell
buy
buy
sell
buy
sell
sell
buy
buy
buy
sell
buy
sell
sell
buy

x1 eurjpy
x1 chfjpy
x1 usdcad
x1 usdjpy
x1 nzdusd
x1 chfjpy
x1 audusd
x1 eurusd
x1 usdjpy
x1 eurjpy
x1 eurusd
x1 usdjpy
x1 gbpusd
x1 eurjpy
x1 eurusd
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x1 eurjpy
x1 eurusd
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x1 gbpusd
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x1 cadchf
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1,42722
1,16944
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1,02997
0.84263
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1,01798
1,39999
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0.81332
0.89698
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1,02047
1,66952
1,37564
1,66897
1,66902
1,40542
1,67422
1,67043
1,01873
1,39563
1,39775
1,02269
1,39864
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0.000
0.000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000

2014.03.06%19:40:12
2014.03.06%19:40:03
2014.03.06%19:15:03
2014.03.06%17:05:04
2014.03.06%15:35:03
2014.03.06%14:45:02
2014.03.06%13:50:34
2014.03.05%16:20:07
2014.03.04%10:01:18
2014.03.04%10:00:01
2014.03.03%23:05:19
2014.03.03%10:31:59
2014.03.03%00:37:05
2014.02.28%23:58:00
2014.02.28%23:57:48
2014.02.28%12:45:49
2014.02.27%20:23:56
2014.02.27%20:23:35
2014.02.27%20:10:07
2014.02.27%19:50:03
2014.02.27%17:15:03
2014.02.27%13:45:12
2014.02.27%13:45:07
2014.02.27%12:15:02
2014.02.26%18:15:03
2014.02.26%16:42:11
2014.02.25%20:05:14
2014.02.25%20:05:10
2014.02.25%10:48:35
2014.02.21%19:25:12
2014.02.21%19:20:02
2014.02.20%13:25:03
2014.02.20%11:04:12
2014.02.20%11:03:50
2014.02.20%10:50:52
2014.02.20%10:50:52
2014.02.20%10:50:52
2014.02.20%10:08:35
2014.02.19%17:24:58
2014.02.19%17:24:53
2014.02.19%17:24:23
2014.02.19%17:24:14
2014.02.19%15:40:30
2014.02.18%20:18:52
2014.02.18%20:18:47
2014.02.18%15:30:08
2014.02.18%15:30:03
2014.02.18%11:00:43
2014.02.17%12:50:03
2014.02.14%14:45:04
2014.02.14%09:30:00
2014.02.14%09:29:54
2014.02.14%00:08:03
2014.02.13%22:15:55
2014.02.13%22:15:47
2014.02.13%07:00:00
2014.02.13%00:33:24
2014.02.12%16:07:57
2014.02.12%16:07:45
2014.02.12%13:42:02
2014.02.12%13:41:54
2014.02.12%13:41:45
2014.02.12%13:41:41
2014.02.11%20:22:52
2014.02.11%20:22:47
2014.02.11%20:09:12
2014.02.11%14:59:41
2014.02.11%14:59:26
2014.02.10%18:29:47
2014.02.10%18:29:43
2014.02.10%10:51:48
2014.02.10%10:51:34

1,42722
1,16944
1,09679
1,02997
0.84749
1,15816
0.90485
1,37245
1,01798
1,39999
1,37338
1,01374
1,67398
1,40419
1,38006
1,67301
1,39997
1,37088
1,371
1,39935
1,39449
1,39076
1,39085
1,36579
1,39887
1,36924
1,66951
1,66955
1,66713
1,02675
1,40939
1,66587
1,01771
1,37034
1,39553
1,39553
1,39553
1,39498
0.80441
0.88851
0.80413
0.88823
1,02047
1,66952
1,37564
1,66897
1,66902
1,40542
1,67422
1,67043
1,01873
1,39563
1,39775
1,02269
1,39864
1,66196
0,92504
0.90356
0.82162
1,02318
1,39074
1,02313
1,3907
1,36381
1,64559
0.89729
1,36749
1,64659
1,64094
1,36444
1,64042
1,36426

171
99,4
73,9
42,9
48,6
43,9
63
32,6
42,2
35,2
43,9
37,4
30,6
43,5
43,7
31,5
89,2
53,8
58,3
37,2
33,1
25,3
125,7
34,6
72,7
60,4
69,1
L31,4
44,6
31,8
38,6
38,7
53,3
51,3
L0,3
95,9
L23
113,9
89,1
L84,7
107,2
L103
29,3
L163,9
172,9
114,4
L58,7
75,4
32,8
61,9
52,2
L48,5
39,6
10,2
L7,9
81,4
2,7
L62,2
70,1
L3,6
54,7
17,2
21
36,7
L9,1
L1
L0,9
1,2
7,2
0,6
3,3
21

INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL! 3
3!
!
Consideraciones!sobre!el!Trimestre!y!Objetivos!Futuros!
!
Tras! haber! incrementado! el! tamao! de! las! posiciones! debido! al! aumento! y!
estabilidad! del! equity,! he! podido! comprobar! el! buen! funcionamiento! de! la!
estrategia!a!la!hora!de!alcanzar!retornos!en!exceso.!
!
Tambin,! midiendo! los! retornos! en! el! equity,! he! podido! llegar! a! una! medida! de!
riesgo!estable!para!dar!confianza!a!los!inversores!tal!que:!
!
El!aumento!del!balance!y!del!equity!ha!sido!estable!y!exponencial.!
Pese! a! la! exponencialidad! de! los! resultados,! debido! al! trading! de! alta!
frecuencia! y! el! desapalancamiento! progresivo! para! dar! estabilidad! a! la!
curva,!los!retornos!del!balance!han!ido!disminuyendo!procurando!un!menor!
riesgo!por!operacin:!
!
o Febrero!
! Mnimo!retorno!en!balance:!A17,81%/A1,781%!
! Mximo!retorno!en!balance:!18,8%/1,88%!
o Marzo!
! Mnimo!retorno!en!balance:!0,01%/0,001%!
! Mximo!retorno!en!balance:!5,2%/0,52%!
o AbrilAprincipios!de!Mayo!
! Mnimo!retorno!en!balance:!A0,79/A0,079%!
! Mximo!retorno!en!balance:!3,1%/0,31%!
!
As! mismo! se! aprecia! la! convexidad! de! los! resultados! de! los! retornos! del!
equity! donde,! el! primer! mes! existieron! altos! resultados,! el! segundo! mes!
resultados! ms! tenues! ante! las! medidas! de! control! de! riesgos! por!
inestabilidad!en!la!curva,!y!finalmente!el!tercer!mes!volvieron!los!resultados!
a!su!nivel!normal:!
!
o Febrero!
! Mnimo!retorno!en!equity:!A21,64%/A2,164%!
! Mximo!retorno!en!equity:!19,7%/1,97%!
o Marzo!
! Mnimo!retorno!en!equity:!A8,87%/A0,87%!
! Mximo!retorno!en!equity:!12,8%/1,28%!
o AbrilAprincipios!de!Mayo!
! Mnimo!retorno!en!equity:!A23,06%/A2,306%!
! Mximo!retorno!en!equity:!19,7%/1,97%!
!
Mientras! que! el! HighAWater! Mark! ha! crecido! exponencialmente,! el!
drawdown!a!permanecido!estable.!
!
En! cuanto! a! los! objetivos! futuros,! como! el! trackArecord! est! destinado! nica! y!
exclusivamente!a!hacer!las!pruebas!de!Hedge!Fund,!me!voy!a!marcar!las!siguientes!
metas!para!los!prximos!meses:!
!
!

34! INFORME!OPERATIVO!Y!TRACKHRECORD!TRIMESTRAL!
!
1. Realizar! ingresos! peridicos! aleatorios! para! adaptar! la! operativa! al!
incremento!estocstico!del!valor!del!fondo!y!simular!un!mantenimiento!real!
de!la!cuenta.!
2. Forzar!una!cada!del!equity!sin!realizar!coberturas!para!testear!bajo!estrs!
las!medidas!de!recuperacin!del!fondo!en!caso!de!crisis.!!
3. La!cada!del!equity!en!ningn!caso!podr!superar!el!50%,!en!el!caso!de!que!
sea! as! (que! supondra! una! cada! del! 5%! de! Ocean! Alpha! Arbitrage)!
activaramos!las!coberturas!para!iniciar!la!recuperacin!el!valor!inicial.!
4. Realizar!retiradas!peridicas!de!capital!en!el!proceso!de!recuperacin!para!
forzar! una! estabilidad! en! el! balance! y! tocar! estrategias! de! sostenibilidad!
con!el!objetivo!de!reducir!el!spread!balanceAequity.!
5. Finalmente!alcanzar!una!rentabilidad!del!2000%!tras!la!recuperacin!como!
prueba!de!generacin!de!confianza.!Dicho!objetivo!deber!realizarse!antes!
de!Septiembre!del!2014.!
!
Consideraciones!Finales!sobre!el!Riesgo!
!
En!todo!momento!he!tenido!muy!en!cuenta!el!tamao!de!las!posiciones!relativas!al!
incremento!del!equity.!Nunca!he!piramidado!ni!al!alza!ni!a!la!baja.!
!
Haciendo!un!estudio!del!VaR,!con!una!confianza!del!99,99%!no!perderemos!ms!de!
1,1%!por!operacin!(contemplando!nmero!de!lotes!y!equity!estables).!
!
Finalmente,! las! simulaciones! de! Monte! Carlo! nos! dan! una! ganancia! aproximada!
anual! del! 7,42%! (sin! tener! en! cuenta! la! capitalizacin! compuesta),! un! escenario!
optimista! donde! generaramos! un! 20,08%! (bajo! la! premisa! anterior),! y! un!
escenario!negativo!donde!perderamos!un!6,57%!en!el!ao.!!
!
Todo! ello! hace! que! la! inversin! en! el! proyecto! de! creacin! del! Hedge! Fund!
Ocean! Alpha! Arbitrage! sea! considerada! como! segura! dentro! de! los!
parmetros!de!riesgo!establecidos!(mxima!prdida!del!10%)!y!los!cnones!
de!la!industria.!
!
Espero!que!estn!satisfechos!con!el!informe!y!puedan!recrear!una!imagen!de!lo!que!
podra!llegar!a!ser!Ocean!Alpha!Arbitrage!atendiendo!a!los!resultados!de!la!gestin!
por!arbitrajes.!
!
!
Atentamente,!
!
!
Manuel!Aarn!Fajardo!Garca!
!
!