Avail Capital Group
Avail is a different type of fund management company. Our objective is to provide capital appreciation through trading and arbitrage differences discovered by using algo-rhythmic software. Although the strategy and asset allocation utilized by the ACG Partnership is primarily centered around trading currencies, the Investment Manager intends to follow a flexible approach in order to place the Partnership in the best position to capitalize on opportunities in the financial markets.
OUR CORE VALUES
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HONESTY
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INTEGRITY
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TRUST
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Hedging
Portfolio hedging typically involves equity index futures, ETFs, or equity options. Long equity exposure in the Partnership is partially or fully offset with short futures positions or equity put options when signaled by a specific moving average crossover occurrence. Hedges typically remain in place until such
time as market index prices exceed the short-term moving average used in the signal. During periods in which the hedge indicator is signaled, the Partnership frequently enters short positions for short-term trading
in equities.
Leverage
The Partnership may employ portfolio margin in its trading and is authorized to borrow from banks and use brokerage account margin in order to leverage the return of the Partnership’s portfolio to take advantage of particular market opportunities. It is expected that the majority of the cash available will be utilized to purchase securities or options during the life of the Partnership. In certain specific times, the Partnership may utilize its cash to take long positions and purchase call options or sell put options that are “in the money” and the option gets exercised. The Partnership does not maintain any specific leverage ratio. Investors should take note that any use of leverage increases volatility and investment and would likely result in unrelated business taxable income for tax-exempt Investors such as IRAs and ERISA Plans.
Absolute Return
The Investment Manager seeks absolute rather than relative returns. Absolute returns produce real profits or losses whereas relative returns are achieved by doing better or worse than some industry benchmark, regardless of actual profit or loss. For the conventional money manager using classic long position equity strategies, investment performance success is customarily measured by how well the Investment Managers perform relative to an underlying stock index such as the NASDAQ 100, Dow Jones Industrial Average or S&P 500. If the market as a whole is down, the conventional money manager’s portfolio is “expected” to be down. Should the NASDAQ 100 lose, say, 20% of its value, the traditional money manager is judged a “success” if its portfolio only loses less than that amount, say, 15%. By seeking absolute returns, the Investment Manager does not seek to outperform particular market index benchmarks and does not consider it particularly useful or relevant to compare Partnership returns to traditional market indices. Instead, the Investment Manager expects the Partnership’s returns to fall within a certain positive range regardless of how the markets perform.
The Investment Manager may cause the Partnership to invest in short-term debt instruments, money market funds or similar temporary instruments pending full investment of the Partnership’s capital as well as at other times deemed appropriate by the Investment Manager, such as for defensive purposes. It is not an investment goal of the Partnership to be fully invested at all times.
Cash Positions
There are no limitations on the amount of money that the Partnership may invest in any single position. As such, an investment in the Partnership may entail more risk than may be found in a more diversified investment portfolio. The Investment Manager believes, however, that its strategy of generally trading in hedged or offsetting options positions has a tendency to counteract the risk that may exist due to concentrating the Partnership’s various positions in any single market index or due to large individual positions.
Position Limits
The Partnership does not expect to make any distributions to Limited Partners out of the Partnership’s current earnings and profits. Rather, the Partnership will reinvest such income. Potential investors should keep this limitation in mind when determining whether or not an investment in the Partnership is suitable for their particular purposes.