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Manager’s Comments
Global risk (as measured by FX short-term volatility, equities, the VIXX index and CDS spreads) remained
Return Analysis range-bound in May as many traders seemed anxious to take strong views on longer-term directionality.
Compounded Average Annual Return: 39.68% As we had anticipated, inter-day volatility began to spike in the last week of the month as commodities
Compounded Average Monthly Return: 3.31% appeared to have peaked short-term, causing a surge in the DXY index (a weighted basket of currencies
Monthly Standard Deviation: 2.75% versus the USD). We noted in the April newsletter that we believed the strong bid to commodities could
Annual Standard Deviation: 9.54% deter the appreciation of DXY in the short-term and, although it did in May, DXY outperformed on a risk-
Sharpe Ratio: 3.24 adjusted basis, implying that a sharper decline in the commodities basket could accelerate the USD's
Percent Profitable Months: 100% upward trend. We continue to maintain our long DXY bias (hedged through non-USD crosses aimed at
Best Monthly Return: 10.79% lessening short exposure in commodity-based currencies), looking to enter and exit intra-day at
Worst Monthly Return: .55% advantageous levels utilizing our correlation and mean reversion models. The appreciation of Emerging
Market currencies that was experienced at this time last year is also stalling and thus, as this quarter
comes to an end, we will seek to eliminate any outright EM versus G7/G10 bias, preferring to construct
our portfolio on a strictly relative value basis in the Emerging Markets space.
Investment Terms
Minimum Account: $1,000,000 Investment Strategy
Subscription: Monthly Ponta Negra Fund I, LLC is a foreign exchange fund that focuses on the trading of spot, forwards, non-
Lockup: NONE deliverable forwards and options in G10 and Emerging Market economies. The fund’s primary investment
Redemptions: 15 Business Days Written Notice objective is to realize non correlated absolute returns by exploiting short term inefficiencies and
Management Fee: 2.5% capitalizing on longer term core themes.
Incentive Fee: 25% Risk Management
High Water Mark: Yes The Fund actively manages emerging market exposure, cross correlation risk, cross region risk and
Prime Broker: Citibank duration risk. The fund initiates stop loss levels at .25% of notional upon execution of a position and has
Administrator: PFG historically held positions overnight only 15-20% of the time. The number of positions and the quantity
of leverage utilized are dependent on liquidity and FX volatility.

Contact Information/ Marketing Growth of $1,000,000 (Since Inception)

Partners Ponta Negra Fund I, LLC Performance
Onyx Capital, LLC
Jeffry Schneider
Jared Toren
512 617 6335

Net Monthly Returns

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2007 - 3.44% 7.57% 10.79% 2.92% 3.74% 1.67% 2.12% .92% 1.97% .62% 1.05% 42.99%

2008 1.88% 2.11% 1.29% 0.55% 0.93% 6.94%

interests through the Managing Dealer, Puritan Securities Inc. (“Puritan”), and other approved NASD broker-dealer firms. The principals of Onyx Capital, LLC, the Fund’s marketing
forth herein are based on information that Ponta Negra Group, LLC, the Fund’s Investment Manager (the “Investment Manager”) believes to be correct. Past performance is not