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Dear Fellow Investors:

The global economic stress as measured by FX short-term volatility, sovereign and

corporate CDS spreads and VIXX indices persisted in the month of February, as the
barrage of negative economic indicators remained unabated. Continued stress on the
financial sector that peaked with the record quarterly loss of AIG and the collapse of
Citigroup equity valuations has left policymakers and market participants perplexed as
to how the current turmoil will be resolved. The month of February marked one of the
most complex environments in foreign exchange that we have experienced since the
inception of the Fund, as the ambiguity in governmental commentary on interest rate
decisions and the measures being considered to aid the distressed economic climate
caused abnormal gyrations in the G10 arena. We remain committed to our long DXY bias
but as was mentioned in last month’s commentary, we have preferred to express this
through a short EUR / USD bias and selectively partially imperfectly hedge it with a lower
weighted long GBP / USD trade. We believe that the eurozone will continue to be
weighed down by the massive 1.3 tn. EUR of outstanding debt of Eastern Europe that will
be a challenge to refinance at reasonable yields in the current climate. The reversal of
our short USD / JPY hedge was well-timed, as the announcement of the reissuance of
U.S. Treasury samurai bonds to the Japanese marketplace has accelerated the upside
momentum in USD / JPY. We have decreased the size of our short EM bias as commodity
prices appear to have temporarily stabilized and we prefer to selectively express views
through cross-regional plays such as short EMEA / LatAm with underweights in HUF, PLN
and overweights in CLP, BRL. We will continue to utilize low quantities of leverage and
fewer numbers of intraday positions, as we anticipate the persistence of a high volatility
marketplace into the end of Q1 2009.


Francesco Rusciano
Managing Member
Ponta Negra Fund I, LLC and Ponta Negra Offshore Fund I, Ltd (the “Funds”) primary investment objective is
Summary to realize absolute returns of 15-20% per annum by exploiting market inefficiencies across multiple
economic cycles. The Funds employ a 100% discretionary and active trading approach within a systematic
and rule based framework to the currency markets in G10 and emerging market economies. The portfolios
are actively managed and generate returns in two ways: capitalizing on longer-term core themes and
exploiting shorter-term inefficiencies. Correlation and mean reversion models are utilized on both longer-
term core themes and shorter-term trades along with proprietary ratios that measure liquidity and volatility
in each currency pair that we trade. These ratios allow us to determine which currency pairs are most
attractive to trade within any given day. The Funds hold overnight positions less than 20% of trading days.

Instruments Traded FX spot, FX forwards and non-deliverable forwards

Ponta Negra Fund I, LLC (Onshore)

Net Monthly
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% 0.92% 1.97% 0.62% 1.05% 42.99%
2008 1.88% 2.11% 1.29% 0.55% 0.93% 1.05% 1.34 % 0.66 % 2.44% 2.53% 1.87% 5.86 % 24.85%
2009 4.16% 1.90% 6.14%
2008 & 2009 returns are unaudited
Ponta Negra Offshore Fund I, LTD (Offshore)
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2009 - 1.90% 1.90%
2008 & 2009 returns are unaudited

Average Annual Return: 31.38%

Ponta Negra Fund I, Sharpe Ratio: 3.78
Average Monthly Return: 2.62% Percent Profitable Months: 100%
LLC Return Analysis
Monthly Standard Deviation: 2.38% Best Monthly Return: 10.79%
Annual Standard Deviation: 8.24% Worst Monthly Return: 0.55%

Minimum Account: $1,000,000 Management Fee: 2.5%

Investment Terms Subscription: Monthly Incentive Fee: 25%
Lockup: NONE High Water Mark: Yes
Redemptions: 15 Business Days Written Notice Hurdle Rate: No

Jared Toren Headquarters:

Contact Information 512 306 0300 650 Fifth Avenue, 17th Floor New York, NY 10019

See important risk disclosures on following page

Return Analysis
Versus Major Indices Ponta Negra Fund I, LLC

HFRI Macro (Total) Index

Parker FX Index

S&P 500

Ponta Negra Parker Global FX HFRI Macro Total

S&P 500
Fund I, LLC Index Index

2007 Results* 42.99% 2.41% 10.70% 2.09%

2008 Results 24.85% 4.91% 7.82% -38.51%

Q1 2009 Results** 6.14% 0.35%*** 0.30% -18.60%

*2007 Results beginning February 2007, inception date of the Fund.
**Q1 2009 Results through February 2009.
***Q1 2009 Results through January 2009.

These materials are provided on a confidential basis solely for the information of those persons to whom they are delivered so they may
consider an investment in the limited liability corporation interests of Ponta Negra Fund I, LLC and/or Ponta Negra Offshore Fund I, Ltd. These
materials (which are summaries only, have been prepared solely for the convenience of interested parties and do no claim to be complete) are
not an offer to sell or a solicitation of an offer to buy securities. Such an offer may only be pursuant to the Funds’ Confidential Private Placement

An investment in any security, including the securities described herein, involves a high degree of risk. No assurance can be given that the
investment objectives of the Funds will be achieved and investment results may vary substantially on a quarterly, annual or other periodic
basis. Past performance is not necessarily indicative of future results. The investment strategies implemented by the Funds are speculative and
involve a high degree of risk. The Funds use leverage at the Managing Member’s discretion. Any person subscribing for interest must be willing
and financially able to bear the risks involved and must meet the Funds’ suitability requirements. Many alternative investment programs may
be suitable only for sophisticated investors. The Funds’ past performance is not indicative of its future results, and there can be no assurance
that the Funds will achieve their objectives or avoid substantial losses.

All indices referenced are included to show the general trend of the underlying asset classes they represent. The S&P 500 Stock Index
information is included to show the general trend in the U.S. equity markets during the periods indicated and is not intended to imply that the
Fund is similar to the index either in composition or element of risk. The S&P 500 is an unmanaged index of common stock prices and reflects the
reinvestment of dividends and does not reflect the deduction of any fees. For more information on the HFRI indices, please visit: Hedge Fund
Research, Inc., © HFR, Inc