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Q&A With with DynexCorp Ltd


Company Name:


DynexCorp Ltd


Contact Name:


Peter Panholzer A. James Spurway


Location:


Geneva, Switzerland


Product Name:


Dynex Currency Strategy / TETRA High Beta


Product assets:


Dynex Currency Strategy $68.5m / TETRA High Beta $77.0m


Total Assets Under Management:


$156 million


Firm Inception Date:


31 July 1990


Number of Employees:


8


Return Information


Dynex Currency Strategy


Annual Performance


1994


1995


1996


1997


1998


1999


2000


2001


2002


Since Inception



+22.7%


+34.5%


-6.5%


+10.7%


+40.4%


-9.4%


+6.8%


-8.9%


+14.9%


131%


Statistics


Annualised Performance:


+10.24%


Sharpe Ratio:


0.45


Standard Deviation:


12.67


Parker FX Index Rank as of July 2002:


1 out of 45


 

TETRA High Beta


Annual Performance


1994


1995


1996


1997


1998


1999


2000


2001


2002


Since Inception


 
 
 
 
 
 
 
 

+57.9%


+57.9%



Statistics


Annualised Performance:


+76.6%


Sharpe Ratio:


15.66


Standard Deviation:


2.04


Parker FX Index Rank as of July 2002:


N/A



What types of instruments do you trade (eg, spot, forward, options)?


USD, EUR and JPY, spot only, all over electronic trading platforms


What is the average length of time positions are held?


The length of trades varies widely, but averages three days


What is the average number of positions taken during the month?


The number of positions taken per month varies widely, but averages about eight.


Is leverage used? If yes, maximum leverage amount? Average leverage amount?


We offer custom-tailored leverage between 1:2 and 1:15.

Most popular are 1:10, 1:5 and 1:2. We also manage variable leverage accounts.


What is your outlook for the major currencies for the remainder of the year?


Pretty much neutral, unless event-driven by the US-Iraq conflict.


In which currency pair do you see the best opportunities over the next six months?


The best opportunities are, as usual, in the USD/JPY. It has always been, and remains, the best mover, most likely because of BoJ’s and BC’s continued involvement.


What opportunities do you see in emerging markets?


There may be random opportunities in these markets, but overall, they are too illiquid, and therefore way too risky.


Have FX trading portals made it easier to transact business, or have they had no effect on your business? Please explain.


FX trading portals had a tremendous effect on our business. Telephone business has almost become obsolete. Error avoidance and straight-through processing are the main benefits.


What is your biggest concern about the future of the FX market (eg, bank consolidation, liquidity, exchange rate risk, diminished personal relationships)?


We have no major concern, except overly zealous governmental, fiscal and regulatory interference.

Profit & Loss

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