Zone
Capital's
track record
presented
below represents the trading of Malcolm Morley's
private trading vehicle, Futurestech Pty Ltd ("FT"),
from December 2003 until December 2006 and the Zone
Trading Trust 1 from January 2007 onwards.
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Year
Cum.
2004
2.8%
1.3%
(6.2%)
4.4%
4.6%
8.3%
19.0%
(6.2%)
(4.4%)
(9.4%)
5.6%
24.9%
48%
2005
18.0%
2.0%
1.9%
20.3%
11.2%
9.6%
20.8%
10.6%
23.7%
(1.3%)
33.4%
(11.8%)
246%
2006
0.9%
(4.5%)
(2.5%)
0.6%
11.7%
20.2%
8.1%
(1.8%)
(2.1%)
4.0%
(0.8%)
2.3%
39%
2007
(1.2%)
(1.5%)
0.0%
(0.0%)
0.2%
0.7%
(1.1%)
(2.3%)
8.9%
4.5%
6.7%
(1.0%)
14%
2008
1.2%
1.3%
(0.1%)
(0.6%)
(1.1%)
0.2%
(0.8%)
(1.1%)
5.9%
6.6%
4.2%
16.3%
Summary statistics of Track Record (post fees)*
Avg. Annualized Return
58%
Sharpe Ratio
1.6
Sortino Ratio
5.8
Max DD (Month end) %
18.7%
Annualized Return/ Max Drawdown
3.1
Four
things
should be
noted about
these
results:
FT
has published its trading
results
'realtime'
each
month
since
January
2004.
Zone Capital has been publishing results
since January 2007. They are
not
therefore
the
result
of
fortuitous
hindsight.
There
have
been no
systems/results
excluded
from the
Futurestech/ Zone Capital
accounts,
meaning
there is
little
or no
chance
of
portfolio
optimization.
The results below are net of
pro-forma fees, consistent with those currently
charged by Zone Capital.
These
results are completely auditable. It
should, however, be noted that audits of the
results of FT will be based on official
transaction lists in US dollars, as opposed
to Net Asset Value in Australian dollars
(marked to market at the end of the month)
reported below. As such there will be
small differences arising from:
Timing
differences
between
the US
and
Australian
end of
month
AUD/USD
exchange
rate
movements
and
the
related
hedge
that
was
maintained
in
Futurestech
Unrealized
gains
or
losses
of
open
trades
as at
the
end of
month.
Audited
returns
will
reflect
returns
based
on
closed
out
trades
as at
the
end of
month
excluding
unrealized
gains
or losses
as at
the
end of
the
month.
A
credit
adjustment
issued
by our
FX
broker
for
incorrect
trades
executed
in
December
2005
Past performance is no guarantee or reliable indication of future
results. Trading involves risk of loss and may not be suitable for you.
This material is of the nature of general information only and must not
in any way be construed or relied upon as legal, financial or
professional advice. No consideration has been given or will be given to
the individual investment objectives, financial situation or needs of
any particular person. The decision to invest is a personal decision and
involves an inherent level of risk, and you must undertake your own
investigations and obtain your own advice regarding the suitability of
this investment for your circumstances.
