e-Forex TraderTalk –With Giovanni Pozzi, CEO of JW Partners >>>
There was a specific contingent
reason for the addition to our
flagship multimanager product of
single manager proprietary
strategies. We had an opportunity
to have an experienced and
successful FX prop trader to join
us. His name is Alessandro
Balsotti, had an extensive FX spot
market making and prop trading
career from Chemical Bank,
through JP Morgan, then Caboto
and Abax Bank. We couldn’t miss
out on the opportunity to add
such a good balance of experience
and knowhow to the team, giving Alessandro Balsotti
continuity to the track record of the trading idea into pure diversification give the Multistrategy
the 2 strategies Alessandro had currency trades. quite stable performances
already traded for respectively 5 distribution. Having said this, 2008
and 2 years before. The main Both majors and liquid emerging has been a good year picking up in
strategy, JW FX Macro MT currencies are analyzed and used the second half when financial
implements a discretionary to express macro views. JW FX turmoil gave currency managers
approach to the FX spot market, Macro MT target a gross good volatility to work on. The fact
trying to exploit and anticipate performance of 10% excess return that due to our portfolio constraints,
‘macro-themes’ with a medium- to be achieved with 7%-8% and also to a discretionary decision,
term time horizon going ideally volatility target. JW FX Quant carry strategies didn’t represent an
from one week to several months. Short Term, added by Alessandro important % of the overall risk, the
at the beginning of 2007, is a months which were the worst forTechnical analysis is used only in
semi-quantitative strategy which the financial markets were the bestorder to fine-tune positions entry
follows a model based on chaos for us. As far as the single managerand exit and to enhance
theory, pattern recognition and strategies are concerned, recentperformance with tactical shorter
technical analysis. Time frame is global economic condition haveterm trading inside the position. A
typically intraday. Discretion is been more a positive than a negativelot of research is studied to build
applied to select trades and define factor. The JW FX Macro had athe macro view, looking across
exit points. Only the 5 majors are more challenging environment infinancial markets and converting
traded in order to achieve the the golden era of the one-take-all
superior efficiency granted from strategy of carry trade (2006, and
better liquidity. JW FX Quant ST most of 2007). JW FX Quant seems
targets are slightly more to benefit from a high intraday
conservative both in term of volatility situation like the one we
performance (6%-7%) and saw during 2008.
volatility (below 5%).
The JW Active Currency Overlay
How would you describe your team serves corporates who need
investment performance over the to hedge their foreign exchange
last year and has it been risk exposure. What strategies
adversely effected in any way by have you developed to meet
the extremely challenging global these currency overlay needs?
economic conditions? We can have with our corporate
Performance has been positive and clients a double role. We can be
satisfying for the last year. Intra consultant who will help them to
portfolio low correlation and build a proper currency overlay
|october 2009 e -FOREX 153
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