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Overview
TAMI actively manages client and proprietary funds under the TAMI Macro trading program. TAMI is managed from La Jolla, California by its three principals who have worked together since 1988. The principals have a significant investment in TAMI's trading program.
Strategy/Philosophy
TAMI's trading strategy is fully systematic, however, TAMI's principals on occasion may elect to modify positions or use options in order to manage program risk. The trading models utilized and markets traded will vary from time to time at the discretion of the Principals.
Program Specifics
The minimum account size for the TAMI Macro trading program is 5,000,000.*
The TAMI Macro trading program is limited to investors that are "qualified eligible persons" as defined in the Commodity Exchange Act. This limitation is sometimes referred to as a Section 4.7 exempt trading program.
The TAMI Macro trading program can be best described as a fully systematic, intermediate- to long-term, diversified, trend-following program. Initially, diversification was derived solely from the portfolio of markets selected with a single trend following model being uniformly applied to all markets traded. In an effort to produce additional diversification, TAMI implemented complementary trading models alongside the initial macro model during the first quarter of 2004. Most, if not all, of the additional models will likely be trend following in nature but attempt to capture trends under multiple time frames. In cases where the portfolio constructed for two different models is identical, the resulting trading system will appear to be "legging into" or "legging out of" trades.
TAMI will continue to utilize computer analyses to assist with both the market and model selections. While TAMI anticipates maintaining a diversified portfolio of 20-50 markets and 3-10 trading models, the markets traded and the models utilized will change from time to time at the discretion of TAMI's Principals. On occasion, TAMI may also elect to modify positions in order to manage program risk.
Position size in the markets traded is derived from return and drawdown targets. The Macro program will target an average annual return of 15-25% with annual expected drawdowns of 10-15% and an occasional drawdown of 20-25%. The program modifications implemented during the first quarter of 2004 represented a significant change in the TAMI Macro trading program and the performance results should be viewed accordingly.
* Minimum account size was established as that which will allow the entire portfolio for that trading system to be represented in the trading account.
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