Is the same as your trading in two forms of investment? Martin Rothe: The logic of the Tradingansatzes is independent of the vehicle. Risk and liquidity management are designed more as a percentage to fixed assets. Thus, the strategy is scalable. Who uses Exchange-traded and supervised futures contracts, must note the two limits: firstly, an appropriate balance of risk requires a minimum number of different markets and hence a minimum volume of account (with 300,000 managed accounts) and secondly, the supervisory authority restricted certain futures volumes per administrator. These limits but have billions of assets to the course. Between these two account sizes, our strategy is unlimited and equivalent can be implemented. Where do you see advantages of one or the other investment vehicle? What disadvantages are there? Martin Rothe: Both vehicles have immense benefits that should be weighed individually for investors. A managed account requires a personal agreement with the Thus, the investor retains investors, 100% control over his assets.

He can retrieve daily its stock and the positions and limited access the administrator only on transactions, but not on money movements. Furthermore the leverage, and thus the individual risk-taking can be set in a managed account with the administrator. At our Fund vehicles, lower investment to engage (100,000 or 10,000 at a Swiss private bank) stands out as a significant advantage. The typically higher investment volume in the Fund allows a finer diversification of positions, which is however in the long run does not necessarily yield relevant. In the institutional environment a fund is often regulatory and technical balance of advantage and an external administration allows an independent administrator review. The latter is objectively comprehensible also in a managed account due to the listing of the instruments of an investor and will be completed by the broker. As a disadvantage for the Fund can be something lead to higher cost structure and the fact that the positions are published only once a week with a fixed risk / return profile.