Commodity Trading Advisors

TRADING STRATEGY
Mr. Stevens directs ACM’s Global Markets Program using his discretionary approach to trading. He developed his trading methods through years of analyzing computer models and trading systems and through his experiences trading in his proprietary and customer accounts. Mr. Stevens uses market data, including price action, volatility, interest rates, exchange rates, correlations between markets and other factors, in his decision-making process. Mr. Stevens incorporates rigorous risk management into the Global Markets Program. In general, he monitors historical volatility and adjusts position size in an attempt to maintain a balanced and equal level of risk at all times. ACM estimates that aggregate margin for all positions held in a client’s account will range between 0% and 50% of the account’s net assets. From time to time, margin commitments may be above this range. ACM foresees an average aggregate margin requirement of 12%. At times, Mr. Stevens works to build up a substantial position in one or more individual markets. He may do this in a market with little liquidity. Building up such a substantial position may mean adversely moving the market during the process of opening the position and may mean that the market would be adversely moved, sometimes substantially so, if ACM needs to close the position in a short period of time.

TRADING STYLE: Discretionary / diversified