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Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse,...

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17

Asymmetric Opportuni0es Fund Brad and Chris 24 th March 2017

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Page 1: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

AsymmetricOpportuni0esFund

BradandChris

24thMarch2017

Page 2: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

WhattheAOFFundisallabout

Lookingfordeepvaluesitua0onsgloballywithasymmetricpayoffs

TimeFrame–5yrs

Page 3: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

Areviewofmajorthemesweareexposedto

• GlobalInterestrates(Euribor,ShortSterling,Eurodollars–2-4yrputs)• EuropeanBanks(BBVA,CreditSuisse,Unicredit–4yrcalls)• GreekBanks(AphaBank–stock)• EuropeanInsurance(Allianz&SwissRe4yrcalls)• Japanesestockmarket(Nikkei4yrcalls)• OilMajors(RDSA4yrcalls)• Uranium(ETFURA,stockDeepYellow)• RareEarthMetals(ETFURA)• OffshoreOilService(Atwood,Tidewater,CGG,Vallourec)• Mongoliamining(MongolianMining,EntréeGold)• Shipping(ETFSEA,StarBulkCarriers,TeekayShipping)• RussianGas(Gazprom)• Goldstocks(GDXcalls,NewGold)• Euro(2yrputs)• Bitcoin(SweedishlistedBitcoinETF)

Page 4: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

Our“Big”Theme–LongShortTermInterestRates

Page 5: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

EurodollarSept2020

Page 6: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

EuriborSept2018

Page 7: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

BBVA

Page 8: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

Unicredit

Page 9: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

AlphaBank

Page 10: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

JapaneseStockMarket

Page 11: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

Gazprom

Page 12: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

OffshoreOilDrilling-Atwood

Page 13: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

OffshoreOilDrilling-Atwood

Page 14: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

Shipping–StarBulkCarriers

Page 15: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

RareEarthMetals(lesserknowbasemetals)

Page 16: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

Uranium

Page 17: Brad and Chris 24th March 2017 - s3.amazonaws.com · •European Banks (BBVA, Credit Suisse, Unicredit – 4yr calls) ... FEIU8 Parent RIC: O#FEI: 2013 2015 2016 United Kingdom Price

Wehaveboughtintodeepvaluesitua0onswithasymmetricpayoffs

Nowallweneedpa0enceand0me

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