Download - 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

WhattheAOFFundisallabout

Lookingfordeepvaluesitua0onsgloballywithasymmetricpayoffs

TimeFrame–5yrs

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)

Our“Big”Theme–LongShortTermInterestRates

EurodollarSept2020

EuriborSept2018

BBVA

Unicredit

AlphaBank

JapaneseStockMarket

Gazprom

OffshoreOilDrilling-Atwood

OffshoreOilDrilling-Atwood

Shipping–StarBulkCarriers

RareEarthMetals(lesserknowbasemetals)

Uranium

Wehaveboughtintodeepvaluesitua0onswithasymmetricpayoffs

Nowallweneedpa0enceand0me