Belsize Strategy
Key attributes:
i)     Return
expectations in most market conditions
ii)    Liquidity though monthly trading window
iii)   Transparency via daily mark to market.

Organisation & Management:

CBM Investment Management
Steven Cohen CFA

Overview

Objective: To achieve consistently high positive absolute returns.

Strategy: Technical positioning on global macro economic new flow in the
most liquid equity indices, government bonds, foreign currency and
commodity asset classes. Typically 95% cash holding with the balance as
margin requirement at brokers. Disciplined trading (daily/weekly) in the
actual and synthetic futures, forward contracts, contracts for difference and
spread products, compulsory stops placed at brokers on inception of  
position.  

Risk: Gearing (the proportion of exposure to the underlying cash balance)
are capped, for each asset class at: 500% for currency, equity index and
government bond positions and 200% for commodity.  During times of high
interest rates the ability to generate excess returns will be limited.

Capital Preservation: Due to the possibility of  foreign currency fluctuations,
clients are strongly recommended to initiate a contract for difference
between their home currency and sterling for the size of their investment.

Due to firm expansion capital in this strategy has temporarily been redirected
Benchmark & Asset Allocation Range
Asset Class
Index
Benchmark Weight
Permitted Range
Cash
BAA GBP 1mth
Libor +10%
100%
80-100%
%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Year
'07
            5.9
10.0
0.3
-2.8
4.8
-5.9
12.0
'08
1.2
5.7
0.4
-2.9
-3.4
8.9
-5.9
-0.3
-1.3
9.4
11.5
-1.1
22.5
'09
-3.1
-3.6
-5.6
1.0
-1.2
-3.7
0.5
-3.9
-5.2
-5.3
-2.0
-0.1
-28.6
'10
-1.1
0.2
0.3
1.9
-0.1
1.3
-0.5
-1.0
0.7
-0.2
0.3
0.0
1.7
'11
0.8
-1.0
-0.7
1.8
-0.4
0.2
1.6
-0.4
-0.1
2.5
-0.2
-0.5
3.4
'12
-0.5
-0.5
6.5
-0.1
-0.5
-0.5
-0.8
-1.1
0.1
0.1
-0.2
0.0
2.3
'13
-0.5
0.2
-2.6
1.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1.1
'14
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.3
0.0
0.0
1.3
'15
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
      0.0
'16
                         
Performance & Exposure (Updated Oct 10th 2015)


Crystallised Cash Returns
Country
Exposure
United States
 
Japan
 
Germany (European Default)
 
UK
 
France
 
Switzerland
 
Italy
 
Canada
 
Spain
 
India
 
Korea
 
Mexico
 
Russia
 
Australia
 
Brazil
 
Netherlands
 
Commodities
 
   
   
   
Asset Class
Fund Exposure
Equities
 
Bonds
 
Cash
 
   
International contact details:
Email: admin@c-bm.biz
Skype: steven.j.cohen
 
Switzerland
Steven J Cohen CFA
Rolandstrasse 16
8004 Zurich

+41 (0)7675 367 38

Financial Intermediary
FINMA SRO Polyreg Membership
USA
Steven J Cohen CFA
California


+1.310.923.5823

Investment Adviser Firm
SEC Firm CRD # 280027
SEC Individual CRD # 6546951
UK & Rest of World
Steven J Cohen CFA



+44 (0)7770 275 489
Canada
Steven J Cohen CFA



+1.310.923.5823

British Columbia Securities
Commission Foreign Investment
Advisor
Steven J CohenCFA

Results That Count - Bespoke Advantage