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Athena Currency Arbitrage Fund (ACAF) is a sub fund of Athena Diversified Fund Limited (ADFL). The fund is domiciled in Bermuda and is authorised and regulated by the Bermuda Monetary Authority

Investment Objectives and Risk

The primary objective of this fund is to seek profits from arbitrage opportunities in currency markets. The fund does not aim to take any directional bets or net open positions. Therefore, it does not carry any beta risk with respect to the chosen currency pair. It seeks alpha from differences in pricing in various markets for a chosen currency pair.

Investment Approach

The fund can invest directly in various currency instruments that may be suitable or invest in underlying funds to enable it to access more profitable opportunities. All trades are either exchange traded securities of currency forwards with high quality and acceptable banks as counterparties.

Target Returns

The nature of the fund does not warrant any benchmark but the fund seeks to significantly outperform cash / bank deposit returns with zero to negligible addition to risk. Targeted gross returns are 0.5% to 2% per month i.e. equivalent to 6% to 24% per annum.