We have employed analytical methodologies firmly rooted in economic and statistical theory. Our models were designed using market principles that have stood the test of time. The components used in this model are a designated by specific market rules which combine a maximum of 50% medium term trend following and 50% counter trend analysis techniques There has been no use of optimization in the development of the components making up the trading process. The statistical discipline of entry and exit mechanical rules has developed to its current state over the years. The Corymb Capital Model was developed and modified over the last 15 years and is comprised of components, which have been used throughout this period to achieve consistent, profitable trading results. There is a great emphasis on the risk management of the fund. Corymb Capital's extremely strict risk management principals are adhered to which ensure a low volatility and standard deviation in trading results.

Methodology

We believe that an investment strategy can only be as successful as the discipline of the manager to adhere to its requirements in the face of market adversity. Unlike discretionary traders, whose decisions may be subject to behavioral biases, our traders apply a disciplined investment process. By quantifying the circumstances under which key investment decisions are made, our methodology offers investors a rational approach to markets, unswayed by judgmental bias.

Detecting Repetitive Price Behavior.
Our well-researched investment process uses a consistent approach whose fundamental principles have not changed over the life of the firm. Our computer systems examine market data for relationships among movements in prices, detecting frequencies or repetitive behavior hidden within thousands of pieces of raw price data. The models are skilled at signal identification -- separating short-term market noise from relevant information -- and locating a directional opportunity that has favorable risk characteristics. These individual opportunities are bundled to construct portfolios designed to capitalize on market trends with the goal of generating sound returns.

In practice, this systematic process may dictate that we close positions with a loss in order to provide downside protection, but it also may ensure the discipline to stay in markets that are quiescent for long periods of time in order to achieve possible long-term gain for our investors. In either case, our investments reflect our trading models' assessment of the market itself, not a trader's emotional response.

Adapting to Changing Market Conditions.
We maintain an absolute commitment to consistent portfolio construction and program integrity. We have never been persuaded by short-term performance to change the elements of the portfolios, although adjustments may be made over time. Nor, over the years, have we changed the basic methodologies that identify signals across markets. The confidence we place in the efficacy of our investment process is the very reason that we have been able to recoup profits rapidly in the past after periods of negative returns and have provided excellent long-term performance. Being disciplined and systematic does not mean we have a "black box" process. Our investment process is dynamic, involving periodic adaptation to changing market conditions and decisions on such matters as portfolio weightings, position size, effective trade execution, capacity and entry into new markets -- all of which depend on professional experience and market knowledge. These changes are made in the context of our underlying principles

Philosophy

Our View of Markets and Trends.
Analyzing historical data, our models have revealed that market adjustments sometimes form trends. We believe there is an inherent return in participating in price movements that reflect those trends, and we seek excess returns arising from volatile and uncertain financial and nonfinancial markets. What we don't try to do is predict trends. While confirmation of a trend's existence is sought through a variety of statistical measures, no one can know a trend's beginning or end until it becomes a matter of historical record. Trending markets can experience fluctuations in price which may or may not signal fundamental shifts in direction. Consequently, we cannot expect to enter a market at the precise moment a bottom is hit, nor will we exit a market at the exact top, when the trend ends.

Prices: The Foundation of Our Analysis.
Our understanding of the nature of markets is based on the hypothesis that people's expectations adjust slowly and manifest themselves in long-term price trends. These trends can be analyzed and exploited in our investment decision process. A second hypothesis is that prices eventually will reflect all relevant information. That is, anything that could possibly affect the market price of a commodity or financial instrument -- including fundamental, political, or psychological factors -- will be reflected in the price over time. Initially, prices may over or under react to new information. In addition, price signals can be noisy and may have to be filtered to discover the underlying true information. Nevertheless, a study of market price, rather than market fundamentals, is the foundation for our analysis.

Trends:
We have observed that prices move in trends that are highly complex and difficult to identify. As a corollary to that premise, trends often last longer than most market participants foresee. There are many elements to our philosophy on investing and markets. Among them is the fact that we maintain a long term perspective on the markets we trade. As long as our models indicate that a particular risk/return opportunity continues, we will stay positioned to achieve that others - with a shorter-term perspective - may not.