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By the Opalesque Team:
In May, Opalesque reported that Astron Susilovic’s flagship fund at Global Investment Management, the High Opportunity Forex Fund had achieved an impressive 14.44% in the first seven weeks of its existence. Since then, the Opalesque A Square Database shows returns of 6.24% for June, when the firm stopped reporting.
However, also in June, Susilovic contacted Opalesque reporting: "GIM High Opportunity Forex Fund has reached a New High Watermark with 24,29 % return YTD 2011. The fund is thereby outperforming its benchmarks Barclays CTA Currency Traders Index and Deutsche BanksDeutsche Bank Currency Returns Index (DBCR) for April, May and June 2011 again."
This figure was supported by a letter dated 22nd June 2011 from the firm's administrators Apex Fund Services (Malta) Ltd.
Subsequently, in a report to auditors in the possession of Opalesque and dated 11th August, Susilovic reported a loss of 52.14% loss in the High Opportunity Forex Fund in the week July 29th – August 5th 2011.
In the report, Susilovic, who is believed to be based in Croatia, states that his firm was invested in currency pairs, with leverage of 40 times the collateral amount for a net open position (NOP) but limited to 10 times collateral for each currency pair with the interest of collateral set ...................... To view our full article Click here
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