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The Global Macro strategy invests on an active basis mainly in G10 currencies primarily after news events, in particular monetary policy decisions and data releases, affecting G10 currencies.

The underlying assumption is that the behaviour of participants in currency markets generates inefficiencies after these events for short time intervals (from a few minutes to a couple of days) as the market absorbs new information. The causes for such short-term mispricings can be (i) that currency market participants struggle to price new complex information, (ii) that currency markets take time to value announcements which undershoot or exceed market expectations, (iii) that currency market participants may overreact to new information which does not deviate from expectations or which does not impact macro economical fundamentals. After a certain time currency markets return to their relative efficiency and price out these inefficiencies.

The investment strategy is implemented on a purely discretionary basis, based on detailed proprietary analysis of the currency markets' historical reactions to monetary policy and news events, taking into account current market condition.

Alpha UCITS will launch two UCITS funds on the mentioned Forte Securities Global Macro strategy, to be called the Jötunn Global Macro Low Volatily Fund and the Jötunn Global Macro Growth Fund. Both will implement the same strategy, whereby the Jötunn Global Macro Growth Fund will use a higher leverage than the Jötunn Global Macro Low Volatily Fund.

The strategy has over 3 years track record with about 41% average annual returns for the Jötunn Global Macro Growth Fund and 14% annualised volatility, which is equivalent to a Sharpe ratio over 2. The strategy returned 34% net in 2016 and 48% in 2017. YTD net performance per end of March 2018 is +1%.

Paolo Zuolo said "This is an important moment for Forte Securities to launch a UCITS version of our successful Global Macro investment strategy. We believe the Forte Securities Global Macro UCITS will offer attractive portfolio benefits to long only and alternative investors in the UCITS space. The strategy has historically been uncorrelated with equities and bonds."

Alpha UCITS Ltd. is a London based company founded in 2009 by Stephane Diederich. Alpha UCITS is a specialised structuring and distribution platform for UCITS funds launched by blue chip managers.

Stephane Diederich commented: "A global macro strategy with an outstanding performance track record in a UCITS vehicle is probably high up on investors' current priorities. We are particularly excited to offer the Forte Securities Global Macro strategy to our investors as it comes with an outstanding historical performance track record and as we believe the strategy is filling a gap in the current UCITS fund offering and will continue to add value in the future."

The two Forte Securities UCITS funds have been filed with the CSSF and will be launched by Alpha UCITS in June 2018 subject to CSSF approval.