Board decides on its future application of company funds and stategic plans
FX International decides to concentrate its product basis on Malta fund with Valor AI and own Genova FX management. Initiates termination of VALORs managed account in order to secure funds avaliability for further product development.
After successful initiation of the Malta structure with already invested SEK 20 million into the VALOR Global FX Fund, the Bord has decided to terminate the Valor managed account in order to free deposited funds for further product development and testing of more perspective strategies to widen the FXI product range. More information about this will be presented on an ongoing basis.
Overall deposit of the managed account over one year is 500 000 EUR, as previously reported, a balance as of June of approximately 705,000 EUR (May 687,000 EUR). At the same time, we want to clarify that the risk level in this account is very high and there is always significant risk of loss impact. The termination will work on a controlled basis with existing strategy and money management over time by stopping addition of new trading sequences and letting the existing ones reach their exit levels. The account has an equity of 470.000 EUR (May 475.000 EUR) and still runs open positions of approximately -235 000 EUR (May -221.000 EUR) that are estimated to be closed in overall profit in next 6-12 months, depending on volatility on the traded currency pairs. By making an actual closure, we will also be able have a final result on the managed account. The Board therefore chooses to discontinue this managed account as the algorithm from Valor is now also used in the Malta Fund, although with a lower risk profile. The final result will be reported on an ongoing basis until we have completely closed the account with all figures so that it is possible to clearly follow the overall development.
FXI will now concentrate on widening its product range to be able to supply attractive investment products to a wider range of possible customers. At the same time VALOR and FXI puts great effort in actual sales of the fund and subscribing new sales channel to reach its funding goals for AI2 Sicav Maltese fund.
“We, the Board believe that FXI has a unique position in being able to combine several strategies in one product in order to achieve an optimal risk and return level in a very cost-effective way through algorithm trading. We think new algorithms and more and broader products are important in order to be able to offer investors a broad range of investment alternatives in the future. Therefore, it is important for us to be able to close this account and invest in the development and validation of new potential alternatives.”, Says FX International AB (publ.), Chairman of the Board, Johan Olsson
FXI's goal is for the company to always have a balanced long-term perspective with good returns and risk diversification. More information will be provided on an ongoing basis via Spotlight Stock Market, Cision and our own channels. Feel free to sign up for ongoing and direct information.
For more information please contact;
Chaiman of the board, FX International Ab (publ.)
+ 46 705 42 46 00