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NuWave opens electronic futures portfolio to outside investors

NuWave Investment Corp. has re-opened its fully automated, Electronic Futures Portfolio and taken in new investments of USD 16 million during October.

Originally opened in March 2001 as a short-term proprietary trading vehicle, this portfolio has been closed to new clients since May 2001. Targeted capacity for this portfolio will initially be limited to USD 25 million.

Troy Buckner, Principal at Morristown, New Jersey-based NuWave, said:  "Additional capacity beyond this point will be revisited after we have had an opportunity to evaluate whether our trading is starting to impact the market. I expect that NuWave will likely be able to handle more money in this portfolio, especially when we expand to electronic markets beyond the Nasdaq and S&P. But we don't want to get too far ahead of ourselves and will cross that bridge when we come to it."

The Electronic Futures Portfolio offers very low volatility and zero correlations from a fully automated, short-term trading style. The portfolio consists of multiple models trading across various time frames in the e-mini NASDAQ and S&P Futures contracts.

Both momentum and counter-momentum strategies are employed. Orders are sent directly to the exchange with no user interaction, helping to facilitate complex trading and money management strategies while avoiding discretionary overrides.

Background Note:  Established in 2000, NuWave Investment Corp. is an investment management and trading organization established for the purpose of researching, developing, and managing a variety of quantitative strategies designed to obtain quality returns from the futures and equities markets.  

copyright hedgeweek 2003

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