Products | INTL Consilium © 2008

INTL Consilium, LLC offers investment products employing the following strategies:

This strategy focuses on relative value trades, balancing long positions against short positions such that the portfolio is relatively unaffected by the direction of the overall market. Return is obtained by capturing the difference between long position performance and short position performance. We seek absolute returns, seeking to generate positive performance regardless of whether the market is up or down.

Using this approach we seek these absolute returns in emerging markets debt and equity securities while still maintaining attractive risk-adjusted return profiles. The returns generated show little correlation to either the EMBI or other broad market indices.

Our research approach combines both fundamental, bottom up analysis--- often done on-site by our research analysts-- combined with a top-down view of market liquidity, economic, political, and industry-specific trends. Our portfolio construction emphasizes low net market exposure, moderate use of leverage and effective diversification to minimize volatility.

At any given point in time we might employ a variety of different portfolio strategies to include:

Corporate Credit Relative Value
Yield Curve Relative Value
Cross-Country Long / Short
Credit Default Swap Basis
Cross Currency Relative Value
Credit Long / Short
Equity Long Short and Relative Value
Domestic - International Share Class Relative Value
Capital Structure Share Class Relative Value
Stressed / Special situations

These strategies are designed to produce returns not correlated with any major asset class. This will be accomplished by trading almost exclusively in arbitrage scenarios. Capital preservation will be of paramount concern. Using this approach we seek anomalous relative asset pricing and trading opportunities in capital markets, endeavoring to arbitrage between the current perceptions of value rather than relying upon the uncertain evolution of future value. The strategies employed will largely be confined to three distinct types of arbitrage:

Rio Cristo, Brazil

Rio Cristo, Brazil

Convertible bond arbitrage may contain, in varying degrees three types of arbitrage; interest rate, equity derivative and credit arbitrage. This approach pursues traditional and more esoteric forms of arbitrage in this area, without remaining reliant on the factors that have made it so successful in the past, i.e. high equity volatility and stable credit.

Capital structure arbitrage involves the use of two distinct classes of capital, most usually of the same issuer. It most commonly uses a corporate bond, an equity option, equities or CDS (Credit Default Swaps). The underlying premise is to utilize the different value placed on a company's assets by the debt and equity markets, allowing a debt investment to be paired with an equity hedge or investment to produce an acceptable risk return profile.

Special situation arbitrage may be conducted across asset classes and also in assets of different legal entities. This style of arbitrage will be used principally to gain exposure to corporate action activity; this investment approach will not execute traditional merger arbitrage or pair trades.

Focusing on emerging market debt combined with credit derivatives such as options, swaps and futures, INTL Consilium is the investment sub-adviser to two absolute return portfolio products that are part of the American Express World Express Funds family. These funds are investment companies with variable capital ("SICAV") formed under Luxembourg law as undertakings for collective investment in transferable securities ("UCITS"). Both operate under UCITS III regulations and are not available to US persons. More information on these funds can be found by contacting your local American Express funds representative or visiting their website at http://www143.americanexpress.com/

FOR MORE DETAILED INFORMATION ON INVESTMENT PRODUCTS INCORPORATING THESE STRATEGIES, PLEASE REGISTER IF YOU ARE VISITING FOR THE FIRST TIME. YOU MAY LOG IN DIRECTLY USING THE LOGIN LINK ABOVE IF YOU HAVE ALREADY REGISTERED OR REGISTER NOW USING THE LINK BELOW:

INTLConsilium.Com © 2006