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CTA Spotlight: AG Capital Investments

February 8, 2018

An Interview with AG Capital

We spoke with Asim Ghaffar and Roger Dowd from AG Capital Investments, and this is what they shared…AG Capital Logo

Describe your personal background as a manager:

AG Capital Investments was founded by Asim Ghaffar and Roger Dowd. Both of us have traded futures for 15 years, but we bring very different approaches to managing money in the futures markets. Asim has experience as an economics, strategy, and investment consultant, and brings a top-down view of the markets. Roger has a capital markets background, having worked on the currency desk of a billion-dollar macro hedge fund, as well as at buy-side asset managers and a proprietary trading firm.

At the end of the day, we both have experience in managing money through multiple bull and bear markets, have a similar philosophy on what drives the markets, and work very well together.

What is your investment philosophy?

AG Capital is truly a global macro investment firm: we founded the business with a desire to bring back the heyday of global macro investing that existed in the 1980s and 1990s when strong returns in all market environments were the value proposition. We believe in doing fundamental research to drive idea generation, technical analysis to identify entries and exits, and managing money by controlling our position size and never adding to losing positions.  

We concentrate capital in our best ideas and often look for fundamental shifts in the markets that might last for quarters or even years. Our goal then is to smooth the returns from these core themes by placing 2-4 week trades where we notice short-term imbalances, often due to large speculative positions that are not justified by underlying fundamentals.

What is your program strategy?

The Discretionary Global Macro program trades the most liquid 50 futures markets across currency, interest rate, equity index, and commodity futures. Our typical hold time is 2-4 weeks for short-term trades, and 2-5 months for longer-term trades. Our goal is to deliver 10+% annualized returns with a focus on downside protection by limiting drawdowns to below 25%.  

Ultimately, we believe that trading and investing is more an art than a science, and think that long-term, sustainable returns are delivered by combining solid analysis with the wisdom and experience that comes from decades of participating in the futures markets.


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Performance Capsule:

(Oct 2014 – Jan 2018)

-Minimum Investment: $100,000
-Compound ROR: 31.22%
-Peak-to-Valley Drawdown (Feb 2016-Jan 2017) -25.26%
-Margin: 5-30%
-Jan 2018 Monthly Return: 9.21%

 

 

 

Thank you AG Capital! Here’s to a great 2018!

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