Forex Investment and Currency Trading

1. Long RUB in 12-month NDF versus a basket of 55% USD/RUB and 45% EUR/RUB with a stop on a one-day close of the basket above 29.97.
2. Long MYR/PHP positions with a stop on a one-day spot close now below 13.40.
3. Short US$/CHF at the level of approximately 1.0170 with a stop on a one-day close above 1.0520.

Top Trades for 2008

1. Long a basket of MYR, SGD and TWD, funded in US, opened on 28 November 2007 at
100, now 104.80 spot, 3.09% carry adjusted performance.
2. Close short GBP/JPY, opened at 228.259, closed on 24 January for a total return including
carry of 8%.
3. Short Gold (in US$), now 896.0 spot, -7.29% carry adjusted performance.
4. Long a basket of BRL, RUB and CZK funded in CAD, GBP and US$, in equal parts, now
112.10 spot, 12.06% carry adjusted performance.
5. Short 10-yr C$ bond futures vs. receiving CHF 10-yr swaps. Opened at 87.2bp, now 8bp.
6. Long CNY versus the estimated PBoC reference basket of 90% USD and 10% EUR via 2yr
NDFs, carry adjusted performance: -4.68%.
7. Short NZD/BRL at the spot of 1.3380, now 1.2244, carry adjusted performance: 7.94%.