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	{name} {position} {company}      QUICK LINKS  » About Us  » Operations  » Investments  » Vehicles  » Management  » News      APR 2008  fxST (Growth)  fxST (Aggressive)  fxMT (Growth)  FX Medium Term  FXG10 Strategy  Month Return  (a) 0.46 %  (a) 0.92 %  (a) -0.71 %   (e) -2.26 %   (e) 2.80 %   YTD Return (a) 0.37 %  (a) 0.74 %  (a) 1.04 %   (e) 1.34 %  (e) 8.19 %               Vehicle Managed Acct  Managed Acct  Managed Acct  SPC Fund  SPC Fund   Currencies G7  G7  G10  G10  G10   Instruments Spot/Forward  Spot/Forward  Spot/Options  Spot/Options  Spot/Forward   Inception 01-JAN 1999  01-JAN 1999  01-JAN 2003  01-FEB 2007  01-MAR 2008   Strategy Short-Term  Short-Term  Medium-Term  Medium-Term  Long-Term   Style Discretionary  Discretionary  Systematic  Systematic  Systematic   Strategy AUM $ 62.00 M  $ 62.00 M  $ 10.00 M  $ 1.50 M  CHF 0.7 M               Track Record » PDF Link  » PDF Link  » PDF Link  » PDF Link  » PDF Link   Presentation » View Link  » View Link  » View Link  » View Link  » View Link      Capricorn fxST (Growth) and (Aggressive)       The second quarter of 2008 started where the first quarter left off, market news dominated by discussions of whether the US is entering into a recession, increasing commodity prices and a falling dollar. EUR/USD maintained its bullish run from 1.5600 until it broke the crucial 1.6000 level on April 22 and thereafter falling back with little resistance. GBP/USD traded within a fairly broad range during April between 2.0000 and 1.9600 offering many trading opportunities, however we found it a challenge to analyze a technical picture from the fast moving currency pair. Our views for the month were biased towards dollar strengthening so we decided to traded USD/CHF instead, which from a technical perspective gave a stronger indication that further dollar downside below parity was limited. The program benefited from the high degree of discipline in our methodology, whereby we patiently waited to time our entry and held both our profit levels and stop losses.     Capricorn fxMT (Growth) and FX Medium Term       Performance for April was slightly negative, AUD/USD contributed most to performance whereas GBP/USD contributed negative. Volatility at the start of April was still high, but slowly decreased during the month, thereby having a negative impact on our long option positions. This together with limited movement in especially GBP/USD contributed to the negative performance for the month. Position focuses for May are: GBP/USD, AUD/USD, EUR/JPY, NZD/USD and EUR/USD. Implied volatilities and paid premiums suggest a continuation of general dollar strength.     Capricorn FXG10       Main positions for the month of April were in GBP/JPY & NZD/USD. The low volatility together with the increased risk appetite for carry trades was the main factors for April’s positive performance. For the coming month we see this continuing and will be adding to the existing positions as well as evaluating new positions in commodity linked currency pairs. Best Regards,       Mikkel Thorup Chief Investment Officer Founding Partner Capricorn www.capricornfx.com mt@capricornfx.com        Mike Rasmussen Chief Operating Officer Partner Capricorn www.capricornfx.com mr@capricornfx.com   Administrative office: Wehntalerstrasse 190, CH-8105 Regensdorf/ZH, Switzerland, Tel: (+41) 44 340 0080, Fax: (+41) 44 355 3208 Your Subscription Details This is the Capricorn FX Investment Month-end report. For further information please goto: www.capricornfx.com or e-mail Your are currently subscribed to the following email - {e-mail} {unsubscribe link} The Disclaimer Information contained herein was obtained from sources that we believe to be reliable. You may refer to it, but we do not guarantee its accuracy or completeness. This information is provided on condition that we accept no responsibility, legal or other for its contents, We, including our directors, officers, employees or publishers, disclaim all liabilities. Any statement constitutes only current opinions, which are subject to change. Neither the information nor any opinion expressed shall be construed to be, or constitute an offer to sell or a solicitation of an offer to buy any investments mentioned herein. Prices can go down as well as up. There is a significant risk involved in derivatives trading, and this could lead to a loss of all monies deposited. Past performance is no guarantee of future results. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. PRICES CAN GO DOWN AS WELL AS UP. THERE IS A SIGNIFICANT RISK INVOLVED IN FX TRADING. CONDITIONS CAN VARY FROM CLIENT TO CLIENT, AND THEREFORE INFLUENCE PERFORMANCE.