Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
IXI ICAV – IXI Grow Fund specializes in systematic foreign exchange (FX) trading. The fund utilizes proprietary algorithmic models and quantitative techniques to identify and capitalize on trends in currency pairs and spot gold. The strategy is designed to capture momentum and exploit the trends while managing drawdowns. The investment approach is data-driven, leveraging high-end mathematical and statistical methods to generate alpha. Emphasis is placed on rigorous back testing, robust risk management, and adaptive algorithms to respond to an ever-changing FX market. \r\n\r\nIXI ICAV offers monthly liquidity to qualifying investors and with no redemption fees, penalties or lockups.\r\n\r\n*Past performance does not predict future returns. Performance varies depending on how the market performs and how long an investor keeps the investment/product. Please refer to the Prospectus and Offering Documents of the ICAV before making any investment decisions.
Investment risk management is embedded in our strategies on a pre-trade and post-trade basis. <br><br>\r\n\r\nPrior to the launch of a new systematic strategy, the strategy must undergo rigorous backtesting and evaluation across several risk/return metrics by the Portfolio Management team as well as independent assessment and model validation by the Risk Management team to determine the strategy’s robustness. Models are calibrated to reflect our target risk appetite i.e. our appetite for leverage, volatility and max drawdown and any pre-trade risk limits are embedded in the models. Once strategies prove to be robust in consistently delivering high risk-adjusted returns across different time periods and regimes, they are presented to the Investment Committee for review and if approved they go live.\r\n\r\nThereafter, we employ a post-trading risk management approach whereby we closely monitor a number of key risk indicators with ultimate purpose to identify whether our risk/return targets are being met within a reasonable range. Those KRIs are compared to different thresholds, the Early Warning Level, the Risk Tolerance Level and the Stop Loss Level; increasingly reflecting the deviation of the investment performance from our target risk profile and the historical behavior of our strategies. Different corrective actions are associated with each threshold. \r\n\r\nThe company aims to maintain a strong, well-defined and holistic Risk Management Framework characterized by effective and comprehensive risk governance. The main pillars forming the risk management framework are as following:\r\n\r\n• Strong Risk Governance – Risk Culture\r\n\r\nThe Board of Directors and Senior Management are responsible for the overall Risk Strategy. The BOD approves all risk policies and are responsible for the oversight of their implementation. The Risk Manager reports directly to the Board and also serves as an Executive Member of the Board. The Company has adopted the “Four lines of defense model” to develop a strong Risk Governance Framework. This governance model is utilized to facilitate an effective risk management system by having separate and clearly identified lines of defense and promote risk ownership, accountability and segregation of duties. Utmost importance is placed in building a sound risk culture of risk awareness and risk management embedded within all functions to promptly identify, measure, monitor, manage and report all risks affecting the managed assets.\r\n\r\n• Holistic Risk Management\r\n\r\nThe company takes a holistic view on risks, covering all applicable types of financial, operational, compliance, reputational and strategic risks - quantifiable and qualitative risks.\r\n\r\n• Formalized Risk Appetite\r\n\r\nRisk Appetite clearly articulates the company’s attitude towards risks, promotes informed and consistent risk-based decisions and alignment with strategic objectives. The company has formulated a Risk Appetite Framework (RAF) Policy where it has:\r\n\r\n· identified all the risks to which the managed assets may be exposed\r\n\r\n· formalized the company’s Risk Appetite towards all identified risks\r\n\r\n· defined Key Risk Indicators (KRIs) and associated Risk Limits (where appropriate) for each risk type (both quantitative and qualitative risks)\r\n\r\nassigned risk ownership for all identified risks\r\n\r\n• Risk Limits – Systems & Controls\r\n\r\n· Risk Limits are cascaded from Risk Appetite levels to ensure that risks remain within the overall Risk Appetite\r\n\r\n· Risk Limits monitored live, daily, monthly depending on the KRI metric\r\n\r\nSystems and strong controls to ensure compliance with policies, procedures and risk limits
Dr. Aristodemos Cleanthous - Executive Director & CIO
Dr Aristodemos Cleanthous is responsible for managing the FX strategies. Priorly, he worked for Trading Point of Financial Instruments for four years, where he was an analyst specializing in FX technology and algorithmic trading. His work with Trading Point Asset Management, enabled him to focus on the development of model-based FX strategies, applied in the portfolio management activities, proprietary trading and risk management activities of the group. Aristodemos received a BSc. in Mathematics and Economics from the London School of Economics (LSE) followed by a Master's (MSc.) degree in Computer Science at University College London (UCL). He pursued a solid understanding in Artificial Intelligence via a Ph.D. degree in Computational Neuroscience obtained at the University of Cyprus.
Dr. Maria Papakokkinou - Executive Director & COO
Dr Maria Papakokkinou has joined the group in 2018 and brings along extensive experience in the field of algorithm trading of the FX, Fixed Income and Stock Index markets. She has served as a Member of the BoDs of the European Hedge Fund IKOS since 2010 and was the Director of Portfolio Management of the group for 10 years specializing in the development of models to trade FX and Fixed Income assets. Prior to that she served as a VP at Citigroup's commodities exotics derivatives trading desk and at JPMorgan's FX and commodities exotics trading desk in London. Maria has completed a PhD in Mathematical Finance at Imperial College where University of London and Citigroup's Risk Management Strategy and Architecture group in London had awarded her full sponsorship for the duration of her PhD work. Prior to that she was awarded the Cambridge University Commonwealth Trust scholarship to pursue an M.Phil. in Financial Engineering (First class) at the Cambridge University and earlier she received another scholarship to complete her B.Sc. Honor's degree (First class) in Mathematics at Imperial College. Her research work was published at the IMA Journal of Management Mathematics.
Mr.Stavros Mavrocostas - Executive Director & Head of Portfolio Management
Mr. Mavrocostas joined the group in 2013 to head the business analysis department. His team was responsible for data analysis and with identifying business development opportunities as well as cost inefficiencies across the group. Mr. Mavrocostas contributed significantly to the expansion of this department by employing analytical and statistical methodologies for the development and optimization of algorithmic investment strategies. Mr. Mavrocostas holds a bachelor's degree in Mathematics and Statistics (Distinction) from the University of Cyprus. He has also successfully completed a master's degree in Statistics Research (Distinction) which he obtained from the London School of Economics in the United Kingdom. His research project was awarded as the best project in the MSc Statistics degree and received a prize by Winton Capital Management.
Mrs.Angeliki Ermogenous, CFA - Executive Director & Risk Manager
Mrs. Angeliki Ermogenous joined IXI Fund Managers in September 2020. Prior to joining, she worked at the Bank of Cyprus for 10 years within Group Treasury. As the Head of the Interest Rate Risk Management & FX Structural Hedging team, she was responsible for managing the Bank's interest rate and foreign exchange balance sheet exposures in Cyprus and its foreign operations. Previously, Angeliki worked as a Sales & Trading Quantitative Analyst at Citigroup in New York for 3 years. During that time, she held various quant roles (researcher, quantitative trader, structurer) in the Interest Rates Quant Group, the CitiFX Quantitative Investor Solutions (QIS) Group and the Latin America Derivatives Structuring Group. Angeliki has been a CFA charter holder since 2012. Angeliki graduated with a BSc in Applied Mathematics (High Honors) from the Illinois Institute of Technology (IIT). She obtained an MSc in Mathematics in Finance from New York University (NYU).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.00% | -1.94% | 2.22% | -3.90% | -3.67% | -3.90% | ||||||||
| 2025 | 0.20% | 1.93% | -1.42% | 1.68% | 1.96% | -1.05% | 0.42% | -5.17% | 0.93% | -1.77% | -0.16% | -0.23% | -2.87% | -6.94% |
| 2024 | -0.44% | -2.37% | 6.84% | 4.00% | 0.30% | -0.31% | 2.20% | 1.77% | 2.92% | 1.38% | 0.69% | 0.53% | 18.63% | -2.80% |
| 2023 | 0.54% | -0.26% | 2.79% | 0.44% | 4.01% | -0.57% | -3.90% | -0.20% | -0.02% | 1.01% | 0.34% | 2.57% | 6.73% | -4.66% |
| 2022 | -0.91% | 1.62% | 6.42% | -0.15% | 0.52% | -0.99% | 3.35% | -0.28% | 2.30% | 1.29% | 3.13% | 0.04% | 17.33% | -0.99% |
| 2021 | 0.40% | 1.68% | 5.01% | -1.03% | 0.86% | 1.57% | -3.65% | 3.44% | 1.94% | 0.86% | 1.94% | -0.13% | 13.38% | -3.65% |
Accounting Notes: The Fund is addressed to qualified non-US investors only. Investment in any Fund carries substantial risks normally attributable to investment in collective investment schemes. There can be no assurance that the Fund’s Investment Objective will be achieved, and investment results may vary substantially over time. Prospective investors should carefully consider whether a prospective investment is suitable for them in light of their circumstances and financial resources. The attention of investors is also drawn to the Offering Documents of the Fund. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please note that investment in our products involves special risks and should be considered only by persons who understand how CFDs work and who can afford a total loss of their investment. The value of investment may either increase or decrease, and investors may not recover the amount invested. Past performance cannot be relied on and is not necessarily a guide to future returns. IXI Fund Managers Ltd (the "Manager") has been managing IXI Alternative Investment Fund V.C.I.C. PLC - IXI Grow (the "Fund") based in Cyprus since July 2019. The Fund has evolved, exhibiting strong performance and solid growth in its assets under management (AUM). Following the success of the IXI strategy, the Manager has decided to launch the same IXI strategy in one of the leading European fund jurisdictions, Ireland. To this end, IXI ICAV-IXI Grow (the "ICAV") was established on October 2022 and the Manager is managing the ICAV on the back of the same investment strategy, investment objectives, risk profile, management and performance fee structure. At the ICAV launch, all interested investors have proceeded with a redemption in kind from the Fund and subscription in kind to the ICAV. Therefore, Autumn Gold is listing the Manager's investment performance for the Fund from 2019 and from October 2022 onwards, the Manager's investment performance while managing the ICAV. *Past performance does not predict future returns. Performance varies depending on how the market performs and how long an investor keeps the investment/product. Please refer to the Prospectus and Offering Documents of the ICAV before making any investment decisions.
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2026 | -3.67% | -3.90% | €115,542,326 |
| 2025 | -2.87% | -6.94% | €144,119,850 |
| 2024 | 18.63% | -2.80% | €118,882,792 |
| 2023 | 6.73% | -4.66% | €92,794,517 |
| 2022 | 17.33% | -0.99% | €67,878,034 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2026 | -3.67% | -3.90% |
| 2025 | -2.87% | -6.94% |
| 2024 | 18.63% | -2.80% |
Accounting Notes:
The Fund is addressed to qualified non-US investors only. Investment in any Fund carries substantial risks normally attributable to investment in collective investment schemes. There can be no assurance that the Fund’s Investment Objective will be achieved, and investment results may vary substantially over time. Prospective investors should carefully consider whether a prospective investment is suitable for them in light of their circumstances and financial resources. The attention of investors is also drawn to the Offering Documents of the Fund. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please note that investment in our products involves special risks and should be considered only by persons who understand how CFDs work and who can afford a total loss of their investment. The value of investment may either increase or decrease, and investors may not recover the amount invested. Past performance cannot be relied on and is not necessarily a guide to future returns. IXI Fund Managers Ltd (the "Manager") has been managing IXI Alternative Investment Fund V.C.I.C. PLC - IXI Grow (the "Fund") based in Cyprus since July 2019. The Fund has evolved, exhibiting strong performance and solid growth in its assets under management (AUM). Following the success of the IXI strategy, the Manager has decided to launch the same IXI strategy in one of the leading European fund jurisdictions, Ireland. To this end, IXI ICAV-IXI Grow (the "ICAV") was established on October 2022 and the Manager is managing the ICAV on the back of the same investment strategy, investment objectives, risk profile, management and performance fee structure. At the ICAV launch, all interested investors have proceeded with a redemption in kind from the Fund and subscription in kind to the ICAV. Therefore, Autumn Gold is listing the Manager's investment performance for the Fund from 2019 and from October 2022 onwards, the Manager's investment performance while managing the ICAV. *Past performance does not predict future returns. Performance varies depending on how the market performs and how long an investor keeps the investment/product. Please refer to the Prospectus and Offering Documents of the ICAV before making any investment decisions.Risk Disclosure
THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS, FOREIGN EXCHANGE ('FOREX') AND/OR CRYPTOCURRENCIES IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS. A HARD COPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON.
THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NO CONSIDERATION TO INVEST SHOULD BE MADE WITHOUT THOROUGHLY READING THE DISCLOSURE DOCUMENT OF EACH OF THE CTAS IN WHICH YOU MAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BE OPENED FOR YOU.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.
AUTUMN GOLD CTA INDEXES ARE NON-INVESTABLE INDEXES COMPRISED OF THE CLIENT PERFORMANCE OF CTA PROGRAMS INCLUDED IN THE AUTUMN GOLD DATABASE AND DO NOT REPRESENT THE COMPLETE UNIVERSE OF CTAS. INVESTORS SHOULD NOTE THAT IT IS NOT POSSIBLE TO INVEST IN THESE INDEXES.