The manager adheres to a disciplined approach to risk control using pre-determined price stops. Stops are quantitatively determined and set before each trade is initiated, and every stop loss order is active during all exchange hours including the overnight session. Stops are strictly enforced in order to manage trade and portfolio drawdowns. It is important to note that a stop is an order that becomes executable once a set price has been reached and is then filled at the current market price. During fast markets it is possible that the fill may be worse than the stop price.
In addition, when perceived risk is higher than normal (due to heightened volatility, geopolitical events, etc.) the manager may close a trade early or avoid entering a trade during this period.