The AG Capital Primary Strategy is a discretionary global macro program that focuses on intermediate and long term themes across a diversified set of markets. Top down and bottom up economic analysis is used to establish an underlying fundamental theme which drives strategy position taking. The manager’s objective is to identify broad macro themes across a diverse group of markets and then focus trading the handful of markets where they have the highest conviction. The resulting portfolio tends to be concentrated in nature, with just 3-7 positions held at any given time. The average position is held for 2 months while longer term themes can be held for up to 2 years.