| continuously monitoring all of the
Advisor's positions on a tick-by-tick basis and is always looking for ways to improve current holdings to take
advantage of even the subtlest change in market conditions. This relentless pursuit of opportunity not only
can help increase our overall returns but strives to minimize
drawdown.
ACE maintains a team of full-time dedicated trading personnel. The traders are constantly assessing the risk-reward ratio
for new and current positions and can report the change in a clients account at any given moment. We believe this monitoring is one of our most valuable core competencies. A fully competent back
office staff is the minimum requirement for a money manager to remain successful. A
robust and profitable trading strategy or years of fundamental trading expertise is not enough to ensure success. If a manager's
regulatory and back office requirements are not met he will have a hard time surviving regardless of trading prowess.
At the heart of the back office operation is the reconciliation of trades. ACE holds no funds but generates trading
signals and places orders with numerous execution brokers, who in turn report the trade back to the
ACE and the
clearing merchant. ACE's back office must insure that the flow of trade
documentation moves smoothly and that errors are corrected along the way. At ACE our commitment to our clients is a
structured and efficient back office.
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES AND OPTIONS. ONE
MUST BE AWARE THAT THE POSSIBILITY OF UNLIMITED LOSS EXISTS IN
WRITING OPTIONS. PEOPLE CAN AND DO LOSE MONEY. | 
