Multicurrency Commentary 1st Quarter 2012

The Samson Multicurrency Strategy entered the quarter with significant overweights to commodity and growth oriented currencies such as the Canadian dollar, the Australian dollar, the Swedish krona, and Norwegian krone.  We were led to these allocations by our investment process, which is based on analysis of fundamental data and a study of relative central bank policies.  These currencies, in our view, represented the best economies in our solution set, the toughest central banks, and on certain levels, the strongest nations.