Hi everybody,

I must congratulate once again Mr. Toni Juste for his Managed Account Program (MAP) excellent performance so far.

If we review last data available for August 1st 2007 we can observe that net profits topped 18.7%, 3.7% above our profit % target for the full year of 15% and still August and September to come

Starting Capital (October 1st, 2006)    $100,000
Current Equity (August 1st, 2007)     $118,893
Actual Net % Result    +18.70%
Projected Net % Result    +15.00%
Standard Deviation (*)    +3.70%
Beta (**)    0.17
Largest Positive Change     +1.59%
Largest Negative Change     -1.03%

I asked Toni to send me a few lines about how MAP was performing so here you have beloew what he told me:

“July ends with the % profit achieved being above the full year target even though we still have the September month to go and also bearing in mind that August was the month where I took my holidays. The liquidation of the carry-trade, which was my fight for almost 7 months, finally brought up good results to the account, although I was not in for the big crash, which should’ve certainly accounted for much more. Anyway, yearly target has been surpassed and I believe we will extend the gap between projected and actual result filtering and trading the good % probability trades on the time & cycle calculation method which so far this year has worked as the best decision-making partner. Just as a reminder, the model was bearish on the carry trade even though market conditions were not favourable, but it emerged as the solely winner of the situation in the end.”

Again, congratulations Toni!

Francesc