EFTA02598895.pdf

From: Paul Barrett < > Sent: Friday, August 3, 2018 6:52 PM To: jeffrey E. Cc: Richard Kahn Subject: RE: PIN Total profit on the trade was $648,894 (44% total gain) We realized a gain of $587,681 on the equity positions and $61,213 on the FX hedges. I took part of the trade off on 06/19. The remaining fx hedge was short PLN 3,300,000 vs USD. Proceeds from this most recent stock sale were PLN 3,982,916. Thus the sale today of PLN 682,916 (excess over hedge amount). On Tuesday the PIN 3,982,916 proceeds from the share sale will settle against the PLN 3,300,000 hedge + PLN 682,916 spot trade resulting in USD proceeds of $1,089,970. The PLN value of the position had increased beyond the size of the hedge. As the stock moved higher, I did not want to increase the size of the hedge in case it reversed and I ended up being over-hedged. Summary below as requested. I can walk you through everything on the phone if that is easier. Trade 1: Bought 10,000 shares at 112.50 on 03/27. Bought 1,126,261 PLN at 3.3872 as a trade cover Trade 2: Bought 20,000 shares at 120.00 on 04/06. Bought 2,410,966 PLN at 3.4142 as a trade cover Trade 3: Bought 11,348 shares at 121.50 on 04/18. Bought 1,375,796 PLN at 3.3575 as a trade cover Trade 4: Hedged the position on 04/30 by selling PLN 4,800,000 vs USD through a 1 month forward contract @ 3.5100 Trade 5: Rolled the maturing 4,800,000 hedge on 05/29 and realized a $75,879 gain. New hedge on PLN 4,800,000 maturing 07/02 at 3.7146. Trade 6: Sold 21,348 shares at 165.20 on 06/19. Converted proceeds into $944,764 (spot ref 3.7298). Also reduced the size of the hedge from 4,800,000 to 3,300,000 to reflect the remaining value of the position. Trade 7: Rolled maturing 3,300,000 PLN hedge on 06/29 out to 08/02. Realized a gain of $10,574 Trade 8: Rolled maturing 3,300,000 PLN hedge on 08/01 out to 08/07. Realized a loss of $25,241 EFTA_R1_01785136 EFTA02598895 Trade 9: Sold remaining 20,000 shares on 08/02 and 08/03 at an average of 199.29. Proceeds of PIN 3,982,916. Sold PLN 682,916 for spot delivery. Trade Date Asset Description Quantity Syndicate Closing Date Total Cost Closing Value Cost Closing Px Gain/(Loss) 3/27/18 CD PROJEKT SA 10,000 N 19-Jun-18 $ 332,505 $442,929 PLN 112.5 PLN 165.20 $110,424 2 EFTA_R1_01785137 EFTA02598896 4/18/18 CD PROJEKT SA 11,348 N 19-Jun-18 $ 409,768 $502,636 PLN 121.1 PLN 165.20 $92,868 4/6/18 CD PROJEKT SA 4,680 N 2-Aug-18 $ 165,241 $254,312 PLN 120 PLN 198.57 $89,071 4/6/18 CD PROJEKT SA 3 EFTA_R1_01785138 EFTA02598897 15,320 N 3-Aug-18 $ 540,917 $836,234 PLN 120 PLN 199.46 $295,317 Total Southern Financial LLC - Equities (DB) 4 EFTA_R1_01785139 EFTA02598898 $2,036,112 $587,681 FX Forwards/Options Trade Long Short 5 EFTA_R1_01785140 EFTA02598899 Total Date Currency Notional Currency Notional Maturity Rate Close Date Value Unwind Return 4/30/18 USD 1,367,521 PLN 4,800,000 1-Jun-18 3.51 6 EFTA_R1_01785141 EFTA02598900 29-May-18 $75,879 3.7162 $75,879 5/29/18 USD 1,292,186 PLN 4,800,000 2-Jul-18 3.714635 Forward $14,140 3.755733 $14,140 6/21/18 PLN 1,500,000 USD (402,955) 2-Jul-18 3.7225 7 EFTA_R1_01785142 EFTA02598901 Forward ($3,566) 3.755733 ($3,566) 6/29/18 USD 878,884 PLN 3,300,000 2-Aug-18 3.754762 Forward Rolled 08/01 ($25,241) 3.649938 ($25,241) 8 EFTA_R1_01785143 EFTA02598902 Total Southern Financial LLC - FX $61,213 $61,213 Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 (o) (c) <mailto > 9 EFTA_R1_01785144 EFTA02598903 From: jeffrey E. <[email protected]> Sent: Friday, August 03, 2018 12:54 PM To: Paul Barrett < Subject: Re: PLN why excess? . your emails are confusing . at least to rich and me / summarzie the entire postion date bought date solad. hedegs net p& I etc. this is not difficult On Fri, Aug 3, 2018 at 10:29 AM, Paul Barrett < <mailto >> wrote: Jeffrey OK to convert the excess PLN back into USD? I need to sell around 682K PLN (- 5185K). Paul Paul Barrett Alpha Group Capital LLC 142 W 57 <https://maps.google.com/?q=142+W+57&entry=gmail&source=g> th Street, 11th Floor, New York, NY 10019 (o) (c) <mailto 10 EFTA_R1_01785145 EFTA02598904  please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 11 EFTA_R1_01785146 EFTA02598905