Today marks 360 days since the very first trade was placed by Novus Black when we were just an aspirational Investment Club. As we complete our first year, we reflect on the last 12 months of triumphing over global adversity, securing regulatory status, and reporting profit every single month. We would like to extend our immense gratitude to those who offered their trust in the early stages of our development and to everyone who has supported the growth of Novus Black along the way.
This end-of-month update email is a little longer than usual as we have a lot to address. Linked below, you will find an FAQ document which answers all of the questions our clients have recently asked, plus a performance chart showing the trading results for the first 12 months.
Trading Performance Overview
Novus Black has now completed trading for the month of August, which also means that we have completed our first full year of trading. To have a full year’s trading behind us is a massive milestone that will accelerate our growth over the next 12 months, providing more security to all of our investors.
Additionally, I am pleased to report that August has been a much better month than July, with a final overall profit of 7.23%. This means every investor has received their full return for August. Please note that you can find your latest statement by logging in to your Novus Black account.
Appointment Of UK-Based Head Trader
In order to further secure our trading team and assist our future growth, we have decided to make a vital re-structuring movement. As such, we are pleased to announce the appointment of a UK-based Head Trader, Gary Wayne, who has replaced William with immediate effect.
Based in London, Gary has an impressive CV highlighting successes in heading up and running FX trading desks for companies like Prudential Securities Europe and Prebon Yamane. We are incredibly excited to have Gary join the Novus Black Team, adding great expertise and experience to our already strong trading operation.
Gary’s role will include managing the existing trading team, ensuring optimal performance whilst risk guidelines remain stringently adhered to. Gary will work with the team to adapt and optimise new strategies and systems, working closely with lead traders to add further success and security to the processes we have already adopted.
I am excited to introduce Gary to those of you who attend our next Novus Black event (details to be provided soon!)
Development Of New In-House Systems
As you all know, Novus Black is based on 80% manual trading and 20% automation. This set-up is supported by our own in-house systems that have been developed between our trading specialists and software developers. Over the past few months, we have been working on some significant enhancements within the automated side, which should allow for new opportunities and reduced risk, all tested and ready for the start of September trading.
Reporting of Floating P&L (Drawdown)
Novus Black has transitioned from MyfxBook to FxBlue for consolidated reporting of Floating P&L. Our primary reason for this change is that MyFXBook does not support institutional brokers such as IS Prime Ltd, who has been appointed as the primary broker for the fund. Therefore, we have surpassed the capabilities of support that MyFXBook offers.
In addition, the risk factor, also known as drawdown, calculated by Myfxbook is more relevant to retail trading than an institutional trading desk, resulting in a discrepancy between their figures and those reported by our brokers. In turn, this has caused a disparity between the reported levels of drawdown on MyFXBook, and the fund’s reporting of calculated risk levels. Further information on the issues found with MyFXBook drawdown reporting can be found in the FAQs linked above.
FxBlue, much like MyFXBook, provides real-time verified data and in-depth reporting, which can be requested on a monthly basis by investors at their leisure.
Head Office Move
Those of you who attended our recent BBQ will have already experienced the grandeur of the new office and its opulent surroundings. For those of you that missed this fantastic event, we have now opened our new head office premises in Earls Colne, Colchester, ideally situated just by the fairways of the Essex Golf & Country Club. As such, I would like to welcome all of you to pay us a visit for a coffee or game of golf (although we haven’t had time for much practice yet).
Auditor & Performance Reviews
KPMG continue to be engaged to perform six monthly trading performance reviews, with the period from February to August due to be available at the end of September. This relationship has existed since Novus Black Ltd was launched as a Private Investment Club in July 2021.
Following the launch of Novus Black Fund UK Ltd as a UK-regulated AIFM in May 2022, KPMG has suggested that we use a smaller firm for the fund’s first audit. They have recommended a list of auditing firms that operate in the fund’s industry, and we plan to sign an engagement agreement in the next month.
Looking Forward – The Month Ahead
September introduces a deep dive into seasonal patterns that have influenced FOREX markets over the past several years. Novus Black are very positive for September, and it certainly looks to be another interesting month with the potential to make significant profits.
The month has already started with a positive first day following The Dow Jones Industrial Average and the S&P500 hitting levels that have provided 0.3% profits. Today, the US job report has been released, marking the last major economic report that the Federal Reserve will issue before raising interest rates at its upcoming September meeting. This has started movements in promising directions for our current open positions.
Typically, the ninth month of the year consists of strong and sustainable performances by the US Dollar. Conversely, The Euro and Japanese Yen tend to underperform compared with the rest of the majors in September, and we plan to take full advantage of this shift in the market.
In short, September will come with its own set of challenges as ever. However, markets look to be reacting in ways that will open new opportunities and strategies that should culminate in another profitable month.
Should you have any questions regarding any of the points in this update, please feel free to email us at info@novusblack.co.uk, or phone us on 020 8187 8287.
We would like to sincerely thank you for your ongoing support with Novus Black and look forward to a prosperous future.
