Good Evening and welcome to the 14th Novus Black monthly update report.
This October, Novus Black has gained momentum in both trading performance and Fund growth, continuing to strengthen its product offering.
We have completed our 14th month of trading, still showing no losses and generating a final trading profit result of 6.55%. This figure may also have been higher; however, we took the strategic decision as the month came to an end to lower some legacy positions, reducing our overall exposure and therefore reducing our trading risk. As ever, our main focus is on reducing risk and providing a sustainable product. Based on this, we are pleased to announce that all investors have now been paid their full percentage returns for October.
Performance Reporting
On the 8th October 2022, our broker, IC Markets, migrated our account from their EU entity to their Global entity based in the Seychelles. To complete this process, IC Markets closed out existing positions and moved the net cash balance and open trading positions to the new entity.
As a result, the reporting system, FX Blue, is currently showing a discrepancy and is misreporting the transition as closed-out losses as opposed to account migration. Due to this, the data reporting for October within FX Blue shows a -9.0% realised loss, whereas, in reality, we have achieved 6.55%.
We are continuing to liaise directly with FX Blue on a solution to this issue so that our reporting figures are accurate, and we hope to resolve the situation soon. Please be advised that all previous months and any months following October 2022 are accurate and current.
To provide accurate reporting to our valued investors, we are planning developments to our online account system to include a performance report that will update you with our trading performance on a weekly basis.
Regulatory Changes In December
We conduct regular monthly meetings with our regulatory compliance team to ensure we are always compliant with regulatory requirements. As a result, in December 2022, new regulations that are being applied to Alternative Investment Funds will affect the way in which new investors are onboarded, and how we manage investor relations going forward. The changes being made may not directly affect you, but we would like to keep you updated nonetheless.
Firstly, we will apply a 24-hour cooling-off period between self-certification of eligibility and receiving our Information Memorandum. This change ensures that we do not accept investments from any individual who has been enticed to invest without having appropriate time for reflection and the seeking of independent advice.
Secondly, Funds such as Novus Black will now be sub-categorised by the FCA as a ‘Non-Mass-Marketed Investment’ under the Alternative Investment Fund category. This change will strengthen the FCA’s rules that we already adhere to with regards to the marketing of certain financial products to retail investors.
Thirdly, our Financial Operations Director, Dennis Mullany, will be officially named the Consumer Duty Champion and will conduct an analysis of the Fund’s Consumer Duty Obligations, including a review of policy, processes, people, and performance. This activity will ensure that our treatment of investors, their capital, and their information continues to be governed according to FCA regulations.
Winter Warmer – 26th November
November is a busy time for all, but please make some room in your diaries for our little Winter Warmer event. We are holding the event, consisting of food, music, and drink, at our new Essex office. You will have the chance to meet fellow Novus Black members as well as meet some of the team, including directors and head traders.
The event will be a casual affair, starting at 3:00pm and finishing at around 10:00pm.
As a lot of our clients are coming from London and beyond, you may wish to stay at the very lovel Essex hotel, please use the button below.
Our address is:
Novus Black
Lancaster Way
Earls Colne Business Pk Airfield
The Fairwas
Earls Colne
CO6 2NS
We very much look forward to seeing you there so we can jointly celebrate the success of Novus Black and look forward to 2023.
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.
