Aspect Capital Limited is a London-based, systematic investment manager. Anthony Todd, Martin Lueck, Michael Adam and
Eugene Lambert established Aspect Capital Limited in 1997. In this document we refer to Aspect Capital Limited as Aspect Capital
or Aspect.
Our senior management team has extensive experience in the development and implementation of systematic investment
strategies. We employ a team of over 128 professionals and invest heavily in the continuing research-driven evolution of our
quantitative alpha-generating investment systems and the efficient implementation of such systems across a wide range of liquid
asset classes.
Our executive board, our employees and our employee benefit trust own approximately 97% of the share capital of Aspect Capital.
Our largest individual shareholders are Anthony Todd and Martin Lueck. As of 31 December 2022, the other members of our
executive board held an aggregate of approximately 1.8% of the share capital of Aspect Capital. In addition, a number of our
employees hold options to purchase shares.
We provide discretionary investment management services for a variety of markets and instruments, such as futures, contracts for
difference (CFDs), swaps, forwards and other derivative contracts, to investors that invest in hedge funds that we or third-parties
sponsor and to persons (other than natural persons) that invest through individually managed accounts.
We refer to certain of our investment funds throughout this brochure as the Aspect Funds (with all other clients which are not
Aspect Funds being referred to as “managed accounts”). The Aspect Funds currently comprise:
1. the Aspect Diversified Fund (and its associated feeder funds, Aspect US Institutional Fund Limited and Aspect US Fund
LLC);
2. the Aspect Diversified Trends Fund;
3. the Aspect Core UCITS Fund;
4. the Aspect Core Trend HV Fund;
5. the Aspect Alternative Markets Fund;
6. the Aspect Multi-Strategy Fund;
7. the Aspect Systematic Global Macro Fund; and
8. the Aspect Systematic Global Macro Master Fund (and its associated feeder funds, Aspect Systematic Global Macro
Offshore Fund and Aspect Systematic Global Macro US Fund LLC); and
9. the Aspect China Diversified Fund.
The list of Aspect Funds above does not include vehicles with a single investor or a limited number of investors which are not
actively marketed to third parties and are akin to managed accounts.
By purchasing shares in the Aspect Diversified Fund, investors obtain exposure to Aspect’s longest-standing investment program,
the Aspect Diversified Program. The Aspect Diversified Program is a systematic momentum-based investment strategy which
invests in liquid global financial and commodity futures, currency forwards and other derivative contracts.
The Aspect Core UCITS Fund and Aspect Core Trend HV Fund provide investors with access to the Aspect Core Diversified
Program (at different volatility levels). The Aspect Core Diversified Program provides systematic pure momentum exposure to
highly-liquid derivative contracts
using only the pure momentum models which form the major part of the Aspect Diversified
Program.
The Aspect Alternative Markets Fund provides investors with access to the Aspect Alternative Markets Program. The Aspect
Alternative Markets Program applies Aspect’s enhanced trend capture models to an alternative portfolio of markets including OTC
asset classes, emerging markets, ETFs, less liquid futures, harder to access credit and swap markets and includes trading of two
virtual currencies.
The Aspect Multi-Strategy Fund provides investors with access to the Aspect Multi-Strategy Program which combines systematic
trading strategies from across Aspect’s entire suite of investment programs in an unbiased and diversified fashion, including some
which are not currently available in a standalone Aspect Fund format.
Page 5 of 14
The Aspect Systematic Global Macro Fund and the Aspect Systematic Global Macro Master Fund provide investors with access to
the Aspect Systematic Global Macro Program which applies a systematic relative value approach to global fixed income, global
stock indices, currency and volatility investing.
The Aspect China Diversified Fund provides investors with access to the Aspect China Diversified Program. The Aspect China
Diversified Program is a systematic momentum-based investment strategy which enables offshore investors access to a diverse
set of liquid Chinese financial and commodity futures.
Finally, the Aspect Diversified Trends Fund provides investors with access to a variant of the Aspect Diversified Program.
Investors in the Aspect Funds are not able to impose restrictions on either the manner or type of investments made by the Aspect
Program(s) they trade. However, persons who establish a managed account may negotiate customised investment restrictions in
relation to the instruments in which the Aspect Program(s) invest in and other parameters in order to suit their specific investment
needs.
Aspect also operates an additional systematic investment program, the Aspect Dynamic Currency Hedging Program, in managed
account format which is not currently available in an Aspect Fund. The Aspect Dynamic Currency Hedging Program uses the
currency strategies which form part of the Systematic Global Macro Program to create customised dynamic hedging overlay
portfolios.
We do not participate in wrap fee programs.
As of 31 December 2022, we manage client assets in the amount of US$9.912 billion on a discretionary basis, of which US$5.871
billion are regulatory assets under management. We manage further client assets in the amount of US$2.096 billion on a non-
discretionary basis.
All discussions of clients’ investment terms in this document, including but not limited to their investments, strategies,
fees and other costs, conflicts of interest and relevant material risks are qualified in their entirety by reference to the
relevant investment management agreements and disclosure documents (as regards managed account clients) and (as
regards the Aspect Funds) the relevant offering memorandum and governing documents.