With a minimum account of 1 million and a 15% Incentive Fee 15% with annualized returns the fund aims to tap pension funds and wealthy individuals for funds to bet on the currency, on prospects for a pick-up in growth and increases in interest rates.

In an interview with Bloomberg press Ferguson said”The Australian dollar is undervalued,……The economy is picking up and interest rates look set to rise once, if not twice.”

He forecasts the Australian dollar, which closed at US74c yesterday, will reach US90c by June 2007. That would be the highest since June 1984, according to data compiled by Bloomberg. “The outlook for the Australian dollar still looks pretty good,” Mr Ferguson said.

The biggest jump in employment in two years during May, and faster-than-expected economic growth in the first quarter, have increased speculation the Reserve Bank will make another quarter-point rate rise soon.

Ferguson has teamed up with Simon Ho, a former currency options trader at Deutsche Bank AG in Sydney to form Antipodean. Antipodean began trading in February 2006. They have distributed the capital equally between a fund targeted at the Australian dollar’s performance against the US dollar and another fund invested in other major currencies.

Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net

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