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Stephen Smethurst Benedicte Gravrand, Opalesque Geneva for New Managers:

Geneva-based Zafiro Capital, which was established in July by commodity trading veteran Stephen Smethurst, will launch its first fund in early November.

This Cayman-domiciled, long/short discretionary, commodities trading hedge fund will invest and trade in exchange traded commodity futures, and to a lesser extent in exchange traded options on commodity futures. According to fund documentation received by Opalesque, "the use of options may often be employed to protect the portfolio from the possibility of exogenous economic, geopolitical and weather events, while it can also be used to take advantage of the potential for incalculable volatility events during times of political or seasonal- weather related uncertainty." The managers anticipate risk in energy, as well as base and precious metals and agricultural commodities.

The portfolio will occasionally have a macro theme, but it will be "designed to contain a heavy weighting of micro-reasoned positions to create diversity and de-correlation from other managers, strategies and the overall macro environment." The investment team is experienced, well connected and fluent in seven languages.

The board has ultimate control of the risk management of......................

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