The objective of the QFS Currency Program is to earn an attractive risk-adjusted return in the currency markets based on macroeconomic asymmetries between countries, while providing significant diversification from traditional and other "alternative" asset classes.

The strategy is model-driven and based on fundamentals. The models have been built to conduct fundamental analysis of global business cycles and uncover currency opportunities resulting from changing economic conditions in developed and emerging market countries. The models also employ proprietary Drawdown Control Technology, which functions to control risk levels and attempts to limit the severity of drawdowns.

Characteristics:
-Attractive risk-adjusted return, long track record
-Historically uncorrelated with other asset classes, unique source of return
-Disciplined risk management, drawdown control & portfolio optimization techniques
-Available as either an absolute return or overlay strategy

QFS Asset Management, L.P. is an institutional alternative asset management firm specializing in systematic investment strategies. Dr. Sanford J. Grossman, a former professor at the University of Pennsylvania's Wharton School of Business, University of Chicago, Stanford University and Princeton University, formed an affiliate of QFS in 1988 to develop financial investment models using his research discoveries in the fields of economics and quantitative finance. The company and its subsidiary now employ 40 professionals.

QFS began managing outside capital in 1990 in the Financial Futures Program via managed accounts. The Program systematically traded currencies, fixed income futures and equity index futures. In 1993, the currency portion of this Program was launched as the standalone QFS Currency Program, which operated via managed accounts and via pooled funds beginning in 1995. The QFS Currency models also began being used for currency overlay in the late 1990s. In 1998, the QFS Global Macro Program was launched to operate pooled funds in a more diversified approach than Financial Futures (with the addition of new instruments and commodity futures). After significant improvements to the Global Macro Program and our optimization approach, the QFS Fixed Income Program was launched in 2005 to trade global yield curve futures in pooled fund vehicles. QFS also launched QFS Portable Alpha in 2005 to allow customized benchmark replication to be conducted via a limited liability vehicle and combined with QFS's alpha generating strategies. Currently, all Programs are open for investment, either through onshore or offshore fund vehicles or managed accounts.

In April 2011, QFS acquired Cenario Capital Management, an asset management firm focused on providing innovative risk management solutions.

QFS is registered with the SEC, CFTC and NFA. The General Partner of QFS (QFS Asset Management, Inc.) is additionally registered with the Ontario Securities Commission.

Sanford J. Grossman earned his B.A. in 1973, M.A. in 1974 and PhD in 1975, all in Economics, from the University of Chicago. Since receiving his doctorate, he has held academic appointments at Stanford University, the University of Chicago, Princeton University (as the John L. Weinberg Professor of Economics, 1985-89) and at the University of Pennsylvania's Wharton School of Business. At Wharton, Dr. Grossman held the position of Steinberg Trustee Professor of Finance from 1989 to 1999 (a title now held in Emeritus) and also served as the Director of the Wharton Center for Quantitative Finance (1994 - 1999).

In addition, Dr. Grossman was an Economist with the Board of Governors of the Federal Reserve System (1977-78), and was a Public Director of the Chicago Board of Trade (1992-96). In 1988, he was elected a Director, in 1992 served as Vice President, and in 1994 was President of the American Finance Association.

Dr. Grossman's research has spanned the analysis of information in securities markets, corporate structure, property rights, and optimal dynamic risk management. He has published widely in leading economic and business journals, including American Economic Review, Journal of Econometrics, Econometrica and Journal of Finance. His papers include "The Existence of Futures Markets, Noisy Rational Expectations and Information Externalities"; "On the Efficiency of Competitive Stock Markets Where Traders Have Diverse Information"; "On the Impossibility of Informationally Efficient Markets," with Joseph Stiglitz; "An Introduction to the Theory of Rational Expectations Under Asymmetric Information"; and "The Costs and Benefits of Ownership: A Theory of Vertical Integration," with Oliver Hart. Dr. Grossman's original contributions to economic research received official recognition when he was awarded the John Bates Clark Medal by the American Economic Association at its December 1987 annual meeting. The Q-Group awarded him first prize in The Roger F. Murray Prize competition for the paper "An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies." The Editorial Board of the Financial Analysts Journal awarded him the 1988 Graham and Dodd Scroll for "Program Trading and Market Volatility: A Report on Interday Relationships." Dr. Grossman received a Mathematical Finance 1993 Best Paper Award for his article "Optimal Investment Strategies for Controlling Drawdowns." Dr. Grossman received the 1996 Leo Melamed Prize by the University of Chicago Graduate School of Business for outstanding scholarship by a professor. In 2002, Dr. Grossman was recognized by the University of Chicago with its Professional Achievement Citation. Most recently, he was awarded the 2009 CME Group-MSRI Prize in Innovative Quantitative Applications.

Currently, Dr. Grossman applies his rigorous scientific approach to improving and developing systematic investment strategies and risk controls for QFS.