Caxton Associates Lp

Caxton Associates (USA) LLC, a New York-based trading and investment firm, was founded in 1983 as Caxton Corporation and now operates as a wholly owned subsidiary of Caxton Europe LLP. The firm specializes in managing client capital through global macro strategies and other alternative investment strategies, trading in various global markets and instruments. Caxton provides advisory services to Caxton Europe LLP and manages assets through a sub-advisory arrangement. The firm's investment strategies include global macro trading, commodities trading, fixed income, securities, and derivatives trading, among others. Caxton advises assets on a discretionary basis only, with approximately $3.7 billion in Regulatory Assets Under Management as of December 31, 2024. Regarding fees and compensation, management fees charged by Caxton Europe may vary, with annual management fees for Caxton Master Fund Clients up to 2.25% of assets under management. Performance-based fees may range from 12% to 30% of net profits. Caxton does not participate in wrap fee programs and charges pass-through expenses to certain clients. The firm's clients are primarily comprised of Caxton Master Fund Clients, and investments are made through a master-feeder structure. Caxton has a broad mandate to select financial instruments and markets for investment, with a focus on global macro and interest rate products. The firm uses a combination of technical and fundamental analysis to make trading decisions. Caxton's investment strategies involve various risks, including trading, funding, credit, and cryptocurrency risks. The firm may use soft dollars for research and may aggregate orders based on best execution practices. Caxton has custody of client assets and exercises investment discretion based on contractual agreements. The firm reviews client accounts daily, provides regular reporting to investors, and may participate in proxy voting on behalf of clients. Caxton does not require prepayment of fees and maintains financial stability without any recent bankruptcy filings.