Risk Management

Core Constraint

Mana's strategies are designed to open and close positions within the same trading session, with no intentional overnight position exposure.

This constraint is implemented within an operational research infrastructure that already integrates market-specific sessions and time zones. A common risk architecture supports market-specific models and calibrations; the A103 ES/GC limits are not automatically assigned to other research programmes.

Risk Controls

• Predefined exposure and risk constraints
• Exposure caps and concentration constraints
• Continuous drawdown monitoring
• Risk reduction protocols during adverse conditions
• No discretionary overrides during execution

A103 R1: The monthly portfolio calculation incorporates capital-based sizing and maximum contract limits. The multiplier floor retains the reference ceilings, not a minimum open position; actual utilisation can be lower, including zero. After losses, the ceiling relative to remaining capital can increase. Other operational controls belong to the broader Mana framework. The reporting methodology explains the execution assumptions and month-end risk measurements.

Operational Safeguards

Risk management extends beyond market exposure. Operational integrity controls are designed to identify conditions under which normal execution assumptions may no longer hold.

• Market data integrity monitoring
• Execution quality surveillance
• Automatic suspension under predefined conditions
• Structured post-event review procedures

Protective mechanisms are intended to reduce operational vulnerabilities rather than eliminate risk entirely.

Risk Governance

Strategy characteristics are monitored under predefined stability thresholds. Performance dispersion, drawdown behavior and execution quality are reviewed on a structured basis.

Architectural changes, when required, follow controlled validation procedures to preserve framework integrity and avoid reactive adjustments.

Objective

The objective is to preserve coherent strategy behavior across changing market environments under controlled risk constraints, rather than optimize short-term outcomes.

Risk management is therefore considered a primary objective of the framework, rather than a secondary consequence of portfolio construction.