Liquidity Risk	MMA’s portfolio is designed to be extremely liquid on a daily trading basis. We limit the majority of positions to less than one day’s trading volume (20 day ADV). We track weekly, each position as percent of average turnover.
Small Portfolio Leverage	Maintain gross exposure under 200% on an average monthly Delta Adjusted basis.  Our "leverage” comes from our concentrated positions on stock picks.
Tight Stop-Loss Points	10% at cost for longs, 5% for shorts. MMA tracks average cost on all positions every day to validate risk on investment thesis.  The fund will begin reducing exposure when our stop loss limits are triggered.
Manage Black Swan Risks	Run scenarios to simulate impact of black swan events. Use derivatives to hedge VaR. While hedging is the end goal, we manage to squeeze gains out of our hedging positions.
Control Key Risk Metrics	Avoid over-reliance on any single investment thesis by monitoring individual position limits, sector exposure, market exposures, etc.
Currency Hedge	Reconcile Cash positions every day and monitor non-USD holding. Proactively manage amount of FX exposures to minimize impact on currency movement.
Counterparty Risk	In trading, we have trading access with 20+ brokers on the Street. For cash, we have two accounts where we can deposit our cash positions. One with prime broker and one with BNY Mellon.