WHO WE ARE

Description - Jutland Capital Management Limited is a global fixed income manager with specialisation in currencies and distressed debt. Jutland combines its expertise in foreign exchange and macro research with bankruptcy and broken debt analysis to offer high caliber investment management in both global investment grade portfolios as well as our global distressed debt strategies.

The Battle of Jutland and the Respect for Cycles - We take our name from the Battle of Jutland, which is considered by many historians to be the last great naval battle fought. During World War I, in 1916, the British Royal Navy was pitted against the German High Seas Fleet off the coast of Jutland (the peninsula shared by Germany and Denmark). At that time, the Royal Navy was the uncontested master of the high seas. For the prior 300 years, the Royal Navy not only dominated naval warfare, but also served as a sharp end of the expansion of the British Empire. This history was not lost on the Germans, who also began to employ the submarine more aggressively, in order to try to handle the Royal Navy. While each side suffered losses of men and ships, the outcome of the battle was much less clear-cut; it ended as a hard-fought draw. While this may seem insignificant, the battle marked two events: 1) the Royal Navy's mastery of the high seas effectively was ended; and 2) not coincidentally, it was around this time that the expansion of the British Empire peaked and began to go into decline.

The significance we take from this battle, and thus our name, is that cycles do exist, whether we are around to see them from end to end or not. Cycles being a part of nature, we believe that markets do run in cycles, and that by being on the right side of the cycle one may reap the benefits while avoiding the large losses incurred when cycles turn.