Marketing communication. Capital at risk. Produced by FRAMONT & Partners Management Ltd. Not investment advice, not a solicitation, not a public offering. The strategy uses leverage, derivatives and short selling, and can lose value quickly. Read the Key Information Document and the prospectus before taking any decision.
Discretionary / Multi market / Long and short / EUR
Value Edge SnowWhite Strategy
A result built so that it does not depend on the direction of equity markets. It can be positioned short as well as long.
Value Edge is a segregated portfolio that hosts the SnowWhite strategy, developed by Giovanni Zibordi. Trading is discretionary and spread across many small positions: shares from several countries held both long and short, futures on equity indices and government bonds, options, currencies and commodities. Positions offset each other and sit on different time horizons, which is why the strategy can use leverage while remaining lightly concentrated.
Leverage amplifies losses as well as gains. The instrument is newly issued and has no track record of its own. Capital is at risk and you may lose the full amount invested.
DiscretionaryLong and shortShares across countriesIndex and bond futuresOptionsCurrencies and commoditiesLiquid instruments onlyLow concentrationUp to 50 simultaneous positions2% position stopMFSA authorised AIFM
01The strategy
Many small positions, across markets that do not move together
SnowWhite does not start from a forecast on the equity index. It starts from a wide set of independent positions, held both long and short across different markets and horizons, which tend to offset one another. The stated objective is a return that does not follow equity markets, not a return above equity markets in a rising phase.
Leverage is possible precisely because the positions are many, small and different from one another.
Decisions are discretionary. The only systematic tool used is Tom DeMark's Sequential indicator, on which the strategy developer has written for years. Exiting a losing position is governed by a quantitative rule: the impact of any single position on account value must not exceed 2%.
01Investment objective
a
Non directional return
Build a result that depends on the selection and management of individual positions rather than on the direction of equity indices.
b
Diversification across markets and horizons
Spread risk across shares from different countries, government bonds through futures, commodities and currencies, with holding periods from intraday to several weeks.
c
Loss governed at position level
Apply an exit rule based on the position's percentage impact on the account, with a maximum drawdown stated as acceptable at 13%.
Objectives describe intent. They are not a promise, a target return or a guarantee. The strategy can lose value in any market environment, including when equity markets rise.
In brief
Value Edge is the legal name of the segregated portfolio. SnowWhite is the trade name of the strategy applied within it.
Portfolio management and regulatory responsibility sit with FRAMONT & Partners Management Ltd, an Alternative Investment Fund Manager authorised by the MFSA in Malta.
Giovanni Zibordi developed the SnowWhite strategy and transmits orders under a Trading Authority. He is not the manager of the instrument and does not provide investment advice.
Trading is discretionary, multi market and long and short, with up to 50 simultaneous positions across shares, index and government bond futures, options, currencies and commodities.
The quantitative rule in force is the exit from a losing position once its impact on account value reaches 2%. The maximum drawdown stated as acceptable is 13% and the binding exposure limit in the mandate is 300%.
Value Edge is newly issued and has no track record of its own. No past performance data is published on this page. Capital is at risk and the loss can extend to the entire amount invested.
The Key Information Document and the prospectus, provided by FRAMONT on request, are the only binding sources on costs, risks and instrument identifiers.
02Investment universe
What the portfolio is allowed to hold
The universe is the one accessible through Interactive Brokers and set out in the portfolio's trading mandate. Every position is in liquid instruments traded on regulated markets. There are no directly held corporate bonds, no illiquid instruments and no off market instruments.
Shares and ETFs
Long and short
Shares, ETFs and depositary receipts across markets in several countries, held both long and short. This is the sleeve with the largest number of positions.
L
Long positions
S
Short positions
Futures
Indices and govies
Futures on equity indices and government bonds. No bonds are held directly: fixed income exposure is taken through futures.
L
Equity indices
S
Government bonds
Options, currencies, commodities
Derivatives
Options both long and short on the same underlyings, plus currencies and commodities through futures. They modulate risk and diversify the sources of return.
L
Options
S
Currencies and commodities
Cash
Defensive
Cash can reach 100% of the portfolio. The mandate also requires the weight of the cash position, net of derivative margin, to stay above -200%.
0
Up to 100%
Trading mandate limits. The sum of the exposures of all portfolio constituents, excluding FX, CFDs and derivatives, is capped at 300%. The weight of the cash position, net of derivative margin, must remain above -200%. Whenever cash is below 50%, the portfolio is diversified into at least 4 assets. The composition and respective weights are published monthly on the issuer's website. Rebalancing may take place at any time, including intraday.
03How the book is built
Three sleeves, different horizons
The book has no fixed weights. The three sleeves coexist with different durations and intensities and are sized position by position. Select a sleeve to see its typical horizon, number of positions, use of leverage and indicative weight. The bands describe operating intent, not binding limits or weights committed to investors.
Shares and depositary receipts across several markets, held both long and short, together with options written on the same underlyings. This is the sleeve with the largest number of simultaneous positions and the longest holding period.
Typical horizonFrom several days to several weeks
Number of positionsHigh
Use of leverageLimited
Indicative weightPrevailing
Band scale, left to right: minimal to dominant
Leverage available on this sleeve
1×Core
2×Selective
4×Stated maximum
Futures on equity indices and government bonds, used both to take positions and to offset the risk carried by the rest of the book. This is the shortest horizon and can come down to a single session.
Typical horizonFrom intraday to several days
Number of positionsMedium
Use of leverageThe highest in the book
Indicative weightMedium
Band scale, left to right: minimal to dominant
Leverage available on this sleeve
1×Core
2×Selective
4×Stated maximum
Currencies and commodities, accessed through futures. They diversify the sources of return and hedge the currency exposure of the book, which is managed on a discretionary rather than systematic basis.
Typical horizonSeveral days upward
Number of positionsLimited
Use of leverageMedium
Indicative weightComplementary
Band scale, left to right: minimal to dominant
Leverage available on this sleeve
1×Core
2×Selective
4×Stated maximum
Illustrative representation. The actual composition is decided case by case and will differ from anything shown here. The binding exposure limit is the one set in the trading mandate, at 300%.
Discretionary component
The decision to open, size and close each position is discretionary and stays with the strategy developer within the boundaries of the mandate.
Systematic component
The only formalised system in use is Tom DeMark's Sequential indicator, applied as a support in reading market timing.
Exit rule
Closing a losing position is determined by its impact on account value, set at 2% as a stop loss. In particularly turbulent markets the exit can be filled at a price worse than the level intended.
04Risk rules and leverage
Leverage works because risk is fragmented
The maximum leverage stated by the strategy developer is four times, and it comes from the sum of many different positions rather than from a few amplified bets. Above this operating setup sit the binding limits of the mandate and the manager's powers of intervention.
The rules in force
Some are operating settings chosen by the strategy developer, others are contractual limits in the mandate. The distinction matters: the latter are binding.
2%
Position stop
The exit on a loss is based on the impact of the single position on account value, set at 2% as a stop loss.
13%
Maximum accepted drawdown
The level stated as acceptable by the strategy developer. It is not a guarantee: actual losses can exceed it.
300%
Mandate exposure cap
Contractual limit on the sum of the exposures of the portfolio constituents, excluding FX, CFDs and derivatives.
4
Minimum diversification
Whenever cash is below 50% of the portfolio, positions are spread across at least four assets.
Fragmentation of risk
Typical operations involve up to fifty simultaneous positions across different markets and instruments, held both short and long where equities are concerned. With a 2% exit rule per position, no single trade can determine the outcome of the portfolio on its own.
Up to 50 simultaneous positionsRemaining operating capacity
A
Offsetting across markets
Long and short positions across shares, bonds, commodities and currencies, on different horizons, tend to offset each other and reduce dependence on any single market.
B
Suspension power
The manager, through the Risk Manager or the Investment Committee, holds exclusive authority to suspend trading and can revoke the trading authority held with the broker.
05Development and validation
A strategy tested in the market, not in a backtest
SnowWhite does not come from a model optimised on historical series. It comes from decades of market analysis and continuous trading activity, and its rules were defined, corrected and maintained on orders actually executed in the market, with capital genuinely at risk. The distinction is substantive: a live portfolio incorporates the liquidity available at the moment of the order, trading costs, the gap between expected and executed price, and decisions taken while the market is moving. No simulation reproduces those elements.
A backtest tells you how a rule would have behaved. An executed order tells you how the person applying it behaves.
1998Year the strategy developer's analysis and trading activity began
2022Since when the trading and portfolio logic has been published, with an accessible archive
LiveNature of the operations on which the strategy was developed and verified
On requestSupporting documentation, data perimeter and calculation methodology
Rules born of experience, not of optimisation
The only systematic tool in use is Tom DeMark's Sequential indicator, the subject of years of study and writing by the strategy developer. Everything else is judgement applied case by case, within written limits.
Risk verified in live conditions
The 2% impact exit per position, the drawdown threshold considered acceptable and the spread across a large number of positions are not simulation parameters: they are rules applied to executed trades, across different market phases.
A verifiable trail
Market analysis, trading indications and portfolio logic have been published since 2022, with a freely accessible archive at giovannizibordi.ghost.io. Anyone assessing the instrument can read how the reasoning was built over time, not only the final outcome.
What this page does not present
Value Edge is newly issued and has no track record of its own: no past performance data is published on this page. The documentation supporting the development of the strategy, including the data perimeter, the calculation methodology and the related warnings, is provided by FRAMONT on request together with the Key Information Document and the prospectus. The instrument operates inside a regulated structure, with its own costs, mandate limits and controls, which can produce results different from any previous operating experience. Past results, however calculated, are not a reliable indicator of future results. Capital is at risk.
06Structure and roles
Who does what
The separation of roles is the most important point on this page. The person who developed the strategy and the entity that carries regulatory responsibility are not the same.
01
Strategy development and order execution
Giovanni Zibordi is the developer of the SnowWhite strategy and acts as a support services provider: he transmits and executes orders on the execution account under a Trading Authority, within the limits of the trading mandate. He does not provide investment advice and any recommendation of his is non binding.
02
Portfolio management
FRAMONT & Partners Management Ltd, authorised by the MFSA as an Alternative Investment Fund Manager, retains full and exclusive authority over investment decisions and strategy, and assumes regulatory responsibility for the structure.
03
Risk oversight
The manager's Risk Manager and Investment Committee hold exclusive authority to suspend trading in the event of breaches of limits or risk conditions, and to revoke the Trading Authority held with the broker.
04
Issuance and listing
The instrument is issued as a segregated portfolio within a dedicated issuance structure, with its own identifiers, NAV calculation administrator, depositary and paying agent. The issuer is iMaps and the instrument is listed on Borse Stuttgart.
05
Transparency
The portfolio composition and respective weights are published monthly on the issuer's website. The Key Information Document sets out the risk indicator, the performance scenarios and the full cost breakdown.
Instrument terms
Legal name
Value Edge Segregated Portfolio
Strategy trade name
SnowWhite
ISIN
DE000AMC0BZ5
Manager
FRAMONT & Partners Management Ltd
Base currency
EUR, currency hedging is not systematic
Permitted instruments
Shares, ETFs and depositary receipts long and short, bonds long and short, warrants long, options long and short, futures long and short, mutual funds and alternative funds long, cash up to 100%
Maximum exposure
300%, excluding FX, CFDs and derivatives
Borrowing limit
Cash weight, net of margin, always above -200%
Rebalancing
At any time, including intraday
ISIN, KID, prospectus
On request from FRAMONT
Costs and documentation
Ongoing costs
Set out in the KID
Performance related fees
Set out in the KID and the prospectus
Entry and exit charges
Set out in the KID
Trading costs
Broker commissions and charges, accounted for within the NAV
Binding source
Key Information Document and prospectus
How to obtain them
On request from FRAMONT, before any decision
Fee levels are not shown on this page. The Key Information Document gives the complete and binding presentation of costs, including their impact on return, and is the only source to rely on.
07Target market
Who this instrument is built for
Under MiFID II product governance rules the instrument is aimed at a defined target market. It is built for investors seeking a result that is not tied to equity market direction and who accept fluctuation in the order of 10% of the amount invested, in the knowledge that actual fluctuation can be greater.
Positive target market
This may fit if you
Seek a return uncorrelated to equity market direction
Want an instrument that can also go short on markets, not only long
Accept fluctuation in the order of 10% of the amount invested, and the chance it may be larger
Understand how leverage, short selling, futures and options work
Have experience with listed instruments of comparable complexity
Can leave the investment in place through a loss making phase
Treat this position as part of a wider portfolio
Negative target market
This is not for you if you
Are looking for a return close to the equity market average
Need capital protection or a guaranteed return
Cannot bear the loss of the amount you intend to invest
Are not familiar with derivatives and the use of leverage
Only consider minimal fluctuation in value acceptable
This position would be your only investment
Before deciding
Steps to take first
Read the Key Information Document in full, requesting it from FRAMONT
Read the prospectus, including the cost and risk sections
Check how this position sits within your overall portfolio
Consider that the instrument has no track record of its own yet
Speak to a licensed independent adviser if anything is unclear
MiFID II product governance
The positive target market covers retail and professional clients with knowledge and experience of listed instruments, derivatives and the use of leverage, a risk tolerance consistent with medium to high volatility, and an investment objective compatible with a discretionary multi market strategy. The negative target market covers investors requiring capital protection, investors who cannot bear losses and conservative profiles. The final target market is aligned with the KID and communicated to distributors, who remain responsible for their own suitability assessment. Nothing on this page is a personal recommendation.
08Documentation
Everything binding comes from FRAMONT
This page is a marketing communication. It is not an official source of instrument documentation.
Required reading
Key Information Document
The PRIIPs compliant KID sets out the nature of the instrument, the summary risk indicator, the performance scenarios and the full cost breakdown. Read it before any investment decision.
The ISIN, the issuer, the administrator calculating the NAV, the depositary, the paying agent and the listing details are provided directly by FRAMONT.
Official source. For the ISIN, the KID, the prospectus, subscription details and valuation information, contact FRAMONT & Partners Management Ltd at gianluigi.montagner@framontmanagement.com. FRAMONT & Partners Management Ltd is authorised and regulated by the Malta Financial Services Authority.
09Risk disclosure
Read these before you go further
A summary of the principal risks, not a complete list. The Key Information Document and the prospectus contain the full disclosure. Risks and benefits are given equal prominence on this page.
R1Capital loss
There is no capital protection and no guaranteed return. You may lose part or all of the amount invested.
R2Leverage
The strategy states a maximum leverage of four times and the mandate allows total exposure up to 300%. Leverage amplifies losses as well as gains.
R3Derivatives
The use of futures and options, including written options, involves margin risk, expiry risk and the risk of losses larger than the premium received.
R4Short selling
Short positions carry a theoretically unlimited potential loss and can be hit by sudden rallies or by regulatory restrictions on short selling.
R5Key person dependence
The strategy is discretionary and operationally entrusted to Giovanni Zibordi. His unavailability, or the revocation of the Trading Authority, directly affects the running of the portfolio.
R6Currency risk
The base currency is the euro, but positions sit in markets denominated in other currencies. Hedging is done with futures and is not systematic, so part of the currency exposure can remain open.
R7Discretion
With no system automatically determining the choices, the outcome depends on the judgement of the person trading, whose timing and direction can be wrong.
R8Number of positions
A book with many simultaneous positions carries higher trading costs, greater operational complexity and more points where execution can go wrong.
R9Correlation
Offsetting between positions in different markets holds as long as those markets move independently. In stressed conditions correlations tend to rise and the diversification benefit shrinks.
R10No instrument track record
Value Edge is newly issued and has no track record of its own. The operating experience behind the development of the strategy relates to a context different from that of the instrument, which has its own costs, mandate limits and controls, and does not anticipate future performance.
R11Liquidity and trading
Under abnormal market conditions the bid ask spread can widen materially and liquidity can be reduced.
R12Counterparty and operations
The instrument depends on the issuer, the broker and the service providers. A failure at any of them can affect value or access to the position.
R13Conflict of interest
The strategy developer receives a share of the performance fee generated by the portfolio. This can create an incentive to take more risk. The mitigation lies in the mandate limits and in the manager's suspension powers.
R14Communication and channels
The strategy developer publishes analysis and trading signals on his own channels. What may be published, with what delay and in what detail, is governed by a Communications Policy agreed with the manager.
R15Regulation and tax
Changes in law, regulation or tax treatment may affect the instrument, its structure or your net return.
R16Costs
The fees charged by the instrument, the issuer charges and the trading costs reduce the return, and the part that is not performance linked is due in negative periods too. The full breakdown, including the impact on return, is in the KID.
Full risk disclosure
The list above is a non exhaustive summary provided for information. It does not replace the risk disclosures in the Key Information Document and the prospectus, which should be read in full before any decision. If you are uncertain, consult a licensed independent financial adviser. FRAMONT & Partners Management Ltd does not provide personal investment advice. Past results, however calculated, are not a reliable indicator of future results. Capital is at risk.
10Common questions
Questions investors ask about this instrument
What is Value Edge and how does it relate to the SnowWhite strategy?
Value Edge is the legal name of the segregated portfolio, SnowWhite is the trade name of the strategy applied within it. Management and regulatory responsibility sit with FRAMONT & Partners Management Ltd, an MFSA authorised AIFM. Capital is at risk.
What can the portfolio hold?
Shares, ETFs and depositary receipts both long and short, bonds long and short, warrants long, options long and short, futures long and short, mutual funds and alternative funds long, and cash up to 100%. The universe is the one accessible through Interactive Brokers and is limited to liquid instruments. No corporate bonds are held directly: fixed income exposure is taken through government bond futures.
Is the strategy systematic or discretionary?
It is discretionary. The only systematic tool used is Tom DeMark's Sequential indicator. The quantitative rule in force concerns exiting losing positions, with a maximum impact of 2% on account value per single position.
How much leverage is used?
The stated maximum leverage is four times and comes from the sum of many different positions. The trading mandate sets a binding limit on total exposure at 300%, excluding FX, CFDs and derivatives, and requires the cash weight, net of margin, to stay above -200%.
Who developed the strategy and who manages the instrument?
The strategy was developed by Giovanni Zibordi, analyst and trader, MBA, founder of cobraf.com. He acts as a support services provider and transmits orders on the execution account under a Trading Authority. He is not the manager of the instrument and does not provide investment advice: investment decisions, risk oversight and regulatory responsibility sit with FRAMONT & Partners Management Ltd.
Is there performance data to rely on?
No performance data is published on this page. Value Edge is newly issued and has no track record of its own. The strategy was however developed and verified on orders actually executed in the market rather than on a theoretical backtest: the supporting documentation, including the data perimeter, the calculation methodology and the warnings, is provided by FRAMONT on request together with the KID and the prospectus.
Can the instrument make money when equity markets fall?
The portfolio can take short as well as long positions, in shares and in index futures, which is why its result does not depend on the direction of equity indices. It is not a hedging instrument, though: it is not built to rise when equity markets fall, and it can lose value in any market environment, including falling ones. Capital is at risk.
What are the costs?
The costs of the instrument, including ongoing and performance related fees, are set out in the Key Information Document and the prospectus, which are the binding sources and also show the impact of costs on return. The KID is provided by FRAMONT on request and must be read before any decision. For that reason no fee levels are shown on this page.
Can I follow the positions on the strategy developer's channels?
His channels publish market and macro analysis, along with trading indications aimed at a general audience and without position sizing. These are not the instrument's positions and should not be read as such: any real time overlap between the two is governed by a Communications Policy agreed with the manager, precisely to avoid market abuse issues and unfair treatment of investors. Official product information comes only from FRAMONT.
Where do I find the official documents?
The ISIN, the KID, the prospectus, the issuer details and the listing details are provided exclusively by FRAMONT & Partners Management Ltd at gianluigi.montagner@framontmanagement.com.
Answers are a summary for information only, are not investment advice and do not replace the KID or the prospectus.
11The strategy developer
Giovanni Zibordi
Giovanni Zibordi is an analyst and trader, holding an MBA from the University of California, Los Angeles. He is the developer of the SnowWhite strategy.
Since 1998 he has been the founder and operator of cobraf.com, an investment and trading advisory site with a blog and forum, later joined by X channels and Substack newsletters. Publishing his trades and results transparently is a long standing habit of his activity.
Before moving to analysis and trading he worked in corporate strategy consulting: manager at Booz Allen in Milan between 1993 and 1994, on projects for Alitalia and Corning, and at Telos Management in Milan between 1991 and 1992, on projects for the IRI group, Italimpianti and Ansaldo.
On the academic side, after a degree in Economics from the University of Modena and three years of doctoral research in Economics at La Sapienza in Rome, he moved to UCLA where he completed a Master in Business Administration between 1988 and 1990.
1998Year cobraf.com was founded
MBAUniversity of California, Los Angeles
Giovanni Zibordi at the trading desk.
Giovanni Zibordi
Strategy developer · Analyst and trader, MBA
Developer of the SnowWhite strategy
Founder and operator of cobraf.com, from 1998 to today
Author of market and macro analysis on X channels and Substack
Has written for years on Tom DeMark's Sequential indicator
Booz Allen, Milan, manager, 1993 to 1994, projects for Alitalia and Corning
Telos Management, Milan, manager, 1991 to 1992, projects for the IRI group, Italimpianti and Ansaldo
MBA, University of California, Los Angeles, 1988 to 1990
Doctoral research in Economics, La Sapienza, Rome, three years of coursework completed
Degree in Economics, University of Modena, 1980 to 1985
Giovanni Zibordi developed the strategy and handles order execution. He is not the manager of the instrument. Investment decisions, risk management, oversight and compliance sit with FRAMONT & Partners Management Ltd as MFSA authorised AIFM. The professional experience and academic credentials listed describe the person who developed the strategy: they are not a regulatory qualification and are not an indication of the instrument's future results.
Investment and trading advisory site, blog and forum, active since 1998. cobraf.com
Recurring commentary
Commentary schedule
Daily commentary on markets and on the rationale of the trades, weekly commentary on management results. All recurring content goes through the manager's pre approval process.
Conflict of interest and communication rules
The strategy developer receives a share of the performance fee generated by the segregated portfolio. This is a conflict of interest and is disclosed here, as well as being repeated whenever the product is mentioned on his channels. The mitigation lies in the limits of the trading mandate, in the suspension powers of the Risk Manager and the Investment Committee, and in the manager's ability to revoke the Trading Authority.
Every published item and every promotional material relating to the product, on this page as on the strategy developer's channels, is submitted to FRAMONT for approval before publication, and the same applies to later amendments. The personal channels link to this official page: editorial responsibility for the product stays with the manager.
12The manager
FRAMONT & Partners Management Ltd
FRAMONT brings MFSA authorisation, AIFMD compliance and the operating infrastructure needed to run a discretionary strategy inside a regulated perimeter.
MFSA authorised AIFM
Authorised by the Malta Financial Services Authority as an Alternative Investment Fund Manager under the AIFMD, with full EU regulatory standing.
Investment decisions
The manager retains full and exclusive authority over investment decisions and strategy and monitors that trading stays within the mandate and applicable regulation.
Compliance and risk
An independent Compliance Officer, a Risk Manager and an Investment Committee provide ongoing oversight. AML and KYC obligations, regulatory reporting and MFSA filings are handled in house.
Operating infrastructure
Depositary, administration, audit and reporting platforms support transparent management of the portfolio.
EU investment vehicles
Beyond this instrument, FRAMONT operates an MFSA authorised platform for AIFs, AMCs and ETIs. More at framontmanagement.com.
Reporting
The vehicle's transparency and reporting standards apply, with monthly publication of the portfolio composition and cost disclosure through the KID.
Ask for the full documentation
The KID, the prospectus, the ISIN and the listing details are provided directly by FRAMONT & Partners Management Ltd.
This page is a marketing communication produced by FRAMONT & Partners Management Ltd. It is not investment advice, a solicitation or an offer to buy or sell any financial instrument. The strategy uses leverage, derivatives and short selling and can lose value rapidly. The instrument is newly issued and has no track record of its own: no performance data is published on this page. Capital is at risk. Read the KID and the prospectus before investing. FRAMONT & Partners Management Ltd is authorised and regulated by the Malta Financial Services Authority as an Alternative Investment Fund Manager.
