WaterValley Capital Management (WaterValley) is an ex-Millenium team with over 18 years of investing experience in high frequency market-making and arbitrage. WaterValley seeks to exploit short term arbitrage or spread opportunities between the same or similar commodity and equities listed on global exchanges, with a focus on Chinese exchanges. WaterValley uses relative value, systematic trading techniques based on proprietary mathematical models, sometimes with a discretionary overlay depending on underlying asset. WaterValley seeks to systematically extract profits from these short term arbitrage or spread opportunities and deliver alpha not correlated to traditional long bias strategies. WaterValley aims to deliver double digit annualized performance with single digit volatility.