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We consider the following Hamiltonian equation on a special manifold of rational functions, where denotes the Szeg\H{o} projector on the Hardy space of the circle . The equation with was first introduced by G{'e}rard and Grellier in \cite{GG1} as a toy model for totally non dispersive evolution equations. We establish the following properties for this equation. For , any compact subset of initial data leads to a relatively compact subset of trajectories. For , there exist trajectories on which high Sobolev norms exponentially grow with time.

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