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Carbide Capital Inc | Carbide Absolute Return Program
Report Start Date: Sep-2014 - Report End Date: Jul-2019

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Report Start Date Report End Date


Trading Strategy: Disc. / Options / Broad Equity Indices

Program Description: Discretionary options strategy seeking non-correlated returns. The program incorporates long and short options positions on broad equity indices such as the S&P 500. The program generally has a bias towards short option positions due to the volatility risk premium in the options market. Edge is derived from the trading experience of the principal, who was the head trader at Universa Investments, a multi-billion dollar hedge fund, which specialized in tail hedging.

Investment Information

Program Start Date Sep-2014
Percent Discretionary 100%
Percent Systematic 0%
Minimum Investment 200,000
Management Fee 2.00%
Incentive Fee 20.00%
Margin 20-60%
Round Turns per Million 5,000
Currency US Dollar
NFA No: #0478724

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Performance Since September 2014 - Track Record Prepared By: Compliance Supervisors

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014  0.79% 2.40% -1.01% 1.90%
2015 0.71% 0.84% 1.12% 0.66% 0.71% -0.17% 0.75% -3.76% 3.82% 1.23% 0.99% 0.95%
2016 1.55% 1.06% 3.00% 1.31% 1.39% -0.77% 2.11% 0.73% 0.66% 1.29% 1.52% 0.87%
2017 0.83% 1.01% 0.86% 1.08% 1.02% 1.53% 1.03% 0.74% 0.70% 1.01% 0.45% 1.21%
2018 -1.09% -30.66% 1.25% 1.18% 1.31% 1.29% 1.89% 0.75% 0.78% -11.69% 1.43% -5.56%
2019 1.87% 0.55% 0.53% 0.45% -0.14% 0.97% 0.68%  

 201420152016201720182019 YTD
ROR4.11%7.97%15.70%12.09%-36.90%5.01%
Max DD-1.01%-3.76%-0.77%0.00%-36.90%-0.14%


Program Statistics
Omega Ratio % Threshold 0.65
Peak-to-Valley Drawdown (1) (Dec 2017 - Dec 2018) -36.90%
Worst Monthly Return (Feb 2018) -30.66%
Current Losing Streak -33.74%
Average Monthly Return 0.07%
Monthly Std. Deviation 4.57%
Gain to Loss Ratio 0.19
Annualized Statistics
Compound ROR (2) -0.70%
Standard Deviation 15.84%
Downside Deviation (3) 15.43%
Sharpe Ratio (4) -0.01
Sortino Ratio (5) -0.36
Calmar Ratio (6) -0.21
Sterling Ratio (7) -0.31
Profit Loss Ratio 1.07

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISORS CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.
A COMPLETE DISCUSSION OF FEES AND CHARGES ARE REPORTED IN THE CTA’s DISCLOSURE DOCUMENT. ONE SHOULD RECOGNIZE THAT AN INTRODUCING BROKER MAY CHARGE A FRONT-END START OF FEE OF UP TO 3% OF THE INITIAL CONTRIBUTION. PLEASE NOTE THAT THIS CHARGE IS NOT REFLECTED IN THE PERFORMANCE OF THE COMMODITY TRADING ADVISOR AND COULD HAVE A SIGNIFICANT IMPACT ON THE CUSTOMER'S ABILITY TO ACHIEVE SIMILAR RETURNS. PAST PERFORMANCE IS NOT NECESSARILY INDICIATIVE OF FUTURE SUCCESS.

AutumnGold.com LLC
719-685-9671 Email: info@autumngold.com | Web Address: http://www.autumngold.com




Carbide Capital Inc | Carbide Absolute Return Program
Report Start Date: Sep-2014 - Report End Date: Jul-2019

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Time Window Analysis
Length Best Average Worst
1 mo 3.8% 0.1% -30.7%
3 mo 6.1% 0.1% -30.6%
6 mo 10% -0.1% -29.1%
12 mo 18.7% -0.2% -36.9%
18 mo 26.3% -0.1% -34.2%
24 mo 34.4% 2.5% -31%
36 mo 41% 1.3% -22.2%
Historical Drawdown and Recoveries***
Start Depth Length Recovery End
Jan-18 -36.90% 12 mo 7 mo n/a
Aug-15 -3.76% 1 mo 2 mo Oct-15
Nov-14 -1.01% 1 mo 1 mo Dec-14
Jun-16 -0.77% 1 mo 1 mo Jul-16
Jun-15 -0.17% 1 mo 1 mo Jul-15

            Current Losing Streak = -33.74%


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Select an index or program to add as a benchmark:


Comparisons ProgramAG CTA Index
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SP 500 TR
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Annualized Compound ROR (2) -0.70%0.68%10.65%
Cumulative Return -3.41%3.39%64.50%
Cumulative VAMI(8) 96610341645
Largest Monthly Gain 3.82%2.94%8.43%
Largest Monthly Loss -30.66%-5.53%-9.03%
Profit Loss Ratio 1.071.142.00
Correlation 0.5590.381
Last Month 0.68%1.56%1.44%
Last 12 Months -9.80%2.22%7.99%

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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISORS CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.
A COMPLETE DISCUSSION OF FEES AND CHARGES ARE REPORTED IN THE CTA’s DISCLOSURE DOCUMENT. ONE SHOULD RECOGNIZE THAT AN INTRODUCING BROKER MAY CHARGE A FRONT-END START OF FEE OF UP TO 3% OF THE INITIAL CONTRIBUTION. PLEASE NOTE THAT THIS CHARGE IS NOT REFLECTED IN THE PERFORMANCE OF THE COMMODITY TRADING ADVISOR AND COULD HAVE A SIGNIFICANT IMPACT ON THE CUSTOMER'S ABILITY TO ACHIEVE SIMILAR RETURNS. PAST PERFORMANCE IS NOT NECESSARILY INDICIATIVE OF FUTURE SUCCESS.

AutumnGold.com LLC
719-685-9671 Email: info@autumngold.com | Web Address: http://www.autumngold.com




Carbide Capital Inc | Carbide Absolute Return Program
Report Start Date: Sep-2014 - Report End Date: Jul-2019

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An Important Note on the Start Date and End Dates of this Report. If the Start Date of this Report Predates the Inception of the Program, the Maximum Drawdown from Inception may be larger than indicated in this report. The Inception of this program is Sep 2014

Performance Results reported or amended subsequent to Saturday August 24, 2019 are not reflected in this Report

*** Historical Drawdowns & Recoveries: The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month, and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

Statistical Notes
1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2014-09-30 to 2019-07-31
2. The Compound Annual ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.
3. Downside Deviation uses a 5% Minimum Acceptable ROR
4. Sharpe Ratio uses a 1% Risk Free ROR
5. Sortino Ratio uses a 5% Minimum Acceptable ROR
6. Calmar Ratio Uses last 36 months of Data
7. Sterling Ratio uses last 36 months of Data
8. The hypothetical growth of $1,000 VAMI
ROR = Rate of Return

AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.

SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5 billion. The TR Index accounts for the reinvestment of dividends.

This report has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's Disclosure Document or Fund's Offering Document.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISORS CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.
A COMPLETE DISCUSSION OF FEES AND CHARGES ARE REPORTED IN THE CTA’s DISCLOSURE DOCUMENT. ONE SHOULD RECOGNIZE THAT AN INTRODUCING BROKER MAY CHARGE A FRONT-END START OF FEE OF UP TO 3% OF THE INITIAL CONTRIBUTION. PLEASE NOTE THAT THIS CHARGE IS NOT REFLECTED IN THE PERFORMANCE OF THE COMMODITY TRADING ADVISOR AND COULD HAVE A SIGNIFICANT IMPACT ON THE CUSTOMER'S ABILITY TO ACHIEVE SIMILAR RETURNS. PAST PERFORMANCE IS NOT NECESSARILY INDICIATIVE OF FUTURE SUCCESS.

AutumnGold.com LLC
719-685-9671 Email: info@autumngold.com | Web Address: http://www.autumngold.com