CTA Profiles

GAIA Capital Mgt Ltd - GAIA FX+

Principal(s): Nicholas White
Strategy: Systematic / FOREX / Short Term
Request Disclosure Document
Investment Restrictions: Non US Investors or ECPs++

Statistics & Program Information

Aug Return 2.26%	Worst Drawdown ⁽²⁾ -20.63%	Minimum Investment $250,000
YTD Return 0.62%	Losing Streak ⁽³⁾ -2.06 %	AUM⁽⁵⁾ $52,000,000
Annualized CROR ⁽¹⁾ 28.45	Sharpe Ratio ⁽⁴⁾ 1.48	Calmar Ratio ⁽⁶⁾ N/A

Trading Methodology 90% Systematic 10% Discretionary	Style Sub-Categories Pattern Recognition Quantitative Trend Anticipatory Mean Reversion	Trading Style 90% Trend Following 50% Contrarian
Market Sector 20% Metals 80% FX	Holding Period 15% Short Term 85% Intraday	Sector Global Contracts Futures Forex

Start Date Jul-2014	Currency US Dollar	Margin ⁽⁷⁾ 15-30%
New Money Yes	AUM ⁽⁵⁾ $52,000,000	Management Fee 1.00%
Min Investment $250,000	Annualized CROR ⁽¹⁾ 28.45	Incentive Fee 25.00%
Fund Minimum $0	Losing Streak ⁽³⁾ -2.06 %	Other Fees None
Notional Funds Yes	Worst Drawdown ⁽²⁾ -20.63 %	Avg Comm ⁽⁸⁾ 1pip
NFA Member No	Sharpe Ratio ⁽⁴⁾ 1.48	Max Comm ⁽⁹⁾ 1.00
NFA Number 30.5 Exempt	Calmar Ratio ⁽⁶⁾ N/A	Round Turns ⁽¹⁰⁾ 1,500

Starting Date: Jul-2014	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $52,000,000
Open to US Investors: Yes	Annualized CROR: 28.45%
Minimum Fund Investment: $0	Worst Monthly Drawdown: -20.63
Minimum Managed Account: $250,000	Current Losing Streak: -2.06 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 1.48
Redemptions: N/A	US Attorney: Not Listed
Lock Up: N/A	Offshore Attorney: Not Listed
Hurdle Rate: N/A	Administrator: Not Listed
Administraton Fee: 0.00%	Prime Broker: Not Listed
Management Fee: 1.00%	Auditor: Not Listed
Incentive Fee: 25.00%	NFA Member: No
Other Fees: None	FINRA Member: No
	Other Memberships: NFA EXEMPT FOREIGN FIRM

Type of Fund:	Domicile:	Strategy:

Correlations: AG CTA Index: -0.299 AG Systematic CTA Index: -0.294

P - Proprietary Trading Results * C - Client Trading Result * P&C - Combines Client & Proprietary Trading Results (the accounting notes will identify the time frame for each. 1. Rates of Return: Rate of Returns are calculated from the start date of each program. Usually returns are calculated based on the Annual Compounded Rate of Return method. In some cases returns have been calculated on a Non-Compounded basis. This would occur when a Manager trades based on account unit rather than on account equity. The Annualized Compounded Rate of Return ("Annualized CROR") represents the compounded rate of return or each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. The Annual Rate of Return ("Annual ROR") is the annualized Mean Return. 2. The Worst Peak-to-Valley Drawdown ("Worst Drawdown") is defined as the greatest cumulative percentage decline in net asset value due to losses sustained by the trading program during any period in which the initial net asset value is not equaled or exceeded by a subsequent asset value. 3. Start & End Dates: Indicates the Start and End Dates of the Worst Peak-to-Valley Drawdown. 4. The Current Losing Streak ("Losing Streak") represents the extent of the Advisor's current drawdown. 5. Annualzied Standard Deviation is one way to look at consistency of returns. It measures the degree by which the monthly returns vary from the average (mean) return. 6. Downside Deviation is a measure of downside volatility. It only considers those monthly performance results that are less than the monthly Minimum Acceptable Rate of Return. 7. The Sharpe Ratio is a risk-adjusted ratio that rewards consistency of returns. Traders are penalized for volatility regardless of whether it is on the up or downside. The Sharpe Ratios is calculated using a 1% risk-free rate of return. 8. The Sortino Ratio is a risk-adjusted ratio. The higher the number the better. Results are dependent upon the Minimum Acceptable Rate of Return (currently set at 5%. 9. The Sterling Ratio is a risk-adjusted return measurement calculated by dividing the Annualized Compound ROR by the Average Yearly Maximum Drawdown less an arbitrary 10%. The Sterling Ratio is normally calculated using the last 36 months of data. 10. The Calmar Ratio represents the historical amount gained for each dollar risked. A higher number is better. Unless otherwise denoted the Calmar Ratio is calculated by dividing the 36 month Annualized Compounded ROR by the 36 month Peak to Valley Drawdown. Traders with less than 36 months of data or a negative Calmar Ratio will be indicated by N/A. 11. The Omega Function accounts for the non-normal distributions of returns and takes into account the investor's preferences for loss and gain. Omega is computed directly from the returns distribution and measures the total impact of the moments instead of each one of them individually. 12. Minimum Investment represents the minimum account size. 13. Assets Under Management ("AUM") represents the current nominal assets traded by the Manager. 14. The Number of Winning Months represents the months with positive return. 15. The Number of Losing Months represents the months with negative return. 16. The Percentage of Winning Months represents the % of winning months. 17. Margin to Equity ("Margin") represents the average margin as a percent of a fully funded account. 18. Round Turns per Million ("Round Turns") represent the average number of round turns that would be generated in a $1,000,000 account. 19. Average Commission ("Avg Comm") represents the average commission rate of the composite track record. A higher or lower commission rate would increase or decrease the performance accordingly. 20. Maximum Commisions ("Max Comm") is the Maximum Round Turn Rate allowable by the Manager.

Trading Description:

The GAIA FX+ Program is an intraday systematic FX program focused on drawing alpha from intraday volatility. The program is built around multi-price tracking signal generators which look for short term price anomalies and generate buy or sell signals to benefit from these discrepancies. The consistent application of the process and rigid risk management policy ensure that returns are consistent and replicable.

GAIA Ltd is an Exempt Foreign Firm under CFTC Reg 30.5.

GAIA Capital provides professional account management utilizing the GAIA Systematic trading program called FX+. GAIA FX+ is a systematic multi-strategy investment model that seeks to deliver strong risk adjusted alpha returns with low correlation to other investments. GAIA FX's Risk Management and Profit Objectives are integral to each trading signal upon initiation. GAIA Capital has assembled a multi-disciplinary team with extensive experience in portfolio management, time series analysis, statistical modeling and proprietary trading. The team has developed advanced proprietary technologies, including a trading engine that attempts to systematically identify and exploit non-random price behavior from high frequency global financial data across multiple asset classes and strategies. GAIA FX+ currently focuses on the EUR/USD currency pairing in the Interbank-FX market, the most liquid market within an estimated $4 trillion a day global pool. The GAIA trading model is both scalable and expandable and has previously been successfully traded on additional Currency pairs, Bullion, Commodity & Equity Index Futures

Risk Strategy:

N/A

Background:

Mr. White has been employed within the financial services industry since 1988. Commencing his career with Morgan Guaranty Trust Company (JP Morgan), he was then employed with Lehman Brothers, AMT Futures Limited and Smith Barney Europe (Citigroup). In November 1997 Mr. White was asked to assist with the establishment of a niche Fund Management operation, Seccom Limited as CIO, managing a global portfolio of Real Estate and Alternative Investment trading portfolios. In 2001 Mr. White set up his own investment management consultancy, Fitrol Investment Management, initially offering liquidity management services to off-shore hedge funds whilst further development of the quantitative trading programs took shape. The Fitrol Managed Futures Program went on to become one of the worlds best performing CTA programs of 2003/4 & in 2005 he was listed as Futures Magazine's "Hot New CTAs". In October 2007 Mr. White was approached by prominent figures from within the Abu Dhabi community and requested to set up a regulated investment management boutique (Al Oula Capital) to be licensed by the UAE Central Bank and take up the position of CEO. The original mandate involved a JV between a consortium of Royal Family Offices and ADIA (Abu Dhabi Investment Authority) to create the first Alternative Fund Platform in the UAE. Given the global economic downturn the original project was delayed and he implemented an Investment Advisory Services Division of Al Oula Capital providing Corporate Finance, ECM/DCM , Private Equity and Wealth Management solutions to sovereign and semi-governmental entities across Abu Dhabi. Consecutively to the requirements of AOC, Mr. White focused on the requirements of the holding company, proactively managing a multi- billion dirham Real Estate, Equities & Derivatives portfolio, originating/sourcing new JV's and strategic partnerships for the group & its affiliates and sitting on both the Investment and Executive committees. Over the past 15 years Mr. White has consulted on the set up and creation of numerous regulated Asset Management companies across multiple jurisdictions including the UK, the USA, France, Monaco and the UAE. His areas of focus are Global Financial Strategy, Regulated Structuring, Financial Architecture Development and Alternative Investment Fund/Platform creation, trading and distribution. Mr. White previously maintained a Securities/General Representative certification with the UK's FSA as well as a Series 3 qualification from FINRA in the USA and is an approved principal with the NFA.

Performance

GAIA Ltd is an Exempt Foreign Firm under CFTC Reg 30.5.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2024	0.57%	-0.21%	-5.10%	3.49%	3.87%	0.34%	-4.22%	2.26%					0.62%	-5.3%
2023	1.41%	-0.38%	1.74%	0.53%	-0.63%	1.28%	-1.07%	-1.23%	-0.87%	-0.22%	2.41%	-1.05%	1.85%	-3.35%
2022	-9.26%	7.40%	3.16%	-3.15%	2.21%	-1.21%	0.64%	1.71%	-3.78%	0.57%	0.22%	0.45%	-1.96%	-9.26%
2021	4.28%	9.93%	6.83%	0.73%	-8.15%	21.57%	5.12%	3.07%	1.90%	-7.64%	13.04%	1.65%	61.4%	-8.15%
2020	2.24%	-0.61%	2.13%	-2.84%	0.78%	5.18%	0.83%	-3.93%	2.28%	-0.29%	1.63%	2.93%	10.46%	-3.93%
2019	1.58%	-3.97%	2.27%	-5.78%	1.20%	2.36%	-10.58%	-2.87%	-3.21%	1.43%	-2.89%	2.43%	-17.42%	-20.63%
2018	-6.23%	16.35%	2.78%	6.53%	5.96%	10.67%	5.38%	2.67%	0.78%	4.31%	1.86%	4.57%	69.71%	-6.23%
2017	5.87%	-0.92%	10.35%	9.07%	-2.36%	4.54%	1.43%	-4.89%	8.16%	-1.16%	-2.32%	4.03%	35.05%	-4.89%
2016	4.99%	3.77%	2.99%	0.00%	6.54%	2.72%	-1.90%	4.25%	8.04%	6.37%	8.83%	-0.96%	55.56%	-1.9%
2015	7.17%	11.62%	18.88%	9.79%	4.47%	8.70%	5.17%	3.89%	3.36%	3.60%	1.22%	0.76%	111.56%	0%
2014							2.97%	-1.16%	-0.38%	6.42%	1.55%	4.30%	14.28%	-1.54%

Annual Performance

Years	2014	2015	2016	2017	2018	2019
ROR	14.28%	111.56%	55.56%	35.05%	69.71%	-17.42%
Max DD	-1.54%	0.00%	-1.90%	-4.89%	-6.23%	-20.63%

Years	2020	2021	2022	2023	2024 YTD
ROR	10.46%	61.40%	-1.96%	1.85%	0.62%
Max DD	-3.93%	-8.15%	-9.26%	-3.35%	-5.30%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.

VAMI, Assets under Management & Worst Drawdown

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Monthly Returns

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RISK DISCLOSURE

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND/OR FOREIGN EXCHANGE ('FOREX') IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS. A HARD COPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON.

THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NO CONSIDERATION TO INVEST SHOULD BE MADE WITHOUT THOROUGHLY READING THE DISCLOSURE DOCUMENT OF EACH OF THE CTAS IN WHICH YOU MAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BE OPENED FOR YOU.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.

AUTUMN GOLD CTA INDEXES ARE NON-INVESTABLE INDEXES COMPRISED OF THE CLIENT PERFORMANCE OF CTA PROGRAMS INCLUDED IN THE AUTUMN GOLD DATABASE AND DO NOT REPRESENT THE COMPLETE UNIVERSE OF CTAS. INVESTORS SHOULD NOTE THAT IT IS NOT POSSIBLE TO INVEST IN THESE INDEXES.