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Tanyard Creek Capital, LLC - Livestock Program

Principal(s): Randall Cleland
Strategy: Fundamental / Livestock / Futures & Options
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Statistics & Program Information

Apr 2024 Return 0.67%	Worst Drawdown ⁽²⁾ -14.17%	Minimum Investment $200,000
YTD Return: 0%	Losing Streak ⁽³⁾: -1.22%	AUM ⁽⁵⁾: $73,320,000
Annual Mean Return⁽¹⁾ 0.13%	Sharpe Ratio 4% RF ROR⁽⁴⁾: 0.49	Calmar Ratio ⁽⁶⁾: N/A
1) This CTA reports performance based on a fixed trading level rather than actual equity; therefore, the returns shown are not compounded

Trading Methodology 100% Discretionary	Style Sub-Categories Fundamental Spread Trading	Trading Style
Market Sector 100% Meats	Holding Period	Geographic Sector US Contracts: Futures Options

Start Date Jun-2008	Currency US Dollars	Management Fee 2.00%
Accepting New Accounts No	Min Investment $200,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $0	Other Fees None
NFA Number 0382093	Margin ⁽⁷⁾ 20%	Avg Comm ⁽⁸⁾ $0.00
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 2,500	Max Comm ⁽⁹⁾ 0.00

Starting Date: Jun-2008	Currency: US Dollars
Open to New Investors: No	Current Assets: $73,320,000
Open to US Investors: Yes	Annualized CROR: 12.18%
Minimum Fund Investment: $0
Minimum Managed Account: $200,000	Current Losing Streak: -1.22 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR 0.49
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: 2.00%	Auditor: Not Listed
Incentive Fee: 20.00%	NFA Member: Yes
Selling Fee: 0.00%	FINRA Member: No
Other Fees: None	Other Memberships:

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: N/A

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

The trading strategy attempts to identify optimal trading opportunities. The approach is primarily guided by observation of spreads within a particular market. It is the assumption of TCC that, by studying and investing in the spreads between contract months, commodities, and various commodity classes, an investor can earn substantial profits with acceptable risks. TCC believes that the spread markets provide numerous trading opportunities as speculators, hedgers, and commercial interests move commodity positions from one contract month, commodity, or commodity class to another. TCC may refine or change its trading approach (including enhancements or changes to the trading system or deletion of commodity interests traded) at any time without prior notice.

The Program’s portfolio is structured to include various outright positions and spread positions. The Program’s return objectives are 25-35% with potential annual drawdowns contained under 15-20%. The average margin-to-equity ratio is approximately 10% - 30%.

This Program may trade futures and option contracts in any agricultural market traded on a U.S. Futures exchange. To effectively capture trends over all markets, the Program requires no less than $50,000 for each account and anticipates approximately 2,500 round turns per $1,000,000.

Risk Strategy

N/A

Background

Performance

Please see Disclosure Document for Compounded Performance Data prior to January 2015.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR*	Max DD
2024	1.57%	-1.03%	0.33%	0.67%									1.54%	-1.03%
2023	1.71%	0.00%	0.04%	-0.38%	0.53%	0.38%	-2.90%	0.13%	-0.76%	-0.25%	1.21%	-0.12%	-0.41%	-3.75%
2022	1.82%	-0.33%	3.12%	2.68%	1.09%	-0.29%	-5.52%	0.76%	1.49%	-0.40%	0.71%	1.29%	6.42%	-5.79%
2021	0.96%	-1.04%	-0.54%	0.44%	-2.87%	2.26%	1.40%	1.09%	2.37%	0.40%	2.37%	-0.16%	6.68%	-3.98%
2020	-2.12%	1.75%	-2.61%	-1.00%	1.95%	1.37%	-0.04%	-1.83%	-1.11%	-1.60%	-0.07%	-1.75%	-7.05%	-6.96%
2019	0.65%	-2.04%	-0.64%	1.75%	-0.60%	-2.19%	2.92%	4.29%	-2.07%	1.70%	0.18%	0.18%	4.14%	-3.71%
2018	-0.70%	-1.69%	2.57%	-0.09%	1.41%	4.80%	0.71%	-3.15%	-0.10%	0.76%	-0.85%	1.23%	4.90%	-3.34%
2017	0.63%	-1.54%	-0.23%	-1.32%	0.12%	2.92%	1.92%	3.01%	1.01%	-3.36%	2.30%	-0.26%	5.23%	-3.36%
2016	-0.41%	-1.17%	-0.25%	1.47%	-0.09%	-0.28%	4.04%	0.51%	2.06%	0.66%	-0.82%	-1.33%	4.39%	-2.14%
2015	4.57%	2.20%	-4.32%	1.42%	-0.68%	0.09%	4.11%	-2.72%	-2.23%	0.81%	-0.83%	3.02%	5.44%	-4.91%
2014	0.32%	3.61%	1.29%	3.93%	5.92%	2.63%	0.39%	-2.43%	-3.60%	2.98%	1.18%	-0.51%	15.72%	-5.94%
2013	-2.08%	-1.80%	-0.97%	0.05%	1.84%	2.17%	1.27%	-2.13%	1.03%	-0.59%	2.52%	2.86%	4.18%	-4.78%
2012	0.16%	-0.82%	2.95%	-0.84%	1.90%	7.13%	1.93%	-0.14%	-3.03%	-0.80%	-1.03%	-2.43%	4.95%	-7.25%
2011	0.45%	3.48%	0.97%	2.11%	2.46%	5.50%	2.94%	5.76%	-2.06%	-3.55%	-2.52%	-1.04%	14.50%	-8.88%
2010	4.55%	0.50%	2.23%	6.48%	-5.25%	6.19%	2.42%	-2.37%	1.74%	9.63%	-4.73%	0.16%	21.54%	-5.25%
2009	0.16%	-4.43%	3.15%	-1.51%	0.32%	7.09%	-0.02%	7.04%	-1.03%	-12.34%	-1.07%	2.53%	-0.09%	-14.17%
2008						-0.61%	54.80%	24.60%	14.25%	17.59%	-7.51%	11.03%	114.17%	-7.51%

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

Footnotes

1. The Annualized Compounded ROR ("Rate of Return") is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth. 2. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % the time-period. 3. Sharpe Ratio uses a 4% Risk Free ROR (Rate of Return) 4. Calmar Ratio Uses last 36 months of Data 5. The hypothetical growth of $1,000

RISK DISCLOSURE

THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS, FOREIGN EXCHANGE ('FOREX') AND/OR CRYPTOCURRENCIES 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.