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Auspice Capital Advisors Ltd - Auspice Managed Futures LP Series 1

Principal(s): Tim Pickering & Ken Corner
Strategy: Trend Follower / Diversified
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Investment Restrictions: 4.7 Exempt - Qualified Eligible Persons Only

Statistics & Program Information

Nov 2025 Return -0.3%	Worst Drawdown ⁽²⁾ -26.05%	Minimum Investment $2,000,000
YTD Return: 1.52%	Losing Streak ⁽³⁾: -12.63%	AUM ⁽⁵⁾: $159,197,028
Annualized CROR⁽¹⁾ 2.55%	Sharpe Ratio 4% RF ROR⁽⁴⁾: -0.12	Calmar Ratio ⁽⁶⁾: N/A
2) Annualized ACROR is based on compounding. Please see Footnotes for more information.

Trading Methodology 100% Systematic	Style Sub-Categories Trend Following Momentum	Trading Style 100% Trend Following
Market Sector 14% Stock Indices 14% Currencies 14% Financials 14% Metals 14% Energies 14% Agriculturals 14% Softs 2%	Holding Period 100% Medium Term	Geographic Sector Global Contracts: Futures

Start Date Apr-2004	Currency US Dollar	Management Fee 2.00%
Accepting New Accounts Yes	Min Investment $2,000,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $0	Other Fees None
NFA Number 0401001	Margin ⁽⁷⁾ 7%	Avg Comm ⁽⁸⁾ $8.00
Notional Funds No	Round Turns Per Million ⁽¹⁰⁾ 400	Max Comm ⁽⁹⁾ 0.00

Starting Date: Apr-2004	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $159,197,028
Open to US Investors: Yes	Annualized CROR: 1.97%
Minimum Fund Investment: $0
Minimum Managed Account: $2,000,000	Current Losing Streak: -12.63 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR -0.12
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: Canadian (Alberta) Registered Portfolio Manager

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: SGGG Fund Services (Toronto)

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

Auspice Capital Advisors Ltd. is a Canadian based registered Portfolio Manager / Investment Council. Auspice is focused on managing commodity risk, providing trading expertise, and creating unique structured products, funds, and indices.

The Program - The Auspice Diversified Commodity LP (Standard) program is a diversified commodity fund that employs systematic trading methods. The fund strategy is medium-to-long term trend following and is the result of proprietary research conducted by the principals. The approach is entirely rule-driven, eliminating any significant discretion of entry, exit, stops, and position size. The model developed is robust and transferable to most commodities that have a tendency to trend in price and volatility. Optimization is limited as the critical parameters adapt to the volatility of each commodity. Trend is defined based on the evolution of these conditions. It is designed to capture the bulk of a trend, up or down, in a diverse mix of commodity and financial futures. Commodities are chosen for their historic ability to trend and for their lack of correlation to traditional markets. The system does not attempt to predict market direction, but rather, reacts to a defined set of rules that identify potential trends. Over-optimization is limited, as the critical parameters adapt to the volatility of each commodity. Actual trading results and historical simulations indicate low or negative correlation to S&P returns.

Managing risk and preserving capital are key components of the strategy. Risk is managed on a portfolio, sector, and commodity basis and this includes position re-sizing based on changing volatility conditions in the market. Risk is normalized such that component and sector risks are balanced across the portfolio. In addition, the fund only invests in liquid, exchange traded commodities, and since these commodities are traded on margin, only a portion of fund capital is put at risk at any time. Preserving capital is the backbone of the approach.

Auspice Edge - The experience of the Auspice principals affords it a number of distinct edges to the sector.

The options trading background affords the principals and its developed systems a specific understanding of volatility and its importance in defining trend, entry, exit and risk management. The approach replicates being long volatility on a diversified basket financial futures and commodities.

Risk Strategy

Auspice is a risk management focused organization. The trading approach is conservative and couples upside volatility with sophisticated institutional risk management and position sizing and re-sizing. The research process is very extensive and includes Monte Carlo simulation to understand the range of portfolio outcomes and risks (ex Monte Carlo distribution of MAR, Drawdowns, ROI) versus simple backtesting. This portfolio level analysis affords Auspice the ability to understand the risks beyond the individual commodity components. Further, systems are developed by analyzing trading rules independently. This process enables Auspice to avoid the typical curve fitting pitfalls.

Background

The team at Auspice is led by two veteran commodity professionals, Tim Pickering and Ken Corner. The team has 15 years institutional trading and risk management experience. Their background consists of trading OTC and exchange traded derivatives in energy, commodities, currency, and interest rates. Tim Pickering, President of Auspice, held previous senior trading roles at TD Securities and Shell Trading (V.P. Options Trading North America). Ken Corner also held senior trading roles at Shell Trading and TD Securities (V.P. Options Trading).

Performance

Monthly Performance Since Mar 2006

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	0.64%	-2.50%	-0.57%	-3.39%	-1.70%	0.50%	-0.27%	1.88%	4.69%	2.54%	-0.30%		1.26%	-7.93%
2024	-1.18%	2.95%	-0.04%	2.71%	-2.12%	-2.64%	-0.97%	-1.78%	0.85%	-3.00%	0.80%	1.73%	-2.88%	-9.32%
2023	2.15%	-3.64%	0.34%	2.92%	0.87%	-2.21%	-0.36%	-0.80%	3.37%	-3.36%	-3.35%	-0.49%	-4.79%	-7.14%
2022	2.20%	4.32%	7.95%	3.54%	-1.84%	0.55%	-2.90%	-0.17%	2.43%	-0.51%	-4.30%	0.00%	11.19%	-6.70%
2021	2.67%	9.55%	-0.89%	4.61%	0.61%	-1.50%	-1.77%	0.98%	0.49%	1.32%	-4.28%	-1.89%	9.62%	-6.57%
2020	-2.06%	-0.19%	9.72%	-3.16%	-0.47%	0.28%	3.36%	2.08%	-2.15%	0.99%	2.69%	6.73%	18.46%	-3.62%
2019	-4.15%	-0.47%	-0.65%	3.50%	-7.43%	-0.37%	0.52%	10.60%	-7.59%	-1.33%	1.42%	0.25%	-6.75%	-9.53%
2018	3.12%	-5.81%	-2.27%	-0.19%	1.41%	-1.48%	1.89%	3.57%	-0.84%	-4.75%	3.66%	1.64%	-0.60%	-8.51%
2017	-3.66%	-1.89%	-1.35%	-1.39%	-0.53%	-0.51%	-1.61%	2.76%	-2.53%	5.16%	-0.27%	0.67%	-5.33%	-10.47%
2016	-0.23%	3.12%	-4.93%	3.59%	-1.64%	0.56%	2.44%	-1.55%	-1.06%	-1.34%	2.68%	-0.13%	1.17%	-4.93%
2015	4.68%	-1.93%	0.47%	-0.98%	-2.03%	-1.84%	-4.36%	-2.14%	0.26%	-2.75%	2.56%	0.66%	-7.47%	-14.38%
2014	-2.02%	1.62%	-1.84%	3.25%	-3.11%	2.65%	-0.43%	3.92%	8.55%	-0.78%	7.05%	4.19%	24.76%	-3.11%
2013	0.40%	-2.23%	0.28%	0.99%	-0.90%	0.66%	-1.54%	-1.33%	-4.07%	2.01%	0.04%	-0.36%	-6.02%	-7.94%
2012	2.41%	-1.11%	-1.19%	0.60%	1.71%	-6.29%	1.17%	-0.70%	-3.64%	-1.80%	-2.38%	0.81%	-10.23%	-13.05%
2011	1.39%	2.97%	-1.16%	4.09%	-1.31%	-1.62%	2.16%	-1.09%	-2.60%	-3.82%	1.07%	-3.44%	-3.66%	-10.31%
2010	-3.26%	0.45%	0.61%	0.95%	0.01%	0.62%	-1.02%	1.07%	1.82%	6.98%	-2.51%	6.68%	12.53%	-3.26%
2009	-0.61%	1.08%	-2.27%	-3.32%	-0.58%	0.15%	-3.23%	0.75%	1.44%	-2.31%	4.84%	-3.83%	-7.93%	-9.11%
2008	5.60%	14.59%	-1.72%	-1.58%	0.71%	2.86%	-5.61%	-1.99%	6.86%	10.80%	5.77%	2.73%	44.30%	-7.49%
2007	-1.43%	-1.76%	-2.42%	-0.79%	0.71%	-1.32%	-3.16%	-3.07%	5.87%	4.53%	-2.13%	2.29%	-3.12%	-12.55%
2006			0.00%	-1.07%	0.75%	-2.93%	-4.12%	2.73%	0.73%	-2.35%	-0.24%	-3.68%	-9.93%	-9.93%

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

++Qualified Eligible Investors Only:

A Qualified Eligible Person must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $4,000,000 in securities holdings OR the person must have on deposit with a Futures Commission Merchant at least $400,000 in exchange-specified initial margin and option premiums, and required minimum security deposit for retail forex transactions).

Exemptions:

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH THE ACCOUNTS OF QUALIFIED ELIBIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUANCY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

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.