Tracking CTAs since 1994
CTA Profiles
Tracking CTAs since 1994
Principal(s): Martin Estlander
Strategy: Systematic / Trend / Global / Diversified
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Investment Restrictions: 4.7 Exempt - Qualified Eligible Persons Only++
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Alpha Trend's investment philosophy is based on the following theses:
* All relevant information is reflected in historic price movements.
* Quantitative analysis is the most effective way of accessing information about future market price movements.
* Historic price movements repeat and provide investment opportunities.
* Diversification across a broad range of markets maximises the investment opportunity.
* Alpha Trend capitalizes on market moves driven by investor behaviour in a systematic and disciplined way.
The system tries to exploit profit opportunities based on market participant's behaviours. There are psychological reasons behind the existence of trends and there are also economical reasons for some participants to reduce volatility. The philosophy of the system is to trade with the trend and take on volatility. That is achieved by selective shortterm trading in line with the longer-term trend and having the risk management focused on drawdowns instead of volatility reduction.
The programme takes selective breakouts in the direction of the trend by a unique combination of level identification and identification of market structure. The methodology leads to trades in varying holding periods with the average trade lasting 28 days but some positions can be held for 6 months and longer. The strategy is applied on a diversified futures portfolio of 74 markets but being selective in position taking holds full positions only in 29 markets on average. The model and its parameters are the same for all markets in the portfolio.
Our risk management is focused on drawdown control and worst case scenarios. The risk management is an integral part of the model and takes a bottom-up approach when evaluating portfolio risk. The sizing of new positions is dynamic and based on the volatility of the markets and the total risk in the portfolio at the time of entry. All position risks are accumulated to achieve a better estimate of a worst case scenario and to avoid an over-reliance on low or negative correlations.
Estlander & Partners is a Finnish CTA with one of the longest and most impressive track records in Europe. Our integrity, independence, innovative spirit and solid trading experience underpin our commitment to generating superior risk adjusted returns. These qualities have been our guiding principles for the past 20 years and they provide a foundation for the future, enabling us to guide our clients through changing markets. Estlander & Partners manages USD 910 million (8/2012) and employs 55 professionals in Helsinki, Vaasa, Munich and Zurich. Estlander & Partners is registered with the Finnish Financial Supervisory Authority and is a member of the National Futures Association in the United States.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.41% | -3.34% | 1.11% | -1.87% | -3.34% | |||||||||
| 2024 | -1.94% | 6.85% | 6.33% | 3.47% | -3.88% | -2.52% | -3.09% | -1.05% | 4.87% | -4.80% | 2.06% | -2.32% | 3.09% | -10.57% |
| 2023 | -3.29% | -0.69% | -8.04% | 1.01% | 1.49% | 4.97% | -2.23% | -4.64% | 0.82% | -2.35% | -1.92% | 0.62% | -13.9% | -14.43% |
| 2022 | 0.74% | 0.52% | 5.58% | 0.43% | 0.53% | -3.37% | 0.57% | 0.61% | 4.01% | -0.74% | 0.47% | 0.69% | 10.24% | -3.37% |
| 2021 | -0.71% | 8.02% | -1.14% | 3.50% | 1.41% | 0.38% | 1.06% | -3.42% | 1.29% | 4.08% | -4.65% | -1.66% | 7.79% | -6.23% |
| 2020 | -0.62% | 2.68% | 6.18% | 0.53% | -0.97% | -1.14% | 2.04% | -3.28% | -2.39% | -1.19% | 1.43% | 0.96% | 3.95% | -6.81% |
| 2019 | -2.95% | 2.10% | -0.48% | -1.75% | 3.99% | 2.79% | 1.15% | 5.84% | -5.62% | -3.42% | -2.17% | 0.72% | -0.43% | -10.83% |
| 2018 | 3.79% | -4.32% | -0.43% | 0.38% | 0.31% | -2.53% | 0.27% | 2.88% | -1.59% | -3.03% | 1.01% | 1.12% | -2.42% | -7.96% |
| 2017 | -2.65% | -1.16% | -2.49% | 0.11% | -3.06% | -2.14% | 2.28% | -0.96% | -2.79% | 2.82% | -0.49% | -1.99% | -12% | -12.25% |
| 2016 | 5.52% | 4.47% | -3.79% | -1.44% | -4.68% | 4.28% | 0.37% | -3.60% | -3.03% | -2.99% | 2.66% | 1.40% | -1.55% | -14.21% |
| 2015 | 6.83% | 0.20% | -0.90% | -2.35% | -2.27% | -1.36% | 3.33% | 0.46% | 2.82% | -6.02% | 2.81% | -2.16% | 0.77% | -6.71% |
| 2014 | -2.98% | 2.41% | -3.14% | -1.09% | 2.43% | -0.01% | 0.19% | 3.20% | 2.63% | -2.05% | 5.62% | 2.88% | 10.11% | -4.81% |
| 2013 | 6.46% | 2.66% | 1.48% | 1.85% | 1.54% | -2.32% | -1.23% | -5.95% | -4.58% | 0.69% | -1.13% | 2.49% | 1.33% | -13.81% |
| 2012 | 0.32% | 1.85% | -4.03% | 2.39% | 4.96% | -5.21% | 3.87% | -2.45% | -0.75% | -6.95% | -2.52% | 0.38% | -8.54% | -13.54% |
| 2011 | -0.39% | 1.95% | 0.14% | 3.27% | -8.13% | -0.79% | -1.51% | 3.56% | 2.14% | -6.77% | -5.39% | -0.30% | -12.3% | -16.49% |
| 2010 | -6.29% | -2.08% | 2.84% | -0.82% | 6.39% | 2.62% | -0.88% | 2.68% | 0.08% | 5.30% | -1.20% | 5.03% | 13.71% | -8.24% |
| 2009 | -3.02% | -1.40% | -2.49% | -0.96% | 10.31% | -2.87% | 1.29% | 3.99% | 0.87% | -2.90% | 3.26% | -4.14% | 1.05% | -7.65% |
| 2008 | 8.35% | 13.86% | -4.08% | 4.21% | 2.02% | 2.20% | -6.98% | 1.63% | -3.74% | 7.01% | 5.30% | 4.57% | 37.87% | -9% |
| 2007 | 0.07% | -0.40% | -1.33% | 3.00% | 3.78% | 0.11% | -0.98% | -6.04% | 8.04% | 2.66% | -0.59% | 1.19% | 9.3% | -6.95% |
| 2006 | 6.69% | -4.25% | 5.07% | 7.86% | 0.05% | -5.05% | -5.35% | 3.71% | -3.87% | 2.27% | 2.33% | -1.21% | 7.3% | -10.4% |
| 2005 | -2.92% | 7.53% | -0.52% | -4.16% | 3.16% | 0.93% | -0.32% | 0.88% | -0.63% | 1.22% | 6.36% | 3.27% | 15.12% | -4.66% |
| 2004 | 3.43% | 6.74% | 1.71% | -5.25% | -0.23% | -3.06% | 0.32% | -3.48% | -0.87% | 0.67% | 5.06% | 1.70% | 6.24% | -12.04% |
| 2003 | 7.16% | 5.21% | -7.48% | 5.05% | 6.43% | -2.16% | 2.18% | 0.09% | -0.57% | 10.37% | -3.71% | 4.89% | 29.34% | -7.48% |
| 2002 | -4.61% | -2.22% | 3.14% | -3.29% | 6.27% | 7.14% | 3.62% | 1.49% | 1.43% | -4.42% | -0.43% | 1.11% | 8.73% | -6.96% |
| 2001 | 1.15% | -1.61% | 5.97% | -3.40% | 1.26% | -1.81% | -1.45% | -2.89% | 5.99% | 5.30% | -3.57% | 0.72% | 5.08% | -8.08% |
| 2000 | -1.02% | 5.19% | 0.00% | 0.73% | 0.30% | 0.41% | -0.71% | 1.85% | -4.50% | -2.70% | 1.79% | 10.78% | 11.92% | -7.08% |
| 1999 | -2.04% | 4.42% | -1.45% | 3.29% | -2.47% | 2.26% | 2.94% | 1.61% | 3.55% | -7.74% | 3.70% | 7.56% | 15.75% | -7.74% |
| 1998 | 4.93% | 4.71% | 3.75% | -4.29% | 1.37% | 1.77% | 1.62% | 5.64% | 1.89% | -2.14% | -4.30% | 3.79% | 19.67% | -6.35% |
| 1997 | 5.04% | 6.25% | 0.76% | 1.39% | -0.36% | 1.42% | 5.50% | -3.57% | 1.19% | -9.11% | -1.27% | 6.47% | 13.32% | -12.44% |
| 1996 | -4.26% | -6.73% | 3.65% | 13.46% | -3.52% | 0.91% | -4.89% | -0.45% | 9.06% | 4.37% | 3.10% | -4.09% | 8.96% | -10.7% |
| 1995 | -1.56% | -1.49% | 2.57% | 5.63% | 1.82% | -1.49% | -5.68% | -4.89% | -0.03% | -0.85% | 2.39% | 14.40% | 9.76% | -12.41% |
| 1994 | -2.04% | -4.06% | 4.52% | -2.03% | 9.25% | 3.21% | -1.30% | -1.74% | 1.15% | -3.02% | 9.23% | -2.38% | 10.08% | -6.02% |
| 1993 | -4.29% | 3.94% | 1.71% | 4.49% | 3.24% | -1.00% | 4.36% | -3.28% | 0.26% | -4.86% | 7.38% | 7.94% | 20.59% | -7.74% |
| 1992 | -4.96% | -1.91% | 1.41% | 1.30% | 2.12% | 6.44% | 6.48% | 3.92% | 0.77% | -7.39% | 4.91% | -3.09% | 9.29% | -7.39% |
| 1991 | 2.10% | 1.30% | 9.63% | 13.39% | 0% | |||||||||
| Years | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 |
|---|---|---|---|---|---|---|
| ROR | 13.39% | 9.29% | 20.59% | 10.08% | 9.76% | 8.96% |
| Max DD | 0.00% | -7.39% | -7.74% | -6.02% | -12.41% | -10.70% |
| Years | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 |
|---|---|---|---|---|---|---|
| ROR | 13.32% | 19.67% | 15.75% | 11.92% | 5.08% | 8.73% |
| Max DD | -12.44% | -6.35% | -7.74% | -7.08% | -8.08% | -6.96% |
| Years | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 |
|---|---|---|---|---|---|---|
| ROR | 29.34% | 6.24% | 15.12% | 7.30% | 9.30% | 37.87% |
| Max DD | -7.48% | -12.04% | -4.66% | -10.40% | -6.95% | -9.00% |
| Years | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
|---|---|---|---|---|---|---|
| ROR | 1.05% | 13.71% | -12.30% | -8.54% | 1.33% | 10.11% |
| Max DD | -7.65% | -8.24% | -16.49% | -13.54% | -13.81% | -4.81% |
| Years | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|---|
| ROR | 0.77% | -1.55% | -12.00% | -2.42% | -0.43% | 3.95% |
| Max DD | -6.71% | -14.21% | -12.25% | -7.96% | -10.83% | -6.81% |
| Years | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
|---|---|---|---|---|---|
| ROR | 7.79% | 10.24% | -13.90% | 3.09% | -1.87% |
| Max DD | -6.23% | -3.37% | -14.43% | -10.57% | -3.34% |
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.
