CTA Profiles

HPX Financial LLC - HPX Old School Program

Principal(s): Alan Zenk
Strategy: Discretionary / Fundamental
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Statistics & Program Information

Nov Return 0.00%	Worst Drawdown ⁽²⁾ -19.89%	Minimum Investment $200,000
YTD Return 0.76%	Losing Streak ⁽³⁾ 0.00 %	AUM⁽⁵⁾ $8,087,864
Annualized CROR ⁽¹⁾ 28.51	Sharpe Ratio ⁽⁴⁾ 1.05	Calmar Ratio ⁽⁶⁾ 0.95

Trading Methodology 100% Discretionary	Style Sub-Categories Fundamental Discretionary	Trading Style
Market Sector 10% Agriculturals 90% Meats	Holding Period	Sector US Contracts Futures Options

Start Date Jun-2006	Currency US Dollar	Margin ⁽⁷⁾ 3-7%
New Money Yes	AUM ⁽⁵⁾ $8,087,864	Management Fee 2.00%
Min Investment $200,000	Annualized CROR ⁽¹⁾ 28.51	Incentive Fee 20.00%
Fund Minimum $0	Losing Streak ⁽³⁾ 0.00 %	Other Fees No
Notional Funds Yes	Worst Drawdown ⁽²⁾ -19.89 %	Avg Comm ⁽⁸⁾
NFA Member Yes	Sharpe Ratio ⁽⁴⁾ 1.05	Max Comm ⁽⁹⁾ 10.00
NFA Number 0453218	Calmar Ratio ⁽⁶⁾ 0.95	Round Turns ⁽¹⁰⁾ 1,100

Starting Date: Jun-2006	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $8,087,864
Open to US Investors: Yes	Annualized CROR: 28.51%
Minimum Fund Investment: $0	Worst Monthly Drawdown: -19.89
Minimum Managed Account: $200,000	Current Losing Streak: 0.00 %
Domocile:	Calmar: 0.95
Subscriptions: N/A	Sharpe Ratio: 1.05
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
Other Fees: No	FINRA Member: No
	Other Memberships: None

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: CTA Services

Correlations: AG CTA Index: 0.196 AG Discretionary CTA Index: 0.287

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 performance below reflects the performance of the Old School Program, a speculative futures trading program currently offered by HPX Financial, LLC. All performance has been reduced to reflect the effect of a 2% per annum management fee and a 20% incentive fee, assessed on net trading profits above a high-water mark. This program is generally more aggressive than the HPX Ag Program.

Risk Strategy:

N/A

Background:

Head Trader is Harvey Paffenroth, started out on the CME in 1971 running tickets, placing orders and bought his membership shortly thereafter. Harvey started off trading pork bellies, and even worked on the physical side of the market taking delivery of pork bellies, storing and selling them later. He continued to both trade on the CME in the pits and continued his hedging business until the end of the pork bellies contract, by which time he HPX has already transitioned into lean hogs and cattle products, which are now live cattle and feeder cattle.

Alan Zenk is the Vice President of Operations of HPX Financial. He is responsible for operations management, marketing, and investor relations. He became a listed principal and branch manager of HPX Financial on April 13, 2016 and registered as an associated person with the firm on April 13, 2016. In February 2015, he formed Sherlock Trading, a commodity trading advisor firm, with Lynette Schultz. He became a listed principal of Sherlock Trading LLC on January 8, 2015 and registered as an associated person with the firm on February 9, 2015. On May 19, 2008 he became a listed principal of Malachi Capital Management LLC, a commodity trading advisor firm, and registered as an associated person with the firm on August 22, 2008. In April 2010, he co-founded CTA Services LLC with Lynette Schultz to offer back office services to commodity trading advisors. He continues to devote a substantial portion of his time to CTA Services as President, and is responsible for its sales, marketing, and technical operations.

Lynette Schultz is the Vice President of Administration for HPX Financial. She is responsible for overall administration, financial matters, accounting, operations and human resources. She became a listed principal of HPX Financial on April 13, 2016 and registered as an associated person with the firm on April 13, 2016. In February 2015, she formed Sherlock Trading, a commodity trading advisory firm, with Alan Zenk. She became a listed principal of Sherlock Trading LLC on January 8, 2015 and registered as an associated person with the firm on February 9, 2015. On August 28, 2008 she became a listed principal and registered associated person of Malachi Capital Management LLC, a commodity trading advisor firm. In April 2010, she co-founded CTA Services LLC with Alan Zenk to offer back office services to commodity trading advisors. She continues to devote the majority of her time to CTA Services as its Vice President of Operations, and is responsible for new account setup, month-end performance calculations, invoicing, and other operational duties.

Accounting Notes:

Includes the performance of all customer accounts traded pursuant to the Old School program. These accounts are managed by the Advisor beginning January 1, 2013. Prior to January 1, 2013, they were managed by the Advisor's principal in his capacity as a floor broker.

Performance

Client Performance since January 2013. Performance prior to January 2013 represents accounts that were traded by Mr. Paffenroth in his capacity as a floor broker. See Accounting Notes for Full Details.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2024	0.17%	0.10%	0.05%	0.13%	-0.14%	0.12%	0.13%	-0.89%	1.11%	0.00%	0.00%		0.76%	-0.89%
2023	0.63%	-0.13%	-0.02%	-0.01%	0.55%	0.09%	0.14%	0.33%	0.29%	-0.02%	0.12%	-0.05%	1.93%	-0.16%
2022	0.05%	-0.01%	-0.24%	-0.36%	0.32%	-0.01%	0.00%	-0.15%	-0.01%	-0.01%	0.16%	0.22%	-0.06%	-0.62%
2021	0.48%	-0.50%	0.13%	0.54%	1.10%	0.00%	0.53%	0.03%	0.02%	-0.12%	0.94%	-0.09%	3.1%	-0.5%
2020	1.60%	0.41%	1.10%	0.06%	0.43%	0.58%	0.12%	0.05%	-2.24%	-0.02%	-0.10%	0.02%	1.97%	-2.36%
2019	0.12%	-0.22%	-1.29%	-0.56%	0.73%	-0.02%	-0.03%	0.00%	-0.36%	-0.10%	1.32%	-0.03%	-0.45%	-2.06%
2018	-0.11%	0.26%	0.57%	0.56%	0.02%	1.36%	1.22%	-1.68%	-0.09%	-0.05%	-0.02%	-0.07%	1.96%	-1.91%
2017	0.20%	-0.39%	0.12%	-0.21%	0.03%	0.04%	0.09%	0.65%	0.96%	-0.49%	0.32%	0.26%	1.59%	-0.49%
2016	-0.38%	0.23%	0.05%	0.90%	-0.07%	0.13%	1.26%	-0.14%	0.05%	-0.84%	-0.21%	-1.48%	-0.54%	-2.6%
2015	0.14%	-0.30%	-0.97%	1.39%	-0.48%	-0.70%	1.70%	-0.17%	-3.87%	-0.29%	-0.22%	-0.27%	-4.06%	-4.78%
2014	2.51%	4.98%	2.56%	1.14%	1.41%	3.24%	1.20%	-2.18%	1.99%	0.33%	0.20%	-0.62%	17.89%	-2.18%
2013	0.19%	0.76%	0.93%	-0.04%	0.25%	0.95%	-0.32%	1.44%	0.50%	-0.38%	-0.39%	-0.96%	2.92%	-1.73%
2012	-0.62%	-0.45%	6.54%	-1.53%	2.26%	2.96%	4.50%	4.64%	2.10%	1.89%	-1.40%	-1.38%	20.87%	-2.76%
2011	7.68%	5.54%	15.19%	-2.36%	-2.40%	1.28%	13.23%	6.67%	7.24%	-3.98%	0.79%	7.31%	69.99%	-4.7%
2010	7.66%	5.05%	-0.48%	9.73%	-3.72%	0.71%	0.25%	15.26%	6.97%	19.97%	6.90%	1.40%	92.49%	-3.72%
2009	-2.32%	-3.94%	0.88%	4.75%	8.74%	-1.34%	-6.24%	9.56%	5.32%	2.63%	6.49%	13.18%	42.36%	-7.5%
2008	9.42%	28.54%	76.51%	7.40%	8.34%	15.49%	18.79%	30.63%	6.01%	0.46%	2.66%	11.52%	530.86%	0%
2007	14.03%	24.82%	3.47%	2.49%	-0.63%	-2.55%	-17.27%	0.76%	9.09%	4.69%	-7.42%	25.17%	61.27%	-19.89%
2006						18.95%	-0.17%	-0.17%	-4.15%	13.39%	-0.13%	9.15%	40.45%	-4.48%

Annual Performance

Years	2006	2007	2008	2009	2010	2011
ROR	40.45%	61.27%	530.86%	42.36%	92.49%	69.99%
Max DD	-4.48%	-19.89%	0.00%	-7.50%	-3.72%	-4.70%

Years	2012	2013	2014	2015	2016	2017
ROR	20.87%	2.92%	17.89%	-4.06%	-0.54%	1.59%
Max DD	-2.76%	-1.73%	-2.18%	-4.78%	-2.60%	-0.49%

Years	2018	2019	2020	2021	2022	2023
ROR	1.96%	-0.45%	1.97%	3.10%	-0.06%	1.93%
Max DD	-1.91%	-2.06%	-2.36%	-0.50%	-0.62%	-0.16%

Years	2024 YTD
ROR	0.76%
Max DD	-0.89%

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.