Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
Old School Program, a speculative futures trading program currently offered by HPX Financial, LLC. This program is generally more aggressive than the HPX Ag Program. 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. 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.
N/A
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.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.10% | 0.42% | 0.25% | 0.62% | 1.40% | N/A | ||||||||
| 2025 | 0.34% | 0.09% | 0.03% | 0.27% | 0.45% | 0.14% | -0.15% | 0.24% | 0.35% | 0.20% | -0.50% | -0.06% | 1.40% | -0.56% |
| 2024 | 0.17% | 0.10% | 0.05% | 0.13% | -0.14% | 0.12% | 0.13% | -0.89% | 1.11% | 0.00% | 0.00% | 0.38% | 1.14% | -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% | 3.10% | -0.50% |
Track Record Compiled By: CTA Services
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.
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2026 | 1.40% | N/A | $17,852,539 |
| 2025 | 1.40% | -0.56% | $17,807,295 |
| 2024 | 1.14% | -0.89% | $8,118,741 |
| 2023 | 1.93% | -0.16% | $7,627,998 |
| 2022 | -0.06% | -0.62% | $7,483,298 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2026 | 1.40% | N/A |
| 2025 | 1.40% | -0.56% |
| 2024 | 1.14% | -0.89% |
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.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.