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Demeter Capital Management - Livestock & Grain Trading Program

Principal(s): James Hamman & David Hamman
Strategy: Discretionary / Agricultural
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Statistics & Program Information

Oct 2025 Return -1.63%	Worst Drawdown ⁽²⁾ -25.66%	Minimum Investment $50,000
YTD Return: -7.4%	Losing Streak ⁽³⁾: -25.66%	AUM ⁽⁵⁾: $8,500,000
Annual Mean Return⁽¹⁾ 0.06%	Sharpe Ratio 4% RF ROR⁽⁴⁾: 0.11	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	Trading Style 50% Spread Trading 45% Option Trading 5% Outright Futures
Market Sector 30% Agriculturals 70% Meats	Holding Period 20% Long Term 40% Medium Term 40% Short Term	Geographic Sector US Contracts: Futures Options

Start Date Mar-2010	Currency US Dollar	Management Fee 2.00%
Accepting New Accounts Yes	Min Investment $50,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $500,000	Other Fees None
NFA Number 0410573	Margin ⁽⁷⁾ 20%	Avg Comm ⁽⁸⁾ $25
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 1,500	Max Comm ⁽⁹⁾ 0.00

Starting Date: Mar-2010	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $8,500,000
Open to US Investors: Yes	Annualized CROR: 4.69%
Minimum Fund Investment: $500,000
Minimum Managed Account: $50,000	Current Losing Streak: -25.66 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR 0.11
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: None

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: Kelly Hollingsworth

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

The Program attempts to generate profits through the Advisor's discretionary selection of futures and options trades in agricultural markets. Trades are selected on the basis of fundamental analysis, which is concerned with any factor that would affect the supply and demand, and therefore the price, of a given instrument. The Advisor's market analysis tends to focus on seasonal trends and year-to-year comparisons. The Advisor absorbs and interprets a wide range of research on a daily basis, employing its principals' combined 40+ years of experience in agricultural futures markets. However, there is no assurance the Program will meet its objectives or that clients will avoid substantial losses.

In keeping with its principals' expertise, the Program is restricted to agricultural markets. The Advisor may trade in futures, and options on futures, in any of the following markets: Lean Hogs, Live Cattle, Feeder Cattle, Corn, Soybeans, Soybean Oil, Soybean Meal, Wheat, Kansas City Wheat, Cotton, and Sugar. The Advisor generally will hold positions from one to five weeks. However, occasionally positions will be offset or liquidated in the same day they were initiated, or held for periods of ten weeks or more.

The Program generally involves trading spreads in the futures, and purchasing options outright. However, the Advisor occasionally may initiate a flat (non-spread) futures position (either long or short). The Advisor seldom sells options (puts or calls) outright to capture premium, except in cases of a call/put spread (buying one strike while selling another strike). The Advisor generally does not attempt to straddle markets to capture premium (selling out of money calls/puts).

Risk Strategy

N/A

Background

Performance

Monthly Performance Since Mar 2010

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR*	Max DD
2025	-1.27%	-1.45%	-0.96%	-0.31%	-0.47%	-0.66%	-0.99%	-0.09%	0.43%	-1.63%			-7.40%	-7.18%
2024	0.32%	-0.12%	-0.54%	2.09%	-0.65%	-0.30%	-0.32%	-0.04%	0.00%	0.00%	-0.15%	0.55%	0.84%	-1.45%
2023	-1.43%	-0.46%	-0.92%	-0.24%	-0.84%	0.10%	-0.16%	-0.26%	-0.85%	0.01%	-0.08%	-0.38%	-5.51%	-5.38%
2022	3.94%	7.45%	-5.49%	-0.54%	-3.13%	-4.73%	1.08%	-0.14%	-0.88%	0.57%	-1.45%	-0.89%	-4.22%	-14.74%
2021	5.30%	-8.35%	1.53%	1.62%	-0.92%	0.99%	-2.47%	-2.70%	-1.23%	-1.32%	0.53%	0.23%	-6.79%	-12.49%
2020	-0.20%	0.41%	10.57%	7.20%	1.38%	3.44%	-1.43%	-0.42%	-0.91%	3.02%	-0.06%	4.42%	27.42%	-2.74%
2019	-2.04%	-2.44%	6.58%	-2.12%	-2.35%	-3.42%	-3.72%	-1.77%	1.15%	-1.16%	0.83%	-1.00%	-11.49%	-12.89%
2018	2.61%	0.67%	-0.99%	0.22%	0.95%	1.91%	2.54%	0.87%	-0.61%	0.78%	-1.09%	-1.82%	5.98%	-2.90%
2017	0.03%	4.52%	0.75%	-0.68%	2.33%	3.75%	2.51%	1.25%	3.10%	-3.81%	-0.59%	-0.66%	12.50%	-5.01%
2016	-0.12%	-0.78%	-1.09%	-1.42%	-0.32%	-0.21%	4.20%	-0.13%	4.43%	-1.44%	-2.10%	-0.99%	0.04%	-4.47%
2015	5.20%	-0.88%	0.46%	-1.94%	-0.02%	-0.64%	-0.62%	-2.49%	-1.66%	0.10%	-0.06%	0.82%	-1.73%	-7.56%
2014	1.69%	7.12%	2.56%	0.37%	2.27%	2.40%	5.39%	1.01%	1.23%	-1.41%	0.77%	-2.78%	20.61%	-3.42%
2013	1.21%	0.59%	-2.68%	1.70%	-0.16%	4.73%	3.32%	-0.39%	1.19%	-0.52%	0.45%	-1.37%	8.09%	-2.68%
2012	1.40%	-1.58%	-4.23%	-3.78%	-0.39%	2.48%	15.51%	-2.56%	-3.27%	1.65%	-2.43%	-2.46%	0.33%	-9.66%
2011	-0.10%	9.07%	5.81%	2.75%	-5.01%	-3.81%	1.67%	-0.23%	-5.58%	2.42%	-0.87%	0.35%	6.48%	-12.49%
2010			4.16%	11.32%	-6.87%	-3.32%	4.49%	7.65%	6.21%	35.92%	-20.92%	4.44%	43.08%	-20.92%

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.