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Spring Valley Asset Management - SVAM Tactical Trend Portfolio

Principal(s): John Ryan
Strategy: Systematic Trend Following / Diversified
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Investment Restrictions: 4.7 Exempt - QEPs Only

Statistics & Program Information

Oct 2025 Return -1.78%	Worst Drawdown ⁽²⁾ -25.67%	Minimum Investment $1,000,000
YTD Return: -9.08%	Losing Streak ⁽³⁾: -22.22%	AUM ⁽⁵⁾: $18,000,000
Annualized CROR⁽¹⁾ 1.21%	Sharpe Ratio 4% RF ROR⁽⁴⁾: -0.29	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 Momentum Quantitative Trend Anticipatory	Trading Style 100% Multi-Strategy
Market Sector 26% Stock Indices 15% Currencies 22% Financials 9% Metals 10% Energies 6% Agriculturals 4% Meats 8% Softs	Holding Period 20% Long Term 65% Medium Term 15% Short Term	Geographic Sector Global Contracts: Futures

Start Date May-2014	Currency US Dollar	Management Fee 0.00%
Accepting New Accounts Yes	Min Investment $1,000,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $0	Other Fees None
NFA Number 0479979	Margin ⁽⁷⁾ 5-15%	Avg Comm ⁽⁸⁾ 2.00
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 1,200	Max Comm ⁽⁹⁾ 5.00

Starting Date: May-2014	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $18,000,000
Open to US Investors: Yes	Annualized CROR: 0.74%
Minimum Fund Investment: $0
Minimum Managed Account: $1,000,000	Current Losing Streak: -22.22 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR -0.29
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: 0.00%	Auditor: Not Listed
Incentive Fee: 25.00%	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: Track Record Prepared In-House

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

The SVAM Tactical Trend Portfolio pursues a multi-strategy approach to trading across a diversified blend of futures markets. The portfolio dynamically allocates exposures based upon a proprietary assessment of the prevailing market environment (e.g., expanding vs. contracting volatility, increasing vs. decreasing correlation, etc.) and allocates across many models (over 100) and timeframes (short, intermediate and long) in order to obtain the best (absolute) risk-adjusted returns, regardless of market environment and conditions.

Risk Strategy

The Tactical Trend Portfolio employs a systematic process to dynamically balance portfolio exposures across more than 100 distinct trading models and seeks to ensure optimal exposures across the prevailing opportunity set.

Background

Spring Valley Asset Management, LLC is a quantitative investment management firm founded on the principles of science, cutting-edge technology and ingenuity. We are problem solvers, analytical thinkers, and the global financial markets fuel our imagination to better understand the world around us.

Performance

Monthly Performance Since May 2014

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	0.71%	-3.31%	-3.09%	-5.57%	-1.54%	-0.91%	1.01%	1.99%	3.41%	-1.78%			-9.03%	-13.68%
2024	-2.72%	6.68%	2.01%	0.61%	-3.35%	-0.83%	0.12%	-8.20%	0.21%	-1.85%	1.30%	0.61%	-5.94%	-13.35%
2023	-0.01%	1.64%	-4.91%	1.56%	-1.60%	4.18%	-0.22%	-2.34%	-0.34%	-3.77%	-3.04%	1.34%	-7.62%	-10.30%
2022	0.97%	2.84%	3.97%	5.40%	-0.65%	1.02%	-1.34%	-1.00%	2.91%	0.29%	-0.24%	-1.30%	13.35%	-2.33%
2021	-0.07%	-0.80%	1.42%	0.39%	0.64%	-1.96%	-1.03%	1.70%	2.24%	0.80%	-3.73%	0.04%	-0.51%	-3.73%
2020	-0.46%	-0.82%	5.96%	0.59%	-0.38%	-0.61%	0.09%	0.01%	-1.81%	-3.05%	7.12%	1.48%	7.92%	-5.65%
2019	-2.87%	1.71%	4.51%	2.50%	-0.37%	0.50%	2.53%	3.48%	-4.25%	-1.06%	3.75%	-1.09%	9.30%	-5.26%
2018	1.18%	-10.52%	0.67%	0.23%	-3.52%	0.05%	-0.17%	1.87%	-1.07%	-5.99%	3.05%	3.68%	-10.89%	-17.57%
2017	-3.85%	4.01%	-0.37%	-1.01%	-0.53%	-4.32%	-0.07%	0.45%	-2.16%	7.26%	0.01%	1.89%	0.76%	-7.82%
2016	1.94%	1.46%	-3.18%	-1.10%	0.48%	5.32%	0.53%	0.63%	0.96%	-4.69%	0.52%	2.77%	5.40%	-4.69%
2015	1.18%	0.71%	0.44%	-0.76%	-0.38%	0.45%	0.56%	-3.67%	2.74%	0.23%	2.60%	0.33%	4.37%	-3.80%
2014					2.65%	4.12%	-2.32%	0.72%	0.09%	-2.48%	1.67%	0.47%	4.84%	-3.97%

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.