Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
The manager primarily writes short-term options on index future contracts which are believed to expire worthless with an over 90% probability based on technical and fundamental analysis. The portfolio is sometimes hedged with future positions and with long-option positions. The strategy is designed to complement a trend following strategy and is suitable for the investors who seek alternative investment and diversification.
Although the Partnership believes that the options written will expire worthless most of time, there will be situations in which the options traded by the Partnership will not expire out of the money. When this occurs, the Partnership will lose all or part of its premium and the losses might significantly exceed the amount of premium received because of the economic leverage inherent in options selling. As a result, the portfolio manager closely watches the market movement and continuously monitors the Delta/Gamma exposures from selling options. The General Partner uses at least the following four approaches to control risks of selling options when the market moves against the prediction. The choice of these approaches will depend on market conditions. The first method is to close open positions. This may incur a loss on a particular trade but avoid the possibility of a larger loss if the position were not closed. The second method is to hedge the portfolio with index future positions to reduce or offset the delta exposure. The third way is called rollover, meaning covering the existing position and selling another position in the same expiring options with more distant strike price or in the later expiring options. Rollover by selling the same expiring options with more distant strike price may not offset the full loss of covering. But it will normally reduce the loss if original options are in the money at expiry. Rollover by selling the later expiring options may incur loss. However, it may recover the losses upon market stabilization. The fourth method is to buy options to establish credit spreads which may limit the maximum potential loss if the short option position goes in the money.
Bill Zhan started trading US financial markets in 1996 and is the sole investment manager of Tianyou Asset Management LLC. In July 2012, he founded Tianyou Asset Management, LLC, an investment management firm that operates Tianyou Fund, L.P.. Prior founding Tianyou Asset Management, LLC, he served as a data warehouse developer and data analyst at CALIBRE Systems, Inc (“CALIBRE”), Virginia, USA for about 14 years. During his computer job as a data analyst, he developed proprietary quantitating models for market analysis, index option trading, and risk management. At present time, he strives to constantly improve these models in order to achieve better risk-adjusted returns. Bill Zhan became registered with the Commodity Futures Trading Commission (CFTC) as a principal and an associated person of Tianyou Asset management LLC on August 6, 2012. He became an Associate Member of the National Future Association (NFA) on August 6, 2012. Bill Zhan received his BS in Biology from Xiamen University, Fujian, China, his MS in Computer Science from Southeastern University, Washington DC, USA, and his PhD in Computational Biology and Bioinformatics from George Mason University, Virginia, USA.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.76% | 2.16% | 6.22% | 2.86% | 13.59% | N/A | ||||||||
| 2025 | 2.03% | 1.96% | 2.35% | -31.63% | 2.39% | 2.37% | 1.52% | 2.93% | 3.44% | 4.12% | 3.77% | 2.43% | -8.72% | -31.63% |
| 2024 | 1.56% | 2.40% | 2.34% | 2.45% | 2.41% | 2.55% | 2.47% | -1.21% | 3.02% | 2.82% | 2.77% | 2.90% | 29.86% | -1.21% |
| 2023 | 0.77% | 3.02% | 2.16% | 1.00% | 1.33% | 1.19% | 1.40% | 1.32% | 1.24% | 2.35% | 1.93% | 1.78% | 21.30% | N/A |
| 2022 | 2.58% | 0.96% | 4.41% | 0.50% | 3.81% | 2.73% | 1.35% | 1.47% | 3.22% | -9.35% | 0.60% | 1.36% | 13.72% | -9.35% |
| 2021 | 3.48% | 1.74% | 2.44% | 1.10% | 2.40% | 1.30% | 1.18% | 1.56% | 2.39% | 1.58% | 1.83% | 4.80% | 29.00% | N/A |
Track Record Compiled By: OPUS FUND SERVICES
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2026 | 13.59% | N/A | $88,000,000 |
| 2025 | -8.72% | -31.63% | $78,000,000 |
| 2024 | 29.86% | -1.21% | $122,000,000 |
| 2023 | 21.30% | N/A | $72,000,000 |
| 2022 | 13.72% | -9.35% | $70,000,000 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2026 | 13.59% | N/A |
| 2025 | -8.72% | -31.63% |
| 2024 | 29.86% | -1.21% |
THERE IS UNLIMITED RISK OF LOSS ASSOCIATED WITH WRITING SHORT OPTION CONTRACTS.
++Qualified Eligible Investors Only:
A Qualified Eligible Person must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $4,000,000 in securities holdings OR the person must have on deposit with a Futures Commission Merchant at least $400,000 in exchange-specified initial margin and option premiums, and required minimum security deposit for retail forex transactions).
Exemptions:
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH THE ACCOUNTS OF QUALIFIED ELIBIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUANCY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.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.