Tracking CTAs since 1994
Breakout Funds LLC
Breakout Funds
Principal(s): Aaron Larkin, Matt Laviolette, Bryan Leavitt
Strategy: Macro Discretionary with Systematic Overlay / Diversified
Investment Restrictions: 4.7 Exempt - QEPs Only
Statistical Reports are Subscription Based
Trading Description, Risk Strategy & Background
Breakout is an opportunistic global macro strategy. We incorporate quantitatively researched viewpoints with the current global macro landscape to place shorter term and concentrated trades in less than 10 futures markets at any given time. Our typical holding periods range from a few hours to four days.
Our trading approach incorporates principles developed in the proprietary trading space. We believe that markets experience different regimes and with that, ever changing volatility. In response, we strive to continually research, implement and capitalize on both existing and new market conditions, capturing volatility and managing risk. Trades are discretionarily implemented with quantitative research to support decision making.
Our risk management philosophy is first to protect principal. To do this, we look at daily losses in the context of our overall monthly and yearly return. As drawdowns occur, we tighten up our daily risk. As we produce profit, we allow for larger positions and thus greater potential risk, and therefore reward. In this way, our biggest down days are typically within our best months.
Aaron Larkin and Matt Laviolette have been professionally trading since 2003. They began their careers as proprietary traders, and have been managing outside capital since 2014 as a team. Bryan Leavitt, CFA, joined the team in 2016 to provide quantitative research to improve decision making. Prior to Breakout, he was an analyst for a large CTA with, at its peak, $850M in AUM.
Performance
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | -0.49% | -0.92% | 1.16% | 1.03% | -7.27% | -0.26% | – | – | – | – | – | – | -6.80% | -7.51% |
| 2024 | 2.69% | -3.00% | 6.25% | 5.81% | -1.46% | -2.39% | -5.31% | -4.65% | 2.02% | -6.25% | -0.61% | 3.18% | -4.61% | -17.45% |
| 2023 | 3.05% | -0.67% | 6.78% | 4.54% | -7.79% | -4.58% | -3.23% | -1.48% | 0.80% | 3.34% | -2.29% | -6.61% | -8.89% | -20.26% |
| 2022 | 3.37% | 2.98% | -0.93% | 3.75% | -5.01% | 1.33% | -2.35% | 5.66% | 10.34% | -7.95% | -3.09% | 1.14% | 8.17% | -10.79% |
| 2021 | -3.58% | -1.17% | -2.61% | -0.04% | -2.37% | -0.66% | 0.67% | -1.97% | -2.88% | 0.71% | -2.46% | -0.87% | -16.03% | -16.03% |
| 2020 | 2.96% | 1.89% | 7.67% | 5.33% | 2.13% | -1.02% | 4.75% | 0.74% | -0.56% | -4.29% | -0.87% | 0.55% | 20.40% | -5.65% |
| 2019 | 2.75% | -0.50% | 0.88% | 0.39% | 0.05% | 2.07% | -2.61% | 4.64% | 4.13% | -3.65% | 2.97% | 0.37% | 11.73% | -3.65% |
| 2018 | – | 1.25% | -4.13% | 5.21% | -5.07% | 5.20% | 1.20% | 0.33% | -3.32% | 6.60% | -3.95% | 1.90% | 4.46% | -5.07% |
Track Record Compiled By: CTA Services
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.>
Risk Disclosure
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.