Tracking CTAs since 1994
CTA Profiles
Tracking CTAs since 1994
Principal(s): Gladys Lang
Strategy: Multi-Strategy / Quantitative / Diversified
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Investment Restrictions: 4.7 Exempt - QEPs Only++
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The strategy trades mainly equity index futures, commodity futures and bond futures but may also invest in other asset classes. The portfolio management team has been together for many years and uses their market insights and the ability to perform large scale historical analysis to establish an Asian focused investment strategy centered on Mean Reversion, Market Reaction and Momentum.
For price risk, we limit the net delta to control the maximum net position in single region. We also apply VaR Limit to control the daily potential loss. For liquidity risk, we only trade the most liquid contracts in major markets, and all positions can be closed out in one day. Leverage ratio limited to 5 times the NAV. For strategy risk, we take diversification of markets, strategies and investment horizons. We have periodic review of strategy in terms of actual performance vs historical performance to remove outdated strategy.
Gladys Lang has over 20 years of experience in the financial industry specializing in the areas of derivatives, quantitative trading and risk management. She started her career in 1993 as a Market Risk Analyst with Citibank. She was then Head of Quantitative Research in equity derivatives between 1995 and 1997. She joined ING Barings as a Senior Risk Manager in 1997 and was promoted to Regional Head of Market Risk Asia in 1999. Before she joined Sinopac Asset Management, she worked for KGI as the Director of Equity Proprietary Trading from 2003 to 2009. Gladys received her Bachelor of Law Degree from the London University, a Bachelor of Science Degree from the Chinese University of Hong Kong and a Doctorate Degree in Physics from the California Institute of Technology. Gladys’s team comprises of five investment professionals, all with (under) graduate and post-graduate degrees from The Chinese University of Hong Kong. Michael Wong, Ph.D., is the assistant fund manager. Brian Tsue is a trader responsible for conducting research and trading. Frank Wong is also a trader, while Keven Chan is the trading analyst. The team has been working together at SinoPac Asset Management for quite some time. Previously, several members of the team (Gladys, Michael & Brian) worked at KGI Securities where they managed an internal hedge fund for three years.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | -3.98% | 0.65% | -3.36% | -3.98% | ||||||||||
| 2024 | 1.51% | -1.92% | -0.15% | 3.16% | 0.53% | -3.21% | -0.50% | 8.07% | 2.43% | -2.35% | 0.99% | 0.25% | 8.67% | -3.69% |
| 2023 | 3.56% | -2.89% | 1.11% | 0.02% | 0.61% | 0.69% | 4.25% | 0.52% | 2.25% | -2.31% | 2.33% | -2.25% | 7.89% | -2.89% |
| 2022 | -0.56% | -4.35% | 2.42% | -1.67% | 2.94% | 2.96% | 0.72% | -0.09% | -2.39% | -0.20% | 3.51% | -2.58% | 0.36% | -4.89% |
| 2021 | 3.61% | 2.74% | -2.10% | -2.43% | 0.16% | -2.68% | 1.40% | -0.58% | -2.16% | -0.82% | -0.16% | -0.60% | -3.77% | -9.6% |
| 2020 | 5.53% | 0.97% | 22.52% | 0.01% | -1.67% | -1.03% | 8.01% | 1.33% | -4.60% | 1.45% | 3.34% | -0.36% | 38.6% | -4.6% |
| 2019 | 0.92% | -0.68% | 0.32% | 0.84% | -1.19% | 0.24% | -1.02% | 0.15% | -2.89% | -1.03% | 4.35% | 0.39% | 0.25% | -5.64% |
| 2018 | 2.97% | 4.61% | 6.45% | 0.00% | 1.07% | 0.84% | -0.86% | 2.17% | -2.29% | 14.13% | 1.70% | 0.54% | 34.97% | -2.29% |
| 2017 | -1.16% | -0.64% | -0.52% | 1.57% | -0.63% | 2.35% | 1.23% | 0.99% | -2.03% | 0.38% | 3.85% | 2.39% | 7.9% | -2.3% |
| 2016 | -1.09% | -4.73% | -0.49% | -0.37% | -2.68% | 0.40% | -0.66% | -1.49% | 0.47% | 3.82% | 0.33% | 1.05% | -5.53% | -10.67% |
| 2015 | 1.31% | -0.69% | 2.53% | 0.45% | 0.00% | 0.08% | 10.57% | 4.65% | -7.47% | 2.97% | 2.65% | -2.36% | 14.61% | -7.46% |
| 2014 | 0.59% | -0.58% | -0.29% | 1.25% | -0.15% | -1.24% | -0.96% | -0.67% | 1.12% | -2.15% | -2.42% | 0.47% | -4.99% | -6.32% |
| 2013 | 0.07% | -0.34% | -0.54% | 2.32% | -4.14% | 1.81% | -1.71% | -0.35% | -2.65% | -0.86% | -0.43% | -0.95% | -7.66% | -9.01% |
| 2012 | -0.30% | 0.37% | 1.49% | -0.15% | 3.68% | 1.21% | 4.70% | -2.34% | -0.34% | 1.31% | 1.50% | -1.21% | 10.15% | -2.68% |
| 2011 | 0.82% | 2.12% | 0.50% | 2.46% | 2.69% | 1.12% | -1.30% | 17.06% | 3.52% | 3.94% | 0.52% | -0.81% | 36.46% | -1.29% |
| 2010 | -1.58% | -1.40% | -0.51% | -1.22% | 5.17% | -3.05% | 0.61% | -1.31% | -0.82% | 1.44% | -1.32% | 0.93% | -3.25% | -4.63% |
| 2009 | 1.60% | 1.67% | -1.74% | 1.5% | -1.74% | |||||||||
| Years | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 |
|---|---|---|---|---|---|---|
| ROR | 1.50% | -3.25% | 36.46% | 10.15% | -7.66% | -4.99% |
| Max DD | -1.74% | -4.63% | -1.29% | -2.68% | -9.01% | -6.32% |
| Years | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|---|
| ROR | 14.61% | -5.53% | 7.90% | 34.97% | 0.25% | 38.60% |
| Max DD | -7.46% | -10.67% | -2.30% | -2.29% | -5.64% | -4.60% |
| Years | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
|---|---|---|---|---|---|
| ROR | -3.77% | 0.36% | 7.89% | 8.67% | -3.36% |
| Max DD | -9.60% | -4.89% | -2.89% | -3.69% | -3.98% |
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.