Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
The Hedged Equity Program (HEP) is designed to outperform the S&P 500 on a total and risk adjusted basis. Furthermore, the program minimizes capital requirements. HEP combines a 1.8x leveraged position in the S&P 500 with a 1.8x leveraged allocation to volatility trades expected to profit during times of equity stress.
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Covenant Capital Management, LLC (CCM) was founded in 1999 and is an alternative investment manager. CCM is registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor (CTA), and manages client assets using global futures markets as an investment vehicle.
Scot Billington started his career at J. C. Bradford & Co. where he was responsible for executing orders, providing investment advice, and developing trading systems. Mr. Billington later worked for Ronin Capital, a proprietary trading firm at the Chicago Board Options Exchange. At Ronin Capital Mr. Billingon's main function was acting as a market maker in the S&P 100 Index options market.
Brince Wilford’s prior work history includes serving as Senior VP of Investments for Healthcare Realty Trust, Inc., a publicly-traded real estate investment trust. Mr. Wilford's primary responsibilities included development, financial modeling, consulting, and asset acquisitions.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.92% | -4.53% | -3.01% | -3.36% | 8.59% | 8.96% | 2.59% | -1.24% | 3.29% | 6.01% | 18.54% | -10.51% | ||
| 2024 | 1.83% | 8.26% | 2.93% | -6.74% | 3.63% | 3.47% | 3.83% | 1.22% | 7.03% | -1.85% | 0.31% | -5.06% | 19.31% | -6.74% |
| 2023 | 10.59% | -4.88% | 3.70% | 2.09% | 0.73% | 10.04% | 4.97% | -3.91% | -9.54% | -5.54% | 7.37% | 5.38% | 20.37% | -17.90% |
| 2022 | -11.59% | -5.92% | 5.20% | -15.61% | -2.91% | -13.96% | 16.25% | -8.16% | -16.06% | 13.70% | 7.20% | -9.95% | -39.32% | -44.72% |
| 2021 | -1.27% | 4.43% | 3.58% | 7.32% | 1.78% | 3.06% | 3.72% | 3.75% | -6.22% | 7.97% | -0.13% | 5.11% | 37.52% | -6.22% |
Accounting Notes: January through July performance is proprietary
A Portion of this Performance is Based on Proprietary Trading
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2025 | 22.65% | -10.51% | $2,584,578 |
| 2024 | 19.31% | -6.74% | $4,348,065 |
| 2023 | 20.37% | -17.90% | $5,032,280 |
| 2022 | -39.32% | -44.72% | $3,866,754 |
| 2021 | 37.52% | -6.22% | $6,856,562 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2025 | 22.65% | -10.51% |
| 2024 | 19.31% | -6.74% |
| 2023 | 20.37% | -17.90% |
Accounting Notes:
January through July performance is proprietaryRisk 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.