Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
Crabel Gemini is a fully systematic portfolio of predominantly short holding period strategies designed to target structural market inefficiencies across a broadly diversified set of global futures and foreign exchange instruments. The portfolio is deliberately structured to provide low correlation to all asset classes and offers a unique source of returns with over 40 differentiated and stand-alone strategy frameworks composing the program. Crabel's focus on execution excellence provides a fur ther advantage in efficiently accessing unique exposures in approximately 160 markets. The program seeks to control risk by dynamic sizing of new trades relative to market volatility, the use of stops with volatility broadly diversified across sectors and geographic regions. Gemini has an approximate 10-day average hold timeframe and targets a 10% annualized standard deviation.
The program seeks to control risk by dynamic sizing of new trades relative to market volatility, the use of stops with volatility broadly diversified across sectors and geographic regions. Gemini has an approximate 10-day average hold timeframe and targets a 10% annualized standard deviation.
Crabel Capital Management is a global alternative investment firm specializing in systematic, automated trading of worldwide futures and foreign exchange. Our Los Angeles based firm was founded by short- term trading pioneer Toby Crabel and has delivered over 30 years of uncorrelated returns for its institutional clients. The firm has developed a diverse array of trading strategies designed to systematically capture market anomalies implemented through a technologically advanced, low latency infrastructure. Global co-location facilities and proprietary execution algorithms allow the firm to efficiently trade in approximately 250 futures and foreign exchange markets.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 8.15% | 2.97% | -0.40% | 4.73% | 16.17% | -0.40% | ||||||||
| 2025 | -3.31% | -2.61% | -4.84% | -6.32% | -1.12% | 1.16% | 1.60% | -1.48% | 2.38% | 3.43% | -0.15% | 1.06% | -10.18% | -16.99% |
| 2024 | -7.60% | -0.94% | 1.18% | -1.17% | 6.49% | -4.97% | -3.50% | 12.43% | 3.89% | -3.27% | 3.44% | 0.52% | 5.00% | -10.62% |
| 2023 | 4.69% | -1.20% | -2.36% | 1.31% | -3.78% | 2.62% | -1.22% | -3.58% | -1.52% | -2.45% | 4.83% | 6.72% | 3.39% | -11.72% |
| 2022 | -1.49% | -0.34% | 5.18% | 1.83% | 0.12% | 2.20% | 1.82% | -2.08% | -5.25% | 2.22% | -2.94% | -2.87% | -2.06% | -10.59% |
| 2021 | -2.33% | 2.74% | 0.62% | 1.17% | -0.14% | 1.59% | -1.79% | 1.01% | -2.61% | 4.22% | 1.00% | 1.31% | 6.77% | -3.39% |
Accounting Notes: Performance results commencing February 2017 are based on the actual trading of the Gemini program in Crabel Fund LP-Class MX. Performance results commencing July 2016 through January 2017 are based on actual trading of the Gemini program as a constituent of Crabel Fund LP-Class AX.
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2026 | 16.17% | -0.40% | $1,203,000,000 |
| 2025 | -10.18% | -16.99% | $1,300,000,000 |
| 2024 | 5.00% | -10.62% | $2,062,000,000 |
| 2023 | 3.39% | -11.72% | $2,769,000,000 |
| 2022 | -2.06% | -10.59% | $4,147,000,000 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2026 | 16.17% | -0.40% |
| 2025 | -10.18% | -16.99% |
| 2024 | 5.00% | -10.62% |
Accounting Notes:
Performance results commencing February 2017 are based on the actual trading of the Gemini program in Crabel Fund LP-Class MX. Performance results commencing July 2016 through January 2017 are based on actual trading of the Gemini program as a constituent of Crabel Fund LP-Class AX.++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.