Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
Gnomon Alpha's Global Macro Enhanced Strategy targets 18% Volatility. It is a long/short multi-asset strategy that deploys a diverse set of models backed by fundamental insights and theories. The strategy invests in stocks, bonds, currencies, and commodities through futures. The strategy is managed at a 18% target volatility while maintaining a low correlation to equities and common betas. The strategy is fundamentally-based, systematic, highly liquid, and employs uncorrelated, consistent, and repeatable ideas.<br><br> Gnomon's edge lies in its ability to model and systematically identify and exploit investor risk appetite throughout changes in macroeconomic cycles and market regimes. Our edge lies in understanding: 1. which regime we're in, 2. what fundamentals are relevant in that regime, and 3, how market participants' behavior can drive asset prices. The strategy dynamically shifts exposures across market regimes, assets, and time horizons. Gnomon's risk management and portfolio construction include measures of market volatility and investor risk appetite to add stability and consistency to Gnomon's portfolio.
Mr. Jay Feuerstein is the Founder, Chief Executive Officer, and Chief Investment Officer of Gnomon Alpha LLC (“Gnomon Alpha”). Mr. Feuerstein has over 30 years of experience in managed futures, most notably as the Founder and CEO of Xenon Capital Management (“Xenon”). Xenon was seeded by Goldman Sachs Asset Management (GSAM) in 2001 and grew to approximately $1 billion in AUM under his leadership. Ultimately, Xenon was acquired by Manning & Napier (“M&N”) in 2014. Mr. Feuerstein was appointed Managing Director of Alternative Investments for M&N’s $54 billion asset management unit, including a portfolio of $1 billion in managed futures. From 1987 to 2001, Mr. Feuerstein traded landmark positions in complex portfolio engineering and managed futures arbitrage, risk management, and hedging trades at Drexel Burnham Lambert, Lehman Brothers, and Bear Stearns. Mr. Feuerstein has appeared on CNBC, Fox Business, Bloomberg News, and ABC News. He has also been a guest speaker at the Booth School of Business at the University of Chicago, Columbia Business School, Duke Fuqua Graduate School of Business, and Northwestern University Graduate School of Business and has been published in the Journal of Trading, the Journal of Futures Markets, Business Insider, Futures magazine, and Modern Trader magazine. Mr. Feuerstein was an AI Consultant, working with Cambridge Quantum Computing to develop trading strategies for their Arrow Investment subsidiary from 2018 to 2020. Mr. Feuerstein was named Futures Magazine’s Top Trader in 2008 (+43% FY 2008), was a Hedge Fund Magazine Pinnacle Awards finalist four times, and won the performance award from IAIR Magazine as the top U.S. Managed Futures strategy for 2011 and 2012. Gnomon Alpha has continued the tradition of award-winning performance, earning the HFM nomination as the best new comer (2021), best CTA under $1 billion in AUM in the systematic global macro space (2023), and best CTA long-term (5- years) performance under $500 million (2024). Mr. Feuerstein earned his MBA in Finance from the University of Chicago and his BS from the University of Illinois.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.32% | -4.22% | -2.02% | 5.99% | -1.85% | -7.39% | ||||||||
| 2025 | -0.16% | -4.30% | -3.63% | -7.19% | -8.53% | -0.32% | -3.90% | -3.96% | 2.47% | 4.35% | -0.93% | -1.04% | -24.61% | -28.09% |
| 2024 | -1.44% | 4.04% | 4.40% | 0.06% | 5.43% | -0.77% | -1.67% | 0.47% | 7.50% | -8.57% | 1.50% | -6.96% | 2.76% | -13.66% |
| 2023 | 1.08% | -3.33% | -3.74% | 0.00% | 0.49% | 3.96% | 3.21% | -4.96% | -10.31% | -5.66% | 4.50% | 11.03% | -5.37% | -19.58% |
| 2022 | -2.54% | 0.22% | 3.34% | 1.44% | -0.75% | 0.96% | 0.70% | -0.97% | 3.62% | 2.47% | 1.16% | -1.15% | 8.63% | -2.54% |
| 2021 | -9.30% | 9.19% | 1.38% | 3.27% | 2.11% | -0.11% | 3.40% | 1.58% | -9.99% | 9.26% | -10.00% | 1.05% | -0.65% | -11.49% |
Track Record Compiled By: N/A
Accounting Notes: Actual performance reflects General Partners' separately managed account trading conducted after January 1, 2019. Live trading during November-December 2018 (when trading first commenced) is not reflected, as lower leverage, debugging of trading strategy, and corrections with signal timing make such period unrepresentative of the Strategy. Returns presented from January 1, 2019, to May 31, 2019, represent the General Partners' separately managed account with the Global Macro strategy, management fees of 1.5% and incentive fees of 15% (Founders A Share Class) and, the performance does not include underlying fund expenses. From June 1, 2019, to the present, returns represent the Gonmon Alpha Fund's Global Macro (1.5% mgmt and 20% incentive) and Global Macro Enhanced 2.0% mgmt and 20% incentive) share class returns and incorporate fund expenses such as administrator, audit, tax, and other operating costs. From March of 2023, the Global Macro Enhanced Four (4) was launched (4.5% mgmt and 20% incentive), incorporating fund expenses such as administrator, audit, tax, and other operating costs.
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2026 | -1.85% | -7.39% | $30,070,375 |
| 2025 | -24.61% | -28.09% | $33,470,182 |
| 2024 | 2.76% | -13.66% | $62,383,557 |
| 2023 | -5.37% | -19.58% | $66,500,000 |
| 2022 | 8.63% | -2.54% | $51,500,000 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2026 | -1.85% | -7.39% |
| 2025 | -24.61% | -28.09% |
| 2024 | 2.76% | -13.66% |
Accounting Notes:
Actual performance reflects General Partners' separately managed account trading conducted after January 1, 2019. Live trading during November-December 2018 (when trading first commenced) is not reflected, as lower leverage, debugging of trading strategy, and corrections with signal timing make such period unrepresentative of the Strategy. Returns presented from January 1, 2019, to May 31, 2019, represent the General Partners' separately managed account with the Global Macro strategy, management fees of 1.5% and incentive fees of 15% (Founders A Share Class) and, the performance does not include underlying fund expenses. From June 1, 2019, to the present, returns represent the Gonmon Alpha Fund's Global Macro (1.5% mgmt and 20% incentive) and Global Macro Enhanced 2.0% mgmt and 20% incentive) share class returns and incorporate fund expenses such as administrator, audit, tax, and other operating costs. From March of 2023, the Global Macro Enhanced Four (4) was launched (4.5% mgmt and 20% incentive), incorporating fund expenses such as administrator, audit, tax, and other operating costs.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.