Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
The Nova Discretionary Macro program (futures only) is a global macro strategy that seeks to profit by identifying valuation gaps and potential dislocations across asset classes. Positions are typically diversified across macro futures markets (stock indices, bonds, and currencies). The program is designed for investors seeking returns that are uncorrelated with equity and credit cycles. We aim to generate returns in both up and down markets independent of the performance of any one asset class.
We actively employ and monitor both position and portfolio risk limits. Please inquire for more detail.
Ed Lalanne - Chief Investment Officer
Past Experience: Tse Capital Management (NYC) - Investment Analyst for a $1 billion+ global macro hedge fund
Education: MBA - Kellogg School of Management at Northwestern; BA - Dartmouth College (1999)
Stephen Buehler - Chief Operating/Compliance Officer
Past Experience: Blackstone (NYC) - Managing Director & Chief Operating Officer of a $9.5 billion business within the hedge fund division
Education: MBA - Kellogg School of Management at Northwestern; BA/BBA - Mississippi State University (2000)
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.39% | -0.23% | 0.84% | 2.03% | 3.05% | -0.23% | ||||||||
| 2024 | -2.77% | -1.09% | -0.34% | -0.54% | -0.54% | 0.38% | -1.17% | 1.28% | -0.42% | -1.52% | -1.90% | 0.31% | -8.08% | -8.36% |
| 2023 | -1.09% | 2.23% | 4.20% | -2.26% | -1.23% | -0.07% | 1.44% | 0.30% | 1.61% | 0.01% | -1.64% | -0.33% | 3.05% | -3.53% |
| 2022 | 4.49% | 0.20% | 9.01% | 7.55% | -4.42% | 3.70% | -5.29% | 10.74% | 9.99% | -0.02% | -5.04% | 0.69% | 34.18% | -6.13% |
| 2021 | -0.47% | 3.09% | 2.46% | 1.99% | -2.27% | 2.57% | 0.69% | 3.01% | -3.07% | -3.40% | -1.51% | 2.75% | 5.64% | -7.78% |
Track Record Compiled By: MJT TECHNOLOGIES LLC
Accounting Notes: NOTES IN REGARDS TO THE EXTRACTED FUTURES-ONLY PRO-FORMA PERFORMANCE RESULTS: <br><br> 1. This pro-forma, extracted track record represents the actual trading results achieved by Discretionary Macro Program: Futures Only (the "Strategy") currently managed by Nova Investment Strategies LP ("Nova").<br><br> 2. For the period from inception through January 31, 2023, the pro-forma, extracted track record of the Strategy is based upon an actual client of Astra Ventures Investment Partners LLC ("Astra Ventures"), a registered commodity trading advisor owned by Stephen Buehler and jointly managed by Ed Lalanne and Stephen Buehler and was cleared at Interactive Brokers. The account is the trading strategy's first account and has been active since its inception. Thus, its profits and losses are representative of those experienced by subsequent accounts in the strategy. For the period from inception through January 31, 2023, all non-futures trades made by Astra Ventures pursuant to the Strategy have been excluded from the pro-forma track record. If the performance from trading securities by Astra Ventures had been included, the pro-forma performance during the period from inception through January 31, 2023, would have been approximately 1% lower than the pro-forma performance of the futures only track record of the Strategy. The AUM presented for the period from inception to January 31, 2023 is the AUM of this actual client account of Astra Ventures. <br><br> 3. Effective as of January 31, 2023, Nova commenced the Strategy for an actual internal, proprietary account that exclusively trades in futures contracts. For the period commencing on February 1, 2023 through October 31, 2023, the performance and AUM presented are the actual performance results and AUM of this internal account as cleared at Archer Daniels Midland Investor Services. Nova is a registered commodity trading advisor jointly owned and managed by Ed Lalanne and Stephen Buehler.<br><br> 4. For the period from November 1, 2023 onward, the performance and AUM presented are the actual blended performance results and AUM of Nova’s client accounts.<br><br> 5. For all periods presented, this pro-forma track record includes and is presented net of a pro-forma management fee of 1.5% per annum, payable month in arrears, pro-form incentive fees of 15% payable quarter, all actual brokerage commissions, give-up fee, exchange fees, NFA fees and other transaction related fees and expenses.
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2025 | 9.45% | -0.23% | $950,928 |
| 2024 | -8.08% | -8.36% | $918,096 |
| 2023 | 3.05% | -3.53% | $980,800 |
| 2022 | 34.18% | -6.13% | $1,469,796 |
| 2021 | 5.64% | -7.78% | $1,061,302 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2025 | 9.45% | -0.23% |
| 2024 | -8.08% | -8.36% |
| 2023 | 3.05% | -3.53% |
Accounting Notes:
NOTES IN REGARDS TO THE EXTRACTED FUTURES-ONLY PRO-FORMA PERFORMANCE RESULTS:1. This pro-forma, extracted track record represents the actual trading results achieved by Discretionary Macro Program: Futures Only (the "Strategy") currently managed by Nova Investment Strategies LP ("Nova").
2. For the period from inception through January 31, 2023, the pro-forma, extracted track record of the Strategy is based upon an actual client of Astra Ventures Investment Partners LLC ("Astra Ventures"), a registered commodity trading advisor owned by Stephen Buehler and jointly managed by Ed Lalanne and Stephen Buehler and was cleared at Interactive Brokers. The account is the trading strategy's first account and has been active since its inception. Thus, its profits and losses are representative of those experienced by subsequent accounts in the strategy. For the period from inception through January 31, 2023, all non-futures trades made by Astra Ventures pursuant to the Strategy have been excluded from the pro-forma track record. If the performance from trading securities by Astra Ventures had been included, the pro-forma performance during the period from inception through January 31, 2023, would have been approximately 1% lower than the pro-forma performance of the futures only track record of the Strategy. The AUM presented for the period from inception to January 31, 2023 is the AUM of this actual client account of Astra Ventures.
3. Effective as of January 31, 2023, Nova commenced the Strategy for an actual internal, proprietary account that exclusively trades in futures contracts. For the period commencing on February 1, 2023 through October 31, 2023, the performance and AUM presented are the actual performance results and AUM of this internal account as cleared at Archer Daniels Midland Investor Services. Nova is a registered commodity trading advisor jointly owned and managed by Ed Lalanne and Stephen Buehler.
4. For the period from November 1, 2023 onward, the performance and AUM presented are the actual blended performance results and AUM of Nova’s client accounts.
5. For all periods presented, this pro-forma track record includes and is presented net of a pro-forma management fee of 1.5% per annum, payable month in arrears, pro-form incentive fees of 15% payable quarter, all actual brokerage commissions, give-up fee, exchange fees, NFA fees and other transaction related fees and expenses.
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.