Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
The Energy Program is discretionary and focuses on petroleum and US natural gas. The investment strategy merges an analysis of supply demand dynamics to identify themes and biases with a thorough review of technical factors to filter trade ideas and define risk reward parameters. The program implements both directional and relative value trades. Risk and position sizing are measured at the trade level. The holding period can vary from intraday to a few months according to the commodity being traded, the volatility of the underlying and the tactical vs structural nature of the trade.
The program implements both directional and relative value trades. Risk and position sizing are measured at the trade level. The holding period can vary from intraday to a few months according to the commodity being traded, the volatility of the underlying and the tactical vs structural nature of the trade.
Amapa Capital Advisors, an NFA registered CTA, was founded in December 2014 by Denys Thorez. Mr Thorez brings with him 25 years of experience in energy trading and risk management. Prior to starting Amapa, he was a trading principal at AAA Capital Management, a $1B+ energy CTA, from 2002 to 2014. He started his career on the NYMEX trading floor as an options market maker, then managed the natural gas price book of Mirant, a gas and power merchant from 1997 to 2002. Mr. Thorez holds a BA in finance from University Paris-Dauphine, France and an MBA from Baruch College, NY. He is a CFA Charterholder and a member of the CFA Society of Houston. He is the largest investor in Amapa.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.78% | -2.49% | 0.18% | -0.58% | -2.49% | |||||||||
| 2025 | 2.58% | 0.43% | -0.87% | -5.73% | 0.47% | 0.83% | -0.71% | 1.24% | 0.86% | 0.46% | 2.18% | -2.41% | -0.96% | -6.56% |
| 2024 | 0.52% | -0.43% | 0.63% | -0.70% | -2.10% | 0.08% | -1.40% | -0.73% | 0.07% | -0.15% | -0.45% | -0.05% | -4.64% | -5.32% |
| 2023 | -0.27% | -0.38% | 3.15% | -0.15% | -1.38% | 1.07% | 0.53% | -0.16% | 1.33% | -0.99% | 2.73% | 1.49% | 7.08% | -1.53% |
| 2022 | 5.50% | 1.82% | 4.79% | 1.82% | 2.08% | -0.47% | 3.84% | -3.50% | -2.17% | 1.04% | -1.54% | 4.41% | 18.57% | -6.08% |
| 2021 | -0.21% | -1.42% | 3.30% | 2.98% | 0.11% | 4.88% | 5.14% | 0.89% | 4.68% | -2.52% | 1.09% | -0.12% | 20.08% | -2.52% |
Track Record Compiled By: Marathon Investments
Accounting Notes: Assets Under Management represents Amapa Capital Advisor's total assets.
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2026 | -0.58% | -2.49% | $130,500,000 |
| 2025 | -0.96% | -6.56% | $130,900,000 |
| 2024 | -4.64% | -5.32% | $150,000,000 |
| 2023 | 7.08% | -1.53% | $150,900,000 |
| 2022 | 18.57% | -6.08% | $74,720,320 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2026 | -0.58% | -2.49% |
| 2025 | -0.96% | -6.56% |
| 2024 | -4.64% | -5.32% |
Accounting Notes:
Assets Under Management represents Amapa Capital Advisor's total assets.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.