Tracking CTAs since 1994
Adalpha Asset Management, LLC
Core Program
Principal(s): Gary Polony
Strategy: Short Term Systematic / Diversified
Investment Restrictions: 4.7 Exempt - Qualified Eligible Persons Only
Statistical Reports are Subscription Based
Trading Description, Risk Strategy & Background
The firm is an alternative investment management company that employs an institutional quality futures program designed to consistently produce high absolute returns adjusted for risk. The program is diversified, short-term and 100% systematic.
N/A
Gary Polony is the founder and sole principal of the Advisor. He has been a NFA Associate Member, principal and associated person of the Advisor since June, 2009. He is also a member of the CME, CBOT, NYMEX and COMEX exchanges. Mr. Polony graduated from DePaul University in 1994, receiving a Bachelor of Science in Finance degree. During his undergraduate studies, he began independently researching and trading 100% mechanical trading systems for his own proprietary account. This initial research and trading system development, which has been an ongoing evolution, still heavily influences the current structure that Adalpha operates within today. In April 1990, Mr. Polony founded Advanced Marketing, a sole proprietor marketing firm. The company was renamed and incorporated as Quest Marketing Concepts, Corp. (“Quest Marketingâ€) in May 2002. Mr. Polony’s employment at Quest Marketing ceased as of July 2008. Following the success of Quest Marketing, Mr. Polony founded Chicago, IL based Quest Financial Management Corporation (“QFMâ€) which became registered as a CTA on October 10, 2003. QFM functioned as an “informational CTA†and published investment advice on financial markets. The current trading program, now known as the Adalpha Diversified Short-Term Institutional Program, commenced trading in April, 2003. Mr. Polony was registered as an associated person and principal of QFM on October 10, 2003. Mr. Polony’s employment at QFM ceased as of April 2009. In May 2009, Adalpha Asset Management, LLC was founded to trade both proprietary capital and managed client assets.
Performance
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR* | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.68% | 2.97% | – | – | – | – | – | – | – | – | – | – | 0.29% | -2.68% |
| 2025 | 3.10% | 0.39% | -1.25% | 1.59% | -1.48% | -7.31% | -0.66% | 0.70% | 4.80% | 11.32% | -0.95% | -1.45% | 8.80% | -9.28% |
| 2024 | 2.85% | -2.24% | 6.14% | -1.75% | 0.30% | 1.30% | 1.16% | 0.25% | -6.42% | 0.56% | -1.94% | 8.50% | 8.71% | -7.73% |
| 2023 | -3.39% | -1.40% | -0.99% | -4.37% | -0.20% | 1.44% | -0.68% | 0.18% | 2.27% | 2.40% | -1.86% | 1.25% | -5.35% | -10.00% |
| 2022 | 2.25% | -5.36% | 4.78% | 5.80% | 6.09% | 1.38% | 1.09% | -4.24% | 4.56% | -1.52% | -0.99% | 2.51% | 16.35% | -5.36% |
| 2021 | 6.57% | 4.56% | 5.59% | -0.21% | -3.15% | 3.86% | 3.26% | 2.62% | 2.26% | 3.32% | 4.28% | -2.96% | 30.00% | -3.36% |
| 2020 | 0.28% | 3.50% | 3.80% | -6.05% | -4.69% | 7.77% | 4.56% | 0.40% | -0.46% | -5.17% | -0.09% | 0.04% | 3.89% | -10.45% |
| 2019 | 2.53% | -1.64% | 2.39% | 4.27% | -1.89% | -2.31% | 3.06% | 8.66% | -1.75% | 1.75% | -0.02% | 2.95% | 18.00% | -4.16% |
| 2018 | 7.26% | 0.02% | 1.54% | 2.51% | 0.46% | 0.57% | -2.44% | 4.41% | 4.93% | 7.24% | 2.72% | 2.29% | 31.51% | -2.44% |
| 2017 | -3.33% | -3.76% | 3.20% | 1.13% | 9.67% | 4.42% | 5.93% | -8.22% | 0.54% | 3.43% | 1.90% | 6.77% | 21.68% | -8.22% |
| 2016 | 4.42% | 2.54% | 3.52% | 0.10% | -2.91% | 8.73% | -2.77% | -5.31% | -0.82% | -0.43% | -2.01% | 2.01% | 7.07% | -10.91% |
| 2015 | 0.19% | 1.69% | 2.10% | -0.29% | 1.80% | -1.46% | -2.77% | -4.56% | -0.46% | -3.33% | -0.64% | -1.21% | -8.94% | -13.63% |
| 2014 | 1.40% | 1.37% | -3.75% | -5.04% | 2.22% | -1.99% | -2.05% | -1.73% | 11.25% | 5.68% | 2.25% | -0.96% | 8.65% | -11.86% |
| 2013 | 2.96% | 1.00% | -0.66% | 1.00% | 4.70% | 0.69% | 1.25% | 1.59% | 3.51% | 3.81% | 0.04% | -0.10% | 19.79% | -0.66% |
| 2012 | -0.51% | -2.97% | 0.93% | -0.78% | 2.29% | -1.93% | -3.41% | -5.90% | -4.87% | -0.20% | 6.57% | -2.74% | -13.52% | -16.32% |
| 2011 | 1.97% | 1.35% | 0.46% | 2.12% | -2.21% | -2.96% | 2.30% | 4.25% | 0.75% | -1.26% | 0.97% | 1.69% | 9.43% | -5.10% |
| 2010 | 0.25% | 0.64% | 2.12% | -2.84% | 10.02% | 0.13% | 1.22% | 2.29% | 0.29% | -5.49% | -3.12% | -0.97% | 4.54% | -9.33% |
| 2009 | -0.17% | 0.65% | -3.21% | 0.09% | 7.90% | 2.11% | -4.31% | -1.35% | -1.35% | 0.26% | 0.38% | -5.17% | -4.17% | -11.12% |
| 2008 | 6.35% | 0.86% | 3.62% | -3.16% | -0.17% | 1.55% | -4.51% | 4.99% | -7.43% | 14.44% | 1.20% | 2.15% | 19.89% | -8.89% |
| 2007 | 6.20% | -2.84% | -1.50% | 4.98% | -1.27% | 3.96% | 4.30% | -10.79% | 2.45% | 8.99% | 2.00% | -1.64% | 14.84% | -10.79% |
Track Record Compiled By: NAV Consulting, Inc.
Accounting Notes: The performance of the Adalpha Core Program extracted from the Adalpha Diversified Short-term Program shown for the period from January 2007 through September 2019 is the performance of the Advisor's proprietary account, adjusted to reflect the advisory fees charged by such program. The results also are net of brokerage commissions charged to such account, which are believed to be similar to what an institutional investor would be charged. The Advisor’s principal commenced trading this proprietary trading account pursuant to the Program prior to registering with the CFTC as a CTA and becoming a Member of the NFA. Beginning January 1, 2007, the proprietary account was 50% notionally funded and beginning December 2011, the proprietary account was 75% notionally funded. While the use of notional funding created greater leverage based on the cash in the proprietary account, the percentage returns in this account reflect what a client would have achieved during the same periods because the rate of return was calculated by dividing net performance into the total account size, inclusive of notional equity. The performance shown for the period from October 2019 through December 2023 represents the performance results for the oldest customer account that traded the Adalpha Diversified Short-Term Program (Adalpha Core Program extracted from Adalpha Diversified Short-Term Program). The performance shown for the period from January 2024 through present represents the composite performance results for all customer accounts that traded the Adalpha Core Program. From January 2007, annual ROR has been calculated by doing SUM of MTD ROR. Prior to 2024 nominal trading level has been reduced by 60% to better reflect the risk/reward profile the Core program is expected to produce. This is a speculative trading program and losses can and will occur from time to time. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. EXTRACTED PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN EXTRACTED PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF EXTRACTED PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, EXTRACTED TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO EXTRACTED TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF EXTRACTED PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.>
Risk Disclosure
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.