CTA Profiles

AIS Capital Management - MAAP (2X-4X) Program

Principal(s): John Hummel, Brad Stern
Strategy: Discretionary Trend Follower
Request Disclosure Document
Investment Restrictions: 4.7 Exempt (QEP)++

Statistics & Program Information

Nov Return -6.36%	Worst Drawdown ⁽²⁾ -78.99%	Minimum Investment $3,000,000
YTD Return 17.86%	Losing Streak ⁽³⁾ -11.55 %	AUM⁽⁵⁾ $14,536,901
Annualized CROR ⁽¹⁾ 7.75	Sharpe Ratio ⁽⁴⁾ 0.37	Calmar Ratio ⁽⁶⁾ 0.64

Trading Methodology 10% Systematic 90% Discretionary	Style Sub-Categories Fundamental Momentum Pattern Recognition Discretionary Quantitative Trend Anticipatory Mean Reversion	Trading Style 85% Trend Following 5% Contrarian 5% Spread Trading 5% Option Trading
Market Sector 16% Stock Indices 17% Currencies 17% Financials 17% Metals 17% Energies 16% Agriculturals	Holding Period 70% Long Term 20% Medium Term 10% Short Term	Sector US Offshore Global Contracts Futures

Start Date Oct-1992	Currency US Dollar	Margin ⁽⁷⁾ 10-20%
New Money Yes	AUM ⁽⁵⁾ $14,536,901	Management Fee 2.70%
Min Investment $3,000,000	Annualized CROR ⁽¹⁾ 7.75	Incentive Fee 20.00%
Fund Minimum $25,000	Losing Streak ⁽³⁾ -11.55 %	Other Fees None
Notional Funds Yes	Worst Drawdown ⁽²⁾ -78.99 %	Avg Comm ⁽⁸⁾ 6.00
NFA Member Yes	Sharpe Ratio ⁽⁴⁾ 0.37	Max Comm ⁽⁹⁾ 6.00
NFA Number 0251265	Calmar Ratio ⁽⁶⁾ 0.64	Round Turns ⁽¹⁰⁾ 300

Starting Date: Oct-1992	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $14,536,901
Open to US Investors: Yes	Annualized CROR: 7.75%
Minimum Fund Investment: $25,000	Worst Monthly Drawdown: -78.99
Minimum Managed Account: $3,000,000	Current Losing Streak: -11.55 %
Domocile:	Calmar: 0.64
Subscriptions: N/A	Sharpe Ratio: 0.37
Redemptions: N/A	US Attorney: Not Listed
Lock Up: N/A	Offshore Attorney: Not Listed
Hurdle Rate: N/A	Administrator: Not Listed
Administraton Fee: 0.00%	Prime Broker: Not Listed
Management Fee: 2.70%	Auditor: Not Listed
Incentive Fee: 20.00%	NFA Member: Yes
Other Fees: None	FINRA Member: No
	Other Memberships: RIA

Type of Fund: Futures Fund Single Advisor Fund	Domicile:	Strategy: Long Short

Track Record Prepared By: AIS Capital Management, L.P.

Correlations: AG CTA Index: 0.285

P - Proprietary Trading Results * C - Client Trading Result * P&C - Combines Client & Proprietary Trading Results (the accounting notes will identify the time frame for each. 1. Rates of Return: Rate of Returns are calculated from the start date of each program. Usually returns are calculated based on the Annual Compounded Rate of Return method. In some cases returns have been calculated on a Non-Compounded basis. This would occur when a Manager trades based on account unit rather than on account equity. The Annualized Compounded Rate of Return ("Annualized CROR") represents the compounded rate of return or each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. The Annual Rate of Return ("Annual ROR") is the annualized Mean Return. 2. The Worst Peak-to-Valley Drawdown ("Worst Drawdown") is defined as the greatest cumulative percentage decline in net asset value due to losses sustained by the trading program during any period in which the initial net asset value is not equaled or exceeded by a subsequent asset value. 3. Start & End Dates: Indicates the Start and End Dates of the Worst Peak-to-Valley Drawdown. 4. The Current Losing Streak ("Losing Streak") represents the extent of the Advisor's current drawdown. 5. Annualzied Standard Deviation is one way to look at consistency of returns. It measures the degree by which the monthly returns vary from the average (mean) return. 6. Downside Deviation is a measure of downside volatility. It only considers those monthly performance results that are less than the monthly Minimum Acceptable Rate of Return. 7. The Sharpe Ratio is a risk-adjusted ratio that rewards consistency of returns. Traders are penalized for volatility regardless of whether it is on the up or downside. The Sharpe Ratios is calculated using a 1% risk-free rate of return. 8. The Sortino Ratio is a risk-adjusted ratio. The higher the number the better. Results are dependent upon the Minimum Acceptable Rate of Return (currently set at 5%. 9. The Sterling Ratio is a risk-adjusted return measurement calculated by dividing the Annualized Compound ROR by the Average Yearly Maximum Drawdown less an arbitrary 10%. The Sterling Ratio is normally calculated using the last 36 months of data. 10. The Calmar Ratio represents the historical amount gained for each dollar risked. A higher number is better. Unless otherwise denoted the Calmar Ratio is calculated by dividing the 36 month Annualized Compounded ROR by the 36 month Peak to Valley Drawdown. Traders with less than 36 months of data or a negative Calmar Ratio will be indicated by N/A. 11. The Omega Function accounts for the non-normal distributions of returns and takes into account the investor's preferences for loss and gain. Omega is computed directly from the returns distribution and measures the total impact of the moments instead of each one of them individually. 12. Minimum Investment represents the minimum account size. 13. Assets Under Management ("AUM") represents the current nominal assets traded by the Manager. 14. The Number of Winning Months represents the months with positive return. 15. The Number of Losing Months represents the months with negative return. 16. The Percentage of Winning Months represents the % of winning months. 17. Margin to Equity ("Margin") represents the average margin as a percent of a fully funded account. 18. Round Turns per Million ("Round Turns") represent the average number of round turns that would be generated in a $1,000,000 account. 19. Average Commission ("Avg Comm") represents the average commission rate of the composite track record. A higher or lower commission rate would increase or decrease the performance accordingly. 20. Maximum Commisions ("Max Comm") is the Maximum Round Turn Rate allowable by the Manager.

Trading Description:

AIS' Multi-Asset Allocation Portfolio ("MAAP") Program seeks to provide growth of capital through investment in both commodity and financial futures contracts. The AIS MAAP Program seeks to identify and capitalize on longer-term price movements in the futures markets traded and differs from its peers because 1) the strategy has a heavier emphasis on commodities than most other managed futures programs, and 2) the strategy's investment process is "discretionary global macro" rather than purely computerized or algorithmic. The portfolio takes long, short, or neutral positions in highly liquid futures markets across six sectors. Over its 22-year track record, the AIS MAAP Program has delivered low realized correlations to other macro and CTA programs, owing to its higher-than-typical allocation to commodities and its differentiated investment process. This composite represents those AIS MAAP Program accounts for which the firm has applied leverage such that the aggregate contract value of positions held are usually between two and four times the equity invested ("MAAP (2X-4X)").

Risk Strategy:

N/A

Background:

AIS Capital Management, L.P. (AIS) is an investment management firm focused on absolute-return strategies in global financial markets. Relying on its thorough understanding of the driving forces behind price action in global markets, the investment team has developed and implemented discretionary and systematic global macro strategies that seek to generate alpha over multiple market cycles while minimizing risk. Independent Thinkers AIS provides asset management based on the principle that successful investing often requires independent thinking to develop appropriate investment strategies. We base our decisions on extensive analysis of global macro-economic factors and asset valuations, and we draw on decades of investment experience. Systematic and Discretionary Unlike a majority of global macro investment managers that would typically classify themselves as being either discretionary or systematic in their trading style, AIS approaches this distinction differently because we appreciate the strengths and weaknesses inherent in both styles. AISâ€™s investment programs uniquely combine systematic processes with discretionary global macro views. Our investment programs vary in methodology; some allocate according to longer-term discretionary global macro view while others allocate based on a systematic interpretation of shorter-term economic fundamentals and rigorous, disciplined risk controls. Advantage in Flexibility. Markets have changed dramatically over the last several decades. Since 2008 in particular, markets have become more highly correlated and coordinated global monetary policy has exerted a significant impact. The ability to move nimbly amongst non-traditional market sectors has become increasingly important. AIS has an advantage in being a smaller firm with great flexibility. We can respond quickly to changing market environments. Furthermore, AIS is an independent, privately- held firm and we do not face any liquidity issues associated with extended lines of credit. Highly Liquid and Transparent. AIS only invests in highly liquid instruments that trade on major exchanges. In addition, our investment programs are highly transparent. We do not use â€˜black boxâ€™ systems. AIS takes a consultative approach, providing a detailed explanation of our investment process and our investment views with clients. We believe clients should thoroughly understand their investment structure and the global macro-economic outlook we anticipate during each market cycle. Investment Team. AIS was founded in 1992 by John Hummel and Brad Stern, both of whom are still principals in the firm as well as majority owners. Steve Edwards and John Zhang later joined AIS and are also principals of the firm. All four principals oversee the management of AISâ€™s investment programs (see Bios for more information on AISâ€™s principals and other team members).

Performance

Monthly Performance Since October 1992

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2024	0.77%	0.06%	12.40%	5.65%	0.10%	1.48%	-2.14%	-0.21%	4.08%	1.81%	-6.36%		17.86%	-6.36%
2023	5.39%	-10.87%	7.57%	0.13%	-13.00%	0.66%	16.44%	-2.45%	-0.72%	-2.30%	3.24%	-4.04%	-3.29%	-16.48%
2022	10.62%	16.66%	7.22%	4.98%	0.38%	-9.61%	-4.92%	-7.27%	-7.97%	2.54%	3.97%	6.30%	21.19%	-26.66%
2021	8.27%	7.11%	-7.43%	21.93%	8.25%	-2.50%	0.43%	-2.98%	0.39%	7.93%	-19.12%	16.83%	37.82%	-19.12%
2020	-8.35%	-3.58%	-2.14%	-1.03%	22.36%	9.43%	15.97%	11.67%	-8.70%	-2.97%	15.28%	24.85%	89.23%	-14.41%
2019	2.06%	-1.19%	-0.49%	1.22%	-0.97%	11.07%	-4.69%	-5.97%	-2.63%	1.55%	-6.50%	6.24%	-1.65%	-17.14%
2018	7.35%	-6.56%	2.57%	2.01%	-2.37%	2.62%	-4.65%	-3.44%	3.15%	-2.19%	-0.11%	-1.61%	-4.01%	-10.58%
2017	3.95%	3.34%	-5.59%	-3.87%	-3.73%	-2.36%	6.64%	-2.25%	2.25%	0.72%	2.71%	7.23%	8.35%	-14.69%
2016	4.73%	2.96%	-2.19%	10.17%	-1.85%	2.66%	-8.34%	-0.73%	4.44%	-2.91%	-4.47%	0.41%	3.62%	-11.86%
2015	4.29%	-5.52%	-2.45%	5.06%	-2.78%	-0.89%	-11.83%	2.57%	-0.56%	-5.41%	-10.56%	-3.24%	-28.37%	-31.32%
2014	-4.36%	12.32%	1.35%	0.80%	-3.47%	1.85%	-11.42%	-7.25%	-11.70%	-7.75%	-8.25%	-4.10%	-36.47%	-42.11%
2013	5.60%	-10.48%	0.17%	-5.31%	-3.78%	-9.28%	3.85%	11.84%	-10.27%	-7.19%	-4.14%	1.38%	-26.43%	-31.28%
2012	6.30%	6.36%	-2.73%	1.70%	-24.19%	11.95%	12.75%	10.76%	0.70%	-6.19%	0.44%	-2.19%	10.01%	-25.01%
2011	-2.04%	6.28%	8.17%	9.99%	-9.19%	-7.61%	9.93%	7.89%	-30.21%	12.13%	-3.02%	-2.58%	-8.86%	-30.55%
2010	-18.82%	5.47%	4.44%	3.03%	-10.15%	-0.92%	9.50%	-7.10%	23.00%	11.94%	2.90%	19.06%	40.74%	-18.82%
2009	-7.43%	-8.63%	11.68%	3.99%	39.04%	-8.55%	5.08%	-4.06%	7.70%	7.90%	14.61%	-2.03%	64.3%	-15.42%
2008	9.71%	19.50%	-7.06%	2.81%	8.17%	17.74%	-14.31%	-15.94%	-12.81%	-33.82%	-22.28%	-7.62%	-52.39%	-70.16%
2007	0.62%	7.71%	-1.08%	-1.73%	0.58%	1.34%	3.42%	-2.27%	18.47%	9.07%	-0.93%	10.87%	54.03%	-2.79%
2006	6.24%	-9.28%	9.33%	15.05%	-2.54%	-6.49%	3.37%	-9.51%	-12.14%	9.24%	12.65%	-9.35%	1.3%	-25.1%
2005	0.32%	16.29%	4.64%	-5.91%	0.80%	3.06%	5.87%	4.62%	2.15%	-11.57%	-3.59%	11.64%	28.49%	-14.75%
2004	4.14%	10.82%	11.61%	-7.93%	-2.31%	-2.18%	3.75%	3.69%	3.04%	7.77%	2.22%	-10.45%	23.92%	-12.02%
2003	6.58%	10.57%	-14.42%	-6.65%	6.16%	-2.06%	5.23%	6.40%	4.58%	5.33%	2.08%	9.34%	34.72%	-20.12%
2002	-2.96%	-1.51%	3.81%	0.26%	-5.86%	3.30%	5.22%	5.19%	3.93%	-12.92%	-4.92%	4.58%	-3.65%	-17.2%
2001	-0.91%	2.89%	10.33%	-4.23%	-6.10%	-0.15%	-2.15%	0.29%	2.36%	3.62%	-2.49%	0.69%	3.22%	-12.14%
2000	0.07%	4.90%	-3.25%	-8.82%	4.38%	10.00%	-9.01%	11.73%	-4.14%	6.45%	-1.46%	-1.38%	7.19%	-11.78%
1999	-3.85%	4.16%	4.74%	5.69%	-7.01%	13.83%	1.28%	2.14%	-6.62%	-1.82%	8.61%	7.73%	30.22%	-8.32%
1998	-3.31%	-3.83%	-10.72%	-5.91%	-0.75%	-7.79%	10.67%	-7.27%	-12.96%	-0.36%	12.34%	9.21%	-21.94%	-36.37%
1997	1.70%	0.32%	-2.40%	-4.59%	-5.69%	0.92%	-0.69%	-8.66%	1.33%	-5.08%	3.61%	6.72%	-12.77%	-22.67%
1996	5.88%	-10.64%	13.39%	5.82%	-1.04%	8.31%	-7.92%	9.14%	5.82%	3.22%	0.75%	7.20%	44.26%	-10.64%
1995	4.00%	3.85%	6.57%	4.11%	1.36%	0.52%	0.51%	5.97%	4.38%	-1.92%	0.12%	-9.18%	21.05%	-10.82%
1994	-5.06%	-8.48%	8.07%	8.38%	4.96%	0.43%	8.08%	-9.62%	-1.24%	1.52%	-3.30%	-0.23%	1.36%	-13.11%
1993	1.67%	1.49%	-2.30%	-0.97%	7.72%	6.77%	2.03%	7.43%	2.58%	1.29%	3.26%	3.68%	40%	-3.25%
1992										-3.22%	0.97%	2.13%	-0.2%	-3.22%

Annual Performance

Years	1992	1993	1994	1995	1996	1997
ROR	-0.20%	40.00%	1.36%	21.05%	44.26%	-12.77%
Max DD	-3.22%	-3.25%	-13.11%	-10.82%	-10.64%	-22.67%

Years	1998	1999	2000	2001	2002	2003
ROR	-21.94%	30.22%	7.19%	3.22%	-3.65%	34.72%
Max DD	-36.37%	-8.32%	-11.78%	-12.14%	-17.20%	-20.12%

Years	2004	2005	2006	2007	2008	2009
ROR	23.92%	28.49%	1.30%	54.03%	-52.39%	64.30%
Max DD	-12.02%	-14.75%	-25.10%	-2.79%	-70.16%	-15.42%

Years	2010	2011	2012	2013	2014	2015
ROR	40.74%	-8.86%	10.01%	-26.43%	-36.47%	-28.37%
Max DD	-18.82%	-30.55%	-25.01%	-31.28%	-42.11%	-31.32%

Years	2016	2017	2018	2019	2020	2021
ROR	3.62%	8.35%	-4.01%	-1.65%	89.23%	37.82%
Max DD	-11.86%	-14.69%	-10.58%	-17.14%	-14.41%	-19.12%

Years	2022	2023	2024 YTD
ROR	21.19%	-3.29%	17.86%
Max DD	-26.66%	-16.48%	-6.36%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.

VAMI, Assets under Management & Worst Drawdown

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Monthly Returns

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++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

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND/OR FOREIGN EXCHANGE ('FOREX') 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.