Statistical Analysis Report

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

Report Start Date: Oct-1992 | End Date: Sep-2025

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Current Return: +9.74%

YTD Return: +33.3%

Annualized Return: +8.51%

AUM: $ 16,000,000

Trading Strategy

Discretionary Trend Follower

Program 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)").

Program Statistics
Peak-to-Valley Drawdown (2)	-78.99%
From Jun 2008 to Apr 2020
Worst Month (Oct 2008)	-33.82%
Current Losing Streak	0%
Average Monthly Return	1.01%
Monthly Std. Deviation	8.05%
Gain Deviation (224 months)	5.42%
Loss Deviation (172 months)	5.21%
Gain to Loss Ratio	1.07
Omega Ratio (5% Threshold)	1.22

Annualized Performance
Compound ROR (1)	8.51%
Standard Deviation	27.88%
Downside Deviation	17.9%
Sharpe Ratio (3) 2% RF ROR	0.42
Sortino Ratio (4) 5% MAR	0.45
Calmar Ratio (5)	1.22
Sterling Ratio (6)	0.97
Gain Deviation	18.78%
Loss Deviation	18.05%
Profit Loss Ratio	1.4

Investment Information
Program Start Date	Oct-1992
Percent Discretionary	90%
Percent Systematic	10%
Currency Denomination - US Dollar
Minimum Investment	$3,000,000
Minimum Fund Investment	$25,000
Management Fee	2.70%
Incentive Fee	20.00%
Margin	10-20%
Round Turns per Million	300
NFA No:	#0251265
4.7 Exempt (QEP)

Performance Since October 1992 | Track Record Compiled By: AIS Capital Management, L.P.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	9.45%	-1.68%	12.29%	-11.40%	2.68%	9.31%	-0.35%	3.26%	9.74%	–	–	–	35.69%	-11.40%
2024	0.77%	0.06%	12.40%	5.65%	0.10%	1.48%	-2.14%	-0.21%	4.08%	1.81%	-6.36%	-1.30%	16.32%	-7.58%
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%	64.30%	-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%	1.30%	-25.10%
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%	-17.20%
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%	40.00%	-3.25%
1992	–	–	–	–	–	–	–	–	–	-3.22%	0.97%	2.13%	-0.20%	-3.22%

Monthly Return and $1,000 VAMI

Risk Disclaimer

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.

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

Report Start Date: Oct-1992 | End Date: Sep-2025

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Time Window Analysis

Length	Best	Average	Worst
1 mo	39%	1%	-33.8%
3 mo	61.5%	3.1%	-55.2%
6 mo	88.4%	6.5%	-70.2%
12 mo	189.4%	13.1%	-69.3%
18 mo	222.5%	19.6%	-57.8%
24 mo	342.6%	26.8%	-59.8%
36 mo	273.6%	39.2%	-66.8%

Drawdowns and Recoveries

Start	End	Drawdown	Recovery
Jul-08	Mar-25	-78.99%	59 mo
Mar-97	Mar-01	-45.60%	29 mo
May-06	Sep-07	-25.10%	12 mo
Mar-03	Oct-03	-20.12%	6 mo
Oct-02	Feb-03	-17.20%	3 mo
Oct-95	Apr-96	-15.62%	2 mo

Drawdown Periods Since Oct 1992

Distribution of Monthly Returns

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Statistical Comparisons	AIS Capital Mgt MAAP (2X-4X) Program	AutumnGold AG CTA Index	S&P 500 SP 500 TR

Annualized Compound ROR (1)	8.51%	9.26%	10.88%
Cumulative Return	1,379.07%	1,760.50%	2,917.72%
Cumulative VAMI(7)	14,791	18,605	30,177
Best Monthly Return	39.04%	10.73%	12.82%
Worst Monthly Return	-33.82%	-5.53%	-16.80%
Annual Standard Deviation	27.88%	7.60%	14.76%
Profit Loss Ratio	1.40	2.82	1.77
Correlation	—	0.28	0.26
Last Month	9.74%	1.74%	3.65%
Last 12 Months	27.68%	0.72%	17.60%
Last 36 Months	73.00%	7.96%	95.02%

Growth of $1,000 VAMI Comparison

Risk Disclaimer

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

Report Start Date: Oct-1992 | End Date: Sep-2025

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Other Fees

None

An Important Note on the Start Date and End Date of this Report

If the Start Date of this Report Predates the Inception of the Program, the Maximum Drawdown from Inception may be larger than indicated in this report. Performance Results reported or amended subsequent to Sunday November 9, 2025 are not reflected in this Report. Monthly ROR and drawdowns are based on end-of-month values and do not reflect intramonth volatility.

Historical Drawdowns and Recoveries

The drawdown begins in the month listed as "start." Length is in months. Recovery begins the following month and ends when full recovery is reached.

Qualified Eligible Persons

THIS PROGRAM IS ONLY OPEN TO INVESTORS FITTING THE DEFINITION OF A QUALIFIED ELIGIBLE PERSON AS THAT TERM IS DEFINED UNDER CFTC REGULATION 4.7(A). A Qualified Eligible Person must meet the following two requirements:

1. Must be an accredited investor (e.g., $1,000,000 net worth or $200,000 individual income / $300,000 joint income for 2 years).
2. Must meet a portfolio test (e.g., $4,000,000 in securities or $400,000 in required margin deposits).

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS INFORMATION IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CCFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Statistical Footnotes

1. The Annualized Compounded Rate of Return (ACROR) represents the compounded rate of return for 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. It smooths out the returns by assuming a constant growth.
2. Peak to Valley Drawdown = worst % loss between Oct-1992 and Sep-2025
3. Sharpe Ratio is calculated using a Risk-Free ROR
4. Sortino Ratio is calculated using a Minimum Acceptable ROR
5. Calmar Ratio uses the last 36 months of data
6. Sterling Ratio uses the last 36 months of data
7. VAMI = Hypothetical growth of $1,000
8. Drawdown/recovery: start = first loss, recovery = full return to prior peak

Benchmark Descriptions

AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.

SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5 billion. The TR Index accounts for the reinvestment of dividends.

This report was prepared from trader-provided information and is believed to be reliable. It should be read alongside each Trader’s Disclosure Document or Fund Offering Document.

Risk Disclaimer