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Eckhardt Trading Company - Evolution Strategy

Principal(s): William Eckhardt, Robert Sorrentino, and Benjamin Fritz
Strategy: Multi-Systematic Trend Follower
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Statistics & Program Information

Sep 2025 Return 2.24%	Worst Drawdown ⁽²⁾ -27.11%	Minimum Investment $20,000,000
YTD Return: -12.89%	Losing Streak ⁽³⁾: -18.77%	AUM ⁽⁵⁾: $94,200,000
Annualized CROR⁽¹⁾ 10.95%	Sharpe Ratio 4% RF ROR⁽⁴⁾: 0.37	Calmar Ratio ⁽⁶⁾: N/A
2) Annualized ACROR is based on compounding. Please see Footnotes for more information.

Trading Methodology 100% Systematic	Style Sub-Categories Trend Following Pattern Recognition	Trading Style 95% Trend Following 5% Contrarian
Market Sector 10% Stock Indices 25% Currencies 37% Financials 7% Metals 10% Energies 7% Agriculturals 4% Softs	Holding Period 33% Medium Term 62% Short Term 5% Intraday	Geographic Sector Global Contracts: Futures

Start Date Jan-1987	Currency US Dollar	Management Fee 1.00%
Accepting New Accounts Yes	Min Investment $20,000,000	Incentive Fee 0.00
NFA Member Yes	Fund Minimum $100,000	Other Fees None
NFA Number 0237054	Margin ⁽⁷⁾ 10%	Avg Comm ⁽⁸⁾ 1,1%
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 1,500	Max Comm ⁽⁹⁾ 0.00

Starting Date: Jan-1987	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $94,200,000
Open to US Investors: Yes	Annualized CROR: 9.35%
Minimum Fund Investment: $100,000
Minimum Managed Account: $20,000,000	Current Losing Streak: -18.77 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR 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: 1.00%	Auditor: Not Listed
Incentive Fee: 20.00%	NFA Member: Yes
Selling Fee: 6.00%	FINRA Member: No
Other Fees: None	Other Memberships:

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: NAV Consulting, Inc.

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

The trading approach is algorithmic or mechanical in nature. Occasionally, discretion and judgment may be used for risk management purposes or in connection with the timing of the entry of orders in the markets traded. Eckhardt Trading believes that research is a crucial and therefore devotes both time and resources to continuing research. The systems used have undergone an evolutionary development, some for protracted periods. Many of the current systems bear little resemblance to their prototypes. The systems are subject to change if the methodical principles indicate that it is warranted. The markets traded have been chosen for historical performance, and for customary liquidity. From time to time the Advisor may trade in less liquid markets. In certain cases the Advisor may take delivery or trade EFPs (exchange for physicals). Eckhardt Trading believes that research is a crucial and therefore devotes both time and resources to continuing research. The systems used have undergone an evolutionary development, some for protracted periods. Many of the current systems bear little resemblance to their prototypes. The systems are subject to change if the methodical principles indicate that it is warranted. The markets traded have been chosen for historical performance, and for customary liquidity. From time to time the Advisor may trade in less liquid markets. In certain cases the Advisor may take delivery or trade EFPs (exchange for physicals).

Eckhardt Trading currently offers two programs: The Standard Program Standard Plus Program. The programs typically are not invested in all markets at all times. The Standard Program and Standard Plus Program trade the same portfolio of Futures Interests. The programs differ only with respect to position sizes. Standard Plus trades larger position sizes, currently averaging approximately 20% larger than those of the Standard program. Therefore, due to the increased leverage, the Standard Plus entails a greater degree of risk than the Standard Program.

The Standard Program - The Advisor began managing accounts according to the Standard Program in August 1991 and the Standard Plus in October 1991. For these programs, the Advisor primarily engages in trading financial and commodity futures contracts on U.S. and non-U.S. exchanges. Currently the market groups or contracts traded by the Advisor in the Standard and Standard Plus Programs include, but are not limited to, U.S. and international interest rates, currencies (including the Dollar Index), cross-rates, gold and copper, energy products, grains and the soybean complex, cotton, coffee and sugar.

Risk Strategy

N/A

Background

William Eckhardt has traded futures professionally for over 35 years. He received a B.A. in Mathematics from DePaul University in 1969 and a M.S. in Mathematics from the University of Chicago in 1970. In 1974, after four years of doctoral research at the University of Chicago in Mathematical Logic, he began trading for his own account at the Mid America Commodity Exchange. Mr. Eckhardt traded off-floor for his personal account from 1978 through July 1991. In July 1986, he began managing accounts for a small number of friends and business associates and in July 1991 he began managing accounts as a registered CTA. In conjunction with his trading, over the past 30 years Mr. Eckhardt has conducted extensive research into the nature of futures price action and risk management. He has developed numerous technical trading systems. Along with Richard Dennis, he co-developed certain trading systems and in 1984 and 1985, subsequently co- taught such systems to a group of individuals that have become known as the (Turtles). Mr. Eckhardt was an associated person of Mr. Dennis from November 1983 to January 1992.

Mr. Eckhardt was a full member of the Chicago Board of Trade from 1983 to 1988 and the Chicago Mercantile Exchange (CME) from 1979 to 1986 and held other memberships at various other times. He currently holds a seat at the CME Index and Option Market. From October 1983 to July 1991, Mr. Eckhardt was a partner of C&D Commodities, which was formerly active as a futures commission merchant and chiefly involved with clearing partner capital, futures research and trading administration. In 1991, the partnership (and FCM) ceased all business operations and C&D Commodities, Inc. (C&D, Inc.) was established to continue the futures research and trading administration activities previously conducted by the partnership. Mr. Eckhardt was an officer of C&D, Inc. until August 1997. In January 2001, ETC took over the employment of the individuals previously employed by C&D Commodities. Mr. Eckhardt directs ETC system development and ongoing research, and along with John D. Fornengo, the president, is responsible for the overall activities of ETC.

John D. Fornengo, a 1980 honors graduate of Lake Forest College, Lake Forest, Illinois, has traded futures for over 21 years. He has been professionally involved with Mr. Eckhardt since the beginning of his trading career in April 1986. In December 1991, he became registered as a CTA and began managing client accounts utilizing the technical indicators of the ETC systems, which he modified with systematically larger position sizes. (These accounts are the basis for the Standard Program - Higher Leveraged.

In January 1993, Mr. Fornengo began working with ETC to assist Mr. Eckhardt in the implementation and execution of the ETC trading program. In June 1995, Mr. Fornengo became Vice President of ETC and in August 1999, he became President. From January 1989 through June 1995, Mr. Fornengo managed a proprietary account for Mr. Eckhardt, the cash balance of which was invested in Eckhardt Futures Limited Partnership in July 1995. He became an associated person of ETC in February 1993, a principal in June 1995 and a branch manager in July 1997. Mr. Fornengo is registered in his individual capacity as a sole proprietor CTA; he has no accounts under management. Mr. Fornengo, along with Mr. Eckhardt, is responsible for the overall activities of ETC. Mr. Fornengo is responsible for trading operations including the implementation and execution of ETC trading programs. Mr. Fornengo and Mr. Eckhardt share in the responsibility of any judgment or discretion utilized for such implementation.

Performance

Monthly Performance Since Aug 1991

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	1.37%	-3.09%	-3.06%	-5.73%	-1.84%	1.33%	-1.26%	-2.86%	2.24%				-12.43%	-15.50%
2024	-1.31%	0.19%	0.96%	5.30%	-1.46%	-3.24%	-0.20%	0.19%	2.01%	-3.64%	1.70%	0.98%	1.18%	-6.28%
2023	1.36%	-1.35%	-0.70%	-0.45%	-2.64%	-0.16%	-0.77%	-4.23%	0.84%	-1.53%	-1.66%	4.64%	-6.69%	-12.03%
2022	0.61%	3.56%	6.01%	1.23%	-0.89%	0.94%	1.99%	-1.46%	1.89%	-1.07%	-0.37%	-0.31%	12.53%	-1.75%
2021	-4.00%	5.79%	-2.09%	-1.03%	0.17%	-0.69%	0.51%	-2.94%	0.06%	6.88%	-1.35%	-4.93%	-4.22%	-6.21%
2020	3.97%	4.06%	1.19%	0.44%	-1.35%	1.96%	4.45%	-2.16%	-1.09%	-3.06%	0.91%	-0.25%	9.10%	-6.19%
2019	-1.23%	-1.17%	-0.41%	-0.05%	0.15%	-0.46%	1.96%	6.35%	-6.05%	-2.01%	-3.61%	-0.94%	-7.67%	-12.10%
2018	8.58%	-2.96%	-0.85%	-0.66%	-1.47%	0.29%	0.80%	0.35%	1.56%	-1.11%	-0.84%	1.71%	5.06%	-5.84%
2017	-3.45%	-1.17%	-1.93%	1.87%	0.21%	2.34%	-0.54%	0.97%	-0.18%	3.48%	-2.04%	3.40%	2.72%	-6.42%
2016	7.76%	3.30%	-2.13%	0.31%	-2.06%	8.53%	-0.03%	-8.80%	-2.04%	-2.71%	1.27%	3.68%	5.98%	-13.11%
2015	4.72%	-0.46%	-0.66%	-1.66%	2.13%	-4.82%	0.22%	-4.69%	3.06%	-0.68%	1.62%	-7.41%	-8.95%	-13.05%
2014	-2.38%	7.11%	-5.02%	0.72%	1.72%	0.70%	-4.36%	5.40%	1.16%	5.44%	3.63%	1.50%	15.86%	-6.29%
2013	3.26%	-1.27%	0.85%	0.45%	-5.03%	-4.53%	-0.73%	0.57%	1.47%	-0.10%	3.89%	2.34%	0.76%	-9.99%
2012	1.36%	1.68%	-2.47%	1.61%	8.23%	-6.71%	8.29%	1.72%	-0.95%	-7.91%	0.28%	0.01%	3.92%	-8.78%
2011	-3.24%	3.07%	-1.48%	9.04%	-4.26%	-5.00%	0.85%	-0.32%	-8.07%	-3.92%	-2.53%	0.03%	-15.64%	-21.28%
2010	-6.92%	-1.12%	0.52%	2.55%	2.73%	5.53%	-1.87%	3.63%	5.09%	3.62%	-2.35%	8.45%	20.60%	-7.96%
2009	-1.38%	-0.23%	0.86%	-1.79%	3.41%	-5.06%	1.26%	0.48%	2.35%	-4.85%	6.74%	-5.64%	-4.49%	-5.92%
2008	1.85%	10.01%	0.21%	0.14%	1.70%	3.10%	-5.47%	-2.71%	2.69%	0.17%	1.20%	0.25%	13.15%	-8.03%
2007	0.37%	0.67%	-4.07%	3.19%	1.70%	5.21%	1.23%	-1.76%	11.81%	5.39%	3.06%	3.76%	34.12%	-4.07%
2006	0.67%	-2.13%	-4.36%	4.92%	1.34%	1.83%	-3.54%	1.86%	-1.79%	0.67%	5.95%	-2.33%	2.54%	-6.40%
2005	-3.38%	0.23%	1.33%	-1.79%	6.16%	3.25%	-0.20%	3.72%	-1.86%	0.31%	0.64%	0.34%	8.69%	-3.63%
2004	-2.22%	4.29%	-0.76%	-4.36%	0.05%	-3.64%	-2.69%	4.40%	0.85%	5.96%	4.38%	-1.13%	4.55%	-10.96%
2003	1.56%	7.26%	-0.58%	0.31%	4.78%	-0.80%	-1.55%	0.44%	0.15%	-0.70%	0.86%	2.70%	15.02%	-2.45%
2002	2.69%	-4.55%	-0.99%	3.92%	-0.68%	2.59%	2.24%	-0.34%	-1.01%	-1.90%	-1.40%	10.79%	11.07%	-5.49%
2001	1.63%	-1.07%	0.40%	-0.48%	3.40%	-3.28%	-1.42%	5.87%	-3.28%	5.58%	-2.36%	0.76%	5.34%	-4.65%
2000	-2.14%	-0.61%	-1.94%	-0.29%	1.88%	-1.45%	-2.71%	0.43%	1.48%	0.83%	12.30%	10.02%	17.94%	-7.11%
1999	1.49%	5.12%	-6.18%	-2.59%	-2.43%	1.43%	5.18%	-5.62%	3.31%	-2.86%	0.04%	-0.73%	-4.54%	-10.83%
1998	4.77%	2.48%	-3.20%	-5.17%	1.89%	1.57%	-1.59%	25.28%	0.18%	0.39%	-0.15%	0.65%	27.10%	-8.20%
1997	12.66%	6.91%	6.00%	1.24%	1.89%	5.39%	9.18%	-4.11%	6.51%	-0.41%	-3.54%	-2.35%	45.18%	-6.19%
1996	8.72%	-5.40%	2.60%	17.48%	-9.28%	-3.32%	-4.28%	-1.20%	17.55%	16.24%	11.43%	-5.51%	47.94%	-17.05%
1995	-1.39%	8.85%	14.13%	3.21%	20.13%	-1.32%	-10.31%	-3.27%	-2.80%	-5.58%	9.24%	13.01%	47.33%	-21.43%
1994	-18.30%	-0.70%	10.58%	2.17%	5.05%	1.66%	-0.10%	-8.59%	13.36%	-10.50%	8.74%	-10.45%	-11.69%	-18.87%
1993	-1.38%	9.63%	-8.28%	9.41%	3.81%	12.13%	9.41%	4.85%	-6.67%	1.74%	4.90%	9.45%	57.95%	-8.28%
1992	-15.27%	-7.56%	-5.70%	2.22%	-3.45%	9.35%	11.43%	7.51%	-1.18%	-4.35%	7.70%	-4.60%	-7.26%	-27.11%
1991								-1.00%	6.64%	0.25%	2.09%	27.92%	38.22%	-1.00%

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

Footnotes

1. The Annualized Compounded ROR ("Rate of Return") is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth. 2. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % the time-period. 3. Sharpe Ratio uses a 4% Risk Free ROR (Rate of Return) 4. Calmar Ratio Uses last 36 months of Data 5. The hypothetical growth of $1,000

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.