Autumn Gold Independent Provider of Managed Futures Data & Analytics Since 1994
 

Manager & Industry News

Autumn Gold Blog

Monthly performance highlights, manager updates, ranking reports, and selected industry commentary.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Managed Futures - Manager Commentary November 2026

Comhla LLC Reports Positive October Returns Across All Four Trading Programs

Comhla LLC reported positive October 2026 returns across all four of its trading programs, with monthly gains ranging from 5.86% to 9.66%.

Manager Commentary

John Bannan of Comhla LLC provided the following perspective on the month's trading:
October was a strong month across all four of our trading programs, with positive returns ranging from 5.87% to 9.66%. Our flagship Equinox multi-asset strategy gained 5.87%, bringing its 2026 year-to-date return to 11.48%. Our Index only Strategy Artemis 3X gained 9.66% bringing its year-to-date return to 43.74%.
October saw a significant spike in market volatility and a sharp decline in equity markets, creating opportunities for our systematic, cycle-based trading strategies. We were particularly pleased to generate positive returns across all four programs during a challenging period for the broader markets.
The month demonstrated the flexibility of our systematic approach to identify and capitalize on opportunities across different market conditions.
- John Bannan, Comhla LLC
Performance figures are based on manager-reported information in the Autumn Gold database. Returns are net of fees unless otherwise indicated. Manager commentary represents the manager's views and is not an independent assessment by Autumn Gold.
Risk Disclosure: Past performance is not necessarily indicative of future results. Futures and options trading involves substantial risk of loss. Leveraged trading programs may experience significant volatility and drawdowns. Investors should review each program's current disclosure documents and risk characteristics before making investment decisions.
Kim Avery September 2, 2026

M&R Capital's Comments on July's Success

July’s performance reflected a risk-defined options strategy structured around our fundamental analysis of the cattle market. We identified that elevated cattle prices were creating increasingly unsustainable economic pressure on both U.S. consumers and the domestic meatpacking industry.
In response, we positioned the portfolio through a low-risk options structure designed to limit downside exposure while providing enhanced return potential if the market moved in line with our thesis. Market conditions developed as anticipated, contributing positively to performance.
We are happy to report that positive returns continued through August which pushed the M&R program into positive territory on the year. For More Details Please Visit M&R's Page
Kim Avery August 5, 2026

Dunn Capital Management, Inc

  • High-Vol Trend Following - The Most Valuable Alternative Investment?

    by Dunn Capital Management     "So, what does make a good alternative investment? As mentioned, timing of returns is key, and there are some very insightful statistics that can show us the way here. First is correlation to equities and to the basic 60/40 portfolio. Assets with very low or (even better) negative correlation are generally good complements as there are different drivers of their returns than those of equities. Digging further, positive skew (that is, more positive than negative outliers) and convexity (that is, average positive returns when there are extreme equity movements) are indicators of return profiles that have demonstrated a history of profitability during equity losing streaks. If a portfolio manager starts filtering for assets with low/negative correlation and then homes in on strategies with the most positive skew and convexity profile, he or she will be left with a pool of alternatives that could have a significant smoothing effect on overall portfolio returns. From here, a manager can then research the non-performance features of these truly diversifying strategies to determine best fit. We think allocators will discover that trend following (especially the high-volatility version) is the most valuable in this category of real alternatives." Download The Complete Article
Visit Dunn Capital Management
Kim Avery July 14, 2026

Enter the World's Longest-Running Real-Money Trading Competition

Since 1983, the World Cup Trading Championships® have challenged traders to compete head-to-head in real, funded accounts — across Futures and Forex, on Monthly, Quarterly, and Annual cycles. Two World Cup Programs were in our Top Performer List for May 2026.

  • Annual - Futures The 2026 World Cup Championship of Futures Trading®

    The original year-long contest that started in 1983.

  • Annual - Futures The 2026-2027 Global Cup Championship of Futures TradingTM

    An annual event running June 1st through May 31st, giving you another way to compete.

  • Quarterly - Futures & Forex Quarterly Trading Championships

    A shorter format for traders who want to test a strategy every season.

  • Annual - Forex The 2026 World Cup Championship of Forex Trading®

    A full year to prove your currency-trading edge on the global stage

  • Annual - Forex The 2026-2027 Global Cup Championship of Forex TradingTM

    An annual event running June 1st, through May 31st, giving you another way to compete

  • Monthly - Futures & Forex Monthly Trading Championships

    Our newest event. A chance to win every month.

Real Trading Accounts

All results come from actual audited trading accounts - no simulated trading

Standings Updated Daily

Track your rank against the others as the competition unfolds

Global Playing Field

Compete with traders from around the world

Trading futures and forex involves significant risk of loss and is not suitable for everyone

Enter Now
Kim Avery March 31, 2026

Top Performers February 2026

February continued to show strong performance in the Managed Futures area. As of March 31st we had 21 traders that reported net monthly returns of more than 5%.

Kim Avery March 2, 2026

Top Performers January 2026

As of February 28, 11 traders reported January 2026 returns of 10% or higher to Autumn Gold. This reflects a noteworthy level of performance. Please note that the Autumn Gold CTA Universe does not represent the total CTA Universe.

Kim Avery September 3, 2025

Think Probabilities and Not Predictions

(Embracing Uncertainty with Probabilities)

By Aref Karim - Ershadul Haq - Raami Karim | August 2025

The Certainty Illusion

When people talk about markets, they often default to prediction. Will rates rise? Is a correction coming? Will the dollar top out? These questions reflect an underlying human need for certainty, the belief that someone, somewhere must know what happens next. It is a deeply ingrained instinct, rooted in our desire for control in an unpredictable world. But markets do not operate on certainties. They are complex, adaptive systems, shaped by flows of information, shifting sentiment, evolving policy, and positioning dynamics. They do not follow scripts. They react, recalibrate, and surprise.

Read the Full Report

Risk Disclosure

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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.