Autumn Gold Retail Report
Report Start Date: Jan-2020 - Report End Date: Oct-2025
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Covenant Capital Mgmt Of Tennessee, LLC - Hedged Equity Program
Trading Strategy: Systematic / Equity / Volatility / S&P 500
| Performance Since January 2020 | Please See Accounting Notes | A Portion of this Performance is Based on Proprietary Trading |
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.92% | -4.53% | -3.01% | -3.36% | 8.59% | 8.96% | 2.59% | -1.24% | 3.29% | 6.01% | – | – | 18.54% | -10.51% |
| 2024 | 1.83% | 8.26% | 2.93% | -6.74% | 3.63% | 3.47% | 3.83% | 1.22% | 7.03% | -1.85% | 0.31% | -5.06% | 19.31% | -6.74% |
| 2023 | 10.59% | -4.88% | 3.70% | 2.09% | 0.73% | 10.04% | 4.97% | -3.91% | -9.54% | -5.54% | 7.37% | 5.38% | 20.37% | -17.90% |
| 2022 | -11.59% | -5.92% | 5.20% | -15.61% | -2.91% | -13.96% | 16.25% | -8.16% | -16.06% | 13.70% | 7.20% | -9.95% | -39.32% | -44.72% |
| 2021 | -1.27% | 4.43% | 3.58% | 7.32% | 1.78% | 3.06% | 3.72% | 3.75% | -6.22% | 7.97% | -0.13% | 5.11% | 37.52% | -6.22% |
| 2020 | -0.40% | -8.28% | 62.06% | 9.88% | 2.25% | 3.12% | 4.20% | 10.24% | -5.37% | -4.98% | 17.64% | 4.84% | 118.50% | -10.08% |
Program Description: The Hedged Equity Program (HEP) is designed to outperform the S&P 500 on a total and risk adjusted basis. Furthermore, the program minimizes capital requirements. HEP combines a 1.8x leveraged position in the S&P 500 with a 1.8x leveraged allocation to volatility trades expected to profit during times of equity stress.
| Program Statistics |
|
| Peak-to-Valley Drawdown (2) | -44.72% |
| From Dec 2021 to Sep 2022 | |
| Worst Month (Sep 2022) | -16.06% |
| Current Losing Streak | 0% |
| Average Monthly Return | 2.07% |
| Annualized Performance |
|
| Compound ROR (1) | 21.43% |
| Standard Deviation | 35.06% |
| Sharpe Ratio | 0.7 |
| Sterling Ratio | 0.78 |
| Calmar Ratio (3) | 1.01 |
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. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISOR'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.
