CTA Report

Report Start Date Report End Date

Astute Capital Group, LLC / Pulse Program
Accepting New Investors: Yes Systematic / Currency & Indices

PRO-FORMA PROPRIETARY TRADING FROM JUNE 2019 THROUGH DEC 2019 HAS BEEN ADJUSTED FOR A 2% MANAGEMENT FEE AND A 20% INCENTIVE FEE. CLIENT PERFORMANCE COMMENCED TRADING JAN 2020. CLIENT ACCOUNTS IS TRADED IN LIKE FASHION - Performance is Based on Proprietary Trading

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 -2.34% 3.02% 6.46% -1.79% 2.30% -7.03% 14.41%

2020 10.32% -0.06% -3.99% -0.12% 1.56% 7.09% 6.52% 7.96% 6.41% -1.23% 5.24% 4.24%

2021 -14.21% -4.93% 17.07% -1.98% 5.27% -3.29% 4.00% -6.33% -5.56% 0.84% 14.97% -11.45%

2022 -1.00% 2.00% -11.32% -4.01% -2.81% 18.11% -9.02% -1.31% 4.61% 5.82% -11.88% 18.61%

2023 -1.08% 2.47% -3.61% 3.76% 7.87% 13.88% 5.70% -7.29% 2.26% 5.48% 1.71% -4.79%

2024 11.65% 7.14% 0.61% -17.29% -4.93% 1.19% -7.23% -7.81% 11.93%

2019 2020 2021 2022 2023 2024 YTD
ROR 14.46% 52.47% -10.01% 2.51% 27.47% -8.33%
Max DD -7.03% -4.16% -18.44% -17.27% -7.29% -31.95%

The Notes Below Are An Integral Part of this Report | Track Record Compiled By: N/A

Program Description: Every market has a pulse, a heartbeat, and moves through mathematical periods. These recurring periods influence short term market moves regardless of overall market trend. by using an algorithmic and automated trading strategy that takes advantage of these predictable periods and anticipates and captures short- to medium-term price movement. Astute Capital's proprietary software allows us to select only the most promising trades. Additionally, we consider trades when expected returns are better than their inherent risk. Preserving capital and protecting the fund remains the top priority at all times.

Investment Information

Program Start Date Jun-2019

Minimum Investment 250,000

Management Fee 1.00%

Incentive Fee 25.00%

Margin 10-20%

Round Turns per Million 1,150

Currency US Dollar

NFA No: #0524063

Trading Strategy Market Segment

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Program Statistics
Peak-to-Valley Drawdown (1) (Mar 2024 - Aug 2024) -31.95%

Worst Monthly Return (Apr 2024) -17.29%

Current Losing Streak -23.83%

Average Monthly Return 1.29%

Annualized Statistics

Annualized Compounded ROR (2) 12.58%

Standard Deviation 27.26%

Sharpe Ratio (4) 0.53

36 Month Calmar Ratio (3) 0.22

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. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION TO INVEST SOLELY ON THE PAST PERFORMANCE PRESENTED HEREIN.

Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2019		-2.34%	3.02%	6.46%	-1.79%	2.30%	-7.03%	14.41%
2020	10.32%	-0.06%	-3.99%	-0.12%	1.56%	7.09%	6.52%	7.96%	6.41%	-1.23%	5.24%	4.24%
2021	-14.21%	-4.93%	17.07%	-1.98%	5.27%	-3.29%	4.00%	-6.33%	-5.56%	0.84%	14.97%	-11.45%
2022	-1.00%	2.00%	-11.32%	-4.01%	-2.81%	18.11%	-9.02%	-1.31%	4.61%	5.82%	-11.88%	18.61%
2023	-1.08%	2.47%	-3.61%	3.76%	7.87%	13.88%	5.70%	-7.29%	2.26%	5.48%	1.71%	-4.79%
2024	11.65%	7.14%	0.61%	-17.29%	-4.93%	1.19%	-7.23%	-7.81%	11.93%

	2019	2020	2021	2022	2023	2024 YTD
ROR	14.46%	52.47%	-10.01%	2.51%	27.47%	-8.33%
Max DD	-7.03%	-4.16%	-18.44%	-17.27%	-7.29%	-31.95%

Time Window Analysis

Length	Best	Average	Worst
1 mo	18.6%	1.3%	-17.3%
3 mo	29.8%	3.6%	-20.9%
6 mo	36.2%	7.6%	-31.5%
12 mo	67.3%	17.8%	-23.7%
18 mo	78.7%	24.9%	-21.6%
24 mo	77.3%	27%	-18.9%
36 mo	72.5%	33.8%	3.8%

Historical Drawdown and Recoveries***

Start	Depth	Length	Recovery	End
Apr-24	-31.95%	5 mo	1 mo	n/a
Dec-21	-26.02%	6 mo	13 mo	Jun-23
Jan-21	-18.44%	2 mo	9 mo	Nov-21
Aug-23	-7.29%	1 mo	2 mo	Oct-23
Nov-19	-7.03%	1 mo	1 mo	Dec-19
Dec-23	-4.79%	1 mo	1 mo	Jan-24

Comparisons	Program	AG CTA Index	SP 500 TR
Annualized Compound ROR	12.58%	5.61%	16.76%
Cumulative Return	88.12%	33.76%	128.47%
Cumulative VAMI (5)	1881	1338	2285
Largest Monthly Gain	18.61%	2.99%	12.82%
Largest Monthly Loss	-17.29%	-1.42%	-12.35%
Correlation	—	-0.002	-0.041
Last 12 Months	-6.36%	7.04%	36.36%
Last 36 Months	22.97%	14.76%	40.18%

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Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com

+ NOTES: PRO-FORMA PROPRIETARY TRADING FROM JUNE 2019 THROUGH DEC 2019 HAS BEEN ADJUSTED FOR A 2% MANAGEMENT FEE AND A 20% INCENTIVE FEE. CLIENT PERFORMANCE COMMENCED TRADING JAN 2020. CLIENT ACCOUNTS IS TRADED IN LIKE FASHION

** The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month, and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

Please note that the monthly performance numbers, ROR and Drawdowns are based on end of month values and are not reflective of intramonth volatility.

Statistical Notes

1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2019-06-30 to 2024-09-30

2. The Annualized Compounded ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.

3. Calmar Ratio Uses last 36 months of Data

ROR = Rate of Return

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 has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's Disclosure Document.

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.

Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com