Program Description: The Advisor focuses on fundamental analysis of supply and demand to predict future Class III milk prices. In addition to USDA and NASS weekly and monthly reports, the Advisor has developed a network of individual dairy farmers across the country, commercial cheese operations and pit traders that help him come up with his bias on the market. The Advisor focuses on factors that affect the supply and demand of a particular commodity which are examined in order to predict future prices. For example, some of the fundamental factors affecting the supply of Class III milk include, milk production statistics, dairy cow slaughter numbers, cost of feed and weather. Fundamental factors affecting demand include commercial disappearance of dairy end-products, dairy exports, historic and seasonal patterns, and general U.S. and world economic conditions. In addition to USDA and NASS weekly and monthly reports, the Advisor has developed a network of individual dairy farmers across the country, commercial cheese operations and pit traders that help him come up with his bias on the market. Trade volume is expected to be quite low, since this is a trend-following approach. Positions are typically held several days, and even weeks to months are not uncommon. However, there may be times when trade volume increases for short periods, such as when positions are exited or reversed due to a sudden change in the trend. Like the Dairy Advantage program, the Institutional Dairy Advantage program primarily involves buying and selling Class III Milk futures, but due to its much larger minimum account size, it offers meaningful participation in other dairy futures contracts such as cheese, butter, dry whey and nonfat dry milk futures contracts on United States regulated exchanges. This larger minimum account size also allows it to trade further out into the futures curve, where there is less liquidity. The average amount of funds invested for margin purposes at one time will generally be approximately 5% to 10%. However, the percentage may be substantially higher or lower based upon current market conditions. The minimum account size is $2,000,000; however, the Advisor reserves the right to waive the minimum requirements on a case-by-case basis.

Investment Information Program Start Date Apr-2017 Minimum Investment 2,000,000 Management Fee 2.00% Incentive Fee 20.00% Margin 5-10% Round Turns per Million 250 Currency US Dollar NFA No: #0410568

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Market Segment