CTA Report

Report Start Date Report End Date

Moddco Capital Associates - / MCA Strategy (P)
Accepting New Investors: Yes Trend Following / Diversified

Proprietary Performance Adjusted for Management and Incentive Fees - Performance is Based on Proprietary Trading

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2021 9.22% 3.16% 4.60% -0.95% 1.11% 8.09% 0.53% -4.41%

2022 -13.42% 1.50% -5.41% -6.17% 27.01% -6.04% 13.98% 1.10% 22.02% -8.06% -16.43% -7.89%

2023 -10.76% -4.94% -17.16% 0.32% 2.49% -2.82% 1.90% -1.45% 9.98% -6.68% 6.80% 32.94%

2024 -1.41% 12.29% 0.39% 22.31% 17.29% 4.62% 5.72% 12.48% -6.78% -9.84%

2021 2022 2023 2024 YTD
ROR 22.60% -7.38% 2.75% 66.71%
Max DD -4.41% -29.23% -29.78% -15.95%

The Notes Below Are An Integral Part of this Report | Track Record Compiled By: Compliance Supervisors

Program Description: The MCA Strategy is designed to identify trends in the futures markets by using multiple independent intra-day and position trading models. MCA's key strategy is pinpointing when a new price trend is about to commence or when an existing trend is coming to an end. This strategy can be employed across all baskets of commodities but tends to avoid those that are illiquid. Given that that the MCA program is a trend following strategy, the trades can last a couple of days to a couple of months. The program trades a widely diversified portfolio which may include, but is not limited to, livestock, agriculture, energy, metals, stock indices and currency futures.

Investment Information

Program Start Date May-2021

Minimum Investment 50,000

Management Fee 2.00%

Incentive Fee 20.00%

Margin 0.15

Round Turns per Million 2,400

Currency US Dollar

NFA No: #0533845

Trading Strategy Market Segment

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Program Statistics
Peak-to-Valley Drawdown (1) (Sep 2022 - Jun 2023) -50.31%

Worst Monthly Return (Mar 2023) -17.16%

Current Losing Streak -15.95%

Average Monthly Return 2.17%

Annualized Statistics

Annualized Compounded ROR (2) 20.93%

Standard Deviation 38.76%

Sharpe Ratio (4) 0.65

36 Month Calmar Ratio (3) 0.30

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
2021		9.22%	3.16%	4.60%	-0.95%	1.11%	8.09%	0.53%	-4.41%
2022	-13.42%	1.50%	-5.41%	-6.17%	27.01%	-6.04%	13.98%	1.10%	22.02%	-8.06%	-16.43%	-7.89%
2023	-10.76%	-4.94%	-17.16%	0.32%	2.49%	-2.82%	1.90%	-1.45%	9.98%	-6.68%	6.80%	32.94%
2024	-1.41%	12.29%	0.39%	22.31%	17.29%	4.62%	5.72%	12.48%	-6.78%	-9.84%

	2021	2022	2023	2024 YTD
ROR	22.60%	-7.38%	2.75%	66.71%
Max DD	-4.41%	-29.23%	-29.78%	-15.95%

Time Window Analysis

Length	Best	Average	Worst
1 mo	32.9%	2.2%	-17.2%
3 mo	50.1%	7.6%	-31.3%
6 mo	112%	17.1%	-50.3%
12 mo	189%	28%	-45.1%
18 mo	170.4%	17.6%	-37.2%
24 mo	76%	11.1%	-35.6%
36 mo	98.3%	72.8%	52.5%

Historical Drawdown and Recoveries***

Start	Depth	Length	Recovery	End
Oct-22	-50.31%	9 mo	11 mo	May-24
Dec-21	-25.44%	5 mo	3 mo	Jul-22
Sep-24	-15.95%	2 mo	0 mo	n/a
Aug-21	-0.95%	1 mo	1 mo	Sep-21

Comparisons	Program	SP 500 TR
Annualized Compound ROR	20.93%	10.98%
Cumulative Return	94.50%	43.98%
Cumulative VAMI (5)	1945	1440
Largest Monthly Gain	32.94%	9.22%
Largest Monthly Loss	-17.16%	-9.21%
Correlation	—	0.039
Last 12 Months	136.69%	38.01%
Last 36 Months	52.46%	29.81%

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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: Proprietary Performance Adjusted for Management and Incentive Fees

** 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 2021-05-31 to 2024-10-31

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

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