CTA Report

Report Start Date Report End Date

QDRA Pty Ltd / QDRA Systematic Commodities Strategy
Accepting New Investors: Yes Quantitative / Diversified Portfolio of Liquid Commodities
4.7 Exempt - QEPs Only

Performance Since August 2021

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2021								0.43%	-1.64%	1.83%	2.91%	0.33%
2022	1.08%	-1.42%	2.20%	4.38%	6.19%	4.07%	0.62%	-0.35%	-3.10%	4.31%	-4.69%	-2.35%
2023	0.45%	1.90%	-0.63%	-4.02%	-0.70%	-5.67%	-2.10%	-0.51%	2.93%	-4.36%	4.78%	-1.18%
2024	-4.36%	0.44%	20.03%	10.30%	-12.07%	0.30%	4.09%	-0.09%	0.23%	7.77%

	2021	2022	2023	2024 YTD
ROR	3.86%	10.80%	-9.21%	26.00%
Max DD	-1.64%	-6.93%	-14.34%	-12.07%

The Notes Below Are An Integral Part of this Report

Program Description: To use a diversified set of trading strategies to trade a diversified group of the most liquid commodity futures contracts while carefully limiting risk. By trading diversified strategies over a diversified set of commodities and managing the risk allocated an uncorrelated and robust return stream is sought that captures much of the upside in commodity bull markets and limits the downside in the inevitable deep corrections in commodity markets. The strategies traded, the regime identification risk allocation and the risk management have been used and proven while running the QDRA Dynamic Macro strategy since 2007. Whilst this strategy is relatively new as a standalone strategy, the trading models, dynamic risk allocation and systems used to create the strategy have all been part of another program that has generated significant alpha for over 14 years.

Investment Information

Program Start Date	Aug-2021
Minimum Investment	0
Management Fee	0.00%
Incentive Fee	0.00%
Margin	0-12%
Round Turns per Million	1,000
Currency	US Dollar
NFA No:	#0519012

Trading Strategy

Market Segment

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Program Statistics
Peak-to-Valley Drawdown (1) (Oct 2022 - Jan 2024)	-19.19%
Worst Monthly Return (May 2024)	-12.07%
Current Losing Streak	-0.93%
Average Monthly Return	0.83%

Annualized Statistics
Annualized Compounded ROR (2)	8.83%
Standard Deviation	17.64%
Sharpe Ratio (4)	0.51
36 Month Calmar Ratio (3)	0.49

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

Time Window Analysis

Length	Best	Average	Worst
1 mo	20%	0.8%	-12.1%
3 mo	33%	2.2%	-10.1%
6 mo	31.7%	3.9%	-13%
12 mo	30.5%	5%	-18.4%
18 mo	18.5%	1.8%	-18.6%
24 mo	20.4%	2.8%	-4.8%
36 mo	30.9%	24.5%	21.3%

Historical Drawdown and Recoveries***

Start	Depth	Length	Recovery	End
Nov-22	-19.19%	15 mo	3 mo	Apr-24
May-24	-12.07%	1 mo	5 mo	n/a
Aug-22	-3.44%	2 mo	1 mo	Oct-22
Sep-21	-1.64%	1 mo	1 mo	Oct-21
Feb-22	-1.42%	1 mo	1 mo	Mar-22

Comparisons	Program	AG CTA Index
Annualized Compound ROR	8.83%	3.71%
Cumulative Return	31.64%	12.56%
Cumulative VAMI (5)	1316	1126
Largest Monthly Gain	20.03%	2.99%
Largest Monthly Loss	-12.07%	-1.18%
Correlation	—	0.147
Last 12 Months	30.46%	5.38%
Last 36 Months	30.87%	11.46%

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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:

** 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 2021-08-31 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

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.

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