CTA Report

Report Start Date Report End Date

Blue Creek Capital Management / Energy Alpha Program
Accepting New Investors: Yes Fundamental / Quantitative / Diversified
4.7 Exempt - QEPs Only

Client Performance

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2020											-0.15%	-0.72%
2021	-0.11%	1.09%	-2.16%	2.10%	0.06%	-0.91%	-0.08%	5.19%	1.13%	-4.77%	-1.72%	3.75%
2022	2.74%	0.07%	1.74%	0.71%	0.23%	0.24%	0.81%	-1.46%	-0.74%	-0.44%	1.26%	-0.60%
2023	-1.50%	-1.91%	4.55%	0.97%	-0.54%	-0.16%	0.35%	-0.06%	0.00%	0.00%	3.84%	1.31%
2024	-1.85%	-1.46%	0.06%	-0.39%	-1.74%	1.37%	-1.84%	-0.42%	-5.81%

	2020	2021	2022	2023	2024 YTD
ROR	-0.87%	3.24%	4.59%	6.88%	-11.60%
Max DD	-0.87%	-6.41%	-2.62%	-3.38%	-11.60%

The Notes Below Are An Integral Part of this Report | Track Record Compiled By: Turkey Trading Partners

Program Description: The Energy Program seeks value in short- and long-term fundamental expectations. The program uses proprietary statistical and fundamental models to provide a framework for the Advisor's decision making. The Advisor will look to the current state of the US and global economies, the supply and demand dynamics of energy markets in various locations, as well as any macro themes driving the markets.The Energy Program uses proprietary statistical and fundamental models to provide a framework for the Advisor's decision making. Trades will be executed via futures contracts as well as volatility & skew cognizant option spreads to remove unwanted risk while allowing for asymmetrical returns. The Energy Program will focus primarily on major futures contracts with liquid options, but not be limited to such and include some of the fundamental triggers:
1) Supply of US and Global Economies, 2) Supply & Demand Dynamics of Energy Markets in Various Locations, 3) Volatility and Skew cognizant Option Spreads for Asymmetric Returns without Unwanted Risk, 4) Macro Themes Driving Markets

Investment Information

Program Start Date	Jan-2022
Minimum Investment	250,000
Management Fee	2.00%
Incentive Fee	20.00%
Margin	35%
Round Turns per Million	5,000
Currency	US Dollars
NFA No:	#0532562

Trading Strategy

Market Segment

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Program Statistics
Peak-to-Valley Drawdown (1) (Dec 2023 - Sep 2024)	-11.60%
Worst Monthly Return (Sep 2024)	-5.81%
Current Losing Streak	-11.60%
Average Monthly Return	0.04%

Annualized Statistics
Annualized Compounded ROR (2)	0.29%
Standard Deviation	7.02%
Sharpe Ratio (4)	-0.07
36 Month Calmar Ratio (3)	-0.12

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	5.2%	0%	-5.8%
3 mo	6.7%	0.4%	-7.9%
6 mo	9.5%	1.2%	-8.7%
12 mo	10.2%	3%	-7%
18 mo	10.3%	4.7%	-6.5%
24 mo	14.4%	5.6%	-5.3%
36 mo	15.4%	9.2%	-4.1%

Historical Drawdown and Recoveries***

Start	Depth	Length	Recovery	End
Jan-24	-11.60%	9 mo	0 mo	n/a
Oct-21	-6.41%	2 mo	4 mo	Mar-22
Aug-22	-5.30%	7 mo	9 mo	Nov-23
Mar-21	-2.16%	1 mo	5 mo	Aug-21
Nov-20	-0.98%	3 mo	1 mo	Feb-21

Comparisons	Program	AG CTA Index
Annualized Compound ROR	0.29%	5.95%
Cumulative Return	1.13%	25.40%
Cumulative VAMI (5)	1011	1254
Largest Monthly Gain	5.19%	2.99%
Largest Monthly Loss	-5.81%	-1.18%
Correlation	—	-0.051
Last 12 Months	-7.00%	7.04%
Last 36 Months	-4.05%	14.76%

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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:

A Qualified Eligible Person ('QEP') must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $2,000,000 in securities holdings OR $200,000 in margin on deposit with a Futures Commission Merchant OR a combination of the two (for example, $1,000,000 in securities and $100,000 in margin).

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

** 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 2020-11-30 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.

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