Ascent Capital Management CTA Report
Report Start Date: Jan-2020 - Report End Date: Sep-2025
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Gnomon Alpha LLC - Gnomon Alpha Fund - Global Macro Enhanced
Trading Strategy:
Performance Since January 2020 | Track Record Compiled By: N/A | Please See Accounting Notes
JanFebMarAprMayJunJulAugSepOctNovDecROR Max DD
2025-0.16%-4.30%-3.63%-7.19%-8.53%-0.32%-3.90%-3.96%2.47%–––-26.31%-28.09%
2024-1.44%4.04%4.40%0.06%5.43%-0.77%-1.67%0.47%7.50%-8.57%1.50%-6.96%2.76%-13.66%
20231.08%-3.33%-3.74%0.00%0.49%3.96%3.21%-4.96%-10.31%-5.66%4.50%11.03%-5.37%-19.58%
2022-2.54%0.22%3.34%1.44%-0.75%0.96%0.70%-0.97%3.62%2.47%1.16%-1.15%8.63%-2.54%
2021-9.30%9.19%1.38%3.27%2.11%-0.11%3.40%1.58%-9.99%9.26%-10.00%1.05%-0.65%-11.49%
20200.82%-1.84%15.42%-2.93%-0.21%1.65%7.06%9.33%-9.35%-1.40%1.77%2.52%22.77%-10.62%

Program Description: Gnomon Alpha's Global Macro Enhanced Strategy targets 18% Volatility. It is a long/short multi-asset strategy that deploys a diverse set of models backed by fundamental insights and theories. The strategy invests in stocks, bonds, currencies, and commodities through futures. The strategy is managed at a 18% target volatility while maintaining a low correlation to equities and common betas. The strategy is fundamentally-based, systematic, highly liquid, and employs uncorrelated, consistent, and repeatable ideas.<br><br>
Gnomon's edge lies in its ability to model and systematically identify and exploit investor risk appetite throughout changes in macroeconomic cycles and market regimes. Our edge lies in understanding: 1. which regime we're in, 2. what fundamentals are relevant in that regime, and 3, how market participants' behavior can drive asset prices. The strategy dynamically shifts exposures across market regimes, assets, and time horizons. Gnomon's risk management and portfolio construction include measures of market volatility and investor risk appetite to add stability and consistency to Gnomon's portfolio.
Investment Information
Fund Investment Information
Start Date Jun-2019
Min Investment 1,000,000
Currency Denomination - US Dollars
Domicile
Mgt Fee 2.00%
Inc Fee 20.00%
Lockup 12 Month Soft Lock 2% Early Redemption Penalty
Additions
Withdrawals 35 Days Notice

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Trading Strategy


Market Segment


Program Statistics
Peak-to-Valley Drawdown (2) - Sep 2024 to Aug 2025 -37.91%
Worst Month (Sep 2023) -10.31%
Current Losing Streak -36.37%
Average Monthly Return 0.3%
Annualized Performance
Compound ROR (1) 2.09%
Standard Deviation17.87%
Calmar Ratio (3)-0.26
Profit Loss Ratio1.17

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. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISOR'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES. A COMPLETE DISCUSSION OF FEES AND CHARGES ARE REPORTED IN THE CTA'S DISCLOSURE DOCUMENT.

 

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

© 2025 Ascent Capital Management
311 S Wacker Drive, Suite 600 * Chicago, IL 60606
Direct 312-283-3350 * [email protected] * www.ascentcm.com


Ascent Capital Management CTA Report
Report Start Date: Jan-2020 - Report End Date: Sep-2025
Please wait for your Report to Fully Load Print to PDF

Time Window Analysis
Length Best Average Worst
1 mo15.4%0.1%-10.3%
3 mo19%0.1%-19.6%
6 mo33%0.2%-27.3%
12 mo30.3%1.2%-36.4%
18 mo37.8%2.4%-29.3%
24 mo22%1.8%-28.2%
36 mo32.8%3.5%-26.6%
Drawdowns and Recoveries
Start End Drawdown Recovery
Oct-24n/a-37.91%1 mo
Sep-21May-24-20.76%7 mo
Sep-20Jul-21-15.42%6 mo
Apr-20Jul-20-3.13%2 mo
Jun-24Sep-24-2.43%2 mo
Feb-20Mar-20-1.84%1 mo
Statistical Comparisons Gnomon Alpha LLC
Gnomon Alpha Fund - Global Macro Enhanced 		AutumnGold
AG CTA Index
Remove		 S&P 500
SP 500 TR
Remove
Annualized Compound ROR (1)-0.90%4.76%15.26%
Cumulative Return-5.06%30.65%126.27%
Cumulative VAMI(7)9491,3062,263
Best Monthly Return15.42%2.99%12.82%
Worst Monthly Return-10.31%-1.27%-12.35%
Annual Standard Deviation17.94%3.29%17.51%
Profit Loss Ratio1.033.231.88
Correlation—0.670.25
Last Month2.47%1.74%3.65%
Last 12 Months-36.37%0.72%17.60%
Last 24 Months-17.11%7.29%60.36%
Last 36 Months-26.58%7.96%95.02%


Growth of $1,000 VAMI Comparison

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. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISOR'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES. A COMPLETE DISCUSSION OF FEES AND CHARGES ARE REPORTED IN THE CTA'S DISCLOSURE DOCUMENT.

 

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

© 2025 Ascent Capital Management
311 S Wacker Drive, Suite 600 * Chicago, IL 60606
Direct 312-283-3350 * [email protected] * www.ascentcm.com


Ascent Capital Management CTA Report
Report Start Date: Jan-2020 - Report End Date: Sep-2025
Please wait for your Report to Fully Load Print to PDF


RISK DISCLOSURE

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. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISORS CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES. A COMPLETE DISCUSSION OF FEES AND CHARGES ARE REPORTED IN THE CTA’s DISCLOSURE DOCUMENT. SPECIFICALLY, ONE SHOULD RECOGNIZE THAT GCC ASSET MANAGEMENT, INC. CHARGES A FRONT-END START-UP FEE OF UP TO 3% OF THE INITIAL CONTRIBUTION. PLEASE NOTE THAT THIS CHARGE IS NOT REFLECTED IN THE PERFORMANCE OF THE COMMODITY TRADING ADVISOR AND COULD HAVE A SIGNIFICANT IMPACT ON THE CUSTOMER’S ABILITY TO ACHIEVE SIMILAR RETURNS.

Accounting Notes
Actual performance reflects General Partners' separately managed account trading conducted after January 1, 2019. Live trading during November-December 2018 (when trading first commenced) is not reflected, as lower leverage, debugging of trading strategy, and corrections with signal timing make such period unrepresentative of the Strategy. Returns presented from January 1, 2019, to May 31, 2019, represent the General Partners' separately managed account with the Global Macro strategy, management fees of 1.5% and incentive fees of 15% (Founders A Share Class) and, the performance does not include underlying fund expenses. From June 1, 2019, to the present, returns represent the Gonmon Alpha Fund's Global Macro (1.5% mgmt and 20% incentive) and Global Macro Enhanced 2.0% mgmt and 20% incentive) share class returns and incorporate fund expenses such as administrator, audit, tax, and other operating costs. From March of 2023, the Global Macro Enhanced Four (4) was launched (4.5% mgmt and 20% incentive), incorporating fund expenses such as administrator, audit, tax, and other operating costs.

An Important Note on the Start Date and End Date of this Report
If the Start Date of this Report Predates the Inception of the Program, the Maximum Drawdown from Inception may be larger than indicated in this report. Performance Results reported or amended subsequent to Friday November 7, 2025 are not reflected in this Report. Monthly ROR and drawdowns are based on end-of-month values and do not reflect intramonth volatility.

Historical Drawdowns and Recoveries
The drawdown begins in the month listed as "start." Length is in months. Recovery begins the following month and ends when full recovery is reached.

Statistical Footnotes
1) The Annualized Compounded Rate of Return (ACROR) represents the compounded rate of return for each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. It smooths out the returns by assuming a constant growth.
2) Peak to Valley Drawdown = worst % loss between Jan-2020 and Sep-2025
3) Calmar Ratio uses the last 36 months of data.

Benchmark Descriptions
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 was prepared from trader-provided information and is believed to be reliable. It should be read alongside each Trader’s Disclosure Document or Fund Offering 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. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISOR'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES. A COMPLETE DISCUSSION OF FEES AND CHARGES ARE REPORTED IN THE CTA'S DISCLOSURE DOCUMENT.

 

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

© 2025 Ascent Capital Management
311 S Wacker Drive, Suite 600 * Chicago, IL 60606
Direct 312-283-3350 * [email protected] * www.ascentcm.com