Statistical Analysis Report

Tiercel SEZC - Tiercel SEZC Trend Program 1

Trading Strategy: Systematic / Trend / Carry / Globally Diversified

Investment Restrictions: 4.7 Exempt - QEPs Only

Performance Since January 2021 | Track Record Compiled By: Compliance Services | Please See Accounting Notes | A Portion of this Performance is Based on Proprietary Trading

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	-1.84%	-9.16%	1.09%	–	–	–	–	–	–	–	–	–	-9.86%	-10.83%
2024	0.34%	7.62%	2.45%	0.11%	-1.22%	0.13%	-5.23%	-7.36%	-2.66%	3.17%	0.47%	0.17%	-2.80%	-15.47%
2023	-0.02%	2.93%	-10.90%	1.23%	5.85%	1.51%	-0.21%	-1.15%	5.45%	-2.29%	-2.12%	3.42%	2.61%	-10.90%
2022	2.04%	8.02%	10.17%	11.30%	-1.50%	1.95%	-5.59%	0.05%	12.63%	-2.09%	-6.86%	-1.74%	29.40%	-10.39%
2021	0.00%	7.79%	15.37%	9.00%	4.53%	-6.36%	-0.16%	-6.54%	-9.26%	4.46%	-13.83%	-3.52%	-2.44%	-31.15%

Program Description: The Tiercel SEZC program is a Systematic futures program managed by Rory Mackay. The program trades futures internationally across Equity Indices / Volatility / Bonds / Currencies / Agricultural's and Metals. The strategy combines Trend following and Carry (Contango / Backwardation) strategies. There is no trading of options.

Investment Information

Program Start Date	Feb-2022
Percent Systematic	100%
Currency Denomination	US Dollar
Minimum Investment	$500,000
Management Fee	0.01
Incentive Fee	0.2
Margin	50-20%
Round Turns per Million	960
NFA No:	#0541937

Trading Strategy

Systematic: 100.0%

Market Segment

Stock Indices: 13.3%

Currencies: 19.4%

Financials: 19.4%

Metals: 14.3%

Energies: 13.3%

Agriculturals: 13.3%

Meats: 7.1%

Program Statistics
Peak-to-Valley Drawdown (2) - May 2021 to Dec 2021	-31.15%
Worst Month (Nov 2021)	-13.83%
Current Losing Streak	-20.89%
Average Monthly Return	0.42%

Annualized Performance
Compound ROR (1)	3.02%
Standard Deviation	20.81%
Calmar Ratio (3)	-0.07
Profit Loss Ratio	1.21

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

Time Window Analysis

Length	Best	Average	Worst
1 mo	15.4%	0.4%	-13.8%
3 mo	35.5%	1.5%	-18.3%
6 mo	35.7%	1.6%	-28.6%
12 mo	29.4%	3%	-20.8%
18 mo	32.4%	6.1%	-13.3%
24 mo	32.8%	6.5%	-13.9%
36 mo	30%	13.2%	-4.2%

Drawdowns and Recoveries

Start	End	Drawdown	Recovery
Jun-21	Mar-24	-31.15%	27 mo
May-24	n/a	-21.74%	1 mo

Select a benchmark to add:

Statistical Comparisons	Tiercel SEZC Tiercel SEZC Trend Program 1	AutumnGold AG CTA Index	S&P 500 SP 500 TR

Annualized Compound ROR (1)	3.02%	4.30%	11.58%
Cumulative Return	13.50%	19.58%	59.32%
Cumulative VAMI(7)	1,135	1,196	1,593
Best Monthly Return	15.37%	2.99%	9.22%
Worst Monthly Return	-13.83%	-1.18%	-9.21%
Annual Standard Deviation	20.81%	3.08%	15.98%
Profit Loss Ratio	1.21	3.11	1.69
Correlation	—	0.61	-0.16
Last Month	1.09%	0.12%	-5.63%
Last 12 Months	-20.80%	0.42%	8.26%
Last 24 Months	-1.95%	8.64%	40.61%
Last 36 Months	-4.20%	8.83%	29.74%

Growth of $1,000 VAMI Comparison

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

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
The performance is for a proprietary account maintained by a principal of Tiercel SEZC traded pursuant to the program. The performance has been pro forma adjusted for a 1% ( annualized) monthly management fee and a 20% monthly incentive fee with a high watermark, that would have been charged to a customer account participating in the program. Tiercel SEZC has chosen to use the performance of proprietary account in this presentation as it has continuously operated since inception.

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 Saturday November 8, 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-2021 and Mar-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 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