Red Rock Capital, LLC
Commodity Long-Short
Report Start Date: Sep-2013 | End Date: Nov-2025
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Current Return: +0.14%
YTD Return: -1.91%
Annualized Return: +9.27%
AUM: $ 18,958,010
Trading Strategy

Systematic / Trend Following / Diversified

Program Description

Commodity futures regularly exhibit various degrees of disequilibrium as producers, consumers, and speculators attempt to maximize their gains and limit their risks. Tangible / raw / physical commodities are particularly prone to supply & demand shocks as the post Covid-19 era has demonstrated. From time to time these significant flows of capital produce sustained price trends, either up or down. Our Commodity Long-Short strategy is designed to identify these trends and to signal an opportune time to deploy risk capital in an attempt to exploit them for profit. All positions are taken in the direction of the longer-term trend, whether going long or short. The average holding period of a trade is 9 days and historically the strategy has exhibited very low or even negative correlation to stocks, bonds, hedge funds, CTAs, and long-only commodity indexes.

Program Statistics
Peak-to-Valley Drawdown (2) -30.09%
    From Nov 2015 to Jan 2019
Worst Month (Jan 2019) -8.76%
Current Losing Streak -10.42%
Average Monthly Return 0.84%
Monthly Std. Deviation 4.58%
Gain Deviation (78 months) 3.48%
Loss Deviation (69 months) 2.19%
Gain to Loss Ratio 1.44
Omega Ratio (5% Threshold) 1.27
Annualized Performance
Compound ROR (1) 9.27%
Standard Deviation15.86%
Downside Deviation8.57%
Sharpe Ratio (3) 2% RF ROR 0.61
Sortino Ratio (4) 5% MAR 1.03
Calmar Ratio (5)0.37
Sterling Ratio (6) 0.31
Gain Deviation12.06%
Loss Deviation7.59%
Profit Loss Ratio1.62
Investment Information
Program Start Date Sep-2013
Percent Systematic 100%
Currency Denomination - US Dollar
Minimum Investment $500,000
Management Fee 2% (Monthly)
Incentive Fee 20.00
Margin 10%
Round Turns per Million 2,230
NFA No: #0460046
Performance Since September 2013 | Please See Accounting Notes
JanFebMarAprMayJunJulAugSepOctNovDecROR Max DD
20252.97%-0.07%-1.91%1.40%-3.66%0.13%-4.60%-2.81%4.96%1.95%0.14%–-1.91%-11.10%
20246.23%5.96%1.92%2.19%-1.14%2.75%2.54%-4.76%-0.36%-2.15%2.38%-3.94%11.51%-8.68%
2023-3.13%2.62%4.67%8.63%3.80%-0.65%-1.76%-1.84%-0.86%2.14%-2.45%-2.49%8.27%-7.72%
20229.08%1.23%7.44%5.57%-2.22%-2.80%1.81%1.28%-7.51%1.24%-6.11%0.75%8.73%-13.84%
20212.10%11.67%-1.92%13.18%2.22%-3.25%-0.30%4.43%7.09%3.76%-2.14%-0.83%40.54%-3.54%
20202.23%8.18%13.16%-2.97%-0.99%-1.59%-1.65%-4.58%-0.25%-0.16%-1.76%3.49%12.42%-13.20%
2019-8.76%4.29%-3.07%1.40%8.12%-2.44%-1.15%4.38%-6.29%-3.17%-0.88%5.24%-3.66%-10.06%
20181.13%-2.08%3.18%-2.05%-8.39%4.25%1.45%4.65%4.28%-4.30%-2.71%-2.30%-3.74%-10.27%
2017-0.61%-5.78%-1.84%-1.23%-1.56%4.65%-7.67%7.32%-6.14%1.31%-7.88%5.62%-14.25%-18.81%
2016-3.01%-0.46%-6.72%-3.67%-1.83%5.87%3.38%-0.09%0.64%0.99%0.68%-1.45%-6.07%-14.84%
20152.97%-2.09%2.76%-5.03%2.63%3.79%8.20%4.29%0.63%-2.50%14.50%-1.17%31.30%-5.03%
20140.94%5.27%8.14%-6.08%0.44%1.92%5.37%-3.06%17.07%-1.66%4.79%4.12%41.74%-6.08%
2013––––––––0.18%0.42%3.33%0.77%4.76%0.00%
   Monthly Return and $1,000 VAMI

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.

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
© 1997 - 2025 AutumnGold.com LLC
Red Rock Capital, LLC
Commodity Long-Short
Report Start Date: Sep-2013 | End Date: Nov-2025
Print to PDF
Time Window Analysis
Length Best Average Worst
1 mo 17.1% 0.8% -8.8%
3 mo 25.1% 2.6% -13.3%
6 mo 33.9% 5.2% -16.1%
12 mo 50.1% 10.6% -20%
18 mo 79% 16.4% -22.5%
24 mo 89.8% 21.8% -24.6%
36 mo 103.9% 31.1% -27.1%
Drawdowns and Recoveries
Start End Drawdown Recovery
Dec-15Apr-21-30.09%27 mo
Aug-24n/a-16.40%3 mo
May-22May-23-15.91%4 mo
Jun-23Feb-24-7.72%2 mo
Apr-14Jul-14-6.08%3 mo
Apr-15Jun-15-5.03%2 mo
Drawdown Periods Since Sep 2013
Distribution of Monthly Returns
Statistical Comparisons Red Rock Cap.
Commodity Long-Short		 AutumnGold
AG CTA Index
Remove		 S&P 500
SP 500 TR
Remove
Annualized Compound ROR (1)9.27%3.34%14.46%
Cumulative Return196.26%49.50%423.05%
Cumulative VAMI(7)2,9631,4955,231
Best Monthly Return17.07%2.99%12.82%
Worst Monthly Return-8.76%-5.53%-12.35%
Annual Standard Deviation15.86%3.99%14.43%
Profit Loss Ratio1.621.962.09
Correlation—0.36-0.21
Last Month0.14%1.96%0.25%
Last 12 Months-5.77%4.54%15.01%
Last 36 Months19.32%13.22%75.29%
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.

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
© 1997 - 2025 AutumnGold.com LLC
Red Rock Capital, LLC
Commodity Long-Short
Report Start Date: Sep-2013 | End Date: Nov-2025
Print to PDF
Accounting Notes

From Sep 2013 - Apr 2014 the returns for this composite are presented pro forma net of 2/20 fees. Effective December 2014, the daily compounded method of calculating ROR was used for all accounts in the composite. Before December 2014, accounts that were opened or closed during the month or experienced material additions, withdrawals, or changes in nominal account size during the month were not included in the composite.

Other Fees

No

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 Monday December 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 Sep-2013 and Nov-2025
3. Sharpe Ratio is calculated using a Risk-Free ROR
4. Sortino Ratio is calculated using a Minimum Acceptable ROR
5. Calmar Ratio uses the last 36 months of data
6. Sterling Ratio uses the last 36 months of data
7. VAMI = Hypothetical growth of $1,000
8. Drawdown/recovery: start = first loss, recovery = full return to prior peak

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.

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
© 1997 - 2025 AutumnGold.com LLC
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