Spring Valley Asset Management
SVAM Tactical Trend Portfolio
Report Start Date: May-2014 | End Date: Oct-2025
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Set Risk-Free ROR for the Sharpe Ratio:    Set Minimum Acceptable ROR for the Sortino:    Omega Threshold:
Current Return: -1.78%
YTD Return: -9.03%
Annualized Return: +0.74%
AUM: $ 18,000,000
Trading Strategy

Systematic Trend Following / Diversified

Program Description

The SVAM Tactical Trend Portfolio pursues a multi-strategy approach to trading across a diversified blend of futures markets. The portfolio dynamically allocates exposures based upon a proprietary assessment of the prevailing market environment (e.g., expanding vs. contracting volatility, increasing vs. decreasing correlation, etc.) and allocates across many models (over 100) and timeframes (short, intermediate and long) in order to obtain the best (absolute) risk-adjusted returns, regardless of market environment and conditions.

Program Statistics
Peak-to-Valley Drawdown (2) -25.67%
    From Feb 2023 to Jun 2025
Worst Month (Feb 2018) -10.52%
Current Losing Streak -22.22%
Average Monthly Return 0.1%
Monthly Std. Deviation 2.75%
Gain Deviation (78 months) 1.77%
Loss Deviation (60 months) 2.04%
Gain to Loss Ratio 0.85
Omega Ratio (5% Threshold) 0.72
Annualized Performance
Compound ROR (1) 0.74%
Standard Deviation9.53%
Downside Deviation6.79%
Sharpe Ratio (3) 2% RF ROR 0.08
Sortino Ratio (4) 5% MAR 0.1
Calmar Ratio (5)-0.31
Sterling Ratio (6) -0.36
Gain Deviation6.13%
Loss Deviation7.07%
Profit Loss Ratio1.11
Investment Information
Program Start Date May-2014
Percent Systematic 100%
Currency Denomination - US Dollar
Minimum Investment $1,000,000
Management Fee 0.00%
Incentive Fee 0.00
Margin 5-15%
Round Turns per Million 1,200
NFA No: #0479979
4.7 Exempt - QEPs Only
Performance Since May 2014 | Track Record Compiled By: Track Record Prepared In-House
JanFebMarAprMayJunJulAugSepOctNovDecROR Max DD
20250.71%-3.31%-3.09%-5.57%-1.54%-0.91%1.01%1.99%3.41%-1.78%––-9.03%-13.68%
2024-2.72%6.68%2.01%0.61%-3.35%-0.83%0.12%-8.20%0.21%-1.85%1.30%0.61%-5.94%-13.35%
2023-0.01%1.64%-4.91%1.56%-1.60%4.18%-0.22%-2.34%-0.34%-3.77%-3.04%1.34%-7.62%-10.30%
20220.97%2.84%3.97%5.40%-0.65%1.02%-1.34%-1.00%2.91%0.29%-0.24%-1.30%13.35%-2.33%
2021-0.07%-0.80%1.42%0.39%0.64%-1.96%-1.03%1.70%2.24%0.80%-3.73%0.04%-0.51%-3.73%
2020-0.46%-0.82%5.96%0.59%-0.38%-0.61%0.09%0.01%-1.81%-3.05%7.12%1.48%7.92%-5.65%
2019-2.87%1.71%4.51%2.50%-0.37%0.50%2.53%3.48%-4.25%-1.06%3.75%-1.09%9.30%-5.26%
20181.18%-10.52%0.67%0.23%-3.52%0.05%-0.17%1.87%-1.07%-5.99%3.05%3.68%-10.89%-17.57%
2017-3.85%4.01%-0.37%-1.01%-0.53%-4.32%-0.07%0.45%-2.16%7.26%0.01%1.89%0.76%-7.82%
20161.94%1.46%-3.18%-1.10%0.48%5.32%0.53%0.63%0.96%-4.69%0.52%2.77%5.40%-4.69%
20151.18%0.71%0.44%-0.76%-0.38%0.45%0.56%-3.67%2.74%0.23%2.60%0.33%4.37%-3.80%
2014––––2.65%4.12%-2.32%0.72%0.09%-2.48%1.67%0.47%4.84%-3.97%
   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
Spring Valley Asset Management
SVAM Tactical Trend Portfolio
Report Start Date: May-2014 | End Date: Oct-2025
Print to PDF
Time Window Analysis
Length Best Average Worst
1 mo 7.3% 0.1% -10.5%
3 mo 12.7% 0.2% -11.5%
6 mo 14.2% 0.3% -13.4%
12 mo 14.9% 0.9% -21.3%
18 mo 23.1% 1.9% -19.7%
24 mo 24.5% 3% -24.9%
36 mo 30.2% 5.6% -25%
Drawdowns and Recoveries
Start End Drawdown Recovery
Mar-23n/a-25.67%4 mo
Feb-18Mar-20-17.57%17 mo
Oct-16Jan-18-9.23%4 mo
May-20Nov-20-5.65%1 mo
Mar-16Jun-16-4.25%2 mo
Jul-14Mar-15-3.97%5 mo
Drawdown Periods Since May 2014
Distribution of Monthly Returns
Statistical Comparisons Spring Valley Asset Mgt
SVAM Tactical Trend Portfolio		 AutumnGold
AG CTA Index
Remove		 S&P 500
SP 500 TR
Remove
Annualized Compound ROR (1)0.74%3.06%13.89%
Cumulative Return8.87%41.50%346.33%
Cumulative VAMI(7)1,0891,4154,463
Best Monthly Return7.26%2.99%12.82%
Worst Monthly Return-10.52%-5.53%-12.35%
Annual Standard Deviation9.53%4.00%14.73%
Profit Loss Ratio1.111.862.02
Correlation—0.640.05
Last Month-1.78%1.14%2.34%
Last 12 Months-7.29%3.46%21.46%
Last 36 Months-22.17%9.73%84.63%
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
Spring Valley Asset Management
SVAM Tactical Trend Portfolio
Report Start Date: May-2014 | End Date: Oct-2025
Print to PDF
Other Fees

None

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 May-2014 and Oct-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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