Statistical Analysis Report

Astute Capital Group, LLC
Pulse Program

Report Start Date: Jun-2019 | End Date: Feb-2025

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Set Risk Thresholds

Set Risk-Free ROR for the Sharpe Ratio: Set Minimum Acceptable ROR for the Sortino: Omega Threshold:

Current Return: -3.78%

YTD Return: +1.49%

Annualized Return: +7.37%

AUM: $ 3,913,302

Trading Strategy

Systematic / Currency & Indices

Program Description

Every market has a pulse, a heartbeat, and moves through mathematical periods. These recurring periods influence short term market moves regardless of overall market trend. by using an algorithmic and automated trading strategy that takes advantage of these predictable periods and anticipates and captures short- to medium-term price movement.
Astute Capital's proprietary software allows us to select only the most promising trades. Additionally, we consider trades when expected returns are better than their inherent risk. Preserving capital and protecting the fund remains the top priority at all times.

Program Statistics
Peak-to-Valley Drawdown (2)	-41.63%
From Mar 2024 to Nov 2024
Worst Month (Oct 2024)	-17.70%
Current Losing Streak	-39.05%
Average Monthly Return	0.91%
Monthly Std. Deviation	8.01%
Gain Deviation (37 months)	5.06%
Loss Deviation (32 months)	4.73%
Gain to Loss Ratio	1.15
Omega Ratio (5% Threshold)	1.17

Annualized Performance
Compound ROR (1)	7.37%
Standard Deviation	27.75%
Downside Deviation	17.69%
Sharpe Ratio (3) 2% RF ROR	0.38
Sortino Ratio (4) 5% MAR	0.4
Calmar Ratio (5)	-0.04
Sterling Ratio (6)	-0.05
Gain Deviation	17.54%
Loss Deviation	16.37%
Profit Loss Ratio	1.33

Investment Information
Program Start Date	Jun-2019
Percent Discretionary	5%
Percent Systematic	95%
Currency Denomination - US Dollar
Minimum Investment	$250,000
Minimum Fund Investment	$100,000
Management Fee	1.00%
Incentive Fee	0.00
Margin	10-20%
Round Turns per Million	1,150
NFA No:	#0524063

Performance Since June 2019 | Track Record Compiled By: N/A | 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	5.48%	-3.78%	–	–	–	–	–	–	–	–	–	–	1.49%	-3.78%
2024	11.65%	7.14%	0.61%	-17.29%	-4.93%	1.19%	-7.23%	-7.81%	11.93%	-17.70%	-6.89%	2.89%	-27.72%	-41.63%
2023	-1.08%	2.47%	-3.61%	3.76%	7.87%	13.88%	5.70%	-7.29%	2.26%	5.48%	1.71%	-4.79%	27.47%	-7.29%
2022	-1.00%	2.00%	-11.32%	-4.01%	-2.81%	18.11%	-9.02%	-1.31%	4.61%	5.82%	-11.88%	18.61%	2.51%	-17.27%
2021	-14.21%	-4.93%	17.07%	-1.98%	5.27%	-3.29%	4.00%	-6.33%	-5.56%	0.84%	14.97%	-11.45%	-10.01%	-18.44%
2020	10.32%	-0.06%	-3.99%	-0.12%	1.56%	7.09%	6.52%	7.96%	6.41%	-1.23%	5.24%	4.24%	52.47%	-4.16%
2019	–	–	–	–	–	-2.34%	3.02%	6.46%	-1.79%	2.30%	-7.03%	14.41%	14.46%	-7.03%

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

Astute Capital Group, LLC
Pulse Program

Report Start Date: Jun-2019 | End Date: Feb-2025

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Time Window Analysis

Length	Best	Average	Worst
1 mo	18.6%	0.9%	-17.7%
3 mo	29.8%	2.6%	-21.2%
6 mo	36.2%	5.5%	-31.5%
12 mo	67.3%	13.6%	-38.7%
18 mo	78.7%	20.6%	-26.2%
24 mo	77.3%	23.9%	-18.9%
36 mo	72.5%	28%	-18.7%

Drawdowns and Recoveries

Start	End	Drawdown	Recovery
Apr-24	n/a	-41.63%	3 mo
Dec-21	Jun-23	-26.02%	13 mo
Jan-21	Nov-21	-18.44%	9 mo
Aug-23	Oct-23	-7.29%	2 mo
Nov-19	Dec-19	-7.03%	1 mo
Dec-23	Jan-24	-4.79%	1 mo

Drawdown Periods Since Jun 2019

Distribution of Monthly Returns

Select a benchmark to add:

Statistical Comparisons	Astute Capital Group Pulse Program	AutumnGold AG CTA Index	S&P 500 SP 500 TR

Annualized Compound ROR (1)	7.37%	5.06%	16.22%
Cumulative Return	50.54%	32.79%	137.36%
Cumulative VAMI(7)	1,505	1,328	2,374
Best Monthly Return	18.61%	2.99%	12.82%
Worst Monthly Return	-17.70%	-1.42%	-12.35%
Annual Standard Deviation	27.75%	3.37%	17.27%
Profit Loss Ratio	1.33	3.25	1.97
Correlation	—	0.06	-0.03
Last Month	-3.78%	-0.63%	-1.30%
Last 12 Months	-38.68%	2.11%	18.41%
Last 36 Months	-5.08%	11.95%	42.58%

Growth of $1,000 VAMI Comparison

Astute Capital Group, LLC
Pulse Program

Report Start Date: Jun-2019 | End Date: Feb-2025

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Accounting Notes

PRO-FORMA PROPRIETARY TRADING FROM JUNE 2019 THROUGH DEC 2019 HAS BEEN ADJUSTED FOR A 2% MANAGEMENT FEE AND A 20% INCENTIVE FEE. CLIENT PERFORMANCE COMMENCED TRADING JAN 2020. CLIENT ACCOUNTS IS TRADED IN LIKE FASHION

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 Jun-2019 and Feb-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.

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