Statistical Analysis Report

PGM Asset Management, LLC
Trident Program

Report Start Date: Nov-2019 | End Date: Jun-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: -6.54%

YTD Return: -8.13%

Annualized Return: +12.47%

AUM: $ 4,128,658

Trading Strategy

Systematic / Short-Term / Diversified

Program Description

Trident is a short-term systematic trading model that utilizes a technically based multi factor approach to generating strong risk adjusted returns under diverse market conditions in global futures markets. The system allocates its risk budget among directional and counter directional trading components. Trading leverage, as well as entry and exit signals, are dynamically determined and adjusted automatically by Trident based on current market volatility and momentum in order to more closely respond to the existing conditions in each market traded. Risk is strictly monitored and loss levels per trade are determined pre-entry for automatic exit while profits are allowed to run as Trident dynamically adjusts to protect trade profits as they accrue. The system trades highly liquid and diversified futures contracts in order to generate alpha across varying market segments and conditions. The system trades futures in diverse market segments including: Currencies, Fixed Income, Energy, Precious and Base Metals, Agricultural and Softs Markets.

Program Statistics
Peak-to-Valley Drawdown (2)	-26.05%
From Jun 2022 to Sep 2023
Worst Month (May 2025)	-10.35%
Current Losing Streak	-16.21%
Average Monthly Return	1.15%
Monthly Std. Deviation	5.77%
Gain Deviation (37 months)	3.55%
Loss Deviation (31 months)	2.6%
Gain to Loss Ratio	1.35
Omega Ratio (5% Threshold)	1.35

Annualized Performance
Compound ROR (1)	12.47%
Standard Deviation	20%
Downside Deviation	11.33%
Sharpe Ratio (3) 2% RF ROR	0.67
Sortino Ratio (4) 5% MAR	1.04
Calmar Ratio (5)	-0.21
Sterling Ratio (6)	-0.21
Gain Deviation	12.31%
Loss Deviation	9%
Profit Loss Ratio	1.61

Investment Information
Program Start Date	Nov-2019
Percent Systematic	100%
Currency Denomination - US Dollar
Minimum Investment	$1,000,000
Management Fee	2.00%
Incentive Fee	0.00
Margin	Average 15%
Round Turns per Million	4,816
NFA No:	#0502023
4.7 Exempt - QEPs Only

Performance Since November 2019 | Track Record Compiled By: NAV Consulting | Please See Accounting Notes

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	-2.59%	3.59%	0.43%	8.20%	-10.35%	-6.54%	–	–	–	–	–	–	-8.13%	-16.21%
2024	-3.61%	-4.76%	-0.31%	0.09%	2.22%	-4.84%	9.14%	6.63%	-3.30%	6.66%	-0.07%	0.27%	7.18%	-10.89%
2023	6.33%	-5.34%	-2.12%	5.22%	-0.19%	-6.94%	-6.22%	-2.70%	-7.20%	1.97%	7.78%	5.40%	-5.55%	-23.32%
2022	4.85%	-2.70%	7.08%	9.17%	-1.07%	8.25%	-1.89%	-5.68%	-5.72%	-5.79%	8.62%	1.60%	15.84%	-17.81%
2021	1.83%	4.98%	-5.83%	6.74%	-5.65%	3.69%	12.04%	5.05%	10.28%	5.25%	6.98%	0.01%	53.63%	-5.83%
2020	12.49%	2.37%	12.72%	-1.06%	-7.11%	-7.84%	3.90%	1.81%	9.33%	-1.04%	-4.01%	-3.40%	16.68%	-15.30%
2019	–	–	–	–	–	–	–	–	–	–	-1.60%	2.43%	0.80%	-1.60%

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

PGM Asset Management, LLC
Trident Program

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

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Time Window Analysis

Length	Best	Average	Worst
1 mo	12.7%	1.1%	-10.4%
3 mo	29.8%	4%	-16.2%
6 mo	51.5%	7.5%	-19.8%
12 mo	86.7%	16%	-16.5%
18 mo	96.2%	24.7%	-19.2%
24 mo	108.2%	34.5%	-23.7%
36 mo	109.4%	47.5%	-15.6%

Drawdowns and Recoveries

Start	End	Drawdown	Recovery
Jul-22	Apr-25	-26.05%	19 mo
May-25	n/a	-16.21%	0 mo
Apr-20	Jul-21	-15.30%	13 mo
Feb-22	Mar-22	-2.70%	1 mo
Nov-19	Dec-19	-1.60%	1 mo
May-22	Jun-22	-1.07%	1 mo

Drawdown Periods Since Nov 2019

Distribution of Monthly Returns

Select a benchmark to add:

Statistical Comparisons	PGM Asset Mgt, LLC Trident Program	AutumnGold AG CTA Index	S&P 500 SP 500 TR

Annualized Compound ROR (1)	12.47%	4.61%	15.24%
Cumulative Return	94.65%	29.07%	123.42%
Cumulative VAMI(7)	1,946	1,291	2,234
Best Monthly Return	12.72%	2.99%	12.82%
Worst Monthly Return	-10.35%	-1.27%	-12.35%
Annual Standard Deviation	20.00%	3.26%	17.65%
Profit Loss Ratio	1.61	3.14	1.87
Correlation	—	0.03	-0.23
Last Month	-6.54%	0.14%	5.09%
Last 12 Months	10.50%	-0.99%	15.18%
Last 36 Months	-15.65%	7.02%	71.56%

Growth of $1,000 VAMI Comparison

PGM Asset Management, LLC
Trident Program

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

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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 Trident Fund LP Global Macro (1.5% management and 20% incentive) and Global Macro Enhanced 2.0% management 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% management and 20% incentive), incorporating fund expenses such as administrator, audit, tax, and other operating costs.

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.

Qualified Eligible Persons

THIS PROGRAM IS ONLY OPEN TO INVESTORS FITTING THE DEFINITION OF A QUALIFIED ELIGIBLE PERSON AS THAT TERM IS DEFINED UNDER CFTC REGULATION 4.7(A). A Qualified Eligible Person must meet the following two requirements:

1. Must be an accredited investor (e.g., $1,000,000 net worth or $200,000 individual income / $300,000 joint income for 2 years).
2. Must meet a portfolio test (e.g., $4,000,000 in securities or $400,000 in required margin deposits).

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS INFORMATION IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CCFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

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 Nov-2019 and Jun-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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