Statistical Analysis Report

Nova Investment Strategies, LP
Discretionary Macro - Futures Only

Report Start Date: Jan-2021 | End Date: Apr-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: +2.03%

YTD Return: +3.06%

Annualized Return: +7.78%

AUM: $ 950,928

Trading Strategy

Discretionary Macro

Program Description

The Nova Discretionary Macro program (futures only) is a global macro strategy that seeks to profit by identifying valuation gaps and potential dislocations across asset classes. Positions are typically diversified across macro futures markets (stock indices, bonds, and currencies). The program is designed for investors seeking returns that are uncorrelated with equity and credit cycles. We aim to generate returns in both up and down markets independent of the performance of any one asset class.

Program Statistics
Peak-to-Valley Drawdown (2)	-10.38%
From Mar 2023 to Nov 2024
Worst Month (Jul 2022)	-5.29%
Current Losing Streak	-7.36%
Average Monthly Return	0.68%
Monthly Std. Deviation	3.34%
Gain Deviation (27 months)	3.04%
Loss Deviation (25 months)	1.54%
Gain to Loss Ratio	1.69
Omega Ratio (5% Threshold)	1.25

Annualized Performance
Compound ROR (1)	7.78%
Standard Deviation	11.59%
Downside Deviation	5.47%
Sharpe Ratio (3) 2% RF ROR	0.67
Sortino Ratio (4) 5% MAR	1.37
Calmar Ratio (5)	0.21
Sterling Ratio (6)	0.14
Gain Deviation	10.53%
Loss Deviation	5.32%
Profit Loss Ratio	1.83

Investment Information
Program Start Date	Jan-2021
Percent Discretionary	100%
Currency Denomination - US Dollar
Minimum Investment	$500,000
Management Fee	1.50%
Incentive Fee	15.00
Margin	9%
Round Turns per Million	200
NFA No:	#0553782
4.7 Exempt - QEPs Only

Performance Since January 2021 | Track Record Compiled By: MJT TECHNOLOGIES LLC | Please See Accounting Notes

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	0.39%	-0.23%	0.84%	2.03%	–	–	–	–	–	–	–	–	3.06%	-0.23%
2024	-2.77%	-1.09%	-0.34%	-0.54%	-0.54%	0.38%	-1.17%	1.28%	-0.42%	-1.52%	-1.90%	0.31%	-8.08%	-8.36%
2023	-1.09%	2.23%	4.20%	-2.26%	-1.23%	-0.07%	1.44%	0.30%	1.61%	0.01%	-1.64%	-0.33%	3.05%	-3.53%
2022	4.49%	0.20%	9.01%	7.55%	-4.42%	3.70%	-5.29%	10.74%	9.99%	-0.02%	-5.04%	0.69%	34.18%	-6.13%
2021	-0.47%	3.09%	2.46%	1.99%	-2.27%	2.57%	0.69%	3.01%	-3.07%	-3.40%	-1.51%	2.75%	5.64%	-7.78%

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

Nova Investment Strategies, LP
Discretionary Macro - Futures Only

Report Start Date: Jan-2021 | End Date: Apr-2025

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Time Window Analysis

Length	Best	Average	Worst
1 mo	10.7%	0.7%	-5.3%
3 mo	21.8%	2%	-7.8%
6 mo	24.2%	3.8%	-6.5%
12 mo	42%	8.9%	-8.7%
18 mo	41%	14.8%	-9%
24 mo	42.7%	19.5%	-9.2%
36 mo	46.1%	28.3%	6.7%

Drawdowns and Recoveries

Start	End	Drawdown	Recovery
Apr-23	n/a	-10.38%	5 mo
Sep-21	Mar-22	-7.78%	4 mo
May-22	Aug-22	-6.13%	1 mo
Oct-22	Mar-23	-5.44%	2 mo
May-21	Jun-21	-2.27%	1 mo
Jan-21	Feb-21	-0.47%	1 mo

Drawdown Periods Since Jan 2021

Distribution of Monthly Returns

Select a benchmark to add:

Statistical Comparisons	Nova Investment Discretionary Macro - Futures Only	AutumnGold AG CTA Index	S&P 500 SP 500 TR

Annualized Compound ROR (1)	7.78%	3.97%	11.17%
Cumulative Return	38.37%	18.40%	58.24%
Cumulative VAMI(7)	1,384	1,184	1,582
Best Monthly Return	10.74%	2.99%	9.22%
Worst Monthly Return	-5.29%	-1.18%	-9.21%
Annual Standard Deviation	11.59%	3.12%	15.85%
Profit Loss Ratio	1.83	2.79	1.67
Correlation	—	0.27	-0.43
Last Month	2.03%	-0.99%	-0.68%
Last 12 Months	-0.62%	-1.31%	12.11%
Last 36 Months	6.71%	6.03%	41.17%

Growth of $1,000 VAMI Comparison

Nova Investment Strategies, LP
Discretionary Macro - Futures Only

Report Start Date: Jan-2021 | End Date: Apr-2025

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Accounting Notes

NOTES IN REGARDS TO THE EXTRACTED FUTURES-ONLY PRO-FORMA PERFORMANCE RESULTS:

1. This pro-forma, extracted track record represents the actual trading results achieved by Discretionary Macro Program: Futures Only (the "Strategy") currently managed by Nova
Investment Strategies LP ("Nova").

2. For the period from inception through January 31, 2023, the pro-forma, extracted track record of
the Strategy is based upon an actual client of Astra Ventures Investment Partners LLC ("Astra
Ventures"), a registered commodity trading advisor owned by Stephen Buehler and jointly
managed by Ed Lalanne and Stephen Buehler and was cleared at Interactive Brokers. The
account is the trading strategy's first account and has been active since its inception. Thus, its
profits and losses are representative of those experienced by subsequent accounts in the
strategy. For the period from inception through January 31, 2023, all non-futures trades made by
Astra Ventures pursuant to the Strategy have been excluded from the pro-forma track record. If
the performance from trading securities by Astra Ventures had been included, the pro-forma
performance during the period from inception through January 31, 2023, would have been
approximately 1% lower than the pro-forma performance of the futures only track record of the
Strategy. The AUM presented for the period from inception to January 31, 2023 is the AUM of this
actual client account of Astra Ventures.

3. Effective as of January 31, 2023, Nova commenced the Strategy for an actual internal, proprietary
account that exclusively trades in futures contracts. For the period commencing on February 1,
2023 through October 31, 2023, the performance and AUM presented are the actual performance
results and AUM of this internal account as cleared at Archer Daniels Midland Investor Services.
Nova is a registered commodity trading advisor jointly owned and managed by Ed Lalanne and
Stephen Buehler.

4. For the period from November 1, 2023 onward, the performance and AUM presented are the
actual blended performance results and AUM of Nova’s client accounts.

5. For all periods presented, this pro-forma track record includes and is presented net of a pro-forma
management fee of 1.5% per annum, payable month in arrears, pro-form incentive fees of 15%
payable quarter, all actual brokerage commissions, give-up fee, exchange fees, NFA fees and
other transaction related fees and expenses.

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 Jan-2021 and Apr-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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