Statistical Analysis Report

Ahead Capital Management, LLC
Global Macro Tactical Opportunities Strategy

Report Start Date: Mar-2020 | End Date: Oct-2025

Print to PDF

Set Risk Thresholds

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

Current Return: +1.07%

YTD Return: +8.85%

Annualized Return: +11.97%

AUM: $ 9,900,000

Trading Strategy

Global Macro / G5 Equity & Bond Indexes, Currencies, Commodities

Program Description

The strategy pursues tactical opportunities in G5 equity and sovereign bond indexes, as well as currencies and commodities.
* We focus on turning points in market narratives, as well as trades around important macro events
* The strategy is directional and is concentrated on 1-2 themes at a time
* Investment decisions factor in economic fundamentals, price action, investor sentiment and positioning, as well as potential price catalysts

Risk management was tightened in Q3 2021 to reflect expectations of growing economic uncertainty and market volatility. As part of that, trading became more catalyst-oriented with smaller trade sizes. As a result, portfolio volatility decreased substantially.

Program Statistics
Peak-to-Valley Drawdown (2)	-10.07%
From Mar 2020 to Oct 2020
Worst Month (Aug 2020)	-5.81%
Current Losing Streak	0%
Average Monthly Return	1.01%
Monthly Std. Deviation	3.59%
Gain Deviation (45 months)	3.41%
Loss Deviation (23 months)	1.59%
Gain to Loss Ratio	1.3
Omega Ratio (5% Threshold)	1.74

Annualized Performance
Compound ROR (1)	11.97%
Standard Deviation	12.45%
Downside Deviation	4.98%
Sharpe Ratio (3) 2% RF ROR	0.94
Sortino Ratio (4) 5% MAR	2.27
Calmar Ratio (5)	2.54
Sterling Ratio (6)	0.75
Gain Deviation	11.82%
Loss Deviation	5.52%
Profit Loss Ratio	2.55

Investment Information
Program Start Date	Mar-2020
Percent Discretionary	100%
Currency Denomination - US Dollars
Minimum Investment	$1,000,000
Management Fee	0.00%
Incentive Fee	0.00
Round Turns per Million	650
NFA No:	#0556742
4.7 Exempt - QEPs Only

Performance Since March 2020 | Track Record Compiled By: Compliance Supervisors | Please See Accounting Notes

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	3.70%	0.55%	1.05%	-2.22%	1.85%	0.90%	0.53%	0.63%	0.56%	1.07%	–	–	8.85%	-2.22%
2024	3.36%	-1.75%	1.94%	-3.81%	3.45%	-1.29%	1.46%	-2.82%	0.03%	1.34%	2.43%	-0.61%	3.47%	-3.81%
2023	1.19%	-1.34%	1.83%	-2.57%	2.82%	3.11%	3.35%	0.86%	0.85%	2.04%	1.23%	-1.03%	12.85%	-2.57%
2022	4.89%	2.65%	-0.60%	-1.82%	0.64%	2.72%	1.14%	0.31%	1.74%	-3.12%	2.72%	1.08%	12.78%	-3.12%
2021	0.71%	-0.72%	-0.35%	-0.30%	0.53%	1.79%	-0.10%	-5.57%	-1.04%	16.94%	0.68%	6.81%	19.33%	-6.65%
2020	–	–	5.86%	-2.88%	1.53%	-0.77%	-0.55%	-5.81%	1.17%	-3.02%	16.34%	0.15%	10.92%	-10.07%

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

Ahead Capital Management, LLC
Global Macro Tactical Opportunities Strategy

Report Start Date: Mar-2020 | End Date: Oct-2025

Print to PDF

Time Window Analysis

Length	Best	Average	Worst
1 mo	16.9%	1%	-5.8%
3 mo	25.8%	2.9%	-7.6%
6 mo	34.6%	6%	-7.4%
12 mo	41%	13%	1.8%
18 mo	46.9%	20.8%	-0.6%
24 mo	56.6%	29.6%	12.8%
36 mo	76.6%	45.9%	26.5%

Drawdowns and Recoveries

Start	End	Drawdown	Recovery
Apr-20	Nov-20	-10.07%	1 mo
Jul-21	Oct-21	-6.65%	1 mo
Apr-24	Nov-24	-3.81%	7 mo
Oct-22	Dec-22	-3.12%	2 mo
Apr-23	May-23	-2.57%	1 mo
Mar-22	Jun-22	-2.41%	2 mo

Drawdown Periods Since Mar 2020

Distribution of Monthly Returns

Select a benchmark to add:

Statistical Comparisons	Ahead Capital Mgt Global Macro Tactical Opportunities Strategy	AutumnGold AG CTA Index	S&P 500 SP 500 TR

Annualized Compound ROR (1)	11.97%	5.09%	17.75%
Cumulative Return	89.74%	32.47%	152.43%
Cumulative VAMI(7)	1,897	1,325	2,524
Best Monthly Return	16.94%	2.99%	12.82%
Worst Monthly Return	-5.81%	-1.27%	-12.35%
Annual Standard Deviation	12.45%	3.31%	17.16%
Profit Loss Ratio	2.55	3.44	2.07
Correlation	—	0.12	0.10
Last Month	1.07%	1.14%	2.34%
Last 12 Months	10.82%	3.46%	21.46%
Last 36 Months	31.97%	9.73%	84.63%

Growth of $1,000 VAMI Comparison

Ahead Capital Management, LLC
Global Macro Tactical Opportunities Strategy

Report Start Date: Mar-2020 | End Date: Oct-2025

Print to PDF

Accounting Notes

Net portfolio returns (inclusive of a monthly pro-forma performance fee of 20%) were compiled by Compliance Supervisors International Inc, (CSI) from monthly statements obtained independently by CSI from Interactive Brokers. The monthly returns rep resent those of one client that executed power of attorney with Anton Barinov, with NAV of $ 8.4 million as of November 30, 2024. In total, as of November 30, 2024, Anton Barinov maintained discretionary authority over 15 client accounts all of which are qualified as accounts of family and friends, as well as his personal account, with aggregate NAV of ~$19.1 million as of November 2024. Since March 2020, Anton Barinov has been operating pursuant to Section 4m (1) of the Commodity Exchange Act whereby an exemption from CTA registration exists for a person that has not furnished commodity trading advice to more than 15 persons and does not hold himself out generally to the public as a CTA. It is expected that at least some of those accounts will become part of Ahead Capital Management LLC trading program over the next several months.

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 Mar-2020 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.

); ?>