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Wharton Capital Management, LLC - Agricultural Futures Program

Principal(s): Robert D. Wharton / Jeff Apel
Strategy: Discretionary / Fundamental / Ags
Request a Stat Report & Disclosure Document

Statistics & Program Information

Dec Return   1.03% Worst Drawdown (2)    -17.72% Minimum Investment   $100,000
YTD Return   -15.58% Losing Streak (3)    -16.87 % AUM (5)   $11,971,690
Annual CROR:1 5.11% Sharpe Ratio (4)   0.42 Calmar Ratio (6)    -0.11
Trading Methodology
100% Discretionary
 Style Sub-Categories
Fundamental
 Trading Style
15% Trend Following
15% Contrarian
20% Spread Trading
50% Option Trading
Market Sector
20% Agriculturals
80% Meats
 Holding Period
50% Medium Term
50% Short Term
 Geographic Sector:
US
Contracts:
Options
Start Date   Sep-2011 Currency   US Dollar Margin (7)   0.1
New Money   Yes AUM (5)   $11,971,690 Management Fee    2.00%
Min Investment    $100,000 Annual CROR 1    5.11% Incentive Fee    20.00%
Fund Minimum    $0 Losing Streak (3)    -16.87 % Other Fees   None
Notional Funds    Yes Worst Drawdown (2)    -17.72 % Avg Comm (8)   
NFA Member    Yes Sharpe Ratio (4)    0.42 Max Comm (9)   
NFA Number    0427446 Calmar Ratio (6)    -0.11 Round Turns (10)    0
Starting Date:  Sep-2011 Currency:  US Dollar
Open to New Investors:  Yes Current Assets:  $11,971,690
Open to US Investors:  Yes Annual CROR:  5.11%
Minimum Fund Investment:  $0 Worst Monthly Drawdown:  -17.72
Minimum Managed Account:  $100,000 Current Losing Streak:  -16.87 %
Domocile:   Calmar:  -0.11
Subscriptions:  N/A Sharpe Ratio:  0.42
Redemptions:  N/A US Attorney:  Not Listed
Lock Up:  N/A Offshore Attorney:  Not Listed
Hurdle Rate:  N/A Administrator:  Not Listed
Administraton Fee:  0.00% Prime Broker:  Not Listed
Management Fee:  2.00% Auditor:  Not Listed
Incentive Fee:  20.00% NFA Member:  Yes
Selling Fee:  0.00% FINRA Member:  No
Other Fees:  None Other Memberships:  None
Type of Fund:
 Domicile:
 Strategy:
Track Record Prepared By: CTA Services
Correlations: AG CTA Index: 0.116              AG Discretionary CTA Index: 0.228             

Trading Description, Risk Strategy & Background

Trading Description

The Advisor currently is accepting accounts in its Agricultural Futures Program (the "Program"). The Program's objective is to achieve substantial profits with relatively low levels of performance volatility. There is no assurance the Program will achieve its objectives or that clients will avoid substantial losses. The Program primarily involves the speculative trading of futures contracts on grains and meat products. However, the Program is not limited to those markets. In implementing the Program, the Advisor may speculate or trade in any futures or options contract traded on a U.S. futures exchange, either now or in the future (collectively, "Commodity Interests"). Such instruments may include, without limitation, futures contracts (and options thereon) on any of the following: physical commodities in addition to grain and meat products, interest- rate sensitive products, financial instruments, and stock indices.

In implementing the Program, the Advisor employs a discretionary combination of technical and fundamental analysis. Fundamental analysis is concerned with any factor that would affect the supply and demand, and therefore the price, of a given Commodity Interest. Technical analysis is based on the theory that the study of the past price action in a given market, rather than external factors that affect the supply and demand of a particular Commodity Interest, provides a means of anticipating future prices. Technical analysis operates on the theory that market prices at any given point in time reflect all known factors affecting supply and demand for a particular Commodity Interest. In accordance with this theory, technical analysts subscribe to the belief that a detailed analysis of, among other things, actual daily, weekly, and monthly price fluctuations, volume variations, and changes in open interest are of predictive value when attempting to determine the future course of price movements.

Risk Strategy

N/A

Background

Robert D. Wharton - Managing Member: Robert D. Wharton is the Advisor's founder and Managing Member. As such, he is responsible for managing all aspects of the Advisor's operations, including its trading decisions. He was listed as a principal of the Advisor, and registered as an associated person, in February 2011. Mr. Wharton, an experienced trader of agricultural futures instruments, has been self-employed as a registered floor broker on the floor of the Chicago Mercantile Exchange ("CME"�), trading his own account and executing customer orders, since December 1988. He founded the Advisor to offer discretionary trading services to qualified members of the public pursuant to the Agricultural Futures Program. Mr. Wharton holds a Bachelor's degree in finance from the University of Nebraska. He resides in Chicago with his wife and children.

Accounting Notes:

The track record reflects the composite performance of all client accounts participating in the Program. The performance has been adjusted to reflect the effect of the Advisor's 2% Management Fee and 20% Incentive Fee. As of October 1, 2014, the monthly rate of return is computed using the daily compounded method so that daily changes in nominal value are incorporated into the composite program return. For return calculation purposes, additions are effective at the start of the day and withdrawals are effective at the end of the day. Prior to October 1, 2014, the monthly rate of return was computed using the "Only Accounts Traded" method, pursuant to which the performance of accounts that are open for only part of a month, or accounts that materially change their nominal value during a month, is not included in the composite performance.

Client Performance Adjusted for a 2% Management Fee & 20% Incentive Fee

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2024 -3.90% -2.85% 2.24% 1.91% -5.56% -2.64% 2.00% -3.67% -1.25% -3.59% -0.13% 1.03% -15.58% -16.44%
2023 -1.30% 0.66% 0.61% 1.05% -4.28% 1.87% 1.84% -0.02% -3.40% 3.05% 2.62% -1.53% 0.88% -4.28%
2022 1.59% -0.59% 2.10% -1.83% -0.37% -0.29% -0.65% 3.28% -0.28% 6.25% 0.15% 1.30% 10.91% -3.11%
2021 1.76% -0.52% 1.18% -1.83% -3.16% 4.06% 1.52% 1.49% 3.24% 1.20% 1.51% 1.76% 12.67% -4.93%
2020 0.34% 2.50% -0.17% -2.35% -2.67% 7.25% -2.65% -1.29% -5.26% 1.68% -1.00% -1.88% -5.89% -10.08%
2019 -1.71% -3.48% 0.75% -0.37% 3.63% -1.74% 3.85% 8.19% -0.92% -1.64% -2.35% -2.86% 0.71% -7.56%

Annual Performance

Years201120122013201420152016
ROR0.66%19.43%-1.60%47.61%9.88%-1.12%
Max DD-1.12%-1.45%-11.62%-10.15%-2.11%-5.51%

Years201720182019202020212022
ROR5.79%-4.03%0.71%-5.89%12.67%10.91%
Max DD-5.17%-5.11%-7.56%-10.08%-4.93%-3.11%

Years20232024
ROR0.88%-15.58%
Max DD-4.28%-16.44%



PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.

VAMI, Assets under Management & Worst Drawdown

Chart

Monthly Returns

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RISK DISCLOSURE

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND/OR FOREIGN EXCHANGE ('FOREX') IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS. A HARD COPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON.

THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NO CONSIDERATION TO INVEST SHOULD BE MADE WITHOUT THOROUGHLY READING THE DISCLOSURE DOCUMENT OF EACH OF THE CTAS IN WHICH YOU MAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BE OPENED FOR YOU.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.

AUTUMN GOLD CTA INDEXES ARE NON-INVESTABLE INDEXES COMPRISED OF THE CLIENT PERFORMANCE OF CTA PROGRAMS INCLUDED IN THE AUTUMN GOLD DATABASE AND DO NOT REPRESENT THE COMPLETE UNIVERSE OF CTAS. INVESTORS SHOULD NOTE THAT IT IS NOT POSSIBLE TO INVEST IN THESE INDEXES.

Footnotes & Definitions:

  • P - Proprietary Trading Results
  • C - Client Trading Results
  • Fixed Trade Level: The programs trades a fixed number of contracts in a nominal account regardless of the account value.
  1. Rates of Return: The Annual Compound Rate of Return ("Annual CROR") represents the compounded rate of return or 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. Annual CROR is not applicable to CTAs that sum their monthly returns.
  2. Worst Peak-to-Valley Drawdown: The Worst Peak-to-Valley Drawdown ("Worst Drawdown") is defined as the greatest cumulative percentage decline in net asset value due to losses sustained by the trading program during any period in which the initial net asset value is not equaled or exceeded by a subsequent asset value.
  3. Start & End Dates: Indicates the Start and End Dates of the Worst Peak-to-Valley Drawdown.
  4. Current Losing Streak: The Current Losing Streak ("Losing Streak") represents the extent of the Advisor's current drawdown.
  5. Annualzied Standard Deviation: Annualized Standard Deviation is one way to look at consistency of returns. It measures the degree by which the monthly returns vary from the average (mean) return.
  6. Downside Deviation: Downside Deviation is a measure of downside volatility. It only considers those monthly performance results that are less than the monthly Minimum Acceptable Rate of Return.
  7. Sharpe Ratio: Sharpe Ratio is a risk-adjusted ratio that rewards consistency of returns. Traders are penalized for volatility regardless of whether it is on the up or downside. The Sharpe Ratios is calculated using a 1% risk-free rate of return.
  8. Sortino Ratio: Sortino Ratio is a risk-adjusted ratio. The higher the number the better. Results are dependent upon the Minimum Acceptable Rate of Return (currently set at 5%.
  9. Sterling Ratio: Sterling Ratio is a risk-adjusted return measurement calculated by dividing the Annualized Compound ROR by the Average Yearly Maximum Drawdown less an arbitrary 10%. The Sterling Ratio is normally calculated using the last 36 months of data.
  10. Calmar Ratio: Calmar Ratio represents the historical amount gained for each dollar risked. A higher number is better. Unless otherwise denoted the Calmar Ratio is calculated by dividing the 36 month Compounded ROR by the 36 month Peak to Valley Drawdown. Traders with less than 36 months of data or a negative Calmar Ratio will be indicated by N/A.
  11. Omega Function: The Omega Function accounts for the non-normal distributions of returns and takes into account the investor's preferences for loss and gain. Omega is computed directly from the returns distribution and measures the total impact of the moments instead of each one of them individually.
  12. Minimum Investment: Minimum Investment represents the minimum account size.
  13. Assets Under Management: Assets Under Management ("AUM") represents the current nominal assets traded by the Manager.
  14. Number of Winning Months: Number of Winning Months represents the months with positive return.
  15. Number of Losing Months: Number of Losing Months represents the months with negative return.
  16. Percentage of Winning Months: Percentage of Winning Months represents the % of winning months.
  17. Margin to Equity: Margin to Equity ("Margin") represents the average margin as a percent of a fully funded account.
  18. Round Turns per Million: Round Turns per Million ("Round Turns") represent the average number of round turns that would be generated in a $1,000,000 account.
  19. Average Commission: The Average Commission ("Avg Comm") represents the average commission rate of the composite track record. A higher or lower commission rate would increase or decrease the performance accordingly.
  20. Maximum Commisions: Maximum Commission ("Max Comm") is the Maximum Round Turn Rate allowable by the Manager.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS