Bensboro Advisors, LLC
Seasonal Spread Trading Program
Principal(s): Charles Robinson III and T. Matthew Trump
Strategy: Seasonal Futures Spreads
Investment Restrictions: 4.7 Exempt - QEPs Only
Statistical Reports are Subscription Based
Trading Description, Risk Strategy & Background
OBJECTIVE: To produce low-correlation returns using a seasonal approach to futures spread trading.
PHILOSOPHY: We believe futures generally provide low correlation compared to other asset classes. Spreads generally provide even lower correlation to other asset classes - even when compared to most managed futures strategies which are typically trend-following. Seasonality can significantly shape sentiment and short-term flows, thus influencing the market over the short-term. Diversification across many categories and instruments generally results in risk mitigation.
PROCESS: We target total margin commitments generally between 5-20% of assets, with a target of 12.5%. We typically employ loss limit targets on individual spread positions and maximum allocations for each category. We use spreads across a wide variety of instruments and categories with varying time horizons and sides (bull, bear, and inter-commodity spreads) in an attempt to aid in risk mitigation through diversification.
Charles W Robinson III, CFA and Thomas M Trump, CMT are Managing Members of The Bensboro Company, LLC and Bensboro Advisors, LLC. The Bensboro Company, LLC, a Commodity Pool Operator ("CPO"), and Bensboro Advisors, LLC, a Commodity Trading Advisor ("CTA") are registered with the Commodity Futures Trading Commission ("CFTC") and are members of the National Futures Association ("NFA").
Performance
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 5.94% | 0.86% | 0.81% | -2.99% | -5.08% | -1.33% | – | – | – | – | – | – | -2.13% | -9.14% |
| 2024 | -0.49% | 1.14% | -1.02% | -2.69% | -4.73% | 3.20% | 2.62% | -0.04% | -4.13% | -0.16% | 2.57% | -2.53% | -6.44% | -8.24% |
| 2023 | 1.02% | -0.30% | 2.65% | -7.03% | 2.71% | 1.39% | -1.80% | 1.75% | 5.91% | 0.92% | 0.95% | 0.23% | 8.16% | -7.03% |
| 2022 | 2.17% | -0.66% | -3.82% | 5.97% | 1.09% | 2.50% | 0.24% | -5.04% | -1.73% | 1.10% | 6.31% | 2.01% | 9.93% | -6.68% |
| 2021 | 2.09% | -2.57% | 1.02% | 0.80% | -1.77% | -2.87% | 0.99% | -2.74% | 0.35% | -2.59% | -1.82% | 0.33% | -8.60% | -10.77% |
| 2020 | 2.89% | 2.14% | 0.60% | 4.36% | -1.47% | -0.69% | 1.37% | -1.89% | -2.80% | -1.88% | -1.27% | 1.06% | 2.17% | -8.37% |
| 2019 | 1.93% | 3.34% | 5.68% | -0.56% | 3.28% | 0.29% | 0.78% | 2.22% | -2.11% | 0.29% | 1.98% | 1.27% | 19.76% | -2.11% |
| 2018 | 0.83% | 1.23% | 0.50% | -0.15% | 2.84% | 0.32% | 1.29% | 3.05% | 0.72% | 4.52% | 1.16% | 0.37% | 17.90% | -0.15% |
| 2017 | 2.91% | -0.63% | -6.79% | 7.14% | -1.32% | -4.96% | -4.82% | -0.83% | -4.05% | -0.12% | 2.38% | 0.84% | -10.55% | -15.81% |
| 2016 | -6.27% | -3.50% | 2.26% | -3.40% | 7.53% | -0.58% | 2.92% | 4.29% | 0.99% | 2.19% | 0.84% | -2.33% | 4.21% | -10.65% |
| 2015 | 3.32% | 4.08% | 0.87% | -3.10% | -0.19% | -1.07% | -3.34% | -1.17% | -4.67% | -2.57% | 3.31% | 4.67% | -0.42% | -15.10% |
Track Record Compiled By: N/A
Accounting Notes: This report reflects the performance of Bensboro Advisors, LLC's Seasonal Spread Trading Program (the "Program"). Returns reflect performance in customer accounts managed pursuant to the Program.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.>
Risk Disclosure
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.