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QCM - Systematic Macro Programme

Principal(s): Aref Karim, Raami Karim, Ershdul Haq
Strategy: Systematic / Global Macro / Diversified
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Investment Restrictions: 4.7 Exempt - QEPs Only

Statistics & Program Information

Jul 2024 Return -3.1%	Worst Drawdown ⁽²⁾ -53.55%	Minimum Investment $500,000
YTD Return: 0%	Losing Streak ⁽³⁾: -36.11%	AUM ⁽⁵⁾: $10,000,000
Annualized CROR⁽¹⁾ 8.21%	Sharpe Ratio 4% RF ROR⁽⁴⁾: 0.21	Calmar Ratio ⁽⁶⁾: N/A
2) Annualized ACROR is based on compounding. Please see Footnotes for more information.

Trading Methodology 100% Systematic	Style Sub-Categories Momentum Volatility Trend Anticipatory Mean Reversion Global Macro	Trading Style 100% Multi-System with Trend & Counter Trend
Market Sector 25% Stock Indices 15% Currencies 30% Financials 10% Metals 10% Energies 6% Agriculturals 2% Meats 2% Softs	Holding Period 25% Long Term 20% Medium Term 35% Short Term 20% Intraday	Geographic Sector Global Contracts: Futures

Start Date Dec-1995	Currency US Dollar	Management Fee 1.00%
Accepting New Accounts Yes	Min Investment $500,000	Incentive Fee 20.00
NFA Member Yes	Fund Minimum $0	Other Fees None
NFA Number 0269229	Margin ⁽⁷⁾ 10%-35%	Avg Comm ⁽⁸⁾ $5
Notional Funds Yes	Round Turns Per Million ⁽¹⁰⁾ 4,250	Max Comm ⁽⁹⁾

Starting Date: Dec-1995	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $10,000,000
Open to US Investors: Yes	Annualized CROR: 6.37%
Minimum Fund Investment: $0
Minimum Managed Account: $500,000	Current Losing Streak: -36.11 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 4% RF ROR 0.21
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: 1.00%	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: N/A

Correlations:

Growth of $1,000 VAMI and Monthly Returns

Trading Description, Risk Strategy & Background

Trading Description

QCM offers investors a directional systematic global macro strategy that is actively managed. The strategy strives to generate long-term capital appreciation in a liquid investment through a set of proprietary models that generate uncorrelated absolute returns. QCM's approach combines decades of fundamental knowledge and experience of the markets with sound mathematical and technical skills. The strategy engineered into the overall QCM systematic model uses a combination of innovative strategic and tactical tools, driven at the macro level by a proprietary dynamic asset allocation algorithm. The individual components of the model are not correlated. Risk is managed top-down and bottom-up covering individual components as well as the portfolio.

QCM's systematic macro product, the SMP, operates with a portfolio of stocks, bonds, currencies and commodities. Implementation is through exchange-traded futures. Running the strategy through a model-based approach means our rules, disciplines and signals can be applied systematically and consistently, devoid of emotional biases.

In November 2018 QCM implemented its most significant and powerful upgrade to the firm's proprietary Systematic Model that drives its QCM SMP. This runs a long/short systematic macro strategy on Financial and Commodity futures generating its alpha through a set of uncorrelated components that operate independently, each pursuing their own return and risk.

The upgrades resulted from an in-depth research into all facets of the QCM Systematic Model. Today's QCM SMP synergistically combines old components that have been majorly overhauled, with radically uplifting new alpha tools. The strategy has at the core an enhanced active dynamic asset allocation process that varies daily market exposure as risk and opportunities change. A suite of powerful tactical tools takes care of market weaknesses, participating in short to medium term corrections as well as major market declines. The strategy often protects and profits when facing major systemic events.

Risk Strategy

Risk is managed on various levels including market based stops, exposure caps & portfolio VAR level algo's on multiple time frames

Background

Aref Karim, FCA, Founder and Board Member, is a thirty five year veteran of the Alternative Investment industry. He is the company's Chief Executive Officer and Chief Investment Officer, carrying responsibility for the running of the business as well as its investment strategies and research. Aref qualified as a Chartered Accountant and holds a Fellowship of its Institute in the UK. After working in London with a public practice as Senior Audit Manager, he moved overseas to join the Alternative Investment Department of Abu Dhabi Investment Authority ("ADIA"), one of the world's largest sovereign wealth funds. The institution invests globally in all asset classes including equities, fixed income, real estate and alternative investments. As Senior Investment Manager, he was responsible for launching ADIA's multi-billion dollar Alternative Portfolio and looking after its investment policies, strategies and asset allocation. He was with ADIA from 1982 to 1995 before returning to the UK to found QCM.

Raami Karim is Deputy Chief Executive Officer of QCM and a member of its Board. Raami also serves as the Chief Operating Officer. Since joining the firm in 2012, he has worked closely with the CEO on strategic business initiatives and investment research. Over his tenure, Raami has built deep experience across all areas of the firm's operations, with a particular focus on systematic product design and client engagement. He holds a BA (Hons) in Economics from the University of Manchester and pursued graduate studies at the London School of Economics. Raami is a Chartered Financial Analyst (CFA) and serves as the firm's product specialist for its core systematic strategies and operations.

Performance

Monthly Performance Since Dec 1995

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2024	-6.34%	-5.58%	7.49%	-2.72%	-6.37%	-4.64%	-3.10%						-20.00%	-20.00%
2023	4.15%	-0.07%	-8.79%	-1.27%	-5.44%	3.01%	2.41%	-7.61%	-0.11%	-3.41%	3.87%	13.81%	-1.48%	-19.98%
2022	5.59%	0.17%	6.95%	1.31%	-1.36%	4.84%	1.89%	-2.08%	2.74%	-4.55%	-0.47%	-3.38%	11.51%	-8.21%
2021	-1.86%	7.23%	-1.12%	5.76%	2.23%	-1.99%	-4.06%	-0.89%	-3.82%	5.55%	-7.44%	-5.01%	-6.42%	-16.82%
2020	4.15%	8.75%	10.80%	0.84%	-1.01%	0.48%	3.53%	-0.91%	-7.91%	-3.86%	5.84%	3.12%	24.78%	-12.27%
2019	-2.06%	3.61%	10.26%	5.99%	9.36%	2.73%	0.94%	2.92%	-2.18%	-7.43%	1.31%	-4.95%	20.69%	-12.80%
2018	4.38%	-7.72%	-5.43%	-3.76%	-2.09%	-0.98%	-1.28%	0.70%	-2.15%	-1.95%	-4.36%	11.05%	-13.90%	-25.72%
2017	-1.30%	4.65%	-1.31%	-0.85%	0.39%	-8.65%	1.25%	1.14%	-3.29%	6.77%	-1.38%	-0.39%	-3.72%	-11.13%
2016	2.63%	2.56%	-5.29%	-1.07%	-0.15%	4.37%	0.80%	-2.78%	1.79%	-5.94%	-2.52%	2.10%	-4.02%	-10.69%
2015	13.51%	1.68%	3.10%	-9.34%	-0.96%	-7.90%	2.35%	-9.30%	0.55%	-0.45%	1.35%	-3.93%	-10.97%	-25.18%
2014	-4.78%	2.26%	-2.70%	2.31%	4.92%	1.05%	-3.07%	5.12%	-1.89%	-3.72%	11.94%	1.74%	12.65%	-5.54%
2013	5.12%	-3.25%	-1.23%	2.60%	-3.54%	-10.09%	-0.99%	-3.62%	-0.40%	3.30%	2.29%	-2.16%	-12.17%	-19.18%
2012	2.58%	4.00%	-1.44%	-0.35%	-1.24%	-3.33%	6.83%	1.54%	-0.31%	-10.91%	0.88%	-0.76%	-3.50%	-11.18%
2011	-0.52%	2.09%	-2.85%	5.04%	-4.94%	-3.98%	3.62%	-3.26%	-9.58%	-3.10%	-4.00%	-0.90%	-20.96%	-23.73%
2010	-10.20%	-0.12%	7.37%	1.19%	-5.99%	-0.54%	1.90%	5.61%	3.57%	6.38%	-0.69%	8.36%	16.26%	-10.31%
2009	-6.15%	-3.12%	-4.63%	-4.34%	7.01%	-3.30%	-1.43%	4.95%	1.69%	-3.53%	8.71%	-7.02%	-11.95%	-17.05%
2008	9.21%	20.02%	-6.28%	2.11%	2.00%	7.65%	-12.33%	-3.14%	-8.43%	13.77%	16.10%	12.76%	59.51%	-22.24%
2007	-5.89%	0.05%	-5.16%	8.13%	-0.12%	-0.22%	-3.16%	-6.53%	20.56%	7.33%	0.40%	3.81%	17.48%	-12.89%
2006	12.16%	-5.00%	5.11%	16.83%	-2.46%	-0.13%	-6.63%	-0.45%	0.42%	10.39%	4.41%	-1.54%	35.01%	-9.45%
2005	-4.36%	0.49%	2.85%	2.34%	2.58%	7.65%	-4.12%	8.93%	-0.65%	-9.14%	7.36%	7.61%	21.68%	-9.73%
2004	0.82%	7.33%	-2.39%	-3.53%	-2.98%	-5.02%	0.89%	-6.37%	-0.97%	2.24%	4.61%	-3.90%	-9.71%	-18.83%
2003	4.18%	4.44%	-2.97%	-1.60%	10.74%	-3.56%	-0.46%	-1.47%	0.32%	9.70%	-0.89%	4.99%	24.61%	-5.42%
2002	-2.49%	-6.54%	5.70%	-8.43%	1.34%	6.93%	4.90%	4.26%	6.92%	-7.11%	-5.49%	7.50%	5.48%	-12.20%
2001	-0.42%	2.52%	10.51%	-6.88%	-0.27%	-0.92%	-0.52%	1.85%	9.84%	5.35%	-3.17%	0.50%	18.44%	-8.47%
2000	-0.38%	-0.40%	-1.77%	-2.52%	2.46%	-1.18%	-3.00%	2.64%	-0.34%	1.94%	5.81%	4.12%	7.18%	-6.69%
1999	-7.69%	1.79%	-3.35%	5.92%	-0.75%	3.54%	0.51%	1.74%	0.02%	-5.50%	6.81%	2.01%	4.10%	-9.18%
1998	3.56%	2.69%	-0.73%	-8.02%	-1.35%	3.72%	-2.22%	15.43%	2.51%	-1.51%	2.96%	5.69%	23.21%	-9.92%
1997	2.22%	4.57%	2.71%	-5.44%	5.56%	-3.32%	2.75%	-5.71%	-2.83%	4.02%	-1.25%	7.56%	10.19%	-9.15%
1996	1.68%	-8.50%	11.62%	6.18%	-9.46%	-0.14%	-7.23%	0.19%	-1.53%	15.14%	5.05%	4.64%	15.48%	-17.25%
1995												14.51%	14.51%	0.00%

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

Footnotes

1. The Annualized Compounded ROR ("Rate of Return") is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth. 2. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % the time-period. 3. Sharpe Ratio uses a 4% Risk Free ROR (Rate of Return) 4. Calmar Ratio Uses last 36 months of Data 5. The hypothetical growth of $1,000

++Qualified Eligible Investors Only:

A Qualified Eligible Person must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $4,000,000 in securities holdings OR the person must have on deposit with a Futures Commission Merchant at least $400,000 in exchange-specified initial margin and option premiums, and required minimum security deposit for retail forex transactions).

Exemptions:

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH THE ACCOUNTS OF QUALIFIED ELIBIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUANCY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

RISK DISCLOSURE

THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS, FOREIGN EXCHANGE ('FOREX') AND/OR CRYPTOCURRENCIES 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.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS