DUNN Capital Management
World Monetary and Agriculture (WMA)
Report Start Date: Nov-1984 | End Date: Feb-2026
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Current Return: +6.46%
YTD Return: +14.25%
Annualized Return: +12.43%
AUM: $ 990,000,000
Trading Strategy

LT Trend Following / Revsersal

Program Description

DUNN's World Monetary and Agriculture (WMA) Program is 100% systematic long-term trend-following program which began trading in November 1984. The World Monetary and Agriculture Program utilizes DUNN's original trend following algorithm developed in 1974, and encompasses a portfolio of financials, energies, metals and agricultural markets.

Program Statistics
Peak-to-Valley Drawdown (2) -60.26%
    From Feb 2003 to Aug 2007
Worst Month (Sep 1985) -30.68%
Current Losing Streak -0.93%
Average Monthly Return 1.39%
Monthly Std. Deviation 9.09%
Gain Deviation (268 months) 6.51%
Loss Deviation (228 months) 5.06%
Gain to Loss Ratio 1.27
Omega Ratio (5% Threshold) 1.33
Annualized Performance
Compound ROR (1) 12.43%
Standard Deviation31.47%
Downside Deviation18.62%
Sharpe Ratio (3) 2% RF ROR 0.52
Sortino Ratio (4) 5% MAR 0.63
Calmar Ratio (5)0.08
Sterling Ratio (6) 0.08
Gain Deviation22.57%
Loss Deviation17.51%
Profit Loss Ratio1.49
Investment Information
Program Start Date Nov-1984
Percent Systematic 100%
Currency Denomination - US Dollars
Minimum Investment $10,000,000
Management Fee 0.00%
Incentive Fee 25.00%
Margin 24%
Round Turns per Million 2,000
NFA No: #0000526
4.7 Exempt - Qualified Eligible Persons Only
Performance Since November 1984 | Track Record Compiled By: N/A | Please See Accounting Notes
JanFebMarAprMayJunJulAugSepOctNovDecROR Max DD
20267.32%6.46%––––––––––14.25%0.00%
20256.74%-5.25%-6.89%-3.20%-3.83%-2.57%3.11%1.46%11.15%0.38%2.61%5.25%7.68%-19.98%
20249.27%19.58%2.46%-1.73%-7.47%-4.79%-2.19%-3.54%1.03%-8.92%6.20%0.90%7.81%-24.85%
2023-8.94%11.41%-14.84%8.24%3.95%7.36%-1.11%-2.60%2.51%-6.43%-11.79%-3.42%-17.87%-21.30%
20229.14%8.45%13.52%8.41%-1.24%1.99%-6.10%13.15%7.07%0.56%-8.25%4.05%60.24%-8.25%
2021-1.66%3.38%1.64%7.66%2.54%-4.50%-2.57%-0.71%1.13%8.78%-15.30%6.02%4.12%-15.30%
20200.17%-5.77%7.79%0.43%-2.87%-3.47%-1.20%1.67%-5.22%-0.22%-0.43%8.01%-2.10%-11.31%
2019-3.44%1.59%10.88%1.57%0.99%4.28%4.89%12.10%-11.16%-6.04%2.86%-0.47%16.91%-16.53%
201810.72%-19.66%-0.38%5.80%-6.78%1.38%-1.54%3.71%2.63%-11.96%-5.85%3.96%-19.98%-30.48%
2017-0.51%5.87%-0.94%-0.29%-0.74%-3.14%-2.54%-0.48%0.23%14.11%3.38%6.14%21.74%-7.91%
20164.16%2.52%-4.04%-3.38%0.16%12.42%0.38%-3.54%1.46%-12.18%-3.72%2.17%-5.39%-17.25%
20158.52%-3.87%9.30%-10.78%4.65%-10.72%16.60%-2.41%4.97%-3.85%6.10%-4.24%10.92%-16.64%
2014-4.35%-1.76%-1.91%2.23%-2.33%4.04%-1.12%9.83%7.04%0.22%13.43%7.22%35.65%-7.97%
2013-0.23%16.79%3.22%10.59%-6.67%-1.66%-0.45%-4.81%-4.56%5.81%10.00%4.40%34.16%-16.99%
2012-3.10%-4.96%-2.96%2.77%7.69%-13.23%4.53%-4.17%-4.37%-6.59%3.23%2.64%-18.62%-23.20%
20113.69%6.17%-12.06%11.78%-10.05%-12.59%19.93%10.40%-2.64%-9.00%5.26%1.25%6.36%-22.72%
2010-6.61%3.97%9.83%4.22%-7.26%5.02%-4.39%16.96%-1.44%8.22%-8.73%10.95%30.75%-8.73%
20090.89%3.07%-3.05%-4.65%-1.08%-4.98%1.84%3.16%4.54%-4.14%11.00%-5.84%-0.58%-13.11%
200819.94%29.55%-10.13%-6.55%1.67%3.56%-10.18%-9.26%1.02%21.09%7.76%2.60%51.45%-27.93%
20076.21%-8.30%-3.36%8.22%11.77%7.39%-17.75%-22.63%16.90%3.00%7.78%6.55%7.60%-36.36%
2006-3.63%-1.37%12.42%9.38%-7.78%-1.63%-5.69%-8.76%-5.22%5.93%4.33%7.86%3.08%-26.01%
2005-4.09%-6.72%-4.04%-15.01%13.03%12.23%-1.89%-5.46%-3.51%-0.94%6.00%-3.88%-16.41%-27.04%
2004-2.86%8.38%-2.90%-18.35%-6.84%-9.86%-5.16%9.29%1.58%7.93%5.32%-0.69%-16.68%-36.86%
20036.94%13.83%-22.44%1.57%9.45%-8.07%-4.75%16.70%-7.63%-4.23%-4.45%-4.47%-13.41%-28.86%
20023.03%-8.07%2.39%-5.71%5.41%24.24%14.82%10.50%9.10%-12.27%-12.70%21.34%54.05%-23.41%
20017.72%0.55%6.26%-8.96%-0.91%-8.31%0.09%6.47%1.13%20.74%-23.52%6.73%1.10%-23.52%
20006.85%-2.94%-17.34%-12.36%-7.59%-3.95%0.56%3.29%-9.70%9.12%28.04%29.39%13.08%-41.46%
1999-13.18%3.91%4.22%4.09%7.63%9.61%0.52%5.77%3.60%-7.01%1.35%-5.44%13.34%-13.18%
19984.25%-5.30%4.00%-11.00%-4.80%-0.40%-1.40%27.50%16.20%3.80%-13.70%0.30%13.72%-18.05%
199717.83%-0.15%2.21%-6.47%-5.88%10.38%16.84%-10.21%6.45%-0.64%9.82%1.55%44.60%-11.97%
199615.78%-13.33%9.55%9.17%-1.18%0.60%-12.40%-5.20%12.55%20.28%26.94%-7.09%58.21%-17.44%
19950.49%13.71%24.41%3.80%-2.60%-3.59%0.63%18.46%-6.52%10.82%11.16%4.44%98.69%-6.52%
1994-1.71%-5.34%14.90%6.97%5.21%3.29%-13.38%-17.67%-4.68%-1.02%0.74%-4.22%-19.33%-35.08%
19932.90%13.99%-3.28%12.37%3.76%0.58%7.41%8.42%-5.02%1.59%1.03%6.10%60.28%-5.02%
1992-14.53%-0.90%4.04%-15.10%-0.36%13.04%11.43%9.18%-8.23%-5.42%-4.30%-8.15%-21.78%-25.45%
1991-7.05%-4.51%10.30%-4.49%-4.99%-0.46%-2.54%9.93%9.23%-14.93%1.20%31.22%16.91%-14.93%
199023.45%5.35%6.11%6.80%-11.23%3.99%1.37%2.07%3.76%-0.40%5.44%-1.19%51.55%-11.23%
198921.10%-4.23%9.30%6.09%20.02%3.21%8.15%-13.02%-1.56%-16.65%7.34%-5.42%30.51%-28.64%
19880.73%4.34%-6.55%-2.47%3.88%-0.56%-1.83%-2.65%1.98%1.92%-0.72%-16.70%-18.72%-22.66%
19878.81%-1.75%7.18%31.63%-2.69%-4.61%5.97%-2.98%5.50%-5.59%17.76%1.96%72.15%-7.18%
1986-1.50%24.55%11.93%-5.59%-5.98%-13.98%-4.20%12.45%0.64%-2.79%-6.18%-0.11%3.56%-26.85%
19856.23%10.03%-7.25%-13.09%21.66%-6.79%-8.36%-13.48%-30.68%6.69%13.61%10.02%-21.68%-49.76%
1984––––––––––-10.95%18.01%5.09%-10.95%
   Monthly Return and $1,000 VAMI
Risk Disclaimer
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. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.
Paragon Global Markets, LLC
14 Wall Street - Suite 1625 * New York, NY 10005
Office: 646-937-6118 Email: info@paragonglobalmarkets.com | Web Address: http://www.paragonglobalmarkets.com
© 1997 - 2026 AutumnGold.com LLC
DUNN Capital Management
World Monetary and Agriculture (WMA)
Report Start Date: Nov-1984 | End Date: Feb-2026
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Time Window Analysis
Length Best Average Worst
1 mo 31.6% 1.4% -30.7%
3 mo 80.8% 4.3% -45%
6 mo 114.9% 8% -45.8%
12 mo 128.9% 15.2% -44.3%
18 mo 165.6% 23.7% -48.3%
24 mo 268.6% 33.5% -47%
36 mo 371.5% 54.6% -52.9%
Drawdowns and Recoveries
Start End Drawdown Recovery
Mar-03Aug-10-60.26%36 mo
Mar-85Apr-87-49.76%19 mo
Oct-99Dec-00-44.26%3 mo
Jul-94Aug-95-35.08%8 mo
Apr-24n/a-31.22%8 mo
Feb-18Feb-22-30.48%39 mo
Drawdown Periods Since Nov 1984
Distribution of Monthly Returns
Statistical Comparisons DUNN Capital
World Monetary and Agriculture (WMA) 		AutumnGold
AG CTA Index
Remove		 S&P 500
SP 500 TR
Remove
Annualized Compound ROR (1)12.43%10.85%10.77%
Cumulative Return12,595.12%4,047.54%3,936.32%
Cumulative VAMI(7)126,95141,47540,363
Best Monthly Return31.63%18.24%12.82%
Worst Monthly Return-30.68%-8.04%-16.80%
Annual Standard Deviation31.47%9.28%14.70%
Profit Loss Ratio1.492.891.77
Correlation—0.07-0.03
Last Month6.46%2.00%-0.76%
Last 12 Months21.64%7.87%17.00%
Last 36 Months7.38%16.71%80.73%
Growth of $1,000 VAMI Comparison
Risk Disclaimer
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. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.
Paragon Global Markets, LLC
14 Wall Street - Suite 1625 * New York, NY 10005
Office: 646-937-6118 Email: info@paragonglobalmarkets.com | Web Address: http://www.paragonglobalmarkets.com
© 1997 - 2026 AutumnGold.com LLC
DUNN Capital Management
World Monetary and Agriculture (WMA)
Report Start Date: Nov-1984 | End Date: Feb-2026
Print to PDF
Accounting Notes

Track Record includes notional and proprietary funds including interest income, expenses and pro forma fees of 0% and 25%.

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 Friday April 3, 2026 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 Nov-1984 and Feb-2026
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.
Risk Disclaimer
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. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.
Paragon Global Markets, LLC
14 Wall Street - Suite 1625 * New York, NY 10005
Office: 646-937-6118 Email: info@paragonglobalmarkets.com | Web Address: http://www.paragonglobalmarkets.com
© 1997 - 2026 AutumnGold.com LLC