Statistical Analysis Report

Report Start Date Report End Date

Trading Strategy: Fundamental / Livestock / Futures & Options

Program Description: The trading strategy attempts to identify optimal trading opportunities. The approach is primarily guided by observation of spreads within a particular market. It is the assumption of TCC that, by studying and investing in the spreads between contract months, commodities, and various commodity classes, an investor can earn substantial profits with acceptable risks. TCC believes that the spread markets provide numerous trading opportunities as speculators, hedgers, and commercial interests move commodity positions from one contract month, commodity, or commodity class to another. TCC may refine or change its trading approach (including enhancements or changes to the trading system or deletion of commodity interests traded) at any time without prior notice.

Investment Information

Program Start Date	Jun-2008
Percent Discretionary	100%
Percent Systematic	0%
Minimum Investment	200,000
Management Fee	2.00%
Incentive Fee	20.00%
Margin	20%
Round Turns per Million	2,500
Currency	US Dollars
NFA No:	#0382093

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The Annual Rates of Return ("ROR") have been calculated by Adding Monthly Performance
Please see Disclosure Document for Compounded Performance Data prior to January 2015. See Accounting Notes

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2020	-2.12%	1.75%	-2.61%	-1.00%	1.95%	1.37%	-0.04%	-1.83%	-1.11%	-1.60%	-0.07%	-1.75%
2021	0.96%	-1.04%	-0.54%	0.44%	-2.87%	2.26%	1.40%	1.09%	2.37%	0.40%	2.37%	-0.16%
2022	1.82%	-0.33%	3.12%	2.68%	1.09%	-0.29%	-5.52%	0.76%	1.49%	-0.40%	0.71%	1.29%
2023	1.71%	0.00%	0.04%	-0.38%	0.53%	0.38%	-2.90%	0.13%	-0.76%	-0.25%	1.21%	-0.12%
2024	1.57%	-1.03%	0.33%	0.67%

	2020	2021	2022	2023	2024
ROR	-7.05%	6.68%	6.42%	-0.41%	1.54%

Park Avenue Asset Management | Manhattan ~ New York City
Toll Free: (877) 611-PAAM | Local: (212) 600-2883 Email: [email protected] | Web Address: http://www.parkavenueassetmgt.com
© 1997 - 2025 AutumnGold.com LLC

Program Statistics
Peak-to-Valley Drawdown (1) (Jan 2020 - May 2021)	-9.80%
Worst Monthly Return (Jul 2022)	-5.52%
Average Monthly Return	0.14%
Monthly Std. Deviation	1.63%
Gain Deviation (29 months gain)	0.83%
Loss Deviation (23 months loss)	1.30%
Gain to Loss Ratio	0.99

Annualized Statistics
Annualized Mean Return	1.69%
Standard Deviation	5.66%
Downside Deviation (3)	4.82%
Sharpe Ratio (4)	0.12
Gain Deviation	2.88%
Loss Deviation	4.52%
Profit Loss Ratio	1.25

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Accounting Notes: Please see Disclosure Document for Compounded Performance Data prior to January 2015.

Statistical Notes
1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2020-01-31 to 2024-04-30. If the Start Date of this Report Predates the Inception of the Program (Jun 2008), the Maximum Drawdown from Inception may be larger than indicated in this report, 2. The Annualized Mean Return is calculated by annualizing the average monthly return, 3. Downside Deviation uses a 5% Minimum Acceptable ROR, 4. Sharpe Ratio uses a 1% Risk Free ROR

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.