Statistical Analysis Report

Report Start Date Report End Date

Trading Strategy: Discretionary / Metals

Program Description: The Vulcan Metals Strategy is a pure discretionary metals trading strategy managed by James Gallo, a NYMEX floor trader since 1987. Utilizing a global network of information on mining, usage, historical movements, and need, as well as proprietary research, the methodology is exacting yet flexible enough to capitalize on daily market irregularities. Vulcan trades a variety of metals including copper, gold, silver, platinum and palladium. Vulcan adapts to changing market conditions, the strategy employs intra-commodity spreads to yield additional low-risk returns.

Investment Information

Program Start Date	Jun-2016
Percent Discretionary	100%
Percent Systematic	0%
Minimum Investment	10,000,000
Management Fee	2.00%
Incentive Fee	20.00%
Margin	10%
Round Turns per Million	0
Currency	US Dollar
NFA No:	#0398233

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The Annual Rates of Return ("ROR") have been calculated by Adding Monthly Performance
Performance Since January 2020 See Accounting Notes

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2020	-0.80%	-0.95%	-1.00%	-0.84%	0.90%	0.39%	2.24%	-0.45%	-0.01%	0.02%	-0.70%	0.13%
2021	0.24%	-0.74%	0.31%	0.09%	0.67%	-0.31%	-1.31%	-0.15%	-0.25%	-0.33%	-1.29%	-0.06%
2022	-0.05%	-0.21%	-0.62%	0.23%	-0.89%	0.15%	2.14%	0.52%	-0.41%	-1.20%	-2.07%	-1.85%
2023	-2.55%	-0.13%	-2.69%	-0.87%	-0.42%	0.80%	-1.72%	-0.08%	7.59%	0.28%	-0.41%	4.02%
2024	1.86%	-0.92%	6.84%	2.52%	3.66%	-1.73%	-0.17%	-4.89%	3.05%

	2020	2021	2022	2023	2024
ROR	-1.07%	-3.13%	-4.26%	3.82%	10.22%

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 - Aug 2023)	-15.10%
Worst Monthly Return (Aug 2024)	-4.89%
Average Monthly Return	0.10%
Monthly Std. Deviation	2.02%
Gain Deviation (22 months gain)	2.15%
Loss Deviation (35 months loss)	0.99%
Gain to Loss Ratio	1.86

Annualized Statistics
Annualized Mean Return	1.21%
Standard Deviation	7.01%
Downside Deviation (3)	4.53%
Sharpe Ratio (4)	0.03
Gain Deviation	7.46%
Loss Deviation	3.42%
Profit Loss Ratio	1.17

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Accounting Notes: The Vulcan Metals Strategy is a pure discretionary metals trading strategy managed by James Gallo, a NYMEX floor trader since 1987. Utilizing a global network of information on mining, usage, historical movements, and need, as well as proprietary research, the methodology is exacting yet flexible enough to capitalize on daily market irregularities. Vulcan trades a variety of metals including copper, gold, silver, platinum and palladium. Vulcan adapts to changing market conditions, the strategy employs intra-commodity spreads to yield additional low-risk returns.

Statistical Notes
1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2020-01-31 to 2024-09-30. If the Start Date of this Report Predates the Inception of the Program (Jun 2016), 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.