CTA Profiles Sweet Futures

Start Date: Apr-2017
Nov Return: -7.62%
YTD Return: 2.13%
Annual CROR: 0.31

Worst Drawdown: -30.28%
Losing Streak: -26.12 %
Sharpe Ratio: 0.02
Calmar Ratio: -0.06

Min Investment: $2,000,000
Currency: US Dollar
Notional Funding: Yes
NFA Number: 0410568

Margin: 5-10%
Mgt Fee: 2.00%
Incentive Fee: 20.00%
Round Turns: 250

Trading Strategy: The Advisor focuses on fundamental analysis of supply and demand to predict future Class III milk prices. In addition to USDA and NASS weekly and monthly reports, the Advisor has developed a network of individual dairy farmers across the country, commercial cheese operations and pit traders that help him come up with his bias on the market. The Advisor focuses on factors that affect the supply and demand of a particular commodity which are examined in order to predict future prices. For example, some of the fundamental factors affecting the supply of Class III milk include, milk production statistics, dairy cow slaughter numbers, cost of feed and weather. Fundamental factors affecting demand include commercial disappearance of dairy end-products, dairy exports, historic and seasonal patterns, and general U.S. and world economic conditions. In addition to USDA and NASS weekly and monthly reports, the Advisor has developed a network of individual dairy farmers across the country, commercial cheese operations and pit traders that help him come up with his bias on the market. Trade volume is expected to be quite low, since this is a trend-following approach. Positions are typically held several days, and even weeks to months are not uncommon. However, there may be times when trade volume increases for short periods, such as when positions are exited or reversed due to a sudden change in the trend. Like the Dairy Advantage program, the Institutional Dairy Advantage program primarily involves buying and selling Class III Milk futures, but due to its much larger minimum account size, it offers meaningful participation in other dairy futures contracts such as cheese, butter, dry whey and nonfat dry milk futures contracts on United States regulated exchanges. This larger minimum account size also allows it to trade further out into the futures curve, where there is less liquidity. The average amount of funds invested for margin purposes at one time will generally be approximately 5% to 10%. However, the percentage may be substantially higher or lower based upon current market conditions. The minimum account size is $2,000,000; however, the Advisor reserves the right to waive the minimum requirements on a case-by-case basis. Risk Strategy: N/A

Trading Methodology
100% Discretionary
Trading Style
100% Trend Following

Style Sub-Categories
Fundamental

Holding Period
45% Long Term
45% Medium Term
10% Short Term
Sector: US
Contracts: Futures

Market Allocation
100% Other Markets
Other Mkts: Dairy - Class III Mil Futures

Recent Performance - Start Date of Program April 2017

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2024	0.15%	-0.32%	-3.46%	0.87%	3.25%	-2.88%	6.26%	13.28%	4.46%	-9.81%	-7.62%		2.13%	-16.68%
2023	-3.81%	-0.32%	0.87%	-6.59%	-2.73%	-0.34%	5.27%	5.73%	-6.35%	-1.42%	0.00%	-0.12%	-10.12%	-12.42%
2022	3.51%	3.54%	6.53%	0.03%	1.88%	-4.47%	-13.52%	-0.01%	2.38%	-4.03%	0.76%	-1.58%	-6.35%	-19.51%
2021	-0.32%	1.11%	1.53%	1.41%	-4.04%	-3.42%	-1.22%	-0.10%	5.82%	2.75%	-0.26%	10.30%	13.52%	-8.54%
2020	-0.16%	-2.33%	-4.44%	-0.29%	8.39%	13.24%	1.09%	-6.44%	-1.57%	1.69%	-0.73%	-0.52%	6.61%	-7.91%
2019	-0.40%	-0.06%	0.74%	1.86%	0.69%	2.39%	-0.81%	-0.67%	3.12%	6.70%	1.68%	0.32%	16.45%	-1.47%
2018	0.04%	-0.66%	-0.15%	0.18%	0.17%	-4.65%	-1.36%	1.49%	-2.24%	-1.83%	-0.16%	-0.07%	-8.98%	-9.02%
2017				-0.12%	3.54%	-2.89%	0.88%	-5.73%	-1.41%	-0.89%	-0.97%	0.50%	-7.11%	-10.63%

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

Chart

Track Record Prepared By: Compliance Supervisors, Inc.

Footnotes:

(C) = Client Trading Results
(P) = Proprietary Trading Results
(P&C) = A Combination of Proprietary & Client Results.

Current Drawdown - The Current Losing Streak of the CTA, if any.

Worst Drawdown - The Worst Drawdown reflects the greatest loss from Inception. Worst Drawdown can be defined as the potential cost of higher return.

Annual Compound Rate of Return - The Annualized Compounded Rate of Return represents the average return of the CTA over the time frame of the report. It smoothes out returns by assuming constant growth.

Calmar Ratio - The Calmar Ratio - Calmar Ratio represents the historical amount gained for each dollar risked. A higher number is better. Unless otherwise denoted the Calmar Ratio is calculated by dividing the 36 month Compounded ROR by the 36 month Peak to Valley Drawdown. Traders with less than 36 months of data or a negative Calmar Ratio will be indicated by N/A.

Sharpe Ratio - The Sharpe Ratio is a risk-adjusted ratio that rewards consistency of returns. Traders are penalized for volatility regardless of whether it is on the up or downside. The Sharpe Ratios is calculated using a 1% risk-free rate of return.

Round Turns - Represents the annual number of Round Turns per $1 million.