CTA Profiles Sweet Futures

Start Date: Jan-2021
Sep Return: -0.42%
YTD Return: -5.14%
Annual CROR: 9.09

Worst Drawdown: -8.02%
Losing Streak: -7.23 %
Sharpe Ratio: 0.69
Calmar Ratio: N/A

Min Investment: $500,000
Currency: US Dollar
Notional Funding: Yes
NFA Number: 0553782

Margin: 9%
Mgt Fee: 1.50%
Incentive Fee: 15.00%
Round Turns: 200

Trading Strategy: The Nova Discretionary Macro program (futures only) is a global macro strategy that seeks to profit by identifying valuation gaps and potential dislocations across asset classes. Positions are typically diversified across macro futures markets (stock indices, bonds, and currencies). The program is designed for investors seeking returns that are uncorrelated with equity and credit cycles. We aim to generate returns in both up and down markets independent of the performance of any one asset class. Risk Strategy: We actively employ and monitor both position and portfolio risk limits. Please inquire for more detail.

Accounting Notes: NOTES IN REGARDS TO THE EXTRACTED FUTURES-ONLY PRO-FORMA PERFORMANCE RESULTS:

1. This pro-forma, extracted track record represents the actual trading results achieved by Discretionary Macro Program: Futures Only (the "Strategy") currently managed by Nova Investment Strategies LP ("Nova").

2. For the period from inception through January 31, 2023, the pro-forma, extracted track record of the Strategy is based upon an actual client of Astra Ventures Investment Partners LLC ("Astra Ventures"), a registered commodity trading advisor owned by Stephen Buehler and jointly managed by Ed Lalanne and Stephen Buehler and was cleared at Interactive Brokers. The account is the trading strategy's first account and has been active since its inception. Thus, its profits and losses are representative of those experienced by subsequent accounts in the strategy. For the period from inception through January 31, 2023, all non-futures trades made by Astra Ventures pursuant to the Strategy have been excluded from the pro-forma track record. If the performance from trading securities by Astra Ventures had been included, the pro-forma performance during the period from inception through January 31, 2023, would have been approximately 1% lower than the pro-forma performance of the futures only track record of the Strategy. The AUM presented for the period from inception to January 31, 2023 is the AUM of this actual client account of Astra Ventures.

3. Effective as of January 31, 2023, Nova commenced the Strategy for an actual internal, proprietary account that exclusively trades in futures contracts. For the period commencing on February 1, 2023 through October 31, 2023, the performance and AUM presented are the actual performance results and AUM of this internal account as cleared at Archer Daniels Midland Investor Services. Nova is a registered commodity trading advisor jointly owned and managed by Ed Lalanne and Stephen Buehler.

4. For the period from November 1, 2023 onward, the performance and AUM presented are the actual blended performance results and AUM of Nova’s client accounts.

5. For all periods presented, this pro-forma track record includes and is presented net of a pro-forma management fee of 1.5% per annum, payable month in arrears, pro-form incentive fees of 15% payable quarter, all actual brokerage commissions, give-up fee, exchange fees, NFA fees and other transaction related fees and expenses.

Trading Methodology
100% Discretionary
Trading Style
100% Discretionary Global Macro

Style Sub-Categories

Holding Period
26% Long Term
26% Medium Term
41% Short Term
3% Intraday
Sector: Global
Contracts: Futures

Market Allocation
18% Stock Indices
24% Currencies
1% VIX
57% Other Markets

EXTRACTED FUTURES-ONLY PRO-FORMA PERFORMANCE RESULTS FOR ASTRA VENTURES STRATEGY ADJUSTED FOR A 1.5% MGT FEE AND A 15% INCENTIVE FEE.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2024	-2.77%	-1.09%	-0.34%	-0.54%	-0.54%	0.38%	-1.17%	1.28%	-0.42%				-5.14%	-5.94%
2023	-1.09%	2.23%	4.20%	-2.26%	-1.23%	-0.07%	1.44%	0.30%	1.61%	0.01%	-1.64%	-0.33%	3.05%	-3.53%
2022	4.49%	0.20%	9.01%	7.55%	-4.42%	3.70%	-5.29%	10.74%	9.99%	-0.02%	-5.04%	0.69%	34.18%	-6.13%
2021	-0.47%	3.09%	2.46%	1.99%	-2.27%	2.57%	0.69%	3.01%	-3.07%	-3.40%	-1.51%	2.75%	5.64%	-7.78%

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

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Track Record Prepared By: MJT TECHNOLOGIES LLC

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.