Revolution Capital Management, LLC

Global Alpha Program

Monthly Performance (%)

Date Range: 05/07 - 01/23
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2023 0.31 -1.54   -1.23 
2022 0.92 -4.88 0.55 8.03 2.30 -1.00 -1.20 5.26 5.41 -1.66 -2.37 -1.30  9.70 
2021 -1.94 3.67 2.22 0.83 -5.02 -0.07 -3.58 -2.06 -1.17 1.56 -1.16 -2.39  -9.06 
2020 4.60 8.85 8.59 -0.04 0.35 -2.85 2.12 0.84 -1.56 -3.24 1.43 0.41  20.36 
2019 -0.09 0.01 -1.01 -0.79 2.98 4.34 -0.50 13.00 -3.95 -0.91 3.32 -3.26  12.78 
2018 10.72 -15.46 -0.12 -0.29 -1.13 2.06 0.06 -1.01 -1.47 0.71 -5.30 2.19  -10.53 
2017 -0.38 3.12 -3.23 -4.57 -3.14 -3.49 2.04 0.08 -0.58 7.71 -2.99 -0.23  -6.14 
2016 0.45 3.71 0.72 -0.14 -0.41 2.55 -0.19 -0.20 -1.92 -0.18 0.73 4.39  9.74 
2015 1.34 1.71 -4.09 -1.67 -1.95 6.37 -2.51 -2.17 3.73 0.14 2.19 -0.58  2.04 
2014 1.01 -1.47 -1.38 -3.86 0.08 2.44 -1.52 2.30 5.71 -3.06 3.11 -0.97  1.98 
2013 2.75 0.51 0.56 0.31 1.94 0.20 -1.56 0.53 1.25 1.53 1.32 1.70  11.54 
2012 -0.13 3.04 4.14 1.44 7.99 0.50 -0.73 0.67 0.12 0.54 -1.84 -0.04  16.45 
2011 3.06 -3.43 -1.99 -1.92 -1.88 0.09 1.19 0.36 0.75 1.44 -1.86 -1.01  -5.26 
2010 -7.49 4.94 4.71 6.23 0.76 1.43 1.83 2.65 3.68 5.92 -3.66 0.83  23.06 
2009 -1.27 0.04 -1.26 -1.42 -1.18 -1.11 -4.45 3.20 1.87 -1.85 3.07 -2.37  -6.79 
2008 5.33 3.42 -2.81 1.26 3.34 0.58 -0.11 -0.30 2.51 5.20 2.68 4.35  28.23 
2007 3.54 -6.17 -0.42 6.99 4.06 1.39 0.56  9.82 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Strategy Description

Revolution Capital Management's Alpha Program is a fully-diversified, short- to medium-term program that utilizes a multi-strategy pattern-recognition methodology. It targets a low long-term correlation to trend-following indices. Annual volatility is targeted to 12% based on daily returns. The Alpha Program balances its exposure fairly evenly across all market sectors, including grains, softs, and meats. Approximately 70% of Alpha's total risk allocation goes to stock indices, currencies, and fixed income, while the remainder is distributed across the various commodities (energies, metals, and agricultural products).

Performance Statistics

Date Range: 05/07 - 01/23
  Program S&P 500 Coquest 40 
Total Return 158.96% 278.65% 67.06% 
Annualized Return 6.26% 8.82% 3.31% 
Annualized Std. Deviation 11.46% 16.07% 8.73% 
Correlation -0.10 0.43 
Sharpe Ratio (rf=2.5%) 0.33 0.39 0.09 
Worst Month -15.46% -16.79% -6.10% 
Date of Worst Month 02/2018 10/2008 02/2018 
Worst Drawdown -20.92% -50.95% -15.74% 
Date of Worst Drawdown 1/18 - 11/18 10/07 - 2/09 4/11 - 9/13 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 05/07 - 01/23
Year or YTD Program S&P 500 Coquest 40 
2023 -1.23 3.69 -1.11 
2022 9.70 -18.10 17.65 
2021 -9.06 28.72 6.26 
2020 20.36 18.40 0.97 
2019 12.78 31.50 7.53 
2018 -10.53 -4.38 -4.29 
2017 -6.14 21.84 1.24 
2016 9.74 11.98 -3.13 
2015 2.04 1.41 0.09 
2014 1.98 13.69 15.75 
2013 11.54 32.41 -2.45 
2012 16.45 15.98 -4.75 
2011 -5.26 2.12 -3.23 
2010 23.06 15.06 11.33 
2009 -6.79 26.45 -7.98 
2008 28.23 -36.99 15.47 
2007 9.82 -3.00 3.88 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Performance Comparison

Date Range: 05/07 - 01/23
Date: 1/31/2023 Perf: $1,612.97 Date: 12/31/2022 Perf: $1,631.08 Date: 11/30/2022 Perf: $1,641.59 Date: 10/31/2022 Perf: $1,732.91 Date: 9/30/2022 Perf: $1,720.69 Date: 8/31/2022 Perf: $1,650.39 Date: 7/31/2022 Perf: $1,605.12 Date: 6/30/2022 Perf: $1,642.91 Date: 5/31/2022 Perf: $1,622.47 Date: 4/30/2022 Perf: $1,630.13 Date: 3/31/2022 Perf: $1,545.88 Date: 2/28/2022 Perf: $1,443.53 Date: 1/31/2022 Perf: $1,412.32 Date: 12/31/2021 Perf: $1,386.39 Date: 11/30/2021 Perf: $1,385.01 Date: 10/31/2021 Perf: $1,420.23 Date: 9/30/2021 Perf: $1,392.52 Date: 8/31/2021 Perf: $1,385.59 Date: 7/31/2021 Perf: $1,385.31 Date: 6/30/2021 Perf: $1,379.25 Date: 5/31/2021 Perf: $1,384.51 Date: 4/30/2021 Perf: $1,364.58 Date: 3/31/2021 Perf: $1,340.98 Date: 2/28/2021 Perf: $1,323.25 Date: 1/31/2021 Perf: $1,292.87 Date: 12/31/2020 Perf: $1,304.74 Date: 11/30/2020 Perf: $1,257.34 Date: 10/31/2020 Perf: $1,246.37 Date: 9/30/2020 Perf: $1,250.37 Date: 8/31/2020 Perf: $1,268.90 Date: 7/31/2020 Perf: $1,283.40 Date: 6/30/2020 Perf: $1,259.35 Date: 5/31/2020 Perf: $1,275.68 Date: 4/30/2020 Perf: $1,290.78 Date: 3/31/2020 Perf: $1,286.53 Date: 2/29/2020 Perf: $1,285.76 Date: 1/31/2020 Perf: $1,305.21 Date: 12/31/2019 Perf: $1,292.16 Date: 11/30/2019 Perf: $1,300.22 Date: 10/31/2019 Perf: $1,287.60 Date: 9/30/2019 Perf: $1,316.70 Date: 8/31/2019 Perf: $1,354.21 Date: 7/31/2019 Perf: $1,306.90 Date: 6/30/2019 Perf: $1,263.81 Date: 5/31/2019 Perf: $1,239.03 Date: 4/30/2019 Perf: $1,263.80 Date: 3/31/2019 Perf: $1,229.97 Date: 2/28/2019 Perf: $1,187.35 Date: 1/31/2019 Perf: $1,179.80 Date: 12/31/2018 Perf: $1,201.67 Date: 11/30/2018 Perf: $1,196.64 Date: 10/31/2018 Perf: $1,211.17 Date: 9/30/2018 Perf: $1,241.85 Date: 8/31/2018 Perf: $1,247.46 Date: 7/31/2018 Perf: $1,216.44 Date: 6/30/2018 Perf: $1,225.63 Date: 5/31/2018 Perf: $1,215.42 Date: 4/30/2018 Perf: $1,231.31 Date: 3/31/2018 Perf: $1,218.15 Date: 2/28/2018 Perf: $1,219.25 Date: 1/31/2018 Perf: $1,298.46 Date: 12/31/2017 Perf: $1,255.52 Date: 11/30/2017 Perf: $1,241.98 Date: 10/31/2017 Perf: $1,240.37 Date: 9/30/2017 Perf: $1,190.49 Date: 8/31/2017 Perf: $1,216.15 Date: 7/31/2017 Perf: $1,196.29 Date: 6/30/2017 Perf: $1,191.64 Date: 5/31/2017 Perf: $1,227.48 Date: 4/30/2017 Perf: $1,225.15 Date: 3/31/2017 Perf: $1,232.55 Date: 2/28/2017 Perf: $1,250.81 Date: 1/31/2017 Perf: $1,224.13 Date: 12/31/2016 Perf: $1,240.12 Date: 11/30/2016 Perf: $1,230.77 Date: 10/31/2016 Perf: $1,244.46 Date: 9/30/2016 Perf: $1,277.42 Date: 8/31/2016 Perf: $1,294.11 Date: 7/31/2016 Perf: $1,329.88 Date: 6/30/2016 Perf: $1,316.46 Date: 5/31/2016 Perf: $1,262.79 Date: 4/30/2016 Perf: $1,285.28 Date: 3/31/2016 Perf: $1,318.37 Date: 2/29/2016 Perf: $1,357.33 Date: 1/31/2016 Perf: $1,324.74 Date: 12/31/2015 Perf: $1,280.19 Date: 11/30/2015 Perf: $1,310.33 Date: 10/31/2015 Perf: $1,267.12 Date: 9/30/2015 Perf: $1,289.55 Date: 8/31/2015 Perf: $1,262.17 Date: 7/31/2015 Perf: $1,284.39 Date: 6/30/2015 Perf: $1,236.06 Date: 5/31/2015 Perf: $1,303.86 Date: 4/30/2015 Perf: $1,313.31 Date: 3/31/2015 Perf: $1,366.04 Date: 2/28/2015 Perf: $1,336.50 Date: 1/31/2015 Perf: $1,338.65 Date: 12/31/2014 Perf: $1,279.04 Date: 11/30/2014 Perf: $1,256.92 Date: 10/31/2014 Perf: $1,186.33 Date: 9/30/2014 Perf: $1,169.15 Date: 8/31/2014 Perf: $1,151.98 Date: 7/31/2014 Perf: $1,105.23 Date: 6/30/2014 Perf: $1,114.15 Date: 5/31/2014 Perf: $1,104.65 Date: 4/30/2014 Perf: $1,077.07 Date: 3/31/2014 Perf: $1,068.95 Date: 2/28/2014 Perf: $1,085.01 Date: 1/31/2014 Perf: $1,076.18 Date: 12/31/2013 Perf: $1,105.02 Date: 11/30/2013 Perf: $1,106.57 Date: 10/31/2013 Perf: $1,086.90 Date: 9/30/2013 Perf: $1,062.57 Date: 8/31/2013 Perf: $1,068.98 Date: 7/31/2013 Perf: $1,089.91 Date: 6/30/2013 Perf: $1,099.47 Date: 5/31/2013 Perf: $1,142.78 Date: 4/30/2013 Perf: $1,194.13 Date: 3/31/2013 Perf: $1,164.10 Date: 2/28/2013 Perf: $1,147.57 Date: 1/31/2013 Perf: $1,154.27 Date: 12/31/2012 Perf: $1,132.74 Date: 11/30/2012 Perf: $1,127.22 Date: 10/31/2012 Perf: $1,124.07 Date: 9/30/2012 Perf: $1,166.29 Date: 8/31/2012 Perf: $1,185.86 Date: 7/31/2012 Perf: $1,202.21 Date: 6/30/2012 Perf: $1,154.97 Date: 5/31/2012 Perf: $1,200.10 Date: 4/30/2012 Perf: $1,177.72 Date: 3/31/2012 Perf: $1,170.69 Date: 2/29/2012 Perf: $1,197.89 Date: 1/31/2012 Perf: $1,193.00 Date: 12/31/2011 Perf: $1,189.19 Date: 11/30/2011 Perf: $1,177.88 Date: 10/31/2011 Perf: $1,174.36 Date: 9/30/2011 Perf: $1,222.78 Date: 8/31/2011 Perf: $1,223.52 Date: 7/31/2011 Perf: $1,225.97 Date: 6/30/2011 Perf: $1,183.48 Date: 5/31/2011 Perf: $1,215.07 Date: 4/30/2011 Perf: $1,261.10 Date: 3/31/2011 Perf: $1,213.77 Date: 2/28/2011 Perf: $1,232.63 Date: 1/31/2011 Perf: $1,212.02 Date: 12/31/2010 Perf: $1,228.86 Date: 11/30/2010 Perf: $1,178.31 Date: 10/31/2010 Perf: $1,221.55 Date: 9/30/2010 Perf: $1,175.92 Date: 8/31/2010 Perf: $1,154.90 Date: 7/31/2010 Perf: $1,108.99 Date: 6/30/2010 Perf: $1,123.49 Date: 5/31/2010 Perf: $1,119.23 Date: 4/30/2010 Perf: $1,146.99 Date: 3/31/2010 Perf: $1,129.59 Date: 2/28/2010 Perf: $1,086.46 Date: 1/31/2010 Perf: $1,076.34 Date: 12/31/2009 Perf: $1,103.83 Date: 11/30/2009 Perf: $1,149.82 Date: 10/31/2009 Perf: $1,105.28 Date: 9/30/2009 Perf: $1,134.32 Date: 8/31/2009 Perf: $1,107.95 Date: 7/31/2009 Perf: $1,104.30 Date: 6/30/2009 Perf: $1,105.52 Date: 5/31/2009 Perf: $1,135.73 Date: 4/30/2009 Perf: $1,120.27 Date: 3/31/2009 Perf: $1,158.14 Date: 2/28/2009 Perf: $1,191.14 Date: 1/31/2009 Perf: $1,191.73 Date: 12/31/2008 Perf: $1,199.53 Date: 11/30/2008 Perf: $1,169.47 Date: 10/31/2008 Perf: $1,128.07 Date: 9/30/2008 Perf: $1,072.82 Date: 8/31/2008 Perf: $1,070.57 Date: 7/31/2008 Perf: $1,099.94 Date: 6/30/2008 Perf: $1,152.86 Date: 5/31/2008 Perf: $1,122.88 Date: 4/30/2008 Perf: $1,100.21 Date: 3/31/2008 Perf: $1,113.01 Date: 2/29/2008 Perf: $1,117.93 Date: 1/31/2008 Perf: $1,057.75 Date: 12/31/2007 Perf: $1,038.84 Date: 11/30/2007 Perf: $1,041.24 Date: 10/31/2007 Perf: $1,048.05 Date: 9/30/2007 Perf: $1,004.74 Date: 8/31/2007 Perf: $959.91 Date: 7/31/2007 Perf: $997.11 Date: 6/30/2007 Perf: $1,028.90 Date: 5/31/2007 Perf: $1,000.00 Date: 2/28/2023 Perf: $3,569.52 Date: 1/31/2023 Perf: $3,658.80 Date: 12/31/2022 Perf: $3,442.60 Date: 11/30/2022 Perf: $3,653.01 Date: 10/31/2022 Perf: $3,459.62 Date: 9/30/2022 Perf: $3,200.39 Date: 8/31/2022 Perf: $3,525.05 Date: 7/31/2022 Perf: $3,674.99 Date: 6/30/2022 Perf: $3,364.76 Date: 5/31/2022 Perf: $3,667.31 Date: 4/30/2022 Perf: $3,660.72 Date: 3/31/2022 Perf: $4,010.43 Date: 2/28/2022 Perf: $3,866.96 Date: 1/31/2022 Perf: $3,986.15 Date: 12/31/2021 Perf: $4,203.47 Date: 11/30/2021 Perf: $4,023.23 Date: 10/31/2021 Perf: $4,051.18 Date: 9/30/2021 Perf: $3,785.80 Date: 8/31/2021 Perf: $3,970.42 Date: 7/31/2021 Perf: $3,853.28 Date: 6/30/2021 Perf: $3,763.71 Date: 5/31/2021 Perf: $3,678.01 Date: 4/30/2021 Perf: $3,652.44 Date: 3/31/2021 Perf: $3,467.29 Date: 2/28/2021 Perf: $3,321.79 Date: 1/31/2021 Perf: $3,232.57 Date: 12/31/2020 Perf: $3,265.56 Date: 11/30/2020 Perf: $3,144.80 Date: 10/31/2020 Perf: $2,834.43 Date: 9/30/2020 Perf: $2,911.88 Date: 8/31/2020 Perf: $3,026.91 Date: 7/31/2020 Perf: $2,823.87 Date: 6/30/2020 Perf: $2,673.11 Date: 5/31/2020 Perf: $2,620.95 Date: 4/30/2020 Perf: $2,501.86 Date: 3/31/2020 Perf: $2,217.57 Date: 2/29/2020 Perf: $2,530.03 Date: 1/31/2020 Perf: $2,756.92 Date: 12/31/2019 Perf: $2,758.02 Date: 11/30/2019 Perf: $2,677.17 Date: 10/31/2019 Perf: $2,583.40 Date: 9/30/2019 Perf: $2,528.53 Date: 8/31/2019 Perf: $2,482.11 Date: 7/31/2019 Perf: $2,521.96 Date: 6/30/2019 Perf: $2,486.16 Date: 5/31/2019 Perf: $2,322.43 Date: 4/30/2019 Perf: $2,479.90 Date: 3/31/2019 Perf: $2,383.37 Date: 2/28/2019 Perf: $2,338.02 Date: 1/31/2019 Perf: $2,265.30 Date: 12/31/2018 Perf: $2,097.31 Date: 11/30/2018 Perf: $2,305.49 Date: 10/31/2018 Perf: $2,259.40 Date: 9/30/2018 Perf: $2,425.29 Date: 8/31/2018 Perf: $2,411.54 Date: 7/31/2018 Perf: $2,335.41 Date: 6/30/2018 Perf: $2,251.65 Date: 5/31/2018 Perf: $2,237.77 Date: 4/30/2018 Perf: $2,185.11 Date: 3/31/2018 Perf: $2,176.84 Date: 2/28/2018 Perf: $2,233.57 Date: 1/31/2018 Perf: $2,319.15 Date: 12/31/2017 Perf: $2,193.46 Date: 11/30/2017 Perf: $2,169.38 Date: 10/31/2017 Perf: $2,104.77 Date: 9/30/2017 Perf: $2,056.84 Date: 8/31/2017 Perf: $2,015.33 Date: 7/31/2017 Perf: $2,009.10 Date: 6/30/2017 Perf: $1,968.55 Date: 5/31/2017 Perf: $1,956.42 Date: 4/30/2017 Perf: $1,929.22 Date: 3/31/2017 Perf: $1,909.55 Date: 2/28/2017 Perf: $1,907.26 Date: 1/31/2017 Perf: $1,834.43 Date: 12/31/2016 Perf: $1,800.23 Date: 11/30/2016 Perf: $1,765.28 Date: 10/31/2016 Perf: $1,702.29 Date: 9/30/2016 Perf: $1,733.85 Date: 8/31/2016 Perf: $1,733.50 Date: 7/31/2016 Perf: $1,731.08 Date: 6/30/2016 Perf: $1,669.47 Date: 5/31/2016 Perf: $1,665.14 Date: 4/30/2016 Perf: $1,635.70 Date: 3/31/2016 Perf: $1,629.35 Date: 2/29/2016 Perf: $1,525.89 Date: 1/31/2016 Perf: $1,527.88 Date: 12/31/2015 Perf: $1,607.61 Date: 11/30/2015 Perf: $1,633.42 Date: 10/31/2015 Perf: $1,628.54 Date: 9/30/2015 Perf: $1,501.79 Date: 8/31/2015 Perf: $1,539.82 Date: 7/31/2015 Perf: $1,638.63 Date: 6/30/2015 Perf: $1,604.93 Date: 5/31/2015 Perf: $1,636.68 Date: 4/30/2015 Perf: $1,615.83 Date: 3/31/2015 Perf: $1,600.47 Date: 2/28/2015 Perf: $1,626.16 Date: 1/31/2015 Perf: $1,537.74 Date: 12/31/2014 Perf: $1,585.30 Date: 11/30/2014 Perf: $1,589.27 Date: 10/31/2014 Perf: $1,547.64 Date: 9/30/2014 Perf: $1,510.78 Date: 8/31/2014 Perf: $1,532.23 Date: 7/31/2014 Perf: $1,473.30 Date: 6/30/2014 Perf: $1,493.92 Date: 5/31/2014 Perf: $1,463.62 Date: 4/30/2014 Perf: $1,430.01 Date: 3/31/2014 Perf: $1,419.51 Date: 2/28/2014 Perf: $1,407.68 Date: 1/31/2014 Perf: $1,346.16 Date: 12/31/2013 Perf: $1,394.41 Date: 11/30/2013 Perf: $1,360.00 Date: 10/31/2013 Perf: $1,319.75 Date: 9/30/2013 Perf: $1,261.71 Date: 8/31/2013 Perf: $1,223.30 Date: 7/31/2013 Perf: $1,259.84 Date: 6/30/2013 Perf: $1,198.82 Date: 5/31/2013 Perf: $1,215.10 Date: 4/30/2013 Perf: $1,187.31 Date: 3/31/2013 Perf: $1,164.83 Date: 2/28/2013 Perf: $1,122.73 Date: 1/31/2013 Perf: $1,107.67 Date: 12/31/2012 Perf: $1,053.12 Date: 11/30/2012 Perf: $1,043.62 Date: 10/31/2012 Perf: $1,037.60 Date: 9/30/2012 Perf: $1,057.16 Date: 8/31/2012 Perf: $1,030.57 Date: 7/31/2012 Perf: $1,007.89 Date: 6/30/2012 Perf: $994.07 Date: 5/31/2012 Perf: $954.74 Date: 4/30/2012 Perf: $1,015.79 Date: 3/31/2012 Perf: $1,022.23 Date: 2/29/2012 Perf: $989.67 Date: 1/31/2012 Perf: $948.68 Date: 12/31/2011 Perf: $908.01 Date: 11/30/2011 Perf: $898.84 Date: 10/31/2011 Perf: $900.82 Date: 9/30/2011 Perf: $812.06 Date: 8/31/2011 Perf: $873.47 Date: 7/31/2011 Perf: $923.62 Date: 6/30/2011 Perf: $942.76 Date: 5/31/2011 Perf: $958.77 Date: 4/30/2011 Perf: $969.73 Date: 3/31/2011 Perf: $941.85 Date: 2/28/2011 Perf: $941.47 Date: 1/31/2011 Perf: $910.25 Date: 12/31/2010 Perf: $889.18 Date: 11/30/2010 Perf: $833.50 Date: 10/31/2010 Perf: $833.41 Date: 9/30/2010 Perf: $802.83 Date: 8/31/2010 Perf: $737.08 Date: 7/31/2010 Perf: $771.89 Date: 6/30/2010 Perf: $721.33 Date: 5/31/2010 Perf: $761.13 Date: 4/30/2010 Perf: $827.23 Date: 3/31/2010 Perf: $814.36 Date: 2/28/2010 Perf: $768.05 Date: 1/31/2010 Perf: $744.96 Date: 12/31/2009 Perf: $772.78 Date: 11/30/2009 Perf: $758.14 Date: 10/31/2009 Perf: $715.23 Date: 9/30/2009 Perf: $728.78 Date: 8/31/2009 Perf: $702.58 Date: 7/31/2009 Perf: $678.10 Date: 6/30/2009 Perf: $630.44 Date: 5/31/2009 Perf: $629.18 Date: 4/30/2009 Perf: $595.87 Date: 3/31/2009 Perf: $543.83 Date: 2/28/2009 Perf: $500.02 Date: 1/31/2009 Perf: $559.62 Date: 12/31/2008 Perf: $611.14 Date: 11/30/2008 Perf: $604.73 Date: 10/31/2008 Perf: $651.51 Date: 9/30/2008 Perf: $782.97 Date: 8/31/2008 Perf: $859.56 Date: 7/31/2008 Perf: $847.27 Date: 6/30/2008 Perf: $854.45 Date: 5/31/2008 Perf: $933.11 Date: 4/30/2008 Perf: $921.14 Date: 3/31/2008 Perf: $878.36 Date: 2/29/2008 Perf: $882.16 Date: 1/31/2008 Perf: $911.79 Date: 12/31/2007 Perf: $969.99 Date: 11/30/2007 Perf: $976.73 Date: 10/31/2007 Perf: $1,019.34 Date: 9/30/2007 Perf: $1,003.38 Date: 8/31/2007 Perf: $967.21 Date: 7/31/2007 Perf: $952.91 Date: 6/30/2007 Perf: $983.40 Date: 5/31/2007 Perf: $1,000.00 Date: 2/28/2023 Perf: $2,549.73 Date: 1/31/2023 Perf: $2,589.61 Date: 12/31/2022 Perf: $2,581.61 Date: 11/30/2022 Perf: $2,615.61 Date: 10/31/2022 Perf: $2,679.10 Date: 9/30/2022 Perf: $2,724.33 Date: 8/31/2022 Perf: $2,584.51 Date: 7/31/2022 Perf: $2,455.35 Date: 6/30/2022 Perf: $2,485.18 Date: 5/31/2022 Perf: $2,510.28 Date: 4/30/2022 Perf: $2,453.84 Date: 3/31/2022 Perf: $2,271.44 Date: 2/28/2022 Perf: $2,259.02 Date: 1/31/2022 Perf: $2,374.92 Date: 12/31/2021 Perf: $2,353.27 Date: 11/30/2021 Perf: $2,410.89 Date: 10/31/2021 Perf: $2,439.18 Date: 9/30/2021 Perf: $2,401.71 Date: 8/31/2021 Perf: $2,430.15 Date: 7/31/2021 Perf: $2,481.26 Date: 6/30/2021 Perf: $2,573.39 Date: 5/31/2021 Perf: $2,575.19 Date: 4/30/2021 Perf: $2,711.30 Date: 3/31/2021 Perf: $2,688.98 Date: 2/28/2021 Perf: $2,630.58 Date: 1/31/2021 Perf: $2,537.46 Date: 12/31/2020 Perf: $2,587.66 Date: 11/30/2020 Perf: $2,577.09 Date: 10/31/2020 Perf: $2,540.76 Date: 9/30/2020 Perf: $2,625.83 Date: 8/31/2020 Perf: $2,667.45 Date: 7/31/2020 Perf: $2,645.23 Date: 6/30/2020 Perf: $2,590.31 Date: 5/31/2020 Perf: $2,666.30 Date: 4/30/2020 Perf: $2,657.00 Date: 3/31/2020 Perf: $2,658.06 Date: 2/29/2020 Perf: $2,447.80 Date: 1/31/2020 Perf: $2,248.78 Date: 12/31/2019 Perf: $2,149.89 Date: 11/30/2019 Perf: $2,222.34 Date: 10/31/2019 Perf: $2,150.92 Date: 9/30/2019 Perf: $2,170.68 Date: 8/31/2019 Perf: $2,259.95 Date: 7/31/2019 Perf: $1,999.95 Date: 6/30/2019 Perf: $2,010.00 Date: 5/31/2019 Perf: $1,926.40 Date: 4/30/2019 Perf: $1,870.65 Date: 3/31/2019 Perf: $1,885.55 Date: 2/28/2019 Perf: $1,904.78 Date: 1/31/2019 Perf: $1,904.59 Date: 12/31/2018 Perf: $1,906.31 Date: 11/30/2018 Perf: $1,865.46 Date: 10/31/2018 Perf: $1,969.86 Date: 9/30/2018 Perf: $1,955.97 Date: 8/31/2018 Perf: $1,985.15 Date: 7/31/2018 Perf: $2,005.41 Date: 6/30/2018 Perf: $2,004.21 Date: 5/31/2018 Perf: $1,963.75 Date: 4/30/2018 Perf: $1,986.20 Date: 3/31/2018 Perf: $1,991.97 Date: 2/28/2018 Perf: $1,994.37 Date: 1/31/2018 Perf: $2,359.08 Date: 12/31/2017 Perf: $2,130.67 Date: 11/30/2017 Perf: $2,135.58 Date: 10/31/2017 Perf: $2,201.41 Date: 9/30/2017 Perf: $2,043.83 Date: 8/31/2017 Perf: $2,055.75 Date: 7/31/2017 Perf: $2,054.11 Date: 6/30/2017 Perf: $2,013.04 Date: 5/31/2017 Perf: $2,085.84 Date: 4/30/2017 Perf: $2,153.45 Date: 3/31/2017 Perf: $2,256.58 Date: 2/28/2017 Perf: $2,331.90 Date: 1/31/2017 Perf: $2,261.35 Date: 12/31/2016 Perf: $2,269.97 Date: 11/30/2016 Perf: $2,174.51 Date: 10/31/2016 Perf: $2,158.75 Date: 9/30/2016 Perf: $2,162.65 Date: 8/31/2016 Perf: $2,204.98 Date: 7/31/2016 Perf: $2,209.40 Date: 6/30/2016 Perf: $2,213.61 Date: 5/31/2016 Perf: $2,158.56 Date: 4/30/2016 Perf: $2,167.45 Date: 3/31/2016 Perf: $2,170.49 Date: 2/29/2016 Perf: $2,154.97 Date: 1/31/2016 Perf: $2,077.88 Date: 12/31/2015 Perf: $2,068.57 Date: 11/30/2015 Perf: $2,080.64 Date: 10/31/2015 Perf: $2,036.05 Date: 9/30/2015 Perf: $2,033.21 Date: 8/31/2015 Perf: $1,960.09 Date: 7/31/2015 Perf: $2,003.57 Date: 6/30/2015 Perf: $2,055.16 Date: 5/31/2015 Perf: $1,932.08 Date: 4/30/2015 Perf: $1,970.51 Date: 3/31/2015 Perf: $2,003.97 Date: 2/28/2015 Perf: $2,089.43 Date: 1/31/2015 Perf: $2,054.30 Date: 12/31/2014 Perf: $2,027.14 Date: 11/30/2014 Perf: $2,047.00 Date: 10/31/2014 Perf: $1,985.25 Date: 9/30/2014 Perf: $2,047.92 Date: 8/31/2014 Perf: $1,937.30 Date: 7/31/2014 Perf: $1,893.74 Date: 6/30/2014 Perf: $1,922.97 Date: 5/31/2014 Perf: $1,877.17 Date: 4/30/2014 Perf: $1,875.67 Date: 3/31/2014 Perf: $1,950.98 Date: 2/28/2014 Perf: $1,978.28 Date: 1/31/2014 Perf: $2,007.79 Date: 12/31/2013 Perf: $1,987.72 Date: 11/30/2013 Perf: $1,954.49 Date: 10/31/2013 Perf: $1,929.03 Date: 9/30/2013 Perf: $1,899.96 Date: 8/31/2013 Perf: $1,876.50 Date: 7/31/2013 Perf: $1,866.61 Date: 6/30/2013 Perf: $1,896.19 Date: 5/31/2013 Perf: $1,892.40 Date: 4/30/2013 Perf: $1,856.39 Date: 3/31/2013 Perf: $1,850.65 Date: 2/28/2013 Perf: $1,840.35 Date: 1/31/2013 Perf: $1,831.01 Date: 12/31/2012 Perf: $1,782.00 Date: 11/30/2012 Perf: $1,782.72 Date: 10/31/2012 Perf: $1,816.13 Date: 9/30/2012 Perf: $1,806.38 Date: 8/31/2012 Perf: $1,804.21 Date: 7/31/2012 Perf: $1,792.21 Date: 6/30/2012 Perf: $1,805.39 Date: 5/31/2012 Perf: $1,796.40 Date: 4/30/2012 Perf: $1,663.49 Date: 3/31/2012 Perf: $1,639.88 Date: 2/29/2012 Perf: $1,574.68 Date: 1/31/2012 Perf: $1,528.23 Date: 12/31/2011 Perf: $1,530.22 Date: 11/30/2011 Perf: $1,545.83 Date: 10/31/2011 Perf: $1,575.13 Date: 9/30/2011 Perf: $1,552.77 Date: 8/31/2011 Perf: $1,541.21 Date: 7/31/2011 Perf: $1,535.68 Date: 6/30/2011 Perf: $1,517.62 Date: 5/31/2011 Perf: $1,516.25 Date: 4/30/2011 Perf: $1,545.31 Date: 3/31/2011 Perf: $1,575.56 Date: 2/28/2011 Perf: $1,607.55 Date: 1/31/2011 Perf: $1,664.64 Date: 12/31/2010 Perf: $1,615.22 Date: 11/30/2010 Perf: $1,601.92 Date: 10/31/2010 Perf: $1,662.78 Date: 9/30/2010 Perf: $1,569.85 Date: 8/31/2010 Perf: $1,514.13 Date: 7/31/2010 Perf: $1,475.04 Date: 6/30/2010 Perf: $1,448.53 Date: 5/31/2010 Perf: $1,428.11 Date: 4/30/2010 Perf: $1,417.34 Date: 3/31/2010 Perf: $1,334.21 Date: 2/28/2010 Perf: $1,274.20 Date: 1/31/2010 Perf: $1,214.22 Date: 12/31/2009 Perf: $1,312.53 Date: 11/30/2009 Perf: $1,344.39 Date: 10/31/2009 Perf: $1,304.34 Date: 9/30/2009 Perf: $1,328.93 Date: 8/31/2009 Perf: $1,304.53 Date: 7/31/2009 Perf: $1,264.08 Date: 6/30/2009 Perf: $1,322.95 Date: 5/31/2009 Perf: $1,337.80 Date: 4/30/2009 Perf: $1,353.78 Date: 3/31/2009 Perf: $1,373.28 Date: 2/28/2009 Perf: $1,390.80 Date: 1/31/2009 Perf: $1,390.25 Date: 12/31/2008 Perf: $1,408.13 Date: 11/30/2008 Perf: $1,349.43 Date: 10/31/2008 Perf: $1,314.21 Date: 9/30/2008 Perf: $1,249.25 Date: 8/31/2008 Perf: $1,218.66 Date: 7/31/2008 Perf: $1,222.33 Date: 6/30/2008 Perf: $1,223.67 Date: 5/31/2008 Perf: $1,216.62 Date: 4/30/2008 Perf: $1,177.30 Date: 3/31/2008 Perf: $1,162.65 Date: 2/29/2008 Perf: $1,196.26 Date: 1/31/2008 Perf: $1,156.70 Date: 12/31/2007 Perf: $1,098.17 Date: 11/30/2007 Perf: $1,092.05 Date: 10/31/2007 Perf: $1,077.08 Date: 9/30/2007 Perf: $1,035.06 Date: 8/31/2007 Perf: $967.44 Date: 7/31/2007 Perf: $971.52 Date: 6/30/2007 Perf: $1,035.40 Date: 5/31/2007 Perf: $1,000.00

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Monthly Returns

Date Range: 05/07 - 01/23
Date: 2/28/2023 Return: -1.54 % Date: 1/31/2023 Return: 0.31 % Date: 12/31/2022 Return: -1.30 % Date: 11/30/2022 Return: -2.37 % Date: 10/31/2022 Return: -1.66 % Date: 9/30/2022 Return: 5.41 % Date: 8/31/2022 Return: 5.26 % Date: 7/31/2022 Return: -1.20 % Date: 6/30/2022 Return: -1.00 % Date: 5/31/2022 Return: 2.30 % Date: 4/30/2022 Return: 8.03 % Date: 3/31/2022 Return: 0.55 % Date: 2/28/2022 Return: -4.88 % Date: 1/31/2022 Return: 0.92 % Date: 12/31/2021 Return: -2.39 % Date: 11/30/2021 Return: -1.16 % Date: 10/31/2021 Return: 1.56 % Date: 9/30/2021 Return: -1.17 % Date: 8/31/2021 Return: -2.06 % Date: 7/31/2021 Return: -3.58 % Date: 6/30/2021 Return: -0.07 % Date: 5/31/2021 Return: -5.02 % Date: 4/30/2021 Return: 0.83 % Date: 3/31/2021 Return: 2.22 % Date: 2/28/2021 Return: 3.67 % Date: 1/31/2021 Return: -1.94 % Date: 12/31/2020 Return: 0.41 % Date: 11/30/2020 Return: 1.43 % Date: 10/31/2020 Return: -3.24 % Date: 9/30/2020 Return: -1.56 % Date: 8/31/2020 Return: 0.84 % Date: 7/31/2020 Return: 2.12 % Date: 6/30/2020 Return: -2.85 % Date: 5/31/2020 Return: 0.35 % Date: 4/30/2020 Return: -0.04 % Date: 3/31/2020 Return: 8.59 % Date: 2/29/2020 Return: 8.85 % Date: 1/31/2020 Return: 4.60 % Date: 12/31/2019 Return: -3.26 % Date: 11/30/2019 Return: 3.32 % Date: 10/31/2019 Return: -0.91 % Date: 9/30/2019 Return: -3.95 % Date: 8/31/2019 Return: 13.00 % Date: 7/31/2019 Return: -0.50 % Date: 6/30/2019 Return: 4.34 % Date: 5/31/2019 Return: 2.98 % Date: 4/30/2019 Return: -0.79 % Date: 3/31/2019 Return: -1.01 % Date: 2/28/2019 Return: 0.01 % Date: 1/31/2019 Return: -0.09 % Date: 12/31/2018 Return: 2.19 % Date: 11/30/2018 Return: -5.30 % Date: 10/31/2018 Return: 0.71 % Date: 9/30/2018 Return: -1.47 % Date: 8/31/2018 Return: -1.01 % Date: 7/31/2018 Return: 0.06 % Date: 6/30/2018 Return: 2.06 % Date: 5/31/2018 Return: -1.13 % Date: 4/30/2018 Return: -0.29 % Date: 3/31/2018 Return: -0.12 % Date: 2/28/2018 Return: -15.46 % Date: 1/31/2018 Return: 10.72 % Date: 12/31/2017 Return: -0.23 % Date: 11/30/2017 Return: -2.99 % Date: 10/31/2017 Return: 7.71 % Date: 9/30/2017 Return: -0.58 % Date: 8/31/2017 Return: 0.08 % Date: 7/31/2017 Return: 2.04 % Date: 6/30/2017 Return: -3.49 % Date: 5/31/2017 Return: -3.14 % Date: 4/30/2017 Return: -4.57 % Date: 3/31/2017 Return: -3.23 % Date: 2/28/2017 Return: 3.12 % Date: 1/31/2017 Return: -0.38 % Date: 12/31/2016 Return: 4.39 % Date: 11/30/2016 Return: 0.73 % Date: 10/31/2016 Return: -0.18 % Date: 9/30/2016 Return: -1.92 % Date: 8/31/2016 Return: -0.20 % Date: 7/31/2016 Return: -0.19 % Date: 6/30/2016 Return: 2.55 % Date: 5/31/2016 Return: -0.41 % Date: 4/30/2016 Return: -0.14 % Date: 3/31/2016 Return: 0.72 % Date: 2/29/2016 Return: 3.71 % Date: 1/31/2016 Return: 0.45 % Date: 12/31/2015 Return: -0.58 % Date: 11/30/2015 Return: 2.19 % Date: 10/31/2015 Return: 0.14 % Date: 9/30/2015 Return: 3.73 % Date: 8/31/2015 Return: -2.17 % Date: 7/31/2015 Return: -2.51 % Date: 6/30/2015 Return: 6.37 % Date: 5/31/2015 Return: -1.95 % Date: 4/30/2015 Return: -1.67 % Date: 3/31/2015 Return: -4.09 % Date: 2/28/2015 Return: 1.71 % Date: 1/31/2015 Return: 1.34 % Date: 12/31/2014 Return: -0.97 % Date: 11/30/2014 Return: 3.11 % Date: 10/31/2014 Return: -3.06 % Date: 9/30/2014 Return: 5.71 % Date: 8/31/2014 Return: 2.30 % Date: 7/31/2014 Return: -1.52 % Date: 6/30/2014 Return: 2.44 % Date: 5/31/2014 Return: 0.08 % Date: 4/30/2014 Return: -3.86 % Date: 3/31/2014 Return: -1.38 % Date: 2/28/2014 Return: -1.47 % Date: 1/31/2014 Return: 1.01 % Date: 12/31/2013 Return: 1.70 % Date: 11/30/2013 Return: 1.32 % Date: 10/31/2013 Return: 1.53 % Date: 9/30/2013 Return: 1.25 % Date: 8/31/2013 Return: 0.53 % Date: 7/31/2013 Return: -1.56 % Date: 6/30/2013 Return: 0.20 % Date: 5/31/2013 Return: 1.94 % Date: 4/30/2013 Return: 0.31 % Date: 3/31/2013 Return: 0.56 % Date: 2/28/2013 Return: 0.51 % Date: 1/31/2013 Return: 2.75 % Date: 12/31/2012 Return: -0.04 % Date: 11/30/2012 Return: -1.84 % Date: 10/31/2012 Return: 0.54 % Date: 9/30/2012 Return: 0.12 % Date: 8/31/2012 Return: 0.67 % Date: 7/31/2012 Return: -0.73 % Date: 6/30/2012 Return: 0.50 % Date: 5/31/2012 Return: 7.99 % Date: 4/30/2012 Return: 1.44 % Date: 3/31/2012 Return: 4.14 % Date: 2/29/2012 Return: 3.04 % Date: 1/31/2012 Return: -0.13 % Date: 12/31/2011 Return: -1.01 % Date: 11/30/2011 Return: -1.86 % Date: 10/31/2011 Return: 1.44 % Date: 9/30/2011 Return: 0.75 % Date: 8/31/2011 Return: 0.36 % Date: 7/31/2011 Return: 1.19 % Date: 6/30/2011 Return: 0.09 % Date: 5/31/2011 Return: -1.88 % Date: 4/30/2011 Return: -1.92 % Date: 3/31/2011 Return: -1.99 % Date: 2/28/2011 Return: -3.43 % Date: 1/31/2011 Return: 3.06 % Date: 12/31/2010 Return: 0.83 % Date: 11/30/2010 Return: -3.66 % Date: 10/31/2010 Return: 5.92 % Date: 9/30/2010 Return: 3.68 % Date: 8/31/2010 Return: 2.65 % Date: 7/31/2010 Return: 1.83 % Date: 6/30/2010 Return: 1.43 % Date: 5/31/2010 Return: 0.76 % Date: 4/30/2010 Return: 6.23 % Date: 3/31/2010 Return: 4.71 % Date: 2/28/2010 Return: 4.94 % Date: 1/31/2010 Return: -7.49 % Date: 12/31/2009 Return: -2.37 % Date: 11/30/2009 Return: 3.07 % Date: 10/31/2009 Return: -1.85 % Date: 9/30/2009 Return: 1.87 % Date: 8/31/2009 Return: 3.20 % Date: 7/31/2009 Return: -4.45 % Date: 6/30/2009 Return: -1.11 % Date: 5/31/2009 Return: -1.18 % Date: 4/30/2009 Return: -1.42 % Date: 3/31/2009 Return: -1.26 % Date: 2/28/2009 Return: 0.04 % Date: 1/31/2009 Return: -1.27 % Date: 12/31/2008 Return: 4.35 % Date: 11/30/2008 Return: 2.68 % Date: 10/31/2008 Return: 5.20 % Date: 9/30/2008 Return: 2.51 % Date: 8/31/2008 Return: -0.30 % Date: 7/31/2008 Return: -0.11 % Date: 6/30/2008 Return: 0.58 % Date: 5/31/2008 Return: 3.34 % Date: 4/30/2008 Return: 1.26 % Date: 3/31/2008 Return: -2.81 % Date: 2/29/2008 Return: 3.42 % Date: 1/31/2008 Return: 5.33 % Date: 12/31/2007 Return: 0.56 % Date: 11/30/2007 Return: 1.39 % Date: 10/31/2007 Return: 4.06 % Date: 9/30/2007 Return: 6.99 % Date: 8/31/2007 Return: -0.42 % Date: 7/31/2007 Return: -6.17 % Date: 6/30/2007 Return: 3.54 % Date: 5/31/2007 Return: 0.00 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 05/07 - 01/23
Return: 9.00 % Count: 2 Return: 13.00 % Count: 1 Return: -15.00 % Count: 1 Return: 11.00 % Count: 1 Return: -5.00 % Count: 4 Return: 8.00 % Count: 3 Return: 6.00 % Count: 4 Return: -7.00 % Count: 1 Return: -2.00 % Count: 20 Return: 2.00 % Count: 16 Return: -4.00 % Count: 6 Return: -1.00 % Count: 23 Return: -3.00 % Count: 11 Return: 3.00 % Count: 15 Return: 5.00 % Count: 7 Return: 1.00 % Count: 28 Return: 7.00 % Count: 1 Return: -6.00 % Count: 1 Return: 4.00 % Count: 10 Return: 0.00 % Count: 35

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Underwater Curve

Date Range: 05/07 - 01/23
Date: 2/28/2023 Drawdown: -6.41 % Date: 1/31/2023 Drawdown: -4.95 % Date: 12/31/2022 Drawdown: -5.24 % Date: 11/30/2022 Drawdown: -3.99 % Date: 10/31/2022 Drawdown: -1.66 % Date: 9/30/2022 Drawdown: 0.00 % Date: 8/31/2022 Drawdown: -4.68 % Date: 7/31/2022 Drawdown: -9.44 % Date: 6/30/2022 Drawdown: -8.34 % Date: 5/31/2022 Drawdown: -7.41 % Date: 4/30/2022 Drawdown: -9.50 % Date: 3/31/2022 Drawdown: -16.22 % Date: 2/28/2022 Drawdown: -16.68 % Date: 1/31/2022 Drawdown: -12.41 % Date: 12/31/2021 Drawdown: -13.21 % Date: 11/30/2021 Drawdown: -11.08 % Date: 10/31/2021 Drawdown: -10.04 % Date: 9/30/2021 Drawdown: -11.42 % Date: 8/31/2021 Drawdown: -10.37 % Date: 7/31/2021 Drawdown: -8.48 % Date: 6/30/2021 Drawdown: -5.09 % Date: 5/31/2021 Drawdown: -5.02 % Date: 4/30/2021 Drawdown: 0.00 % Date: 3/31/2021 Drawdown: 0.00 % Date: 2/28/2021 Drawdown: -1.38 % Date: 1/31/2021 Drawdown: -4.87 % Date: 12/31/2020 Drawdown: -2.99 % Date: 11/30/2020 Drawdown: -3.39 % Date: 10/31/2020 Drawdown: -4.75 % Date: 9/30/2020 Drawdown: -1.56 % Date: 8/31/2020 Drawdown: 0.00 % Date: 7/31/2020 Drawdown: -0.79 % Date: 6/30/2020 Drawdown: -2.85 % Date: 5/31/2020 Drawdown: 0.00 % Date: 4/30/2020 Drawdown: -0.04 % Date: 3/31/2020 Drawdown: 0.00 % Date: 2/29/2020 Drawdown: 0.00 % Date: 1/31/2020 Drawdown: -4.68 % Date: 12/31/2019 Drawdown: -8.87 % Date: 11/30/2019 Drawdown: -5.80 % Date: 10/31/2019 Drawdown: -8.82 % Date: 9/30/2019 Drawdown: -7.99 % Date: 8/31/2019 Drawdown: -4.20 % Date: 7/31/2019 Drawdown: -15.22 % Date: 6/30/2019 Drawdown: -14.80 % Date: 5/31/2019 Drawdown: -18.34 % Date: 4/30/2019 Drawdown: -20.70 % Date: 3/31/2019 Drawdown: -20.07 % Date: 2/28/2019 Drawdown: -19.26 % Date: 1/31/2019 Drawdown: -19.27 % Date: 12/31/2018 Drawdown: -19.19 % Date: 11/30/2018 Drawdown: -20.92 % Date: 10/31/2018 Drawdown: -16.50 % Date: 9/30/2018 Drawdown: -17.09 % Date: 8/31/2018 Drawdown: -15.85 % Date: 7/31/2018 Drawdown: -14.99 % Date: 6/30/2018 Drawdown: -15.04 % Date: 5/31/2018 Drawdown: -16.76 % Date: 4/30/2018 Drawdown: -15.81 % Date: 3/31/2018 Drawdown: -15.56 % Date: 2/28/2018 Drawdown: -15.46 % Date: 1/31/2018 Drawdown: 0.00 % Date: 12/31/2017 Drawdown: -8.63 % Date: 11/30/2017 Drawdown: -8.42 % Date: 10/31/2017 Drawdown: -5.60 % Date: 9/30/2017 Drawdown: -12.35 % Date: 8/31/2017 Drawdown: -11.84 % Date: 7/31/2017 Drawdown: -11.91 % Date: 6/30/2017 Drawdown: -13.67 % Date: 5/31/2017 Drawdown: -10.55 % Date: 4/30/2017 Drawdown: -7.65 % Date: 3/31/2017 Drawdown: -3.23 % Date: 2/28/2017 Drawdown: 0.00 % Date: 1/31/2017 Drawdown: -0.38 % Date: 12/31/2016 Drawdown: 0.00 % Date: 11/30/2016 Drawdown: -1.77 % Date: 10/31/2016 Drawdown: -2.48 % Date: 9/30/2016 Drawdown: -2.30 % Date: 8/31/2016 Drawdown: -0.39 % Date: 7/31/2016 Drawdown: -0.19 % Date: 6/30/2016 Drawdown: 0.00 % Date: 5/31/2016 Drawdown: -0.55 % Date: 4/30/2016 Drawdown: -0.14 % Date: 3/31/2016 Drawdown: 0.00 % Date: 2/29/2016 Drawdown: 0.00 % Date: 1/31/2016 Drawdown: -0.55 % Date: 12/31/2015 Drawdown: -1.00 % Date: 11/30/2015 Drawdown: -0.42 % Date: 10/31/2015 Drawdown: -2.55 % Date: 9/30/2015 Drawdown: -2.69 % Date: 8/31/2015 Drawdown: -6.19 % Date: 7/31/2015 Drawdown: -4.11 % Date: 6/30/2015 Drawdown: -1.64 % Date: 5/31/2015 Drawdown: -7.53 % Date: 4/30/2015 Drawdown: -5.69 % Date: 3/31/2015 Drawdown: -4.09 % Date: 2/28/2015 Drawdown: 0.00 % Date: 1/31/2015 Drawdown: 0.00 % Date: 12/31/2014 Drawdown: -1.01 % Date: 11/30/2014 Drawdown: -0.05 % Date: 10/31/2014 Drawdown: -3.06 % Date: 9/30/2014 Drawdown: 0.00 % Date: 8/31/2014 Drawdown: -3.51 % Date: 7/31/2014 Drawdown: -5.68 % Date: 6/30/2014 Drawdown: -4.22 % Date: 5/31/2014 Drawdown: -6.51 % Date: 4/30/2014 Drawdown: -6.58 % Date: 3/31/2014 Drawdown: -2.83 % Date: 2/28/2014 Drawdown: -1.47 % Date: 1/31/2014 Drawdown: 0.00 % Date: 12/31/2013 Drawdown: 0.00 % Date: 11/30/2013 Drawdown: 0.00 % Date: 10/31/2013 Drawdown: 0.00 % Date: 9/30/2013 Drawdown: 0.00 % Date: 8/31/2013 Drawdown: -1.04 % Date: 7/31/2013 Drawdown: -1.56 % Date: 6/30/2013 Drawdown: 0.00 % Date: 5/31/2013 Drawdown: 0.00 % Date: 4/30/2013 Drawdown: 0.00 % Date: 3/31/2013 Drawdown: 0.00 % Date: 2/28/2013 Drawdown: 0.00 % Date: 1/31/2013 Drawdown: 0.00 % Date: 12/31/2012 Drawdown: -1.88 % Date: 11/30/2012 Drawdown: -1.84 % Date: 10/31/2012 Drawdown: 0.00 % Date: 9/30/2012 Drawdown: 0.00 % Date: 8/31/2012 Drawdown: -0.06 % Date: 7/31/2012 Drawdown: -0.73 % Date: 6/30/2012 Drawdown: 0.00 % Date: 5/31/2012 Drawdown: 0.00 % Date: 4/30/2012 Drawdown: -0.07 % Date: 3/31/2012 Drawdown: -1.49 % Date: 2/29/2012 Drawdown: -5.40 % Date: 1/31/2012 Drawdown: -8.20 % Date: 12/31/2011 Drawdown: -8.08 % Date: 11/30/2011 Drawdown: -7.14 % Date: 10/31/2011 Drawdown: -5.38 % Date: 9/30/2011 Drawdown: -6.72 % Date: 8/31/2011 Drawdown: -7.42 % Date: 7/31/2011 Drawdown: -7.75 % Date: 6/30/2011 Drawdown: -8.83 % Date: 5/31/2011 Drawdown: -8.91 % Date: 4/30/2011 Drawdown: -7.17 % Date: 3/31/2011 Drawdown: -5.35 % Date: 2/28/2011 Drawdown: -3.43 % Date: 1/31/2011 Drawdown: 0.00 % Date: 12/31/2010 Drawdown: -2.86 % Date: 11/30/2010 Drawdown: -3.66 % Date: 10/31/2010 Drawdown: 0.00 % Date: 9/30/2010 Drawdown: 0.00 % Date: 8/31/2010 Drawdown: 0.00 % Date: 7/31/2010 Drawdown: 0.00 % Date: 6/30/2010 Drawdown: 0.00 % Date: 5/31/2010 Drawdown: 0.00 % Date: 4/30/2010 Drawdown: 0.00 % Date: 3/31/2010 Drawdown: -5.25 % Date: 2/28/2010 Drawdown: -9.51 % Date: 1/31/2010 Drawdown: -13.77 % Date: 12/31/2009 Drawdown: -6.79 % Date: 11/30/2009 Drawdown: -4.53 % Date: 10/31/2009 Drawdown: -7.37 % Date: 9/30/2009 Drawdown: -5.62 % Date: 8/31/2009 Drawdown: -7.36 % Date: 7/31/2009 Drawdown: -10.23 % Date: 6/30/2009 Drawdown: -6.05 % Date: 5/31/2009 Drawdown: -4.99 % Date: 4/30/2009 Drawdown: -3.86 % Date: 3/31/2009 Drawdown: -2.48 % Date: 2/28/2009 Drawdown: -1.23 % Date: 1/31/2009 Drawdown: -1.27 % Date: 12/31/2008 Drawdown: 0.00 % Date: 11/30/2008 Drawdown: 0.00 % Date: 10/31/2008 Drawdown: 0.00 % Date: 9/30/2008 Drawdown: 0.00 % Date: 8/31/2008 Drawdown: -0.41 % Date: 7/31/2008 Drawdown: -0.11 % Date: 6/30/2008 Drawdown: 0.00 % Date: 5/31/2008 Drawdown: 0.00 % Date: 4/30/2008 Drawdown: -1.59 % Date: 3/31/2008 Drawdown: -2.81 % Date: 2/29/2008 Drawdown: 0.00 % Date: 1/31/2008 Drawdown: 0.00 % Date: 12/31/2007 Drawdown: 0.00 % Date: 11/30/2007 Drawdown: 0.00 % Date: 10/31/2007 Drawdown: 0.00 % Date: 9/30/2007 Drawdown: -0.03 % Date: 8/31/2007 Drawdown: -6.56 % Date: 7/31/2007 Drawdown: -6.17 % Date: 6/30/2007 Drawdown: 0.00 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Manager Information

Manager Name:  Revolution Capital Management, LLC
Address: 1400 16th Street, Suite 510
City: Denver
State: CO
Zip: 80202
Country: USA

Key People

Name:  Michael David Mundt
Position:  Principal
Biography: 

Michael’s tasks primarily consist of model development, business/marketing, and coordinating RCM’s overall business and trading strategy. Michael’s background is in engineering and applied science. He received his Bachelor of Science degree in Aerospace Engineering from the University of Colorado in 1989. He was awarded a Ph.D. in Aerospace Engineering in 1993, also from the University of Colorado; his thesis involved the exploration of chaos and turbulence in simple weather/climate models. After the completion of his academic studies, Michael transitioned into the technology industry. He was employed by Seagate Technology (a hard-disk drive company) as an engineer specializing in computational fluid mechanics between March 1998 and July 2007. He currently holds nineteen U.S. patents in the area of disk-drive head/disk mechanics. Michael has been registered with the CFTC as an Associated Person and the NFA as an associate member since 12/27/2004 and has been a listed Principal of RCM since 12/27/2004.

Name:  Theodore Robert Olson
Position:  Principal
Biography: 

Rob oversees the architecture and development of the hardware and software computing infrastructure at RCM. Rob received his Bachelor of Science degree in Aerospace Engineering at the University of Arizona in 1989. He received his Master’s and Doctorate degrees in Aerospace Engineering at the University of Colorado in 1992 and 1996, respectively. Rob was employed at Raytheon Technology, an aerospace defense contractor, from June 1996 through June 2006. His primary job duties included code/software development, data analysis, and the development of statistical algorithms to process high-frequency, realtime data. Rob is familiar with a wide range of computing languages (e.g. Fortran, C, C++, Java), operating systems (e.g. Windows, Linux, Unix, Mac OS X), and application software (e.g. Perl, Matlab, Tcl/Tk). Rob has been registered with the CFTC as an Associated Person and the NFA as an associate member since 06/19/2008 and has been a listed Principal of RCM since 09/02/2005.

Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Interest Rates Yes 
 Currencies Yes 
 Metals Yes 
 Energies Yes 
 Softs Yes 
 Grains Yes 
 Investment Methodology
 Technical Yes 
 Trend Following Yes 
 Systematic Yes 
 Diversified Yes 
 Counter-trend Yes 
 Pattern Recognition Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 Global Yes 
 Holding Period
 Medium Term Yes 
 Short Term Yes 
 Investment Terms & Information
 Managed Account Minimum: $5,000,000 
 Margin / Equity Ratio: 8% 
 Managed Account Availability: Open 
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There are substantial risks and conflicts of interests associated with Managed Futures and commodities accounts, and you should only invest risk capital. The success of an investment is dependent upon the ability of a commodity trading advisor (CTA) to identify profitable investment opportunities and successfully trade. The identification of attractive trading opportunities is difficult, requires skill, and involves a significant degree of uncertainty. CTAs have total trading authority, and the use of a single CTA could mean a lack of diversification and higher risk. The high degree of leverage often obtainable in commodity trading can work against you as well as for you, and can lead to large losses as well as gains. Returns generated from a CTA’s trading, if any, may not adequately compensate you for the business and financial risks you assume. You can lose all or a substantial amount of your investment. If you use notional funding, you may lose more than your initial cash investment. Managed Futures and commodities accounts may be subject to substantial charges for management and advisory fees. It may be necessary for accounts that are subject to these charges to make substantial trading profits in order to avoid depletion or exhaustion of their assets. The disclosure document contains a complete description of each fee to be charged to your account by a CTA. CTAs may trade highly illiquid markets, or on foreign markets, and may not be able to close or offset positions immediately upon request. You may have market exposure even after the CTA has a request for closure or liquidation. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.




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