Covenant Capital Management, LLC

CCM Tactical Growth Program *QEP*


Monthly Performance (%)

Date Range: 12/16 - 10/20
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2020 -1.56 0.71 17.47 0.56 -2.18 -1.04 -3.12 -4.38 1.24 -1.28   4.96 
2019 4.30 -0.56 3.65 0.10 -10.53 4.72 1.38 2.55 5.42 2.95 -0.19 -2.34  10.89 
2018 3.39 6.14 -6.49 0.08 1.62 -0.60 2.50 0.36 0.20 -4.79 3.76 1.19  6.89 
2017 1.96 -0.21 0.18 7.03 0.95 -1.10 3.95 -3.20 0.99 -0.18 -0.03 -0.08  10.36 

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

CCM Tactical Growth is a market neutral trading strategy that employs proprietary, systematic and quantitative metrics in the S&P 500 and the VIX to forecast moves in the S&P. The Program utilizes, among other statistical inputs, present and future volatility expectations and will occasionally utilize VIX futures contracts as a hedge to its S&P exposure. The Program is designed to be non-cyclical and to profit during bullish, bearish, and flat S&P market conditions. Tactical Growth is non-trend-following and designed to be consistently productive during periods of high, low, or intermittent market volatility and we believe the Program is well suited for periods of market crisis.

Performance Statistics

Date Range: 12/16 - 10/20
  Program S&P 500 Coquest 40 
Total Return 37.30% 60.57% 1.27% 
Annualized Return 8.62% 12.85% 0.32% 
Annualized Std. Deviation 14.06% 15.54% 7.07% 
Correlation -0.11 -0.01 
Sharpe Ratio (rf=2.5%) 0.44 0.67 -0.31 
Worst Month -10.53% -12.35% -6.10% 
Date of Worst Month 05/2019 03/2020 02/2018 
Worst Drawdown -10.53% -19.60% -9.14% 
Date of Worst Drawdown 4/19 - 5/19 12/19 - 3/20 1/18 - 1/19 

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: 12/16 - 10/20
Year or YTD Program S&P 500 Coquest 40 
2020 4.96 2.77 -3.54 
2019 10.89 31.50 7.53 
2018 6.89 -4.38 -4.29 
2017 10.36 21.84 1.24 

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: 12/16 - 10/20
Date: 10/31/2020
Perf: $1,005.04 Date: 9/30/2020
Perf: $1,008.26 Date: 8/31/2020
Perf: $1,023.20 Date: 7/31/2020
Perf: $1,034.90 Date: 6/30/2020
Perf: $1,015.50 Date: 5/31/2020
Perf: $1,028.67 Date: 4/30/2020
Perf: $1,040.85 Date: 3/31/2020
Perf: $1,037.42 Date: 2/29/2020
Perf: $1,036.80 Date: 1/31/2020
Perf: $1,052.48 Date: 12/31/2019
Perf: $1,041.96 Date: 11/30/2019
Perf: $1,048.46 Date: 10/31/2019
Perf: $1,038.28 Date: 9/30/2019
Perf: $1,061.75 Date: 8/31/2019
Perf: $1,092.00 Date: 7/31/2019
Perf: $1,053.85 Date: 6/30/2019
Perf: $1,019.10 Date: 5/31/2019
Perf: $999.11 Date: 4/30/2019
Perf: $1,019.09 Date: 3/31/2019
Perf: $991.81 Date: 2/28/2019
Perf: $957.44 Date: 1/31/2019
Perf: $951.35 Date: 12/31/2018
Perf: $968.99 Date: 11/30/2018
Perf: $964.94 Date: 10/31/2018
Perf: $976.66 Date: 9/30/2018
Perf: $1,001.39 Date: 8/31/2018
Perf: $1,005.92 Date: 7/31/2018
Perf: $980.90 Date: 6/30/2018
Perf: $988.32 Date: 5/31/2018
Perf: $980.08 Date: 4/30/2018
Perf: $992.89 Date: 3/31/2018
Perf: $982.28 Date: 2/28/2018
Perf: $983.17 Date: 1/31/2018
Perf: $1,047.04 Date: 12/31/2017
Perf: $1,012.41 Date: 11/30/2017
Perf: $1,001.50 Date: 10/31/2017
Perf: $1,000.20 Date: 9/30/2017
Perf: $959.97 Date: 8/31/2017
Perf: $980.67 Date: 7/31/2017
Perf: $964.65 Date: 6/30/2017
Perf: $960.90 Date: 5/31/2017
Perf: $989.81 Date: 4/30/2017
Perf: $987.93 Date: 3/31/2017
Perf: $993.89 Date: 2/28/2017
Perf: $1,008.62 Date: 1/31/2017
Perf: $987.10 Date: 12/31/2016
Perf: $1,000.00 Date: 10/31/2020
Perf: $1,574.48 Date: 9/30/2020
Perf: $1,617.51 Date: 8/31/2020
Perf: $1,681.40 Date: 7/31/2020
Perf: $1,568.62 Date: 6/30/2020
Perf: $1,484.87 Date: 5/31/2020
Perf: $1,455.90 Date: 4/30/2020
Perf: $1,389.75 Date: 3/31/2020
Perf: $1,231.83 Date: 2/29/2020
Perf: $1,405.39 Date: 1/31/2020
Perf: $1,531.43 Date: 12/31/2019
Perf: $1,532.04 Date: 11/30/2019
Perf: $1,487.13 Date: 10/31/2019
Perf: $1,435.04 Date: 9/30/2019
Perf: $1,404.56 Date: 8/31/2019
Perf: $1,378.78 Date: 7/31/2019
Perf: $1,400.91 Date: 6/30/2019
Perf: $1,381.02 Date: 5/31/2019
Perf: $1,290.07 Date: 4/30/2019
Perf: $1,377.55 Date: 3/31/2019
Perf: $1,323.93 Date: 2/28/2019
Perf: $1,298.73 Date: 1/31/2019
Perf: $1,258.34 Date: 12/31/2018
Perf: $1,165.02 Date: 11/30/2018
Perf: $1,280.67 Date: 10/31/2018
Perf: $1,255.06 Date: 9/30/2018
Perf: $1,347.21 Date: 8/31/2018
Perf: $1,339.58 Date: 7/31/2018
Perf: $1,297.29 Date: 6/30/2018
Perf: $1,250.76 Date: 5/31/2018
Perf: $1,243.05 Date: 4/30/2018
Perf: $1,213.80 Date: 3/31/2018
Perf: $1,209.20 Date: 2/28/2018
Perf: $1,240.72 Date: 1/31/2018
Perf: $1,288.25 Date: 12/31/2017
Perf: $1,218.44 Date: 11/30/2017
Perf: $1,205.06 Date: 10/31/2017
Perf: $1,169.17 Date: 9/30/2017
Perf: $1,142.55 Date: 8/31/2017
Perf: $1,119.49 Date: 7/31/2017
Perf: $1,116.03 Date: 6/30/2017
Perf: $1,093.50 Date: 5/31/2017
Perf: $1,086.76 Date: 4/30/2017
Perf: $1,071.65 Date: 3/31/2017
Perf: $1,060.73 Date: 2/28/2017
Perf: $1,059.45 Date: 1/31/2017
Perf: $1,019.00 Date: 12/31/2016
Perf: $1,000.00 Date: 10/31/2020
Perf: $1,372.98 Date: 9/30/2020
Perf: $1,390.78 Date: 8/31/2020
Perf: $1,373.74 Date: 7/31/2020
Perf: $1,436.67 Date: 6/30/2020
Perf: $1,482.94 Date: 5/31/2020
Perf: $1,498.52 Date: 4/30/2020
Perf: $1,531.92 Date: 3/31/2020
Perf: $1,523.39 Date: 2/29/2020
Perf: $1,296.83 Date: 1/31/2020
Perf: $1,287.69 Date: 12/31/2019
Perf: $1,308.09 Date: 11/30/2019
Perf: $1,339.44 Date: 10/31/2019
Perf: $1,341.99 Date: 9/30/2019
Perf: $1,303.53 Date: 8/31/2019
Perf: $1,236.51 Date: 7/31/2019
Perf: $1,205.77 Date: 6/30/2019
Perf: $1,189.35 Date: 5/31/2019
Perf: $1,135.75 Date: 4/30/2019
Perf: $1,269.42 Date: 3/31/2019
Perf: $1,268.15 Date: 2/28/2019
Perf: $1,223.49 Date: 1/31/2019
Perf: $1,230.38 Date: 12/31/2018
Perf: $1,179.65 Date: 11/30/2018
Perf: $1,165.78 Date: 10/31/2018
Perf: $1,123.54 Date: 9/30/2018
Perf: $1,180.06 Date: 8/31/2018
Perf: $1,177.71 Date: 7/31/2018
Perf: $1,173.48 Date: 6/30/2018
Perf: $1,144.86 Date: 5/31/2018
Perf: $1,151.77 Date: 4/30/2018
Perf: $1,133.41 Date: 3/31/2018
Perf: $1,132.50 Date: 2/28/2018
Perf: $1,211.10 Date: 1/31/2018
Perf: $1,141.04 Date: 12/31/2017
Perf: $1,103.63 Date: 11/30/2017
Perf: $1,104.51 Date: 10/31/2017
Perf: $1,104.85 Date: 9/30/2017
Perf: $1,106.84 Date: 8/31/2017
Perf: $1,095.99 Date: 7/31/2017
Perf: $1,132.22 Date: 6/30/2017
Perf: $1,089.20 Date: 5/31/2017
Perf: $1,101.31 Date: 4/30/2017
Perf: $1,090.95 Date: 3/31/2017
Perf: $1,019.29 Date: 2/28/2017
Perf: $1,017.46 Date: 1/31/2017
Perf: $1,019.60 Date: 12/31/2016
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: 12/16 - 10/20
Date: 10/31/2020
Return: -1.28 % Date: 9/30/2020
Return: 1.24 % Date: 8/31/2020
Return: -4.38 % Date: 7/31/2020
Return: -3.12 % Date: 6/30/2020
Return: -1.04 % Date: 5/31/2020
Return: -2.18 % Date: 4/30/2020
Return: 0.56 % Date: 3/31/2020
Return: 17.47 % Date: 2/29/2020
Return: 0.71 % Date: 1/31/2020
Return: -1.56 % Date: 12/31/2019
Return: -2.34 % Date: 11/30/2019
Return: -0.19 % Date: 10/31/2019
Return: 2.95 % Date: 9/30/2019
Return: 5.42 % Date: 8/31/2019
Return: 2.55 % Date: 7/31/2019
Return: 1.38 % Date: 6/30/2019
Return: 4.72 % Date: 5/31/2019
Return: -10.53 % Date: 4/30/2019
Return: 0.10 % Date: 3/31/2019
Return: 3.65 % Date: 2/28/2019
Return: -0.56 % Date: 1/31/2019
Return: 4.30 % Date: 12/31/2018
Return: 1.19 % Date: 11/30/2018
Return: 3.76 % Date: 10/31/2018
Return: -4.79 % Date: 9/30/2018
Return: 0.20 % Date: 8/31/2018
Return: 0.36 % Date: 7/31/2018
Return: 2.50 % Date: 6/30/2018
Return: -0.60 % Date: 5/31/2018
Return: 1.62 % Date: 4/30/2018
Return: 0.08 % Date: 3/31/2018
Return: -6.49 % Date: 2/28/2018
Return: 6.14 % Date: 1/31/2018
Return: 3.39 % Date: 12/31/2017
Return: -0.08 % Date: 11/30/2017
Return: -0.03 % Date: 10/31/2017
Return: -0.18 % Date: 9/30/2017
Return: 0.99 % Date: 8/31/2017
Return: -3.20 % Date: 7/31/2017
Return: 3.95 % Date: 6/30/2017
Return: -1.10 % Date: 5/31/2017
Return: 0.95 % Date: 4/30/2017
Return: 7.03 % Date: 3/31/2017
Return: 0.18 % Date: 2/28/2017
Return: -0.21 % Date: 1/31/2017
Return: 1.96 % Date: 12/31/2016
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: 12/16 - 10/20
Return: -4.00 %
Count: 1 Return: 17.00 %
Count: 1 Return: -2.00 %
Count: 3 Return: 5.00 %
Count: 2 Return: -11.00 %
Count: 1 Return: -5.00 %
Count: 1 Return: -6.00 %
Count: 1 Return: 6.00 %
Count: 1 Return: 3.00 %
Count: 3 Return: -3.00 %
Count: 2 Return: 4.00 %
Count: 4 Return: -1.00 %
Count: 5 Return: 1.00 %
Count: 7 Return: 7.00 %
Count: 1 Return: 2.00 %
Count: 3 Return: 0.00 %
Count: 11

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: 12/16 - 10/20
Date: 10/31/2020
Drawdown: -10.38 % Date: 9/30/2020
Drawdown: -9.21 % Date: 8/31/2020
Drawdown: -10.33 % Date: 7/31/2020
Drawdown: -6.22 % Date: 6/30/2020
Drawdown: -3.20 % Date: 5/31/2020
Drawdown: -2.18 % Date: 4/30/2020
Drawdown: 0.00 % Date: 3/31/2020
Drawdown: 0.00 % Date: 2/29/2020
Drawdown: -3.36 % Date: 1/31/2020
Drawdown: -4.05 % Date: 12/31/2019
Drawdown: -2.53 % Date: 11/30/2019
Drawdown: -0.19 % Date: 10/31/2019
Drawdown: 0.00 % Date: 9/30/2019
Drawdown: 0.00 % Date: 8/31/2019
Drawdown: -2.59 % Date: 7/31/2019
Drawdown: -5.01 % Date: 6/30/2019
Drawdown: -6.31 % Date: 5/31/2019
Drawdown: -10.53 % Date: 4/30/2019
Drawdown: 0.00 % Date: 3/31/2019
Drawdown: 0.00 % Date: 2/28/2019
Drawdown: -0.56 % Date: 1/31/2019
Drawdown: 0.00 % Date: 12/31/2018
Drawdown: -2.60 % Date: 11/30/2018
Drawdown: -3.74 % Date: 10/31/2018
Drawdown: -7.23 % Date: 9/30/2018
Drawdown: -2.56 % Date: 8/31/2018
Drawdown: -2.76 % Date: 7/31/2018
Drawdown: -3.11 % Date: 6/30/2018
Drawdown: -5.47 % Date: 5/31/2018
Drawdown: -4.90 % Date: 4/30/2018
Drawdown: -6.42 % Date: 3/31/2018
Drawdown: -6.49 % Date: 2/28/2018
Drawdown: 0.00 % Date: 1/31/2018
Drawdown: 0.00 % Date: 12/31/2017
Drawdown: -2.52 % Date: 11/30/2017
Drawdown: -2.45 % Date: 10/31/2017
Drawdown: -2.42 % Date: 9/30/2017
Drawdown: -2.24 % Date: 8/31/2017
Drawdown: -3.20 % Date: 7/31/2017
Drawdown: 0.00 % Date: 6/30/2017
Drawdown: -1.10 % Date: 5/31/2017
Drawdown: 0.00 % Date: 4/30/2017
Drawdown: 0.00 % Date: 3/31/2017
Drawdown: -0.03 % Date: 2/28/2017
Drawdown: -0.21 % Date: 1/31/2017
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:  Covenant Capital Management, LLC
Address: 3100 West End Avenue, Ste. 1090
City: Nashville
State: TN
Zip: 37203
Country: USA

Key People

Name:  Scot Billington
Position:  Principal
Biography: 

Scot Billington is the Chief Manager, the Head Trader, and a 45.05% equity holder of CCM. Mr. Billington is registered with the CFTC as a principal and associated person of CCM. Mr. Billington developed the trading systems that will be used by CCM. He is actively involved in every aspect of CCM’s business and trading. Mr. Billington worked as an assistant trader from for Bradford & Co., Incorporated, a Futures Commission Merchant (FCM) and division of J. C. Bradford & Co July 1993 until May 1999 when he began forming CCM. At J.C. Bradford he was responsible for executing client orders, advising clients, and developing systems. Beginning in April of 2002, Mr. Billington worked for Ronin Capital, an Option Trading Investment Company at the Chicago Board Options Exchange where his main function was making markets in the OEX 100 Index options market. Mr. Billington was a member of the Chicago Board Options Exchange and a Market Maker at Ronin Capital in OEX 100 Index options until January 4, 2005. Mr. Billington has been a principal and associated person of the advisor since inception, and he became a branch office manager of the advisor on July 13, 2005.


Name:  Brince Wilford
Position:  Principal
Biography: 

Brince Wilford is the Secretary and is a 45.05% equity holder of CCM. He is registered with the CFTC as a principal and associated person of CCM. Mr. Wilford assists in the execution of trades as directed by Mr. Billington. He is actively involved in every aspect of CCM’s business and trading. Mr. Wilford has worked in a number of development, management, consulting and finance roles in the healthcare industry since 1990. From August of 1999 to July of 2002 he served as Director of Business Development for Inphact, Inc. His primary responsiblity was directing sales and national accounts. Inphact was a provider of radiology services over the Internet. Mr. Wilford worked for Healthcare Realty Trust, Inc. in the Investments Department from August of 2002 through January of 2006 where his primary responsibilities included business development, financial modeling, consulting and acquisitions work. Healthcare Realty Trust is a publicly traded Real Estate Investment Trust (NYSE:HR). Mr. Wilford resigned from Healthcare Realty in 2006 to focus full time on the advisory. He returned to part-time employment at Healthcare Realty in January of 2008 where he manages the Acquisitions Department. Presently, Mr. Wilford provides investment consulting services to various firms in the healthcare, real estate, and entertainment industries. Mr. Wilford has been registered as a principal and associated person of the advisor since July 30, 1999.


Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Other Futures Yes 
 Investment Methodology
 Systematic Yes 
 Sector Specialist Yes 
 Quantitative Analysis Yes 
 Volatility Trading Yes 
 Other Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 United States Yes 
 Holding Period
 Investment Terms & Information
 Managed Account Minimum: $100,000 
 Margin / Equity Ratio: 15% 
 Managed Account Availability: Open 
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