Ridgedale Management LLC

Multi-Strategy Program (7% Target Volatility) *QEP*


Monthly Performance (%)

Date Range: 01/19 - 09/21
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2021 0.77 5.31 -0.29 0.95 0.64 -0.27 -0.82 -0.58 0.67   6.42 
2020 1.10 -0.73 3.91 -0.89 -1.11 -0.72 1.88 0.24 -2.66 -0.05 2.05 0.83  3.74 
2019 0.69 -1.17 0.93 0.81 1.22 -0.92 3.13 -2.63 -1.04 0.27 -0.34  0.84 

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

The Multi-Strategy Program is a systematic global macro absolute return strategy which seeks to generate absolute return, regardless of the economic environment. The Program is built upon the firm’s investment philosophy of going beyond simple asset and sub-strategy diversification by dividing investment strategies into two primary categories convergent and divergent strategies. Convergent strategies seek to perform best when markets are rational and calm, while divergent strategies seek to perform best during irrational periods of higher risk and volatility.

Performance Statistics

Date Range: 01/19 - 09/21
  Program S&P 500 Coquest 40 
Total Return 11.33% 80.51% 15.88% 
Annualized Return 4.11% 23.96% 5.51% 
Annualized Std. Deviation 5.70% 17.54% 6.21% 
Correlation -0.11 0.45 
Sharpe Ratio (rf=2.5%) 0.28 1.22 0.48 
Worst Month -2.66% -12.35% -2.77% 
Date of Worst Month 09/2020 03/2020 09/2019 
Worst Drawdown -3.71% -19.60% -7.96% 
Date of Worst Drawdown 8/19 - 12/19 12/19 - 3/20 8/19 - 10/20 

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: 01/19 - 09/21
Year or YTD Program S&P 500 Coquest 40 
2021 6.42 15.93 6.73 
2020 3.74 18.40 0.97 
2019 0.84 21.75 9.52 

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: 01/19 - 09/21
Date: 9/30/2021
Perf: $1,180.31 Date: 8/31/2021
Perf: $1,174.43 Date: 7/31/2021
Perf: $1,174.20 Date: 6/30/2021
Perf: $1,169.05 Date: 5/31/2021
Perf: $1,173.51 Date: 4/30/2021
Perf: $1,156.63 Date: 3/31/2021
Perf: $1,136.62 Date: 2/28/2021
Perf: $1,121.59 Date: 1/31/2021
Perf: $1,095.84 Date: 12/31/2020
Perf: $1,105.90 Date: 11/30/2020
Perf: $1,065.73 Date: 10/31/2020
Perf: $1,056.43 Date: 9/30/2020
Perf: $1,059.82 Date: 8/31/2020
Perf: $1,075.52 Date: 7/31/2020
Perf: $1,087.82 Date: 6/30/2020
Perf: $1,067.43 Date: 5/31/2020
Perf: $1,081.27 Date: 4/30/2020
Perf: $1,094.07 Date: 3/31/2020
Perf: $1,090.47 Date: 2/29/2020
Perf: $1,089.82 Date: 1/31/2020
Perf: $1,106.30 Date: 12/31/2019
Perf: $1,095.24 Date: 11/30/2019
Perf: $1,102.07 Date: 10/31/2019
Perf: $1,091.38 Date: 9/30/2019
Perf: $1,116.04 Date: 8/31/2019
Perf: $1,147.84 Date: 7/31/2019
Perf: $1,107.74 Date: 6/30/2019
Perf: $1,071.21 Date: 5/31/2019
Perf: $1,050.20 Date: 4/30/2019
Perf: $1,071.20 Date: 3/31/2019
Perf: $1,042.53 Date: 2/28/2019
Perf: $1,006.40 Date: 1/31/2019
Perf: $1,000.00 Date: 9/30/2021
Perf: $1,671.21 Date: 8/31/2021
Perf: $1,752.71 Date: 7/31/2021
Perf: $1,701.00 Date: 6/30/2021
Perf: $1,661.46 Date: 5/31/2021
Perf: $1,623.63 Date: 4/30/2021
Perf: $1,612.34 Date: 3/31/2021
Perf: $1,530.61 Date: 2/28/2021
Perf: $1,466.38 Date: 1/31/2021
Perf: $1,427.00 Date: 12/31/2020
Perf: $1,441.56 Date: 11/30/2020
Perf: $1,388.25 Date: 10/31/2020
Perf: $1,251.24 Date: 9/30/2020
Perf: $1,285.43 Date: 8/31/2020
Perf: $1,336.20 Date: 7/31/2020
Perf: $1,246.58 Date: 6/30/2020
Perf: $1,180.02 Date: 5/31/2020
Perf: $1,157.00 Date: 4/30/2020
Perf: $1,104.43 Date: 3/31/2020
Perf: $978.93 Date: 2/29/2020
Perf: $1,116.86 Date: 1/31/2020
Perf: $1,217.02 Date: 12/31/2019
Perf: $1,217.51 Date: 11/30/2019
Perf: $1,181.82 Date: 10/31/2019
Perf: $1,140.42 Date: 9/30/2019
Perf: $1,116.20 Date: 8/31/2019
Perf: $1,095.71 Date: 7/31/2019
Perf: $1,113.30 Date: 6/30/2019
Perf: $1,097.50 Date: 5/31/2019
Perf: $1,025.22 Date: 4/30/2019
Perf: $1,094.73 Date: 3/31/2019
Perf: $1,052.12 Date: 2/28/2019
Perf: $1,032.10 Date: 1/31/2019
Perf: $1,000.00 Date: 9/30/2021
Perf: $1,113.32 Date: 8/31/2021
Perf: $1,105.91 Date: 7/31/2021
Perf: $1,112.36 Date: 6/30/2021
Perf: $1,121.55 Date: 5/31/2021
Perf: $1,124.59 Date: 4/30/2021
Perf: $1,117.44 Date: 3/31/2021
Perf: $1,106.92 Date: 2/28/2021
Perf: $1,110.14 Date: 1/31/2021
Perf: $1,054.17 Date: 12/31/2020
Perf: $1,046.11 Date: 11/30/2020
Perf: $1,037.50 Date: 10/31/2020
Perf: $1,016.66 Date: 9/30/2020
Perf: $1,017.17 Date: 8/31/2020
Perf: $1,044.96 Date: 7/31/2020
Perf: $1,042.46 Date: 6/30/2020
Perf: $1,023.23 Date: 5/31/2020
Perf: $1,030.65 Date: 4/30/2020
Perf: $1,042.21 Date: 3/31/2020
Perf: $1,051.57 Date: 2/29/2020
Perf: $1,012.00 Date: 1/31/2020
Perf: $1,019.45 Date: 12/31/2019
Perf: $1,008.35 Date: 11/30/2019
Perf: $1,011.79 Date: 10/31/2019
Perf: $1,009.07 Date: 9/30/2019
Perf: $1,019.67 Date: 8/31/2019
Perf: $1,047.22 Date: 7/31/2019
Perf: $1,015.43 Date: 6/30/2019
Perf: $1,024.86 Date: 5/31/2019
Perf: $1,012.51 Date: 4/30/2019
Perf: $1,004.37 Date: 3/31/2019
Perf: $995.12 Date: 2/28/2019
Perf: $1,006.90 Date: 1/31/2019
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: 01/19 - 09/21
Date: 9/30/2021
Return: 0.67 % Date: 8/31/2021
Return: -0.58 % Date: 7/31/2021
Return: -0.82 % Date: 6/30/2021
Return: -0.27 % Date: 5/31/2021
Return: 0.64 % Date: 4/30/2021
Return: 0.95 % Date: 3/31/2021
Return: -0.29 % Date: 2/28/2021
Return: 5.31 % Date: 1/31/2021
Return: 0.77 % Date: 12/31/2020
Return: 0.83 % Date: 11/30/2020
Return: 2.05 % Date: 10/31/2020
Return: -0.05 % Date: 9/30/2020
Return: -2.66 % Date: 8/31/2020
Return: 0.24 % Date: 7/31/2020
Return: 1.88 % Date: 6/30/2020
Return: -0.72 % Date: 5/31/2020
Return: -1.11 % Date: 4/30/2020
Return: -0.89 % Date: 3/31/2020
Return: 3.91 % Date: 2/29/2020
Return: -0.73 % Date: 1/31/2020
Return: 1.10 % Date: 12/31/2019
Return: -0.34 % Date: 11/30/2019
Return: 0.27 % Date: 10/31/2019
Return: -1.04 % Date: 9/30/2019
Return: -2.63 % Date: 8/31/2019
Return: 3.13 % Date: 7/31/2019
Return: -0.92 % Date: 6/30/2019
Return: 1.22 % Date: 5/31/2019
Return: 0.81 % Date: 4/30/2019
Return: 0.93 % Date: 3/31/2019
Return: -1.17 % Date: 2/28/2019
Return: 0.69 % Date: 1/31/2019
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: 01/19 - 09/21
Return: 5.00 %
Count: 1 Return: 2.00 %
Count: 2 Return: 4.00 %
Count: 1 Return: -3.00 %
Count: 2 Return: 3.00 %
Count: 1 Return: -1.00 %
Count: 9 Return: 1.00 %
Count: 10 Return: 0.00 %
Count: 7

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: 01/19 - 09/21
Date: 9/30/2021
Drawdown: -1.00 % Date: 8/31/2021
Drawdown: -1.66 % Date: 7/31/2021
Drawdown: -1.09 % Date: 6/30/2021
Drawdown: -0.27 % Date: 5/31/2021
Drawdown: 0.00 % Date: 4/30/2021
Drawdown: 0.00 % Date: 3/31/2021
Drawdown: -0.29 % Date: 2/28/2021
Drawdown: 0.00 % Date: 1/31/2021
Drawdown: 0.00 % Date: 12/31/2020
Drawdown: -0.52 % Date: 11/30/2020
Drawdown: -1.34 % Date: 10/31/2020
Drawdown: -3.32 % Date: 9/30/2020
Drawdown: -3.27 % Date: 8/31/2020
Drawdown: -0.63 % Date: 7/31/2020
Drawdown: -0.87 % Date: 6/30/2020
Drawdown: -2.70 % Date: 5/31/2020
Drawdown: -1.99 % Date: 4/30/2020
Drawdown: -0.89 % Date: 3/31/2020
Drawdown: 0.00 % Date: 2/29/2020
Drawdown: -3.36 % Date: 1/31/2020
Drawdown: -2.65 % Date: 12/31/2019
Drawdown: -3.71 % Date: 11/30/2019
Drawdown: -3.38 % Date: 10/31/2019
Drawdown: -3.64 % Date: 9/30/2019
Drawdown: -2.63 % Date: 8/31/2019
Drawdown: 0.00 % Date: 7/31/2019
Drawdown: -0.92 % Date: 6/30/2019
Drawdown: 0.00 % Date: 5/31/2019
Drawdown: 0.00 % Date: 4/30/2019
Drawdown: -0.25 % Date: 3/31/2019
Drawdown: -1.17 % Date: 2/28/2019
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:  Ridgedale Management LLC
Address: 2 International Drive, Suite 120 Suite 120
City: Rye Brook
State: NY
Zip: 10573
Country: US

Key People

Name:  Paul Lucek
Position:  Chief Executive Officer
Biography: 

Paul leads portfolio management and development of new investment and risk management strategies and co-leads the investment Committee. Prior to joining Ridgedale, Paul served as CEO and CIO of SSARIS until 2014, and prior to that as Director of Research. Before joining SSARIS in 2004, Paul developed quantitative algorithms for trading stock index futures and used this expertise to launch SITE Capital Management LLC in 1996, a CTA and CPO that focused on systematic equity derivatives and options strategies. Paul was previously part of the Human Genome Project at Columbia University as a candidate in the MD/PhD program and received a BA and MA from Harvard University.


Name:  Mark Rosenberg
Position:  Chief Investment Officer
Biography: 

Mark co-leads the investment Committee and co-manages Ridgedale’s portfolios. Mark founded Ridgedale’s predecessor company RXR Capital (“RXR”) in 1983, later renamed SSARIS Advisors after partnering with State Street Global Advisors in 2001. As an early pioneer in the managed futures/global macro segments of the business, Mark started on the floor at NYMEX in 1968, and created one of Merrill Lynch’s first commodities funds in the early 1980’s, leading a group that managed hedging and alternative strategies for Merrill’s institutional clients. Mark served as a Director of the FIA for 19 years, 2 term Executive Director of MFA and is a current Arbitrator for the NFA.


Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Interest Rates Yes 
 Metals Yes 
 Energies Yes 
 Softs Yes 
 Grains Yes 
 Investment Methodology
 Macro-economic Yes 
 Systematic Yes 
 Diversified Yes 
 Pattern Recognition Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 Global Yes 
 Holding Period
 Investment Terms & Information
 Managed Account Minimum: $15,000,000 
 Margin / Equity Ratio:  
 Managed Account Availability: Open 
Copyright © 2020 CoquestTradersResearch.com
All rights Reserved