AG Capital Investments, LLC

Discretionary Global Macro Program


Monthly Performance (%)

Date Range: 09/14 - 10/19
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2019 14.00 -1.53 8.38 -1.52 2.30 10.21 -6.11 5.54 -1.71 -2.26   28.59 
2018 9.21 3.84 -1.62 -2.95 -0.35 -6.69 -1.65 -3.70 -3.98 -5.08 -0.01 5.69  -8.16 
2017 -16.10 4.10 8.20 0.20 8.30 -3.50 6.97 16.30 8.35 1.03 -6.81 2.16  28.30 
2016 8.00 7.88 -6.93 -7.01 -3.44 9.51 1.08 -8.10 -18.00 25.80 -8.20 -0.80  -6.96 
2015 22.16 -5.07 -5.90 -2.73 -0.40 8.54 25.40 -3.96 2.32 -6.15 12.73 0.05  49.68 
2014 12.60 23.45 -12.20  22.05 

Note: Estimates appear in italics. All performance data is since program inception.

Strategy Description

AG Capital Investments is a global macro investment firm: Primary strategy is managed futures: Fundamentally-oriented, discretionary long/short investing. Discretionary approach, straddling the boundary of trading and investing. Fundamental analysis used to determine directional exposure. Technical analysis and risk management used to determine timing and sizing. Hold positions for 1 month to several years.

Performance Statistics

Date Range: 09/14 - 10/19
  Program S&P 500 Coquest 40 
Total Return 157.55% 68.60% 11.77% 
Annualized Return 20.46% 10.64% 2.18% 
Annualized Std. Deviation 31.78% 11.69% 8.85% 
Correlation -0.05 0.37 
Sharpe Ratio (rf=2.5%) 0.57 0.70 -0.04 
Worst Month -18.00% -9.03% -6.10% 
Date of Worst Month 09/2016 12/2018 02/2018 
Worst Drawdown -33.00% -13.52% -13.63% 
Date of Worst Drawdown 2/16 - 1/17 9/18 - 12/18 3/15 - 1/19 

Note: Estimates appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 09/14 - 10/19
Year or YTD Program S&P 500 Coquest 40 
2019 28.59 23.18 7.15 
2018 -8.16 -4.38 -4.29 
2017 28.30 21.84 1.24 
2016 -6.96 11.98 -3.13 
2015 49.68 1.41 0.09 
2014 22.05 4.93 9.40 

Note: Estimates appear in italics. All performance data is since program inception.

Performance Comparison

Date Range: 09/14 - 10/19
Date: 10/31/2019
Perf: $1,101.32 Date: 9/30/2019
Perf: $1,126.20 Date: 8/31/2019
Perf: $1,158.29 Date: 7/31/2019
Perf: $1,117.82 Date: 6/30/2019
Perf: $1,080.96 Date: 5/31/2019
Perf: $1,059.77 Date: 4/30/2019
Perf: $1,080.95 Date: 3/31/2019
Perf: $1,052.02 Date: 2/28/2019
Perf: $1,015.57 Date: 1/31/2019
Perf: $1,009.11 Date: 12/31/2018
Perf: $1,027.81 Date: 11/30/2018
Perf: $1,023.51 Date: 10/31/2018
Perf: $1,035.95 Date: 9/30/2018
Perf: $1,062.18 Date: 8/31/2018
Perf: $1,066.98 Date: 7/31/2018
Perf: $1,040.45 Date: 6/30/2018
Perf: $1,048.31 Date: 5/31/2018
Perf: $1,039.58 Date: 4/30/2018
Perf: $1,053.17 Date: 3/31/2018
Perf: $1,041.91 Date: 2/28/2018
Perf: $1,042.85 Date: 1/31/2018
Perf: $1,110.60 Date: 12/31/2017
Perf: $1,073.87 Date: 11/30/2017
Perf: $1,062.29 Date: 10/31/2017
Perf: $1,060.92 Date: 9/30/2017
Perf: $1,018.25 Date: 8/31/2017
Perf: $1,040.20 Date: 7/31/2017
Perf: $1,023.21 Date: 6/30/2017
Perf: $1,019.24 Date: 5/31/2017
Perf: $1,049.90 Date: 4/30/2017
Perf: $1,047.90 Date: 3/31/2017
Perf: $1,054.23 Date: 2/28/2017
Perf: $1,069.85 Date: 1/31/2017
Perf: $1,047.02 Date: 12/31/2016
Perf: $1,060.71 Date: 11/30/2016
Perf: $1,052.71 Date: 10/31/2016
Perf: $1,064.42 Date: 9/30/2016
Perf: $1,092.60 Date: 8/31/2016
Perf: $1,106.88 Date: 7/31/2016
Perf: $1,137.48 Date: 6/30/2016
Perf: $1,126.00 Date: 5/31/2016
Perf: $1,080.09 Date: 4/30/2016
Perf: $1,099.33 Date: 3/31/2016
Perf: $1,127.63 Date: 2/29/2016
Perf: $1,160.95 Date: 1/31/2016
Perf: $1,133.08 Date: 12/31/2015
Perf: $1,094.97 Date: 11/30/2015
Perf: $1,120.75 Date: 10/31/2015
Perf: $1,083.79 Date: 9/30/2015
Perf: $1,102.99 Date: 8/31/2015
Perf: $1,079.56 Date: 7/31/2015
Perf: $1,098.57 Date: 6/30/2015
Perf: $1,057.23 Date: 5/31/2015
Perf: $1,115.22 Date: 4/30/2015
Perf: $1,123.31 Date: 3/31/2015
Perf: $1,168.41 Date: 2/28/2015
Perf: $1,143.14 Date: 1/31/2015
Perf: $1,144.98 Date: 12/31/2014
Perf: $1,094.00 Date: 11/30/2014
Perf: $1,075.07 Date: 10/31/2014
Perf: $1,014.70 Date: 9/30/2014
Perf: $1,000.00 Date: 10/31/2019
Perf: $1,709.98 Date: 9/30/2019
Perf: $1,673.66 Date: 8/31/2019
Perf: $1,642.93 Date: 7/31/2019
Perf: $1,669.31 Date: 6/30/2019
Perf: $1,645.61 Date: 5/31/2019
Perf: $1,537.24 Date: 4/30/2019
Perf: $1,641.47 Date: 3/31/2019
Perf: $1,577.58 Date: 2/28/2019
Perf: $1,547.56 Date: 1/31/2019
Perf: $1,499.42 Date: 12/31/2018
Perf: $1,388.23 Date: 11/30/2018
Perf: $1,526.03 Date: 10/31/2018
Perf: $1,495.52 Date: 9/30/2018
Perf: $1,605.32 Date: 8/31/2018
Perf: $1,596.22 Date: 7/31/2018
Perf: $1,545.83 Date: 6/30/2018
Perf: $1,490.39 Date: 5/31/2018
Perf: $1,481.20 Date: 4/30/2018
Perf: $1,446.35 Date: 3/31/2018
Perf: $1,440.87 Date: 2/28/2018
Perf: $1,478.42 Date: 1/31/2018
Perf: $1,535.07 Date: 12/31/2017
Perf: $1,451.88 Date: 11/30/2017
Perf: $1,435.94 Date: 10/31/2017
Perf: $1,393.17 Date: 9/30/2017
Perf: $1,361.45 Date: 8/31/2017
Perf: $1,333.97 Date: 7/31/2017
Perf: $1,329.84 Date: 6/30/2017
Perf: $1,303.00 Date: 5/31/2017
Perf: $1,294.97 Date: 4/30/2017
Perf: $1,276.97 Date: 3/31/2017
Perf: $1,263.95 Date: 2/28/2017
Perf: $1,262.43 Date: 1/31/2017
Perf: $1,214.23 Date: 12/31/2016
Perf: $1,191.59 Date: 11/30/2016
Perf: $1,168.45 Date: 10/31/2016
Perf: $1,126.76 Date: 9/30/2016
Perf: $1,147.65 Date: 8/31/2016
Perf: $1,147.42 Date: 7/31/2016
Perf: $1,145.82 Date: 6/30/2016
Perf: $1,105.04 Date: 5/31/2016
Perf: $1,102.17 Date: 4/30/2016
Perf: $1,082.69 Date: 3/31/2016
Perf: $1,078.48 Date: 2/29/2016
Perf: $1,010.00 Date: 1/31/2016
Perf: $1,011.32 Date: 12/31/2015
Perf: $1,064.10 Date: 11/30/2015
Perf: $1,081.18 Date: 10/31/2015
Perf: $1,077.95 Date: 9/30/2015
Perf: $994.05 Date: 8/31/2015
Perf: $1,019.22 Date: 7/31/2015
Perf: $1,084.63 Date: 6/30/2015
Perf: $1,062.32 Date: 5/31/2015
Perf: $1,083.33 Date: 4/30/2015
Perf: $1,069.54 Date: 3/31/2015
Perf: $1,059.37 Date: 2/28/2015
Perf: $1,076.37 Date: 1/31/2015
Perf: $1,017.85 Date: 12/31/2014
Perf: $1,049.33 Date: 11/30/2014
Perf: $1,051.96 Date: 10/31/2014
Perf: $1,024.40 Date: 9/30/2014
Perf: $1,000.00 Date: 10/31/2019
Perf: $2,575.53 Date: 9/30/2019
Perf: $2,635.09 Date: 8/31/2019
Perf: $2,680.93 Date: 7/31/2019
Perf: $2,540.20 Date: 6/30/2019
Perf: $2,705.51 Date: 5/31/2019
Perf: $2,454.87 Date: 4/30/2019
Perf: $2,399.68 Date: 3/31/2019
Perf: $2,436.71 Date: 2/28/2019
Perf: $2,248.31 Date: 1/31/2019
Perf: $2,283.24 Date: 12/31/2018
Perf: $2,002.84 Date: 11/30/2018
Perf: $1,895.02 Date: 10/31/2018
Perf: $1,895.21 Date: 9/30/2018
Perf: $1,996.63 Date: 8/31/2018
Perf: $2,079.39 Date: 7/31/2018
Perf: $2,159.29 Date: 6/30/2018
Perf: $2,195.51 Date: 5/31/2018
Perf: $2,352.92 Date: 4/30/2018
Perf: $2,361.19 Date: 3/31/2018
Perf: $2,432.96 Date: 2/28/2018
Perf: $2,473.02 Date: 1/31/2018
Perf: $2,381.57 Date: 12/31/2017
Perf: $2,180.73 Date: 11/30/2017
Perf: $2,134.62 Date: 10/31/2017
Perf: $2,290.61 Date: 9/30/2017
Perf: $2,267.26 Date: 8/31/2017
Perf: $2,092.53 Date: 7/31/2017
Perf: $1,799.25 Date: 6/30/2017
Perf: $1,682.02 Date: 5/31/2017
Perf: $1,743.02 Date: 4/30/2017
Perf: $1,609.44 Date: 3/31/2017
Perf: $1,606.23 Date: 2/28/2017
Perf: $1,484.50 Date: 1/31/2017
Perf: $1,426.03 Date: 12/31/2016
Perf: $1,699.68 Date: 11/30/2016
Perf: $1,713.38 Date: 10/31/2016
Perf: $1,866.43 Date: 9/30/2016
Perf: $1,483.65 Date: 8/31/2016
Perf: $1,809.33 Date: 7/31/2016
Perf: $1,968.80 Date: 6/30/2016
Perf: $1,947.77 Date: 5/31/2016
Perf: $1,778.62 Date: 4/30/2016
Perf: $1,841.98 Date: 3/31/2016
Perf: $1,980.84 Date: 2/29/2016
Perf: $2,128.34 Date: 1/31/2016
Perf: $1,972.87 Date: 12/31/2015
Perf: $1,826.73 Date: 11/30/2015
Perf: $1,825.82 Date: 10/31/2015
Perf: $1,619.64 Date: 9/30/2015
Perf: $1,725.78 Date: 8/31/2015
Perf: $1,686.65 Date: 7/31/2015
Perf: $1,756.19 Date: 6/30/2015
Perf: $1,400.47 Date: 5/31/2015
Perf: $1,290.28 Date: 4/30/2015
Perf: $1,295.46 Date: 3/31/2015
Perf: $1,331.82 Date: 2/28/2015
Perf: $1,415.33 Date: 1/31/2015
Perf: $1,490.92 Date: 12/31/2014
Perf: $1,220.46 Date: 11/30/2014
Perf: $1,390.05 Date: 10/31/2014
Perf: $1,126.00 Date: 9/30/2014
Perf: $1,000.00

Note: All performance data is since program inception.

Monthly Returns

Date Range: 09/14 - 10/19
Date: 10/31/2019
Return: -2.26 % Date: 9/30/2019
Return: -1.71 % Date: 8/31/2019
Return: 5.54 % Date: 7/31/2019
Return: -6.11 % Date: 6/30/2019
Return: 10.21 % Date: 5/31/2019
Return: 2.30 % Date: 4/30/2019
Return: -1.52 % Date: 3/31/2019
Return: 8.38 % Date: 2/28/2019
Return: -1.53 % Date: 1/31/2019
Return: 14.00 % Date: 12/31/2018
Return: 5.69 % Date: 11/30/2018
Return: -0.01 % Date: 10/31/2018
Return: -5.08 % Date: 9/30/2018
Return: -3.98 % Date: 8/31/2018
Return: -3.70 % Date: 7/31/2018
Return: -1.65 % Date: 6/30/2018
Return: -6.69 % Date: 5/31/2018
Return: -0.35 % Date: 4/30/2018
Return: -2.95 % Date: 3/31/2018
Return: -1.62 % Date: 2/28/2018
Return: 3.84 % Date: 1/31/2018
Return: 9.21 % Date: 12/31/2017
Return: 2.16 % Date: 11/30/2017
Return: -6.81 % Date: 10/31/2017
Return: 1.03 % Date: 9/30/2017
Return: 8.35 % Date: 8/31/2017
Return: 16.30 % Date: 7/31/2017
Return: 6.97 % Date: 6/30/2017
Return: -3.50 % Date: 5/31/2017
Return: 8.30 % Date: 4/30/2017
Return: 0.20 % Date: 3/31/2017
Return: 8.20 % Date: 2/28/2017
Return: 4.10 % Date: 1/31/2017
Return: -16.10 % Date: 12/31/2016
Return: -0.80 % Date: 11/30/2016
Return: -8.20 % Date: 10/31/2016
Return: 25.80 % Date: 9/30/2016
Return: -18.00 % Date: 8/31/2016
Return: -8.10 % Date: 7/31/2016
Return: 1.08 % Date: 6/30/2016
Return: 9.51 % Date: 5/31/2016
Return: -3.44 % Date: 4/30/2016
Return: -7.01 % Date: 3/31/2016
Return: -6.93 % Date: 2/29/2016
Return: 7.88 % Date: 1/31/2016
Return: 8.00 % Date: 12/31/2015
Return: 0.05 % Date: 11/30/2015
Return: 12.73 % Date: 10/31/2015
Return: -6.15 % Date: 9/30/2015
Return: 2.32 % Date: 8/31/2015
Return: -3.96 % Date: 7/31/2015
Return: 25.40 % Date: 6/30/2015
Return: 8.54 % Date: 5/31/2015
Return: -0.40 % Date: 4/30/2015
Return: -2.73 % Date: 3/31/2015
Return: -5.90 % Date: 2/28/2015
Return: -5.07 % Date: 1/31/2015
Return: 22.16 % Date: 12/31/2014
Return: -12.20 % Date: 11/30/2014
Return: 23.45 % Date: 10/31/2014
Return: 12.60 % Date: 9/30/2014
Return: 0.00 %

Note: All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 09/14 - 10/19
Return: 14.00 %
Count: 1 Return: 6.00 %
Count: 2 Return: -2.00 %
Count: 6 Return: 16.00 %
Count: 1 Return: 7.00 %
Count: 1 Return: 4.00 %
Count: 2 Return: -16.00 %
Count: 1 Return: -1.00 %
Count: 1 Return: 26.00 %
Count: 1 Return: -18.00 %
Count: 1 Return: -8.00 %
Count: 2 Return: 1.00 %
Count: 2 Return: 10.00 %
Count: 2 Return: -7.00 %
Count: 4 Return: 8.00 %
Count: 6 Return: 2.00 %
Count: 3 Return: -4.00 %
Count: 4 Return: 25.00 %
Count: 1 Return: 9.00 %
Count: 2 Return: -3.00 %
Count: 3 Return: -6.00 %
Count: 3 Return: -5.00 %
Count: 2 Return: 22.00 %
Count: 1 Return: -12.00 %
Count: 1 Return: 23.00 %
Count: 1 Return: 13.00 %
Count: 2 Return: 0.00 %
Count: 6

Note: All performance data is since program inception.

Underwater Curve

Date Range: 09/14 - 10/19
Date: 10/31/2019
Drawdown: -4.80 % Date: 9/30/2019
Drawdown: -2.60 % Date: 8/31/2019
Drawdown: -0.91 % Date: 7/31/2019
Drawdown: -6.11 % Date: 6/30/2019
Drawdown: 0.00 % Date: 5/31/2019
Drawdown: -0.73 % Date: 4/30/2019
Drawdown: -2.97 % Date: 3/31/2019
Drawdown: -1.47 % Date: 2/28/2019
Drawdown: -9.09 % Date: 1/31/2019
Drawdown: -7.67 % Date: 12/31/2018
Drawdown: -19.01 % Date: 11/30/2018
Drawdown: -23.37 % Date: 10/31/2018
Drawdown: -23.36 % Date: 9/30/2018
Drawdown: -19.26 % Date: 8/31/2018
Drawdown: -15.92 % Date: 7/31/2018
Drawdown: -12.69 % Date: 6/30/2018
Drawdown: -11.22 % Date: 5/31/2018
Drawdown: -4.86 % Date: 4/30/2018
Drawdown: -4.52 % Date: 3/31/2018
Drawdown: -1.62 % Date: 2/28/2018
Drawdown: 0.00 % Date: 1/31/2018
Drawdown: 0.00 % Date: 12/31/2017
Drawdown: -4.80 % Date: 11/30/2017
Drawdown: -6.81 % Date: 10/31/2017
Drawdown: 0.00 % Date: 9/30/2017
Drawdown: 0.00 % Date: 8/31/2017
Drawdown: -1.68 % Date: 7/31/2017
Drawdown: -15.46 % Date: 6/30/2017
Drawdown: -20.97 % Date: 5/31/2017
Drawdown: -18.10 % Date: 4/30/2017
Drawdown: -24.38 % Date: 3/31/2017
Drawdown: -24.53 % Date: 2/28/2017
Drawdown: -30.25 % Date: 1/31/2017
Drawdown: -33.00 % Date: 12/31/2016
Drawdown: -20.14 % Date: 11/30/2016
Drawdown: -19.50 % Date: 10/31/2016
Drawdown: -12.31 % Date: 9/30/2016
Drawdown: -30.29 % Date: 8/31/2016
Drawdown: -14.99 % Date: 7/31/2016
Drawdown: -7.50 % Date: 6/30/2016
Drawdown: -8.48 % Date: 5/31/2016
Drawdown: -16.43 % Date: 4/30/2016
Drawdown: -13.45 % Date: 3/31/2016
Drawdown: -6.93 % Date: 2/29/2016
Drawdown: 0.00 % Date: 1/31/2016
Drawdown: 0.00 % Date: 12/31/2015
Drawdown: 0.00 % Date: 11/30/2015
Drawdown: 0.00 % Date: 10/31/2015
Drawdown: -7.78 % Date: 9/30/2015
Drawdown: -1.73 % Date: 8/31/2015
Drawdown: -3.96 % Date: 7/31/2015
Drawdown: 0.00 % Date: 6/30/2015
Drawdown: -6.07 % Date: 5/31/2015
Drawdown: -13.46 % Date: 4/30/2015
Drawdown: -13.11 % Date: 3/31/2015
Drawdown: -10.67 % Date: 2/28/2015
Drawdown: -5.07 % Date: 1/31/2015
Drawdown: 0.00 % Date: 12/31/2014
Drawdown: -12.20 % Date: 11/30/2014
Drawdown: 0.00 % Date: 10/31/2014
Drawdown: 0.00 %

Note: All performance data is since program inception.

Manager Information

Manager Name:  AG Capital Investments, LLC
Address: 745 Atlantic Ave,. 8th Floor
City: Boston
State: MA
Zip: 02111
Country: USA

Key People

Name:  Asim Ghaffer
Position:  Director
Biography: 

Asim has a background in economics, strategy, and investment consulting, as well as futures trading and risk management. He previously worked as an investment consultant at Cambridge Associates, a strategy consultant at Bain & Company, Inc, and an economics and business consulting analyst at Charles River Associates, Inc.


Name:  Roger Dowd
Position:  Director
Biography: 

He has worked in the Human Systems Interface Technology group at NYMEX Science and Technology, as an FX trader at Caxton Corporation, and at UBS and Morgan Stanley.


Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Interest Rates Yes 
 Currencies Yes 
 Metals Yes 
 Energies Yes 
 Grains Yes 
 Meats Yes 
 Investment Methodology
 Fundamental Analysis Yes 
 Macro-economic Yes 
 Discretionary Yes 
 Diversified Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 Holding Period
 Investment Terms & Information
 Managed Account Minimum: $500,000 
 Margin / Equity Ratio: 15% 
 Managed Account Availability: Open 
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