Linnis, LLC

Linnis One *QEP*


Monthly Performance (%)

Date Range: 07/14 - 04/20
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2020 8.16 0.69 -6.70 7.19   8.92 
2019 4.41 1.27 -4.71 -5.73 6.22 3.28 -0.28 0.78 5.22 3.93 2.67 4.25  22.57 
2018 -2.96 -2.86 -1.24 2.26 -2.27 5.75 -2.94 -3.20 -3.82 7.31 1.90 2.43  -0.42 
2017 4.53 -0.18 -3.90 5.33 2.42 -2.59 3.78 0.09 -2.71 2.64 -1.17 0.58  8.65 
2016 5.38 -3.92 7.61 -4.00 2.83 2.90 3.35 2.71 0.31 -3.14 -8.01 -0.18  4.81 
2015 5.09 -3.59 2.43 -2.24 5.11 12.72 9.36 -5.60 2.54 -2.91 -3.75 -4.72  13.30 
2014 0.28 -1.22 -1.73 3.70 3.38  4.36 

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

Strategy Description

Linnis ONE is a quantitative futures trading program that utilizes short-term trading to exploit fundamental supply and demand imbalances caused by market structure and regulation. Linnis takes an event-based approach with the view that events are the primary driver of volatility and alpha opportunities in markets.

Performance Statistics

Date Range: 07/14 - 04/20
  Program S&P 500 Coquest 40 
Total Return 78.99% 67.47% 15.85% 
Annualized Return 10.65% 9.24% 2.55% 
Annualized Std. Deviation 14.61% 13.95% 8.55% 
Correlation 0.05 0.01 
Sharpe Ratio (rf=2.5%) 0.56 0.48 0.01 
Worst Month -8.01% -12.35% -6.10% 
Date of Worst Month 11/2016 03/2020 02/2018 
Worst Drawdown -14.09% -19.60% -13.63% 
Date of Worst Drawdown 9/16 - 9/18 12/19 - 3/20 3/15 - 1/19 

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

Annual Performance (%)

Date Range: 07/14 - 04/20
Year or YTD Program S&P 500 Coquest 40 
2020 8.92 -9.29 -0.11 
2019 22.57 31.50 7.53 
2018 -0.42 -4.38 -4.29 
2017 8.65 21.84 1.24 
2016 4.81 11.98 -3.13 
2015 13.30 1.41 0.09 
2014 4.36 7.60 15.73 

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

Performance Comparison

Date Range: 07/14 - 04/20
Date: 4/30/2020
Perf: $1,167.88 Date: 3/31/2020
Perf: $1,164.04 Date: 2/29/2020
Perf: $1,163.34 Date: 1/31/2020
Perf: $1,180.94 Date: 12/31/2019
Perf: $1,169.13 Date: 11/30/2019
Perf: $1,176.42 Date: 10/31/2019
Perf: $1,165.01 Date: 9/30/2019
Perf: $1,191.33 Date: 8/31/2019
Perf: $1,225.27 Date: 7/31/2019
Perf: $1,182.47 Date: 6/30/2019
Perf: $1,143.48 Date: 5/31/2019
Perf: $1,121.05 Date: 4/30/2019
Perf: $1,143.47 Date: 3/31/2019
Perf: $1,112.86 Date: 2/28/2019
Perf: $1,074.30 Date: 1/31/2019
Perf: $1,067.46 Date: 12/31/2018
Perf: $1,087.25 Date: 11/30/2018
Perf: $1,082.70 Date: 10/31/2018
Perf: $1,095.85 Date: 9/30/2018
Perf: $1,123.61 Date: 8/31/2018
Perf: $1,128.69 Date: 7/31/2018
Perf: $1,100.62 Date: 6/30/2018
Perf: $1,108.94 Date: 5/31/2018
Perf: $1,099.70 Date: 4/30/2018
Perf: $1,114.07 Date: 3/31/2018
Perf: $1,102.17 Date: 2/28/2018
Perf: $1,103.16 Date: 1/31/2018
Perf: $1,174.83 Date: 12/31/2017
Perf: $1,135.98 Date: 11/30/2017
Perf: $1,123.73 Date: 10/31/2017
Perf: $1,122.27 Date: 9/30/2017
Perf: $1,077.14 Date: 8/31/2017
Perf: $1,100.35 Date: 7/31/2017
Perf: $1,082.39 Date: 6/30/2017
Perf: $1,078.18 Date: 5/31/2017
Perf: $1,110.61 Date: 4/30/2017
Perf: $1,108.50 Date: 3/31/2017
Perf: $1,115.20 Date: 2/28/2017
Perf: $1,131.72 Date: 1/31/2017
Perf: $1,107.57 Date: 12/31/2016
Perf: $1,122.05 Date: 11/30/2016
Perf: $1,113.59 Date: 10/31/2016
Perf: $1,125.97 Date: 9/30/2016
Perf: $1,155.79 Date: 8/31/2016
Perf: $1,170.89 Date: 7/31/2016
Perf: $1,203.26 Date: 6/30/2016
Perf: $1,191.11 Date: 5/31/2016
Perf: $1,142.55 Date: 4/30/2016
Perf: $1,162.91 Date: 3/31/2016
Perf: $1,192.85 Date: 2/29/2016
Perf: $1,228.09 Date: 1/31/2016
Perf: $1,198.61 Date: 12/31/2015
Perf: $1,158.30 Date: 11/30/2015
Perf: $1,185.57 Date: 10/31/2015
Perf: $1,146.47 Date: 9/30/2015
Perf: $1,166.77 Date: 8/31/2015
Perf: $1,141.99 Date: 7/31/2015
Perf: $1,162.10 Date: 6/30/2015
Perf: $1,118.37 Date: 5/31/2015
Perf: $1,179.71 Date: 4/30/2015
Perf: $1,188.27 Date: 3/31/2015
Perf: $1,235.98 Date: 2/28/2015
Perf: $1,209.25 Date: 1/31/2015
Perf: $1,211.19 Date: 12/31/2014
Perf: $1,157.26 Date: 11/30/2014
Perf: $1,137.25 Date: 10/31/2014
Perf: $1,073.38 Date: 9/30/2014
Perf: $1,057.83 Date: 8/31/2014
Perf: $1,042.30 Date: 7/31/2014
Perf: $1,000.00 Date: 4/30/2020
Perf: $1,698.13 Date: 3/31/2020
Perf: $1,505.17 Date: 2/29/2020
Perf: $1,717.25 Date: 1/31/2020
Perf: $1,871.26 Date: 12/31/2019
Perf: $1,872.01 Date: 11/30/2019
Perf: $1,817.13 Date: 10/31/2019
Perf: $1,753.48 Date: 9/30/2019
Perf: $1,716.23 Date: 8/31/2019
Perf: $1,684.73 Date: 7/31/2019
Perf: $1,711.78 Date: 6/30/2019
Perf: $1,687.48 Date: 5/31/2019
Perf: $1,576.34 Date: 4/30/2019
Perf: $1,683.23 Date: 3/31/2019
Perf: $1,617.71 Date: 2/28/2019
Perf: $1,586.93 Date: 1/31/2019
Perf: $1,537.57 Date: 12/31/2018
Perf: $1,423.54 Date: 11/30/2018
Perf: $1,564.85 Date: 10/31/2018
Perf: $1,533.57 Date: 9/30/2018
Perf: $1,646.16 Date: 8/31/2018
Perf: $1,636.83 Date: 7/31/2018
Perf: $1,585.16 Date: 6/30/2018
Perf: $1,528.30 Date: 5/31/2018
Perf: $1,518.89 Date: 4/30/2018
Perf: $1,483.14 Date: 3/31/2018
Perf: $1,477.53 Date: 2/28/2018
Perf: $1,516.04 Date: 1/31/2018
Perf: $1,574.12 Date: 12/31/2017
Perf: $1,488.81 Date: 11/30/2017
Perf: $1,472.47 Date: 10/31/2017
Perf: $1,428.61 Date: 9/30/2017
Perf: $1,396.08 Date: 8/31/2017
Perf: $1,367.90 Date: 7/31/2017
Perf: $1,363.67 Date: 6/30/2017
Perf: $1,336.15 Date: 5/31/2017
Perf: $1,327.92 Date: 4/30/2017
Perf: $1,309.45 Date: 3/31/2017
Perf: $1,296.10 Date: 2/28/2017
Perf: $1,294.55 Date: 1/31/2017
Perf: $1,245.12 Date: 12/31/2016
Perf: $1,221.90 Date: 11/30/2016
Perf: $1,198.18 Date: 10/31/2016
Perf: $1,155.43 Date: 9/30/2016
Perf: $1,176.85 Date: 8/31/2016
Perf: $1,176.61 Date: 7/31/2016
Perf: $1,174.97 Date: 6/30/2016
Perf: $1,133.15 Date: 5/31/2016
Perf: $1,130.21 Date: 4/30/2016
Perf: $1,110.23 Date: 3/31/2016
Perf: $1,105.92 Date: 2/29/2016
Perf: $1,035.70 Date: 1/31/2016
Perf: $1,037.04 Date: 12/31/2015
Perf: $1,091.17 Date: 11/30/2015
Perf: $1,108.68 Date: 10/31/2015
Perf: $1,105.37 Date: 9/30/2015
Perf: $1,019.34 Date: 8/31/2015
Perf: $1,045.15 Date: 7/31/2015
Perf: $1,112.22 Date: 6/30/2015
Perf: $1,089.34 Date: 5/31/2015
Perf: $1,110.89 Date: 4/30/2015
Perf: $1,096.75 Date: 3/31/2015
Perf: $1,086.32 Date: 2/28/2015
Perf: $1,103.76 Date: 1/31/2015
Perf: $1,043.74 Date: 12/31/2014
Perf: $1,076.02 Date: 11/30/2014
Perf: $1,078.72 Date: 10/31/2014
Perf: $1,050.46 Date: 9/30/2014
Perf: $1,025.44 Date: 8/31/2014
Perf: $1,040.00 Date: 7/31/2014
Perf: $1,000.00 Date: 4/30/2020
Perf: $1,789.89 Date: 3/31/2020
Perf: $1,669.83 Date: 2/29/2020
Perf: $1,789.74 Date: 1/31/2020
Perf: $1,777.48 Date: 12/31/2019
Perf: $1,643.38 Date: 11/30/2019
Perf: $1,576.38 Date: 10/31/2019
Perf: $1,535.39 Date: 9/30/2019
Perf: $1,477.33 Date: 8/31/2019
Perf: $1,404.04 Date: 7/31/2019
Perf: $1,393.17 Date: 6/30/2019
Perf: $1,397.08 Date: 5/31/2019
Perf: $1,352.71 Date: 4/30/2019
Perf: $1,273.50 Date: 3/31/2019
Perf: $1,350.91 Date: 2/28/2019
Perf: $1,417.68 Date: 1/31/2019
Perf: $1,399.90 Date: 12/31/2018
Perf: $1,340.77 Date: 11/30/2018
Perf: $1,308.97 Date: 10/31/2018
Perf: $1,284.56 Date: 9/30/2018
Perf: $1,197.05 Date: 8/31/2018
Perf: $1,244.60 Date: 7/31/2018
Perf: $1,285.74 Date: 6/30/2018
Perf: $1,324.69 Date: 5/31/2018
Perf: $1,252.66 Date: 4/30/2018
Perf: $1,281.76 Date: 3/31/2018
Perf: $1,253.43 Date: 2/28/2018
Perf: $1,269.17 Date: 1/31/2018
Perf: $1,306.53 Date: 12/31/2017
Perf: $1,346.39 Date: 11/30/2017
Perf: $1,338.62 Date: 10/31/2017
Perf: $1,354.47 Date: 9/30/2017
Perf: $1,319.63 Date: 8/31/2017
Perf: $1,356.39 Date: 7/31/2017
Perf: $1,355.17 Date: 6/30/2017
Perf: $1,305.81 Date: 5/31/2017
Perf: $1,340.53 Date: 4/30/2017
Perf: $1,308.86 Date: 3/31/2017
Perf: $1,242.62 Date: 2/28/2017
Perf: $1,293.05 Date: 1/31/2017
Perf: $1,295.38 Date: 12/31/2016
Perf: $1,239.25 Date: 11/30/2016
Perf: $1,241.48 Date: 10/31/2016
Perf: $1,349.58 Date: 9/30/2016
Perf: $1,393.33 Date: 8/31/2016
Perf: $1,389.03 Date: 7/31/2016
Perf: $1,352.38 Date: 6/30/2016
Perf: $1,308.54 Date: 5/31/2016
Perf: $1,271.66 Date: 4/30/2016
Perf: $1,236.67 Date: 3/31/2016
Perf: $1,288.19 Date: 2/29/2016
Perf: $1,197.09 Date: 1/31/2016
Perf: $1,245.94 Date: 12/31/2015
Perf: $1,182.33 Date: 11/30/2015
Perf: $1,240.90 Date: 10/31/2015
Perf: $1,289.24 Date: 9/30/2015
Perf: $1,327.88 Date: 8/31/2015
Perf: $1,294.99 Date: 7/31/2015
Perf: $1,371.81 Date: 6/30/2015
Perf: $1,254.40 Date: 5/31/2015
Perf: $1,112.85 Date: 4/30/2015
Perf: $1,058.75 Date: 3/31/2015
Perf: $1,083.00 Date: 2/28/2015
Perf: $1,057.31 Date: 1/31/2015
Perf: $1,096.68 Date: 12/31/2014
Perf: $1,043.57 Date: 11/30/2014
Perf: $1,009.45 Date: 10/31/2014
Perf: $973.43 Date: 9/30/2014
Perf: $990.57 Date: 8/31/2014
Perf: $1,002.80 Date: 7/31/2014
Perf: $1,000.00

Note: All performance data is since program inception.

Monthly Returns

Date Range: 07/14 - 04/20
Date: 4/30/2020
Return: 7.19 % Date: 3/31/2020
Return: -6.70 % Date: 2/29/2020
Return: 0.69 % Date: 1/31/2020
Return: 8.16 % Date: 12/31/2019
Return: 4.25 % Date: 11/30/2019
Return: 2.67 % Date: 10/31/2019
Return: 3.93 % Date: 9/30/2019
Return: 5.22 % Date: 8/31/2019
Return: 0.78 % Date: 7/31/2019
Return: -0.28 % Date: 6/30/2019
Return: 3.28 % Date: 5/31/2019
Return: 6.22 % Date: 4/30/2019
Return: -5.73 % Date: 3/31/2019
Return: -4.71 % Date: 2/28/2019
Return: 1.27 % Date: 1/31/2019
Return: 4.41 % Date: 12/31/2018
Return: 2.43 % Date: 11/30/2018
Return: 1.90 % Date: 10/31/2018
Return: 7.31 % Date: 9/30/2018
Return: -3.82 % Date: 8/31/2018
Return: -3.20 % Date: 7/31/2018
Return: -2.94 % Date: 6/30/2018
Return: 5.75 % Date: 5/31/2018
Return: -2.27 % Date: 4/30/2018
Return: 2.26 % Date: 3/31/2018
Return: -1.24 % Date: 2/28/2018
Return: -2.86 % Date: 1/31/2018
Return: -2.96 % Date: 12/31/2017
Return: 0.58 % Date: 11/30/2017
Return: -1.17 % Date: 10/31/2017
Return: 2.64 % Date: 9/30/2017
Return: -2.71 % Date: 8/31/2017
Return: 0.09 % Date: 7/31/2017
Return: 3.78 % Date: 6/30/2017
Return: -2.59 % Date: 5/31/2017
Return: 2.42 % Date: 4/30/2017
Return: 5.33 % Date: 3/31/2017
Return: -3.90 % Date: 2/28/2017
Return: -0.18 % Date: 1/31/2017
Return: 4.53 % Date: 12/31/2016
Return: -0.18 % Date: 11/30/2016
Return: -8.01 % Date: 10/31/2016
Return: -3.14 % Date: 9/30/2016
Return: 0.31 % Date: 8/31/2016
Return: 2.71 % Date: 7/31/2016
Return: 3.35 % Date: 6/30/2016
Return: 2.90 % Date: 5/31/2016
Return: 2.83 % Date: 4/30/2016
Return: -4.00 % Date: 3/31/2016
Return: 7.61 % Date: 2/29/2016
Return: -3.92 % Date: 1/31/2016
Return: 5.38 % Date: 12/31/2015
Return: -4.72 % Date: 11/30/2015
Return: -3.75 % Date: 10/31/2015
Return: -2.91 % Date: 9/30/2015
Return: 2.54 % Date: 8/31/2015
Return: -5.60 % Date: 7/31/2015
Return: 9.36 % Date: 6/30/2015
Return: 12.72 % Date: 5/31/2015
Return: 5.11 % Date: 4/30/2015
Return: -2.24 % Date: 3/31/2015
Return: 2.43 % Date: 2/28/2015
Return: -3.59 % Date: 1/31/2015
Return: 5.09 % Date: 12/31/2014
Return: 3.38 % Date: 11/30/2014
Return: 3.70 % Date: 10/31/2014
Return: -1.73 % Date: 9/30/2014
Return: -1.22 % Date: 8/31/2014
Return: 0.28 % Date: 7/31/2014
Return: 0.00 %

Note: All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 07/14 - 04/20
Return: -7.00 %
Count: 1 Return: 7.00 %
Count: 2 Return: 6.00 %
Count: 2 Return: 1.00 %
Count: 4 Return: -8.00 %
Count: 1 Return: 8.00 %
Count: 2 Return: -5.00 %
Count: 2 Return: -3.00 %
Count: 8 Return: -6.00 %
Count: 2 Return: 9.00 %
Count: 1 Return: 13.00 %
Count: 1 Return: 2.00 %
Count: 5 Return: -4.00 %
Count: 6 Return: 5.00 %
Count: 6 Return: 3.00 %
Count: 9 Return: 4.00 %
Count: 5 Return: -2.00 %
Count: 3 Return: -1.00 %
Count: 3 Return: 0.00 %
Count: 7

Note: All performance data is since program inception.

Underwater Curve

Date Range: 07/14 - 04/20
Date: 4/30/2020
Drawdown: 0.00 % Date: 3/31/2020
Drawdown: -6.70 % Date: 2/29/2020
Drawdown: 0.00 % Date: 1/31/2020
Drawdown: 0.00 % Date: 12/31/2019
Drawdown: 0.00 % Date: 11/30/2019
Drawdown: 0.00 % Date: 10/31/2019
Drawdown: 0.00 % Date: 9/30/2019
Drawdown: 0.00 % Date: 8/31/2019
Drawdown: -0.96 % Date: 7/31/2019
Drawdown: -1.73 % Date: 6/30/2019
Drawdown: -1.45 % Date: 5/31/2019
Drawdown: -4.58 % Date: 4/30/2019
Drawdown: -10.17 % Date: 3/31/2019
Drawdown: -4.71 % Date: 2/28/2019
Drawdown: 0.00 % Date: 1/31/2019
Drawdown: 0.00 % Date: 12/31/2018
Drawdown: -3.77 % Date: 11/30/2018
Drawdown: -6.06 % Date: 10/31/2018
Drawdown: -7.81 % Date: 9/30/2018
Drawdown: -14.09 % Date: 8/31/2018
Drawdown: -10.67 % Date: 7/31/2018
Drawdown: -7.72 % Date: 6/30/2018
Drawdown: -4.93 % Date: 5/31/2018
Drawdown: -10.10 % Date: 4/30/2018
Drawdown: -8.01 % Date: 3/31/2018
Drawdown: -10.04 % Date: 2/28/2018
Drawdown: -8.91 % Date: 1/31/2018
Drawdown: -6.23 % Date: 12/31/2017
Drawdown: -3.37 % Date: 11/30/2017
Drawdown: -3.93 % Date: 10/31/2017
Drawdown: -2.79 % Date: 9/30/2017
Drawdown: -5.29 % Date: 8/31/2017
Drawdown: -2.65 % Date: 7/31/2017
Drawdown: -2.74 % Date: 6/30/2017
Drawdown: -6.28 % Date: 5/31/2017
Drawdown: -3.79 % Date: 4/30/2017
Drawdown: -6.06 % Date: 3/31/2017
Drawdown: -10.82 % Date: 2/28/2017
Drawdown: -7.20 % Date: 1/31/2017
Drawdown: -7.03 % Date: 12/31/2016
Drawdown: -11.06 % Date: 11/30/2016
Drawdown: -10.90 % Date: 10/31/2016
Drawdown: -3.14 % Date: 9/30/2016
Drawdown: 0.00 % Date: 8/31/2016
Drawdown: 0.00 % Date: 7/31/2016
Drawdown: -1.42 % Date: 6/30/2016
Drawdown: -4.61 % Date: 5/31/2016
Drawdown: -7.30 % Date: 4/30/2016
Drawdown: -9.85 % Date: 3/31/2016
Drawdown: -6.10 % Date: 2/29/2016
Drawdown: -12.74 % Date: 1/31/2016
Drawdown: -9.18 % Date: 12/31/2015
Drawdown: -13.81 % Date: 11/30/2015
Drawdown: -9.54 % Date: 10/31/2015
Drawdown: -6.02 % Date: 9/30/2015
Drawdown: -3.20 % Date: 8/31/2015
Drawdown: -5.60 % Date: 7/31/2015
Drawdown: 0.00 % Date: 6/30/2015
Drawdown: 0.00 % Date: 5/31/2015
Drawdown: 0.00 % Date: 4/30/2015
Drawdown: -3.46 % Date: 3/31/2015
Drawdown: -1.25 % Date: 2/28/2015
Drawdown: -3.59 % Date: 1/31/2015
Drawdown: 0.00 % Date: 12/31/2014
Drawdown: 0.00 % Date: 11/30/2014
Drawdown: 0.00 % Date: 10/31/2014
Drawdown: -2.93 % Date: 9/30/2014
Drawdown: -1.22 % Date: 8/31/2014
Drawdown: 0.00 %

Note: All performance data is since program inception.

Manager Information

Manager Name:  Linnis, LLC
Address: 1185 Avenue Of The Americas 3rd Floor
City: New York
State: NY
Zip: 10036
Country: US

Key People

Name:  Max Nissman
Position:  Principal
Biography: 

Max Nissman is a co-founder and managing member of Linnis. Prior to founding Linnis, Mr. Nissman was a Portfolio Manager in Mortgage Backed Securities at BlackRock from 2010 to 2014. Before joining BlackRock, Mr. Nissman led Non-Agency MBS Research at Bank of America – Merrill Lynch. Mr. Nissman received his BA from UC Berkeley in Mathematics, graduating summa cum laude and Phi Beta Kappa in 2005. He received his MS in Mathematical Finance from New York University in 2007.


Name:  Gei Lin
Position:  Principal
Biography: 

Gei Lin is a co-founder and managing member of Linnis. Prior to founding Linnis, Mr. Lin was a Portfolio Manager in Systematic Trading at Capula Investment Management from 2012 to 2014. Before joining Capula, Mr. Lin was at BlackRock, most recently as a Portfolio Manager in Global Rates. In this capacity, he led US Treasury Quantitative Trading. Mr. Lin previously held positions in Risk & Quantitative Analysis, Portfolio Analytics, and Index Research at BlackRock. Mr. Lin received his BS and MEng in Computer Science from Cornell University, in 2005 and 2006 respectively.


Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Interest Rates Yes 
 Currencies Yes 
 Metals Yes 
 Energies Yes 
 Other Futures Yes 
 Investment Methodology
 Fundamental Analysis Yes 
 Macro-economic Yes 
 Systematic Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 Holding Period
 Short Term Yes 
 Investment Terms & Information
 Managed Account Minimum: $500,000 
 Margin / Equity Ratio: 10% 
 Managed Account Availability: Open 
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