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Recent Statistics
  • Oct Return: 0.55%
  • YTD Return: 6.37%
  • Annual CROR:1 4.33 %
  • Worst DD:2 -39.34%
  • Losing Streak:3 -7.03 %
  • Sharpe Ratio:4 0.28
  • Min Investment: $50,000
  • AUM:5 $637,000
  • Calmar Ratio:6 1.61
In May 2010, CBCM developed a proprietary option pricing model. The Advisor believes this "Straight Line Time" option pricing model to be more useful than Black-Scholes in determining the true time decay value of options. It is the opinion of CBCM that the Straight Line Time ("SLT") model identifies the optimal exit points at which open trade positions should be closed. In December 2011, CBCM put in place a trailing profit stop policy. This enhanced risk parameter has increased the frequency with which the BVP program trades. CBCM believes this adjustment has led to smaller drawdowns and increased per trade profitability, in a market environment that would typically be a challenge for the profit (steadily up-trending without pullbacks).


Trade positions are placed (using proprietary strike level and ratio algorithms) to achieve a strategy that can be profitable in flat or volatile market conditions. Profit is made through the expansion of the spread�s "Theta Differential." This creates a position that can make profit from time decay and underlying market moves. The primary risk controls for the BVP are stop limits (which are derived as a function of account value) and real-time monitoring of positions. Furthermore, the BVP only participates in high liquidity markets (currently the S&P 500 futures Put option contracts). CBCM regularly evaluates its trading methodology and retains the discretion to revise any method or strategy, including the technical trading factors used, the commodity interests traded, and/or the money management principles applied. Such revisions, unless deemed material, will not be made known to clients.

It is the opinion of CBCM that returns alone should never be used to evaluate the merits of an investment. This is particularly true when considering a managed futures program because of the high degree of leverage that is possible with futures. In fact, returns alone reveal nothing about the risks to which an account may have been exposed in pursuit of those returns. By their nature, futures are risky instruments. With respect to trading options on futures contracts, CBCM has imposed certain restrictions and procedures upon the Program, in light of their inherent risk.

David Bedford - President/Principal Mr. Bedford graduated in April 1990 from Pepperdine University in Malibu, California with a Bachelor of Science degree in Sports Medicine. In May 1990, he became a Partner of Bedford Hardwood (a wood flooring sales and contracting company). In June 1991, he co-founded Sand Vac Systems (a manufacturer of dust retrieval systems for the construction industry). Mr. Bedford served as Manager of Business Operations for both Bedford Hardwood and Sand Vac Systems through April 1996. From May 1996 to December 1997, as a Biomaterials Research Associate at University of California at San Francisco, Mr. Bedford managed projects using statistical and quantitative testing methods (a prelude to his future career in trading systems research). From January 1998 to February 2007 he was employed as a District Sales Manager by GC America, an International dental products manufacturer. While remaining gainfully employed with GC America, Mr. Bedford began graduate coursework in quantitative analysis, statistics, and information technology at Golden Gate University in August 1998. These studies, combined with his interest in the markets, launched the pursuit of profitable trading methods and research. Mr. Bedford has been an active trader since August 1999, testing his methods and skills in the stock, futures, and options markets. Mr. Bedford serves as President of Crescent Bay Capital Management, Inc. (CBCM) which was formed January 20th, 2003 for the purpose of trading and market research. CBCM was engaged in the research and development of futures trading strategies from January 2003 to August 2004. CBCM has been registered with the National Futures Association (NFA) and the Commodity Futures Trading Commission (�CFTC�) as a Commodity Trading Advisor (�CTA�) since August 23rd, 2004. Mr. Bedford was also listed as an Associated Person on March 20th, 2017 and a Branch Manager on May 24th, 2017 of CTAX Partners, LLC: an Introducing Broker. Mr. Bedford continues to research multiple trading strategies and alternative markets in addition to constant management and refinement of CBCM�s currently offered managed account programs.


  • Trading Methodology
    80% Systematic
    20% Discretionary
  • Style Sub-Categories
    Option Writer
    Option Spread
    Volatility
    Quantitative
  • Trading Style
    50% Spread Trading
    50% Option Trading
  • Market Allocation

  • Holding Period
    100% Short Term
  • Sector
    US
    Contracts
    Futures
    Options

Performance Since August 2007

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2017 1.43% 0.41% 3.43% 1.39% 0.58% -1.03% -0.21% -0.69% 0.41% 0.55%   6.37% -1.92%
2016 0.73% -1.36% -2.93% -2.46% 2.79% -1.99% 0.86% 1.16% 1.35% 0.56% 1.19% 2.00% 1.72% -6.61%
2015 5.38% -0.30% 1.35% 0.85% 1.59% -1.46% 1.58% 16.88% 1.59% -2.52% 0.89% 0.38% 28.01% -2.52%
2014 -1.76% -5.58% 6.24% 0.74% 0.83% -4.35% -2.36% 2.75% 2.46% 4.18% -3.10% 3.29% 2.63% -7.24%
2013 0.25% -5.79% -3.33% 2.54% -26.52% 2.05% 0.15% -0.05% -1.54% -0.05% -2.54% 1.86% -31.35% -32.77%
2012 1.75% 1.43% -3.30% 2.59% 2.12% 0.26% 0.55% 3.42% -1.71% -5.20% -0.95% 4.39% 5.02% -7.71%

Years200720082009201020112012
ROR34.45%-8.41%-3.65%28.49%-1.20%5.02%
Max DD-4.20%-23.61%-15.98%-7.29%-12.08%-7.71%

Years20132014201520162017 YTD
ROR-31.35%2.63%28.01%1.72%6.37%
Max DD-32.77%-7.24%-2.52%-6.61%-1.92%


PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING. THERE IS UNLIMITED RISK OF LOSS ASSOCIATED WITH WRITING SHORT OPTION CONTRACTS.

Program Information
  • Start Date: Aug-2007
  • New Money: Yes
  • Min Investment: $50,000
  • Fund Minimum: $0
  • Notional Funds: Yes
  • NFA Member: Yes
  • NFA Number: 0345919
  • Currency: US Dollar
  • AUM:5 $637,000
  • Annual CROR:1 : 4.33%
  • Worst Drawdown:2 -39.34 %
  • Losing Streak:3 -7.03 %
  • Sharpe Ratio:4 0.28
  • Calmar Ratio:6 1.61
  • Margin:7: 30%
  • Mgt Fee: 2.00%
  • Incentive Fee: 25.00%
  • Other Fees: None
  • Avg Comm:8 25
  • Max Comm:9: $12 Eminis & $40 Full
  • Round Turns:10 7,200
Additional Information
  • Other Memberships: None Listed
  • Correlations: AG CTA Index: 0.234 | AG Systematic CTA Index: 0.216 | Option Writer Asset Weighted Index: 0.373 |
  • Chart
    Chart
  • * By selecting to be contacted by a Representatives Autumn Gold may refer you to a third party broker or directly to the Manager.

    (P) - Proprietary Trading Results (C) - Client Trading Results

    1. Rate of Returns are calculated from the start date of each program. Usually returns are calculated based on the Annual Compounded Rate of Return method. In some cases returns have been calculated on an Non-Compounded basis. This would occur when a Manager trades based on account unit rather than on account equity.

         The Annual Compound Rate of Return ("Annual CROR") represents the compounded rate of return or each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period.

         Annual Rate of Return ("Annual ROR") is calculated adding each month's return.

    2. The Worst Peak-to-Valley Drawdown ("Worst Drawdown") is defined as the greatest cumulative percentage decline in net asset value due to losses sustained by the trading program during any period in which the initial net asset value is not equaled or exceeded by a subsequent asset value.

    3. The Current Losing Streak ("Losing Streak") represents the extent of the Adviso'rs current drawdown.

    4. Sharpe Ratio is a risk adjusted ratio that rewards consistancy of returns. Traders are penalized for volatility regardless of whether it is onthe up or downside. The Sharpe Ratios is calculated using a 1% risk-free rate of return.

    5. Assets Under Management ("AUM") represents the current nominal assets traded by the Manager.

    6. Calmar Ratio represents the historical amount gained for each dollar risked. A higher number is better. Unless otherwise denoted the Calmar Ratio is calculated by dividing the 36 month Compounded ROR by the 36 month Peak to Valley Drawdown. Traders with less than 36 months of data or a negative Calmar Ratio will be indicated by N/A.

    7. Margin to Equity ("Margin") represents the average margin as a percent of a fully funded account.

    8. The Average Commission ("Avg Comm") represents the average commission rate of the composite track record. A higher or lower commission rate would increase or decrease the performance accordingly.

    9. Maximum Commission ("Max Comm") is the Maximum Round Turn Rate allowable by the Manager.

    10. Round Turns per Million ("Round Turns") represent the average number of round turns that would be generated in a $1,000,000 account.

  • RISK DISCLOSURE

    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

    THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND/OR FOREIGN EXCHANGE ('FOREX') IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.

    PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS. A HARD COPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON.

    THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NO CONSIDERATION TO INVEST SHOULD BE MADE WITHOUT THOROUGHLY READING THE DISCLOSURE DOCUMENT OF EACH OF THE CTAS IN WHICH YOU MAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BE OPENED FOR YOU.

    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.

    AUTUMN GOLD CTA INDEXES ARE NON-INVESTABLE INDEXES COMPRISED OF THE CLIENT PERFORMANCE OF CTA PROGRAMS INCLUDED IN THE AUTUMN GOLD DATABASE AND DO NOT REPRESENT THE COMPLETE UNIVERSE OF CTAS. INVESTORS SHOULD NOTE THAT IT IS NOT POSSIBLE TO INVEST IN THESE INDEXES.