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  • Manager: Non Correlated Capital Pty Ltd
    Program: Positive Theta Program (C&P)


    Principal(s): Troy Burns & Kevin Saunders
    Strategy: Diversified Option Writer
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    Investment Restrictions: 4.7 Exempt - Qualified Eligible Persons Only++
Recent Statistics
  • Jun Return: -0.85%
  • YTD Return: 1.52%
  • Annual CROR:1 18.54 %
  • Worst DD:2 -27.99%
  • Losing Streak:3 -18.24 %
  • Sharpe Ratio:4 0.99
  • Min Investment: $250,000
  • AUM:5 $14,515,209
  • Calmar Ratio:6 N/A
The Advisor currently engages in a program of buying and selling or "writing" options (puts and calls) on a broad range of futures markets within the United States. The current market scope for the program encompasses thirteen futures markets within the United States. The Advisor will extend the scope of markets within The Positive Theta Program and as such, reserves the right to place trades in any commodity futures contract, or option contract thereon, on any exchange, at the Advisor's sole discretion. The trading strategy utilized by the Advisor is proprietary and confidential. The following description is of general necessity and is not intended to be all-inclusive. The Advisor uses an approach to trading that relies heavily on selling or "writing" options on commodity futures markets. The Advisor may also, from time to time, purchase options and may employ the use of hedge strategies such as option spreads, strangles, straddles, or may purchase or sell futures contracts to offset an open option position.


The implementation of The Positive Theta Program relies on a systematic deployment process moderated by a qualitative overlay. The Advisor will utilize the following in the qualitative process before engaging systematic trade allocation. 1) charted prices, 2) trade volumes, 3) price momentum, 4) underlying market volatility measurements, 5) the price and volatility of various options, both in absolute terms in relation to their historic levels, and in relative terms comparing the prices and volatility of puts to the prices and volatility of similar calls, and 6) fundamental considerations including the condition of the global market, the trend and volatility of the markets, supply and demand, as well as business and economic factors, governmental policies, weather, and other worldwide events, which can influence the markets.

Capital is deployed across two trading components. The "Core Allocation" and the "Macro Allocation". The Core Allocation presides over the energy market complex and utilises hedging and risk management methods appropriate for those markets. The Macro allocation contains a subset of ten allocation principles with broad exposure to thirteen of the most liquid futures contracts.

Troy Burns, AFMA Dip Fin, Dip Civ Eng: Troy is a co-founder and Director of NCC. Troy has a civil engineering background. He founded a company, "Burns Civil Pty Ltd", which provided civil engineering design services to companies such as BHP Billiton, Rio Tinto, GHD and Bechtel. Troy has been a proprietary private trader for over 10 years, having specialised in futures and option contracts. Through the practical application of his ideas, Troy became pivotal in the development of the strategies now traded by the Advisor. Troy's systematic and procedural mind set makes him a primary asset in the management of new investment and growth strategies for NCC.

Kevin Saunders, A Fin, Dip Fin. Markets (Dux): Kevin is a co-founder and Director of NCC. Educated through FINSIA, (an Australian financial services industry association), Kevin was awarded the Victorian Dux (an award for the best course mark in the state) and was the national subject prize winner for "Derivatives: Applying theory to Practice". Kevin has been a private trader since 1999. In 2001, Kevin founded a private business, "Know the Ropes" for the purpose of providing financial consultation and content creation. Since 2001, Kevin has worked closely with several trader education companies and associations as a content provider and speaker. Over the last ten years, Kevin has gained extensive experience in risk management, trade planning and execution, money management and trading system design. This knowledge has seen practical application in the market place both with his own capital and with capital managed by the Advisor.

Accounting Notes: Prior to July 2012 the programs performance capsule is shown as proprietary performance. After July 2012 the programs performance capsule is shown as a composite of managed accounts. Prior to July 2012, Rate of Return is net of pro-forma fees of a 2% management fee and 20% quarterly incentive fees. After July 2012, Rate of Return is net of fees of a 2% management fee and 20% quarterly incentive fees.


  • Trading Methodology
    90% Systematic
    10% Discretionary
  • Style Sub-Categories
    Fundamental
    Sys
  • Trading Style
    85% Option Trading
    15% Volatility Arbitrage
  • Market Allocation
    Diversified
    Opt
  • Holding Period
    100% Medium Term
  • Sector
    US
    Contracts
    Options

ProForma Performance from Oct 2007 - Jun 2012 is Proprietary Trading adjusted for a 2% Mgt Fee and a 20% Inc Fee | Performance from Jul 2012 is Client Trading

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2017 1.14% 1.79% -0.69% 0.15% 0.01% -0.85%   1.52% -1.38%
2016 -5.95% 2.05% 3.58% -0.45% 3.38% 1.45% 0.97% 1.22% -0.99% 1.06% -2.33% 1.46% 5.18% -5.95%
2015 -2.40% -0.11% -0.55% 1.39% -0.86% 1.30% -1.56% -9.02% 3.23% -0.54% 0.08% -2.30% -11.25% -11.59%
2014 0.56% 0.06% 0.32% 0.62% 1.29% -0.04% -0.99% 1.51% -0.34% -5.14% -1.84% -4.85% -8.75% -11.71%
2013 1.06% 0.26% 1.12% -3.09% 1.50% -0.52% -2.89% -2.89% 0.83% 0.84% 0.45% 0.32% -3.14% -7.73%
2012 4.22% 1.68% 1.43% 3.63% 0.34% -0.46% 2.00% 2.67% 1.62% 2.03% 2.34% 1.18% 25.08% -0.46%

Years200720082009201020112012
ROR6.78%11.90%140.14%56.83%11.36%25.08%
Max DD-0.62%-14.08%-7.88%-8.04%-10.23%-0.46%

Years20132014201520162017 YTD
ROR-3.14%-8.75%-11.25%5.18%1.52%
Max DD-7.73%-11.71%-11.59%-5.95%-1.38%


PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.

Program Information
  • Start Date: Oct-2007
  • New Money: Yes
  • Min Investment: $250,000
  • Fund Minimum: $0
  • Notional Funds: Yes
  • NFA Member: Yes
  • NFA Number: 0438073
  • Currency: US Dollar
  • AUM:5 $14,515,209
  • Annual CROR:1 : 18.54%
  • Worst Drawdown:2 -27.99 %
  • Losing Streak:3 -18.24 %
  • Sharpe Ratio:4 0.99
  • Calmar Ratio:6 N/A
  • Margin:7: 20-30%
  • Mgt Fee: 2.00%
  • Incentive Fee: 20.00%
  • Other Fees: None
  • Avg Comm:8
  • Max Comm:9:
  • Round Turns:10 3,000
Additional Information
  • Other Memberships: None Listed
  • Correlations: AG CTA Index: 0.044 | AG Systematic CTA Index: -0.004 |
  • Track Record Prepared By: Michael Coglianese CPA. P.C.

    Accounting Notes: Prior to July 2012 the programs performance capsule is shown as proprietary performance. After July 2012 the programs performance capsule is shown as a composite of managed accounts. Prior to July 2012, Rate of Return is net of pro-forma fees of a 2% management fee and 20% quarterly incentive fees. After July 2012, Rate of Return is net of fees of a 2% management fee and 20% quarterly incentive fees.

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  • * 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.

  • ++Qualified Eligible Investors Only. A Qualified Eligible Person must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $2,000,000 in securities holdings OR $200,000 in margin on deposit with a Futures Commission Merchant OR a combination of the two (for example, $1,000,000 in securities and $100,000 in margin).

    Exemptions: PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH THE ACCOUNTS OF QUALIFIED ELIBIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUANCY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

    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.