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Recent Statistics
  • Aug Return: 0.65%
  • YTD Return: 0.53%
  • Annual CROR:1 49.71 %
  • Worst DD:2 -19.89%
  • Losing Streak:3 -4.79 %
  • Sharpe Ratio:4 1.37
  • Min Investment: $200,000
  • AUM:5 $39,541,634
  • Calmar Ratio:6 -0.14
The performance below reflects the performance of the Old School Program, a speculative futures trading program currently offered by HPX Financial, LLC. All performance has been reduced to reflect the effect of a 2% per annum management fee and a 20% incentive fee, assessed on net trading profits above a high-water mark. This program is generally more aggressive than the HPX Ag Program.


Head Trader is Harvey Paffenroth, started out on the CME in 1971 running tickets, placing orders and bought his membership shortly thereafter. Harvey started off trading pork bellies, and even worked on the physical side of the market taking delivery of pork bellies, storing and selling them later. He continued to both trade on the CME in the pits and continued his hedging business until the end of the pork bellies contract, by which time he HPX has already transitioned into lean hogs and cattle products, which are now live cattle and feeder cattle.

Head Trader is Harvey Paffenroth, started out on the CME in 1971 running tickets, placing orders and bought his membership shortly thereafter. Harvey started off trading pork bellies, and even worked on the physical side of the market taking delivery of pork bellies, storing and selling them later. He continued to both trade on the CME in the pits and continued his hedging business until the end of the pork bellies contract, by which time he HPX has already transitioned into lean hogs and cattle products, which are now live cattle and feeder cattle.

Alan Zenk is the Vice President of Operations of HPX Financial. He is responsible for operations management, marketing, and investor relations. He became a listed principal and branch manager of HPX Financial on April 13, 2016 and registered as an associated person with the firm on April 13, 2016. In February 2015, he formed Sherlock Trading, a commodity trading advisor firm, with Lynette Schultz. He became a listed principal of Sherlock Trading LLC on January 8, 2015 and registered as an associated person with the firm on February 9, 2015. On May 19, 2008 he became a listed principal of Malachi Capital Management LLC, a commodity trading advisor firm, and registered as an associated person with the firm on August 22, 2008. In April 2010, he co-founded CTA Services LLC with Lynette Schultz to offer back office services to commodity trading advisors. He continues to devote a substantial portion of his time to CTA Services as President, and is responsible for its sales, marketing, and technical operations.

Lynette Schultz is the Vice President of Administration for HPX Financial. She is responsible for overall administration, financial matters, accounting, operations and human resources. She became a listed principal of HPX Financial on April 13, 2016 and registered as an associated person with the firm on April 13, 2016. In February 2015, she formed Sherlock Trading, a commodity trading advisory firm, with Alan Zenk. She became a listed principal of Sherlock Trading LLC on January 8, 2015 and registered as an associated person with the firm on February 9, 2015. On August 28, 2008 she became a listed principal and registered associated person of Malachi Capital Management LLC, a commodity trading advisor firm. In April 2010, she co-founded CTA Services LLC with Alan Zenk to offer back office services to commodity trading advisors. She continues to devote the majority of her time to CTA Services as its Vice President of Operations, and is responsible for new account setup, month-end performance calculations, invoicing, and other operational duties.

Accounting Notes: Includes the performance of all customer accounts traded pursuant to the Old School program. These accounts are managed by the Advisor beginning January 1, 2013. Prior to January 1, 2013, they were managed by the Advisor's principal in his capacity as a floor broker.


  • Trading Methodology
    100% Discretionary
  • Style Sub-Categories
    Fundamental
  • Trading Style
  • Market Allocation

  • Holding Period
  • Sector
    US
    Contracts
    Futures
    Options

Client Performance since January 2013. Performance prior to January 2013 represents accounts that were traded by Mr. Paffenroth in his capacity as a floor broker. See Accounting Notes for Full Details.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2017 0.20% -0.39% 0.12% -0.21% 0.03% 0.04% 0.09% 0.65%   0.53% -0.48%
2016 -0.38% 0.23% 0.05% 0.90% -0.07% 0.13% 1.26% -0.14% 0.05% -0.84% -0.21% -1.48% -0.54% -2.6%
2015 0.14% -0.30% -0.97% 1.39% -0.48% -0.70% 1.70% -0.17% -3.87% -0.29% -0.22% -0.27% -4.06% -4.78%
2014 2.51% 4.98% 2.56% 1.14% 1.41% 3.24% 1.20% -2.18% 1.99% 0.33% 0.20% -0.62% 17.89% -2.18%
2013 0.19% 0.76% 0.93% -0.04% 0.25% 0.95% -0.32% 1.44% 0.50% -0.38% -0.39% -0.96% 2.92% -1.73%
2012 -0.62% -0.45% 6.54% -1.53% 2.26% 2.96% 4.50% 4.64% 2.10% 1.89% -1.40% -1.38% 20.87% -2.76%

Years200620072008200920102011
ROR40.45%61.27%530.86%42.36%92.49%69.99%
Max DD-4.48%-19.89%0.00%-7.50%-3.72%-4.70%

Years201220132014201520162017 YTD
ROR20.87%2.92%17.89%-4.06%-0.54%0.53%
Max DD-2.76%-1.73%-2.18%-4.78%-2.60%-0.48%


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

Program Information
  • Start Date: Jun-2006
  • New Money: Yes
  • Min Investment: $200,000
  • Fund Minimum: $0
  • Notional Funds: Yes
  • NFA Member: Yes
  • NFA Number: 0453218
  • Currency: US Dollar
  • AUM:5 $39,541,634
  • Annual CROR:1 : 49.71%
  • Worst Drawdown:2 -19.89 %
  • Losing Streak:3 -4.79 %
  • Sharpe Ratio:4 1.37
  • Calmar Ratio:6 -0.14
  • Margin:7: 3-7%
  • Mgt Fee: 2.00%
  • Incentive Fee: 20.00%
  • Other Fees: No
  • Avg Comm:8
  • Max Comm:9:
  • Round Turns:10 1,100
Additional Information
  • Other Memberships: None Listed
  • Correlations: AG CTA Index: 0.227 | AG Discretionary CTA Index: 0.301 |
  • Track Record Prepared By: CTA Services

    Accounting Notes: Includes the performance of all customer accounts traded pursuant to the Old School program. These accounts are managed by the Advisor beginning January 1, 2013. Prior to January 1, 2013, they were managed by the Advisor's principal in his capacity as a floor broker.

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    (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.