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Recent Statistics
  • May Return: 0.46%
  • YTD Return: 0.72%
  • Annual CROR:1 -2.75 %
  • Worst DD:2 -20.99%
  • Losing Streak:3 -8.77 %
  • Sharpe Ratio:4 -0.42
  • Min Investment: $200,000
  • AUM:5 $17,800,000
  • Calmar Ratio:6 -0.14
The objective of the Advisor's Global Tactical Program is to achieve capital appreciation of clients' assets through speculative trading of commodity futures, options on futures, intercommodity futures and options spreads. The Advisor intends to trade futures on a wide variety of commodity interests, both foreign and domestic, including but not limited to stock indices, currencies, financial instruments, energy products, softs, agricultural products, livestock, and metals. At any given time, the Advisor may restrict trading to a limited number of commodity interests based upon the Advisor’s analysis of profit potential. The Advisor carefully considers both technical and fundamental factors when deciding to execute a trade. The Advisor, on a daily (and intraday) basis, analyzes various global futures markets such as interest rates, equity indices, currencies, and commodities. The Advisor will typically develop a trade idea after carefully reviewing key technical and fundamental factors, and subsequently attempt to enter the trade at what the Advisor considers as a technically favorable price.


The Advisor's technical methods include but are not limited to: Price & Indicator divergence, Market Profile imbalances and price projections, Candlestick formations, Trend identification and analysis via moving averages and other tools, Fibonacci levels, and various standard deviation and volatility price bands. The Advisor aims to enter a trade upon identification of multiple technical and fundamental input factors aligning. The Advisor manages the risk of each position relative to the overall portfolio as well as in accordance with market-specific price levels and developments. The Advisor trades in a variety of timeframes; this is mainly due to the unique nature of each opportunity detected by the Advisor. The Advisor utilizes outright futures contracts, futures spreads, as well as option contracts in the Program. The Advisor may buy or sell (write) options on futures contracts as part of the strategy utilized. It is important to note that when naked options are used, they will make up a small portion of the overall portfolio.

The Program employs strict money management principles designed to minimize the probability of an equity drawdown while leaving intact the profit potential of participating in trend and countertrend moves. The Program embodies the following key characteristics: Risk Equated Among Markets: Each market is monitored to determine dollar volatility, or how many contracts can be traded in a given market without risking more than a set percentage of an account’s equity. Target is not to exceed four percent (4%) of account capital per trade. The trading exposure is equalized across all markets although the number of contracts traded in each market varies. Diversification: The Program may or may not control risk exposure through broad diversification in an effort to produce more consistent returns. If the Advisor believes higher returns may be generated by trading a limited number of commodity interests, or even one type of contract alone, the Advisor may limit trading to such commodity interest or interests.

Stop Loss: The Program will attempt to utilize stop loss orders to minimize risks. The position of these stops is based on technical considerations in the market at the time of entry. As a result, the initial risk will not be exactly the same for all trades. Stop loss orders may become market orders when activated, and therefore the order may not be filled at the desired price. As a result, the initial risk can be estimated, but not guaranteed.

The principals and head traders of Valia Capital Management's Global Tactical Program are Anthony Lazzara and Jason Rotman. Mr. Lazzara is a former member of the Chicago Board of Trade and Chicago Mercantile Exchange. He has a vast history of trading futures, starting in 1991. Mr. Rotman is a Princeton graduate (2001), and started his futures trading in Chicago in 2002.


  • Trading Methodology
    100% Discretionary
  • Style Sub-Categories
    Fundamental
    Pattern Recognition
    Trend Anticipatory
    Mean Reversion
  • Trading Style
    25% Trend Following
    50% Contrarian
    20% Spread Trading
    5% Option Trading
  • Market Allocation
    Diversified
  • Holding Period
    5% Long Term
    5% Medium Term
    80% Short Term
    10% Intraday
  • Sector
    US
    Contracts
    Futures

Performance Since May 2014

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2017 1.24% -1.10% 0.66% -0.52% 0.46%   0.72% -1.1%
2016 -2.32% 3.39% 0.52% 0.63% 0.76% -1.57% 0.35% 1.14% -0.57% 1.92% -1.26% -1.59% 1.25% -2.83%
2015 0.10% 2.56% -0.85% 0.88% -1.71% -1.27% 3.79% 3.02% 2.60% 4.25% -0.89% -0.11% 12.83% -2.96%
2014  0.11% 0.47% -2.83% -0.96% -2.35% -7.61% -4.55% -4.33% -20.25% -20.71%

Years2014201520162017 YTD
ROR-20.25%12.83%1.25%0.72%
Max DD-20.71%-2.96%-2.83%-1.10%


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

Program Information
  • Start Date: May-2014
  • New Money: Yes
  • Min Investment: $200,000
  • Fund Minimum: $0
  • Notional Funds: Yes
  • NFA Member: Yes
  • NFA Number: 0472783
  • Currency: US Dollar
  • AUM:5 $17,800,000
  • Annual CROR:1 : -2.75%
  • Worst Drawdown:2 -20.99 %
  • Losing Streak:3 -8.77 %
  • Sharpe Ratio:4 -0.42
  • Calmar Ratio:6 -0.14
  • Margin:7: 0.05
  • Mgt Fee: 2.00%
  • Incentive Fee: 20.00%
  • Other Fees: None
  • Avg Comm:8 $10
  • Max Comm:9:
  • Round Turns:10 3,000
Additional Information
  • Other Memberships: None Listed
  • Correlations: AG CTA Index: -0.172 | AG Discretionary CTA Index: 0.340 |
  • Track Record Prepared By: Turnkey Trading Partners

  • 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.