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Recent Statistics
  • Jun Return: -1.60%
  • YTD Return: 3.30%
  • Annual CROR:1 6.43 %
  • Worst DD:2 -10.24%
  • Losing Streak:3 -2.43 %
  • Sharpe Ratio:4 0.77
  • Min Investment: $50,000
  • AUM:5 $1,565,718
  • Calmar Ratio:6 0.74
Taking it's name from the world of Physics, the Neutron Decay Strategy is non-directional or market neutral and typically attempts to exploit the time decay feature of options. In Physics, free neutrons which occur in fission and fusion undergo beta decay in just 15 minutes. Commodity options certainly don't decay that quickly, however the strategy typically sells options on futures with less than ninety days until expiration. The strategy trades call and put options according to many criteria established by Crescendo Capital Management ("CCM"). Options used may be of any particular expiration cycle. The strategy will mostly benefit from markets that are not experiencing large or persistent trends. Therefore it may benefit from a market moving sideways, up or down, as long as the move is not very sharp or persistent in one direction. At times, CCM may initiate long option strategies as well which could have other risk and reward profiles. CCM does not usually try to predict market direction, rather, it acknowledges that market movements are impossible to consistently and accurately forecast. However, large persistent trends do exist and when they occur, CCM has a risk management plan which will be implemented as necessary.


The options or spreads are initiated at various levels regularly to take advantage of multiple expiration cycles. The program seeks to be diversified amongst multiple liquid markets. Current markets traded include the E-mini S & P 500, Euro Currency, Crude Oil, and Natural Gas, Gold and Silver. CCM may trade additional markets or cease trading in certain markets at its discretion. Several criteria are utilized in the evaluation of a trade, including, but not limited to; volume, open interest, implied volatility, historical volatility, correlation, probabilities, and statistics. Volatility is a particularly important factor when determining which markets to trade and position size. Since volatility is typically mean reverting, when volatility levels are very low, position sizes are generally smaller, and when volatility is normal or high, position sizes are normal. Option positions may be adjusted in various ways as deemed necessary by CCM. The trade exit or entry may be done entirely at once or in portions as deemed appropriate by CCM. The strategy is designed for a margin-to-equity averaging around 40%, although it may fluctuate due to market conditions, and may be higher or lower at any given point in time.

Neutron Decay is primarily an option spread strategy. Futures will be used rarely, and if so, most likely in the form of hedging an option position. Due to the nature and timing of trading, new accounts may not fully participate in the strategy until the new account holder has all of the same spread positions in their account as the existing account holders. This may cause a variance in performance between existing and new accounts for thirty to sixty days.

Cary Stadtlander is the Founder, Managing Member, and Principal Trader of Crescendo Capital Management. Mr. Stadtlander earned his BS Degree in Finance with an emphasis on Speculative Markets from The Pennsylvania State University. He has over twenty-five years of experience in the financial services industry having worked in the commodity pits in New York, owned his own commodity brokerage firm, working in the trading software and market data industry, and having worked as a physical power trader for one of the nation's largest power producing utility firms.

Accounting Notes: Note: Manager was not managing client accounts from Dec. 2014 - Feb. 2016 as he was tweaking the program with proprietary money only during this time.


  • Trading Methodology
    50% Systematic
    50% Discretionary
  • Style Sub-Categories
    Option Writer
    Option Spread
    Volatility
  • Trading Style
    100% Option Trading
  • Market Allocation
    Diversified
  • Holding Period
    50% Medium Term
    50% Short Term
  • Sector
    US
    Contracts
    Options

Performance Since July 2012

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2017 1.31% 0.35% 1.99% 2.10% -0.84% -1.60%   3.3% -2.43%
2016 0.00% 0.00% 3.80% 1.98% 7.86% -2.05% 2.04% 3.89% 1.46% 2.69% -0.43% 1.93% 25.36% -2.05%
2015 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0% 0%
2014 0.62% -2.87% 0.10% 2.02% 0.97% -0.75% -3.77% 0.87% 0.76% -5.85% -0.16% 0.00% -8.05% -8.75%
2013 2.20% -0.55% -0.47% 1.01% 2.88% -2.20% -3.06% 2.29% 2.45% 0.21% 1.37% -2.39% 3.57% -5.19%
2012  0.10% 3.11% 1.97% 0.50% 3.45% 1.20% 10.73% 0%

Years201220132014201520162017 YTD
ROR10.73%3.57%-8.05%0.00%25.36%3.30%
Max DD0.00%-5.19%-8.75%0.00%-2.05%-2.43%


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: Jul-2012
  • New Money: Yes
  • Min Investment: $50,000
  • Fund Minimum: $0
  • Notional Funds: Yes
  • NFA Member: Yes
  • NFA Number: 0462884
  • Currency: US Dollar
  • AUM:5 $1,565,718
  • Annual CROR:1 : 6.43%
  • Worst Drawdown:2 -10.24 %
  • Losing Streak:3 -2.43 %
  • Sharpe Ratio:4 0.77
  • Calmar Ratio:6 0.74
  • Margin:7: 0.3
  • Mgt Fee: 2.00%
  • Incentive Fee: 20.00%
  • Other Fees: None
  • Avg Comm:8 $8.00
  • Max Comm:9:
  • Round Turns:10 9,000
Additional Information
  • Other Memberships: None Listed
  • Correlations: AG CTA Index: -0.121 | Option Writer Asset Weighted Index: 0.305 |
  • Track Record Prepared By: Turnkey Trading Partners

    Accounting Notes: Note: Manager was not managing client accounts from Dec. 2014 - Feb. 2016 as he was tweaking the program with proprietary money only during this time.

  • 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.