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  • Manager: Quest Partners LLC
    Program: AlphaQuest Original


    Principal(s): Nigol Koulajian, Paul Czkwianianc, Robert Toth, & Darren Johnston
    Strategy: Short-Term / Momentum / Diversified
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    Investment Restrictions: 4.7 Exempt - QEPs Only++
Recent Statistics
  • Mar Return: -0.86%
  • YTD Return: -10.97%
  • Annual CROR:1 9.48 %
  • Worst DD:2 -24.59%
  • Losing Streak:3 -23.56 %
  • Sharpe Ratio:4 0.49
  • Min Investment: $20,000,000
  • AUM:5 $849,000,000
  • Calmar Ratio:6 0.27
AQO is a short term momentum strategy with trades lasting 8 days on average. Trades are filtered for maximum volatility expansion potential and are timed using short term trade entry techniques. Trading systems are weighted within the portfolio based on their contributions to targeted volatility and drawdown levels. Integrated risk models manage risks by monitoring volatility metrics, market liquidity and sector exposure limits.

Quest is a research driven alternative investment firm headquartered in New York founded in 2001. Quest employs a quantitative trading process in over 60 liquid global markets including commodities, currencies, equity indices and fixed income. Clients include family offices, foundations, FoFs and some of the world's largest pensions. Quest is registered with the CFTC as a CTA and CPO and is a member of the NFA.

Accounting Notes: For the periods Feb 2002 through Oct 2002 and Feb 2005 through Jan 2009, the performance shown represents the pro forma extracted trading results of one client account managed by Quest. Beginning Feb 2009, the performance shown represents the total trading results of client accounts in this program and therefore no longer includes extracted performance or pro forma adjustments.


  • Trading Methodology
    100% Discretionary
  • Style Sub-Categories
    Momentum
    Quantitative
  • Trading Style
    100% Trend Following
  • Market Allocation
    Diversified
    32% Commodities, 24% Currency 23% Equity Index, 21% Fixed Income
  • Holding Period
    100% Short Term
  • Sector
    Global
    Contracts
    Futures
    Options

Pro-Forma Performance from Feb 2002 to January 2009 based on one-client account. Results Feb 2009 represents total client performance.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2017 -6.31% -4.15% -0.86%   -10.97% -10.97%
2016 14.16% 9.19% -6.72% -0.58% -3.62% 6.60% 2.16% -6.30% -7.64% -2.65% 0.20% 4.51% 7.02% -18.01%
2015 7.97% -0.68% 2.90% 0.33% -1.65% -10.70% 7.39% -2.01% -1.64% 2.17% 8.72% -5.47% 5.69% -12.17%
2014 1.62% 0.10% -4.51% -5.36% 3.20% 1.89% -2.29% 5.83% 3.20% 3.75% 5.24% 3.23% 16.27% -9.63%
2013 0.07% 4.45% -0.53% 9.07% -3.46% 0.86% 1.86% -1.42% -1.67% -0.25% 2.11% 4.39% 15.96% -4.09%
2012 3.07% 2.32% -5.14% -2.25% 8.66% -3.34% 5.75% -3.47% -3.91% -2.62% -0.70% 3.77% 1.07% -10.32%

Years200220032004200520062007
ROR34.50%2.74%-11.43%0.04%25.72%18.11%
Max DD-13.71%-8.30%-15.86%-8.19%-9.07%-11.84%

Years200820092010201120122013
ROR55.77%-11.75%20.08%-4.11%1.07%15.96%
Max DD-13.55%-14.26%-6.93%-14.77%-10.32%-4.09%

Years2014201520162017 YTD
ROR16.27%5.69%7.02%-10.97%
Max DD-9.63%-12.17%-18.01%-10.97%


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

Program Information
  • Start Date: Feb-2002
  • New Money: Yes
  • Min Investment: $20,000,000
  • Fund Minimum: $250,000
  • Notional Funds: Yes
  • NFA Member: Yes
  • NFA Number: 0309370
  • Currency: US Dollar
  • AUM:5 $849,000,000
  • Annual CROR:1 : 9.48%
  • Worst Drawdown:2 -24.59 %
  • Losing Streak:3 -23.56 %
  • Sharpe Ratio:4 0.49
  • Calmar Ratio:6 0.27
  • Margin:7: 15-35%
  • Mgt Fee: 1.50%
  • Incentive Fee: 20.00%
  • Other Fees: None
  • Avg Comm:8
  • Max Comm:9:
  • Round Turns:10 0
Additional Information
  • Other Memberships: None Listed
  • Correlations: AG CTA Index: 0.650 | AG Discretionary CTA Index: 0.401 |
  • Accounting Notes: For the periods Feb 2002 through Oct 2002 and Feb 2005 through Jan 2009, the performance shown represents the pro forma extracted trading results of one client account managed by Quest. Beginning Feb 2009, the performance shown represents the total trading results of client accounts in this program and therefore no longer includes extracted performance or pro forma adjustments.

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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.