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Recent Statistics
  • May Return: 0.49%
  • YTD Return: -0.93%
  • Annual CROR:1 8.83 %
  • Worst DD:2 -20.87%
  • Losing Streak:3 -9.05 %
  • Sharpe Ratio:4 0.71
  • Min Investment: $8,000,000
  • AUM:5 $247,031,004
  • Calmar Ratio:6 N/A
Aventis is a diversified commodity hedge fund trading highly liquid commodity futures and options on futures. Aventis employs a fundamental, discretionary trading strategy focused on trading approximately 20 commodity markets within the five commodity sectors (Energies, Grains, Softs, Metals and Meats).

Mr. Paul Kim (CEO/Head Trader) is a seasoned trader and is able to execute on fundamental biases as well as incorporating technical analysis using many different strategies. Mr. Kim has over 30 years of experience in the commercial and cash commodity business - first with Cargill as a cash grain trader for 7 years, then as an independent floor trader on the CBOT for 11 years, and as a money manager since 2001.

The trading edge is achieved through rigorous fundamental research and proprietary technical models overlaid with strict risk management policies on a position, sector, and portfolio basis. Approximately 40-50% of the strategy is spread based (relative value) including calendar, inter-market, inter-commodity and option spreads; 40-50% of the strategy is directional in nature utilizing futures, spreads, and options; and 5%-10% of the strategy is involved in short term trading.

From a trading perspective risk is managed at multiple levels and across multiple time horizons. At the position level, maximum risk exposure (VaR limit) as a percentage of NAV is established for each new position. Stops are determined by the trader before entering a trade and can be adjusted to ensure that favorable risk rewards exist. Stops at all times are monitored and must be within the firm’s risk limits. The maximum risk for a Theme trade can be up to 2%-3% of the portfolio’s AUM level whereas the maximum risk for a Secundo trade is 0.6%. Risk is aggregated at the portfolio level with the maximum risk of all positions equating to approximately 8%-10% of the portfolio’s AUM level. Portfolio risk limits as a percentage of NAV are also set on a daily and monthly basis.

Mr. Kim graduated from Northwestern University in 1982 with B.A. degrees in Economics and Biochemistry. He then joined the global Commodity trading group at Cargill Inc., an international producer and marketer of food, agricultural, financial and industrial products and services. At Cargill, Mr. Kim held various positions, which included:

  • Domestic trader: Worked with U.S. farmers and country grain elevators and managed a domestic rail position.
  • Manager of the Wheat futures desk, Chicago Board of Trade: Responsible for the hedging operations and management of speculative positions.
  • Manager of the "Export Desk", Portland, OR: Sold Panamax-sized cargos of corn, soybeans and milo to the Far East.
  • Mr. Kim's tenure at Cargill equipped him with a strong understanding of the underlying fundamental factors that affect the prices of commodities around the world. While he was very successful throughout his career with Cargill, Mr. Kim wanted to put his skill-set and talents to work for himself.
In 1989, Mr. Kim became an independent trader on the floor of the oldest trading exchange in America, The Chicago Board of Trade. Early on in Chicago, Mr. Kim recognized that trading ideas that are fundamentally based often must compete against market sentiment and emotions that trump the fundamentals - regardless of how strong or powerful they may be. In order for Mr. Kim to achieve success in all market conditions, he realized it was more important to be a great trader as opposed to a great analyst.

By 1996, his tenacity and drive resulted in him becoming one of the largest traders on the Chicago Board of Trade floor. For 11 years, Mr. Kim achieved continued monetary success as he combined his solid understanding of the commodity markets with his natural ability to interpret trading conditions to capitalize on opportunities that presented themselves at the Chicago Board of Trade, Kansas City Board of Trade and Minneapolis Grain Exchange.

In 2001, Paul Kim teamed up with a fellow trader from The Chicago Board of Trade, David Fox, and founded LaSalle Asset Management; a hedge fund with a fundamental based, relative value strategy that focuses on U.S., exchange-listed agricultural markets.

In 2005, Mr. Kim founded Aventis Asset Management LLC (FKA Misfit Financial Group), a hedge fund focused on worldwide physical commodities that employs a strategy that combines fundamental and technical approaches to the markets. The Aventis Diversified Commodity Fund (FKA Barbarian Fund) was later launched in Sep. 2006.

Mr. Kim is currently the sole trading manager for two funds - Aventis Diversified Commodity Fund and the LaSalle Futures Fund II - both of which have enjoyed great success. As of April 2016, Mr. Kim actively manages nearly $400 million in client assets between LaSalle Asset Management and Aventis Asset Management.

Accounting Notes: The Aventis Diversified Commodity Fund trades pursuant to the Aventis Diversified Commodity Strategy. The performance figures of the Aventis Diversified Commodity Fund have been adjusted to reflect the returns that investors would have achieved if they paid a 2% management fee and a 20% incentive fee.


  • Trading Methodology
    100% Discretionary
  • Style Sub-Categories
    Fundamental
    Option Spread
    Other Option Strategy
  • Trading Style
    40% Spread Trading
    40% Option Trading
    20% Directional and Short Term
  • Market Allocation
    Diversified
  • Holding Period
    100% Short Term
  • Sector
    US
    Contracts
    Futures
    Options

Performance is of the Aventis Diversified Commodity Fund Pro-Forma adjusted to reflect a 2% Mgt Fee and 20% Incentive Fee

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2017 0.25% -2.39% 0.56% 0.19% 0.49%   -0.93% -2.39%
2016 -1.29% -0.48% 2.94% 4.34% 1.00% 8.95% -4.74% -1.86% 0.70% -3.57% -1.34% 3.20% 7.32% -10.43%
2015 2.25% -0.15% 0.04% 1.00% -0.63% -1.68% -0.17% -2.13% -1.91% -0.92% -2.92% -0.35% -7.41% -10.25%
2014 0.25% -2.60% -0.43% -1.31% 1.31% 1.33% 2.16% 0.54% 1.05% -2.15% 0.95% -2.55% -1.59% -4.29%
2013 0.00% 2.08% -0.43% 0.52% -5.52% 1.69% 2.47% -2.74% 1.55% 0.12% -0.63% 2.57% 1.38% -5.52%
2012 0.58% 0.07% -0.33% 1.03% -2.51% 2.52% 2.35% 0.26% -0.05% -4.00% -0.75% -1.24% -2.25% -5.95%

Years200620072008200920102011
ROR9.53%65.66%4.28%1.88%25.68%6.82%
Max DD-0.19%-4.58%-19.87%-4.37%-3.82%-5.26%

Years201220132014201520162017 YTD
ROR-2.25%1.38%-1.59%-7.41%7.32%-0.93%
Max DD-5.95%-5.52%-4.29%-10.25%-10.43%-2.39%


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

Program Information
  • Start Date: Sep-2006
  • New Money: Yes
  • Min Investment: $8,000,000
  • Fund Minimum: $250,000
  • Notional Funds: Yes
  • NFA Member: Yes
  • NFA Number: 0351214
  • Currency: US Dollar
  • AUM:5 $247,031,004
  • Annual CROR:1 : 8.83%
  • Worst Drawdown:2 -20.87 %
  • Losing Streak:3 -9.05 %
  • Sharpe Ratio:4 0.71
  • Calmar Ratio:6 N/A
  • Margin:7: 8-10%
  • Mgt Fee: 2.00%
  • Incentive Fee: 20.00%
  • Other Fees: None
  • Avg Comm:8
  • Max Comm:9:
  • Round Turns:10 3,200
Additional Information
  • Other Memberships: None Listed
  • Correlations: AG CTA Index: 0.185 | AG Discretionary CTA Index: 0.302 |
  • Track Record Prepared By: Arthur Bell

    Accounting Notes: The Aventis Diversified Commodity Fund trades pursuant to the Aventis Diversified Commodity Strategy. The performance figures of the Aventis Diversified Commodity Fund have been adjusted to reflect the returns that investors would have achieved if they paid a 2% management fee and a 20% incentive fee.

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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.

  • 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.