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  • Manager: Tactical Investment Mgt Corp
    Program: Institutional Commodity Program


    Principal(s): Dr. Dave Druz, Colleen Haviland
    Strategy: Long Term Trend Following / Diversified
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    Investment Restrictions: Qualified Eligible Clients Only++
Recent Statistics
  • Mar Return: 0.31%
  • YTD Return: 0.15%
  • Annual CROR:1 16.35 %
  • Worst DD:2 -41.52%
  • Losing Streak:3 -6.11 %
  • Sharpe Ratio:4 0.69
  • Min Investment: $10,000,000
  • AUM:5 $66,958,676
  • Calmar Ratio:6 1.09
Tactical's Bellwether Institutional Futures Program trades a globally diversified portfolio of commodities and currencies with the objective of seeking above average long-term growth unrelated to stocks and bonds. Physical commodities represent over half of the portfolio weighting. The Program is based upon capturing hedgers' risk premium and employs an extra-long term, systematic methodology in which it is not uncommon to hold positions (with rolls) for over a year.

Money management deals with all aspects of equity management and risk control. It is vital to the System and is integrated from the ground up. The System uses proprietary, advanced money management and risk control strategies. Overall portfolio risk exposure is constantly reassessed; stop loss orders are placed whenever a trade is entered and once placed, never retreat from the market; a sophisticated variation of constant percentage risking is used which results in an initial average risk of less than 1.0% of account equity per trade.

David S. Druz, MD, 52, is the President, the founder, the sole director and shareholder of Tactical. Dr. Druz received a bachelor's degree in electrical engineering with emphasis in computer science from the University of Illinois in May, 1975 where he graduated first in his class with a 5.0 grade average. He received a medical doctor degree from Johns Hopkins School of Medicine in May, 1979. While pursuing his education, Dr. Druz became fascinated with markets and market theory and began managing his own futures account in 1975. He developed the Tactical Trading System over the next five years. Dr. Druz is the market analyst, research programmer, and a principal of Tactical Investment.

Rob Lingle, 45, is the Vice President, Marketing of Tactical. Mr. Lingle graduated from the University of Southern California in 1983 with a dual degree in Economics and International Relations. His extensive experience in the futures industry began in brokerage at Merrill Lynch Futures and Shearson Lehman Brothers and led to money management for Commodities Corporation as an Associate Trader. Rob owned and operated his own brokerage business until taking his current position with Tactical.


  • Trading Methodology
    100% Systematic
  • Style Sub-Categories
    Trend Following
  • Trading Style
    100% Trend Following
  • Market Allocation
    Diversified
  • Holding Period
    100% Long Term
  • Sector
    Global
    Contracts
    Futures
    Forex

Performance Since April 1993

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecROR Max DD
2017 1.98% -2.10% 0.31%   0.15% -2.1%
2016 1.48% 5.40% -2.47% 5.70% 0.82% 4.11% 0.01% -6.22% -1.72% -0.60% 3.33% -0.96% 8.5% -8.39%
2015 9.53% -4.17% 0.56% -3.84% -0.13% -9.09% 4.38% 6.99% 2.27% -4.58% 2.34% -2.25% 0.46% -15.87%
2014 -1.26% 2.22% 0.51% 5.38% -3.16% 2.80% 14.42% 2.34% 16.31% -12.78% 7.99% 9.92% 50.07% -12.78%
2013 1.41% -4.79% -0.15% -3.12% 0.59% -0.50% -2.25% -2.77% -4.85% -0.11% -0.11% 1.29% -14.56% -16.82%
2012 -2.27% 0.45% -5.43% 1.00% -0.64% -0.71% 21.17% 1.22% -2.06% -5.74% -3.39% -0.16% 1.03% -10.95%

Years199319941995199619971998
ROR28.00%-0.36%50.17%31.11%32.59%12.97%
Max DD-9.53%-20.96%-12.29%-10.74%-9.41%-9.35%

Years199920002001200220032004
ROR-20.21%32.74%16.26%34.58%29.26%8.04%
Max DD-24.83%-4.75%-9.61%-8.45%-12.97%-30.75%

Years200520062007200820092010
ROR6.98%24.26%6.84%48.35%20.00%68.90%
Max DD-9.86%-12.49%-14.48%-14.73%-11.82%-4.81%

Years201120122013201420152016
ROR-27.90%1.03%-14.56%50.07%0.46%8.50%
Max DD-31.37%-10.95%-16.82%-12.78%-15.87%-8.39%

Years2017 YTD
ROR0.15%
Max DD-2.10%


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

Program Information
  • Start Date: Apr-1993
  • New Money: Yes
  • Min Investment: $10,000,000
  • Fund Minimum: $0
  • Notional Funds: No
  • NFA Member: Yes
  • NFA Number: 0350676
  • Currency: US Dollars
  • AUM:5 $66,958,676
  • Annual CROR:1 : 16.35%
  • Worst Drawdown:2 -41.52 %
  • Losing Streak:3 -6.11 %
  • Sharpe Ratio:4 0.69
  • Calmar Ratio:6 1.09
  • Margin:7: 20%
  • Mgt Fee: 2.00%
  • Incentive Fee: 20.00%
  • Other Fees: None
  • Avg Comm:8 10.00
  • Max Comm:9:
  • Round Turns:10 1,250
Additional Information
  • Other Memberships: MFA
  • Correlations: AG CTA Index: 0.694 |
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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.