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Capital Trading Group
CTA Profile - Belair Capital Asset Mgt, LLC
Program - Managed Account Program
Principal(s): Bruce Eisen & Lev Shvarts
Trading Strategy: Diversified / Systematic

Trading Description:
The Advisor's objective is to achieve capital appreciation for its clients through speculative trading of futures and options. In order to do so, the Advisor currently offers one trading program. Although the system is primarily technical and rule based, the Advisor does give consideration to available fundamental data in order to give the best risk/reward possible and therefore, will exercise a certain level of discretion over the program. Decisions on whether or not to act upon a trade signal depends upon a combination of technical timing and potential risk points associated with trades. Entry points are determined by the market itself. Market psychology and market action suggests that that the lowest risk time to buy or to sell occurs after a directional move (with the trend or counter to the trend) has been exhausted. Set ups for low risk entry into markets is associated with previous supply or demand price points (highs and lows). Once a potential set up point is identified, the market will move to confirm that a new high or new low has been established.

The proprietary technical parameters used in association with the system determine at the earliest time when a high or low has been established. This method also helps in determining the risk associated with each trade. Stop losses may be used in association with the risk points associated with the potential new high or new low. The use of stop loss orders are at the discretion of the Advisor. Further discretion can be used to enter or exit trades by measuring volatility, risk associated with a trade and to determine the validity of the setup points. Fundamental analysis is the consideration of factors external to the market of a particular instrument. For example, weather, imports/exports, and political events that affect the supply and demand of that particular instrument, in order to predict future prices of that instrument. Technical analysis is not based on the anticipated supply and demand of the "cash" or "physical" (i.e., actual) commodity; instead, technical analysis is based on the theory that a study of the markets themselves (in particular, of trends of prices established by the markets for various instruments during selected historical periods) provides a means of anticipating prices. Technical analysis of the markets often includes a study of the actual daily, weekly and monthly price fluctuations, as well as volume variations and changes in open interest, utilizing charts and/or computers for analysis of these items and other technical market data.

The program primarily involves buying and selling futures on United States regulated exchanges. The Advisor may trade options. The Advisor follows most commodity futures markets in the United States but focuses on currencies, financials, soft commodities, metals, grains, meats, agricultural products, stock indices, and other markets as the Advisor may determine in the future. The Advisor currently does not trade on international exchanges and does not trade FOREX, however there are no restrictions or limitations on what commodity interests or other interests the Advisor may or may not trade. If the Advisor decides to trade these markets and products, the Advisor will notify you before doing so.
Trading Approach
Systematic - 80.00%
 Discretionary - 20.00%
Trading Methodology
Non Trend Following:
Fundamental
Markets Traded

Diversified
Sector
US Markets
Contracts Traded
Futures

Annual Performance Since 2003
2003
0.00%
2004
0.00%
2005
0.00%
2006
13.56%
2007
16.18%
2008
-10.52%
2009
13.45%
Recent Performance
Currency Denomination - US Dollars 
2010 Monthly Return YTD Return Assets Under Mgt
07/31/10 6.13% 8.52% 3,600,000
06/30/10 1.99% 2.25% 3,350,000
05/31/10 2.28% 0.26% 2,750,000
04/30/10 3.35% -1.98% 2,450,000
03/31/10 -0.74% -5.15% 2,100,000
02/28/10 -0.09% -4.45% 1,800,000
01/31/10 -4.36% -4.36% 1,800,000
2009 Monthly Return YTD Return Assets Under Mgt
12/31/09 0.11% 13.45% 1,800,000
11/30/09 1.07% 13.33% 1,800,000
10/31/09 6.15% 12.13% 1,800,000
09/30/09 -2.10% 5.63% 2,290,000
08/31/09 -0.58% 7.90% 2,550,000


Accounting Notes: Performance from August 2006 through January 2009 represents accounts managed by Bruce Eisen under power of attorney. The track record as been adjusted to reflect a 1% management and a 20% incentive Fee. Performance from February 2009 on represents the actual trading results of Belair Capital Asset Management net of management and performance fees.

VAMI Chart (Based on a $1,000 Initial Value)
 Monthly Percentage Returns Chart

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Investment Details
 Disclosure Document Date
05/17/10  
 Starting Date of Program
02/01/06 
 Accepting New Money?
Yes  
 Average  Annual Rate of Return
10.30% 
 Peak to Valley Drawdown
-24.05 % 
Average  Margin as % of Equity
10.00% 
 Round Turns per Million
4,250 
 Minimum Sized Account
50,000 
 Currency Denomination
US Dollars 
 Management Fee
2.00% 
 Incentive Fee
20.00% 
 Notional Funding?
Yes  
 Member of NFA
Yes  
 Other Memberships
None 


Statistical Definitions
(1) From January 1990 or Starting Date of Program - The Annual Average Rate of Return represents the compounded rate of return for 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. This includes all monthly data from the inception of the program or from January 1990, whichever is less.
(2) From January 1990 or Starting Date of Program - The Worst Peak-to-Valley 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. "Monthly" indicates that the Worst-Peak-to-Valley Drawdown" is based on monthly Data.

  Performance from August 2006 through January 2009 represents accounts managed by Bruce Eisen under power of attorney. The track record as been adjusted to reflect a 1% management and a 20% incentive Fee. Performance from February 2009 on represents the actual trading results of Belair Capital Asset Management net of management and performance fees.

 

Risk Disclosure
THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND 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 CAREFULLY CONSIDER WHETHER COMMODITY FUTURES, OPTIONS AND FOREX IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. 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.

THE ABOVE PERFORMANCE NUMBERS HAVE BEEN SUPPLIED BY THE CTAS. CAPTIAL TRADING GROUP LP NO WAY GUARANTEES THE ACCURACY OF THESE NUMBERS AND HAS SUPPLIED THEM TO YOU FOR INFORMATIONAL PURPOSES ONLY. THIS DOES NOT CONSTITUTE A SOLICITATION TO BUY OR AN OFFER TO SELL. NO INVESTMENT SHOULD BE MADE WITHOUT FULLY REVIEWING THE ASSOCIATED RISK FACTORS, FEES AND CONFLICTS OF INTEREST AS OUTLINED IN EACH CTA'S RISK DISCLOSURE DOCUMENT. THERE MAY BE CTAS WHO HAVE CHOSEN NOT TO PARTICIPATE THAT MAY HAVE BETTER OR WORSE PERFORMANCE THAN THOSE CTAS IN OUR DATABASE.

PLEASE NOTE THAT THERE IS AN INHERENT RISK OF LOSS ASSOCIATED WITH TRADING FUTURES AND OPTIONS CONTRACTS. PLEASE CAREFULLY CONSIDER YOUR FINANCIAL CONDITION BEFORE INVESTING IN FUTURES AND OPTIONS CONTRACTS. FUTURES TRADING IS NOT SUITABLE FOR ALL INVESTORS