Tracking CTAs since 1994
CTA Profiles
Tracking CTAs since 1994
Principal(s): Tim Pickering & Ken Corner
Strategy: Trend Follower / Diversified
Request Disclosure Document
Sign Up to get Monthly Performance Reports by Email
Request Broker Assistance
Investment Restrictions: 4.7 Exempt - Qualified Eligible Persons Only++
Statistical Report - Leaf Subscribers Only
Interested in New Manager Listings? Sign up to receive notifications.
Auspice Capital Advisors Ltd. is a Canadian based registered Portfolio Manager / Investment Council. Auspice is focused on managing commodity risk, providing trading expertise, and creating unique structured products, funds, and indices.
The Program - The Auspice Diversified Commodity LP (Standard) program is a diversified commodity fund that employs systematic trading methods. The fund strategy is medium-to-long term trend following and is the result of proprietary research conducted by the principals. The approach is entirely rule-driven, eliminating any significant discretion of entry, exit, stops, and position size. The model developed is robust and transferable to most commodities that have a tendency to trend in price and volatility. Optimization is limited as the critical parameters adapt to the volatility of each commodity. Trend is defined based on the evolution of these conditions. It is designed to capture the bulk of a trend, up or down, in a diverse mix of commodity and financial futures. Commodities are chosen for their historic ability to trend and for their lack of correlation to traditional markets. The system does not attempt to predict market direction, but rather, reacts to a defined set of rules that identify potential trends. Over-optimization is limited, as the critical parameters adapt to the volatility of each commodity. Actual trading results and historical simulations indicate low or negative correlation to S&P returns.
Managing risk and preserving capital are key components of the strategy. Risk is managed on a portfolio, sector, and commodity basis and this includes position re-sizing based on changing volatility conditions in the market. Risk is normalized such that component and sector risks are balanced across the portfolio. In addition, the fund only invests in liquid, exchange traded commodities, and since these commodities are traded on margin, only a portion of fund capital is put at risk at any time. Preserving capital is the backbone of the approach.
Auspice Edge - The experience of the Auspice principals affords it a number of distinct edges to the sector.
The options trading background affords the principals and its developed systems a specific understanding of volatility and its importance in defining trend, entry, exit and risk management. The approach replicates being long volatility on a diversified basket financial futures and commodities.
Auspice is a risk management focused organization. The trading approach is conservative and couples upside volatility with sophisticated institutional risk management and position sizing and re-sizing. The research process is very extensive and includes Monte Carlo simulation to understand the range of portfolio outcomes and risks (ex Monte Carlo distribution of MAR, Drawdowns, ROI) versus simple backtesting. This portfolio level analysis affords Auspice the ability to understand the risks beyond the individual commodity components. Further, systems are developed by analyzing trading rules independently. This process enables Auspice to avoid the typical curve fitting pitfalls.
The team at Auspice is led by two veteran commodity professionals, Tim Pickering and Ken Corner. The team has 15 years institutional trading and risk management experience. Their background consists of trading OTC and exchange traded derivatives in energy, commodities, currency, and interest rates. Tim Pickering, President of Auspice, held previous senior trading roles at TD Securities and Shell Trading (V.P. Options Trading North America). Ken Corner also held senior trading roles at Shell Trading and TD Securities (V.P. Options Trading).
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 0.64% | -2.50% | -0.57% | -3.39% | -5.74% | -6.34% | ||||||||
| 2024 | -1.18% | 2.95% | -0.04% | 2.71% | -2.12% | -2.64% | -0.97% | -1.78% | 0.85% | -3.00% | 0.80% | 1.73% | -2.88% | -9.32% |
| 2023 | 2.15% | -3.64% | 0.34% | 2.92% | 0.87% | -2.21% | -0.36% | -0.80% | 3.37% | -3.36% | -3.35% | -0.49% | -4.79% | -7.14% |
| 2022 | 2.20% | 4.32% | 7.95% | 3.54% | -1.84% | 0.55% | -2.90% | -0.17% | 2.43% | -0.51% | -4.30% | 0.00% | 11.19% | -6.7% |
| 2021 | 2.67% | 9.55% | -0.89% | 4.61% | 0.61% | -1.50% | -1.77% | 0.98% | 0.49% | 1.32% | -4.28% | -1.89% | 9.62% | -6.57% |
| 2020 | -2.06% | -0.19% | 9.72% | -3.16% | -0.47% | 0.28% | 3.36% | 2.08% | -2.15% | 0.99% | 2.69% | 6.73% | 18.46% | -3.62% |
| 2019 | -4.15% | -0.47% | -0.65% | 3.50% | -7.43% | -0.37% | 0.52% | 10.60% | -7.59% | -1.33% | 1.42% | 0.25% | -6.75% | -9.53% |
| 2018 | 3.12% | -5.81% | -2.27% | -0.19% | 1.41% | -1.48% | 1.89% | 3.57% | -0.84% | -4.75% | 3.66% | 1.64% | -0.6% | -8.51% |
| 2017 | -3.66% | -1.89% | -1.35% | -1.39% | -0.53% | -0.51% | -1.61% | 2.76% | -2.53% | 5.16% | -0.27% | 0.67% | -5.33% | -10.47% |
| 2016 | -0.23% | 3.12% | -4.93% | 3.59% | -1.64% | 0.56% | 2.44% | -1.55% | -1.06% | -1.34% | 2.68% | -0.13% | 1.17% | -4.93% |
| 2015 | 4.68% | -1.93% | 0.47% | -0.98% | -2.03% | -1.84% | -4.36% | -2.14% | 0.26% | -2.75% | 2.56% | 0.66% | -7.47% | -14.38% |
| 2014 | -2.02% | 1.62% | -1.84% | 3.25% | -3.11% | 2.65% | -0.43% | 3.92% | 8.55% | -0.78% | 7.05% | 4.19% | 24.76% | -3.11% |
| 2013 | 0.40% | -2.23% | 0.28% | 0.99% | -0.90% | 0.66% | -1.54% | -1.33% | -4.07% | 2.01% | 0.04% | -0.36% | -6.02% | -7.94% |
| 2012 | 2.41% | -1.11% | -1.19% | 0.60% | 1.71% | -6.29% | 1.17% | -0.70% | -3.64% | -1.80% | -2.38% | 0.81% | -10.23% | -13.05% |
| 2011 | 1.39% | 2.97% | -1.16% | 4.09% | -1.31% | -1.62% | 2.16% | -1.09% | -2.60% | -3.82% | 1.07% | -3.44% | -3.66% | -10.31% |
| 2010 | -3.26% | 0.45% | 0.61% | 0.95% | 0.01% | 0.62% | -1.02% | 1.07% | 1.82% | 6.98% | -2.51% | 6.68% | 12.53% | -3.26% |
| 2009 | -0.61% | 1.08% | -2.27% | -3.32% | -0.58% | 0.15% | -3.23% | 0.75% | 1.44% | -2.31% | 4.84% | -3.83% | -7.93% | -9.11% |
| 2008 | 5.60% | 14.59% | -1.72% | -1.58% | 0.71% | 2.86% | -5.61% | -1.99% | 6.86% | 10.80% | 5.77% | 2.73% | 44.3% | -7.49% |
| 2007 | -1.43% | -1.76% | -2.42% | -0.79% | 0.71% | -1.32% | -3.16% | -3.07% | 5.87% | 4.53% | -2.13% | 2.29% | -3.12% | -12.55% |
| 2006 | 0.00% | -1.07% | 0.75% | -2.93% | -4.12% | 2.73% | 0.73% | -2.35% | -0.24% | -3.68% | -9.93% | -9.93% | ||
| Years | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 |
|---|---|---|---|---|---|---|
| ROR | -9.93% | -3.12% | 44.30% | -7.93% | 12.53% | -3.66% |
| Max DD | -9.93% | -12.55% | -7.49% | -9.11% | -3.26% | -10.31% |
| Years | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 |
|---|---|---|---|---|---|---|
| ROR | -10.23% | -6.02% | 24.76% | -7.47% | 1.17% | -5.33% |
| Max DD | -13.05% | -7.94% | -3.11% | -14.38% | -4.93% | -10.47% |
| Years | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| ROR | -0.60% | -6.75% | 18.46% | 9.62% | 11.19% | -4.79% |
| Max DD | -8.51% | -9.53% | -3.62% | -6.57% | -6.70% | -7.14% |
| Years | 2024 | 2025 YTD |
|---|---|---|
| ROR | -2.88% | -5.74% |
| Max DD | -9.32% | -6.34% |
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.
