Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
The Systematic Energy Diversified program comprises of 5 algorithms derived from the advisor's 10 years spent working at JP Morgan. The 5 algorithms focus on the movement of oil products around the world and forecasting future supply and demand. The program will trade futures and options on WTI, BRENT, Heating oil, and Gasoline. The algorithms look at the underlying fundamental data of each respective product and will identify trades within each product. The algorithms look at fundamental data in the energy markets. We are a very unique systematic strategy in that we don't use any technical analysis or standard price based indicators to identify opportunities
Cayler Capital runs a complex VaR model to size the portfolio to target 15% annualized volatility. We look at historic 200d oil moves along with outlier moves over the last 10 years to evaluate risk. All trades are entered and exited on the close, so there is no intraday movement or change in the portfolio. 75% of VaR is dervied from relative value trades while only 25% is contributed from directional moves in the energy space.
Brent Belote is the founder, Chief Investment Officer and Trading Principal of Cayler. He is responsible for overall management, trading, marketing, and investor relations. He became a registered associated person and a listed principal of Cayler, and an associate member of NFA in such capacities on August 3, 2016. Mr. Belote has more than 10 years of experience in the commodities industry, specializing in energy products such as crude oil, heating oil, and gasoline.
From 2012 to 2016, Mr. Belote was in charge of JP Morgan's oil product derivative book for North America, where he managed a complex risk portfolio of oil derivatives in the heating oil, gasoline, WTI and Brent markets. He also worked with airlines to create jet fuel hedging strategies to effectively manage exposure and directed implementation of volumetric production payment offerings to mitigate hurricane risk.
Earlier at JP Morgan, from 2008 to 2012, he ran the WTI and Brent flow trading book for North America, where he traded volatility and flat price across the WTI, Brent and dated Brent curves. He also traded a macro proprietary portfolio comprised of currencies, metals, grains and energy futures and options.
Mr. Belote received his Bachelor of Science degree in Accounting from the University of California in Los Angeles in 2005, and his Master of Business Administration degree from the Leonard N. Stern School of Business at New York University in New York in 2009.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.36% | -3.56% | 18.34% | 11.43% | -5.84% | |||||||||
| 2025 | 0.46% | -0.31% | -0.43% | -0.84% | -0.40% | 2.75% | -4.49% | 1.27% | 1.68% | 1.59% | 0.77% | 0.02% | 1.90% | -4.49% |
| 2024 | 2.46% | -2.81% | -3.72% | 0.17% | -8.90% | -0.14% | -1.28% | -4.16% | -1.01% | -3.59% | -0.30% | -1.87% | -22.82% | -24.67% |
| 2023 | 0.56% | -4.10% | 7.27% | 7.84% | 2.30% | 2.74% | 6.30% | -4.86% | -1.25% | -5.88% | -2.86% | -2.07% | 4.84% | -15.88% |
| 2022 | 5.58% | 10.05% | 25.16% | -5.53% | -1.36% | 0.86% | -7.30% | -1.01% | 0.30% | 4.33% | -4.95% | 6.03% | 32.25% | -14.23% |
| 2021 | 3.15% | 7.02% | -2.67% | -7.51% | 1.68% | 3.75% | 3.27% | -2.91% | -1.35% | 4.03% | -5.10% | -0.51% | 1.86% | -9.98% |
Track Record Compiled By: CTA Services
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2026 | 11.43% | -5.84% | $1,000 |
| 2025 | 1.90% | -4.49% | $1,000 |
| 2024 | -22.82% | -24.67% | $13,000,000 |
| 2023 | 4.84% | -15.88% | $53,450,000 |
| 2022 | 32.25% | -14.23% | $11,500,000 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2026 | 11.43% | -5.84% |
| 2025 | 1.90% | -4.49% |
| 2024 | -22.82% | -24.67% |
Risk Disclosure
THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS, FOREIGN EXCHANGE ('FOREX') AND/OR CRYPTOCURRENCIES 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.