Fundamentally Driven, Strategically Executed analyze Our approach begins with a deep dive into the fundamental drivers of agricultural markets. We systematically supply-and-demand dynamics, geopolitical developments, macroeconomic trends, weather patterns, and localized factors unique to specific commodities. Key inputs to our analysis include: 1) Weather Analysis: Understanding the impact of weather on crop yields, planting progress, and harvest quality is central to our strategy. We closely monitor global weather patterns, climate anomalies, and seasonal forecasts to anticipate disruptions or opportunities in agricultural production, 2) Energy Markets: Evaluating energy prices, which influence agricultural production costs, processing, and transportation, 3) Currency Values: Assessing exchange rate movements that affect international trade competitiveness, 4) Freight Dynamics: Monitoring both domestic (U.S.) and international shipping rates, as they directly impact trade flows and basis values, 5) Cash Markets: Evaluating underlying cash market values that serve as critical indicators for futures price alignment, 7) Political and Trade Policy Events: Anticipating disruptions or opportunities from regulatory changes, tariffs, and geopolitical tensions in both importing and exporting regions, and 8) Supply and Demand Analysis: Running our own in-house supply and demand models to assess market imbalances, identify trading opportunities, and refine our core price views. Additionally, we rely on our extensive network of industry contacts for benchmarking and constructive dialogues, ensuring a well-rounded perspective on market conditions. This comprehensive framework allows us to identify and anticipate shifts in fundamental conditions, clusters of emerging trends, or anomalies that could alter the market's trajectory. By continuously monitoring these variables, we aim to refine and adapt our core price view, ensuring our strategies remain responsive to evolving market realities. benchmarking and constructive dialogues, ensuring a well-rounded perspective on market conditions. This comprehensive framework allows us to identify and anticipate shifts in fundamental conditions, clusters of emerging trends, or anomalies that could alter the market's trajectory. By continuously monitoring these variables, we aim to refine and adapt our core price view, ensuring our strategies remain responsive to evolving market realities.

Dynamic Adaptation and Tactical Execution OpenSide Capital LLC's trading strategy is not static. As new information emerges and market conditions evolve, we adjust our positions dynamically to align with the latest developments. This flexibility is a cornerstone of our approach, enabling us to remain effective across diverse market environments. Our trading philosophy extends beyond directional speculation. Once we identify a core trend or price movement, we tactically trade within a defined range around that trend to optimize returns. This involves a combination of outright positions, spreads, and relative value trades designed to capitalize on both short-term price movements and longer-term trends. Volatility and Options as Strategic Tools: Options trading plays a pivotal role in our strategy. Drawing on decades of experience in structured products, correlation trading, and financial engineering, we use options not only as instruments for expressing directional views but also as tools for risk management and portfolio diversification. Furthermore, we treat volatility as an independent asset class, actively trading it to generate alpha. Our expertise allows us to craft strategies that benefit from both implied and realized volatility dynamics, enhancing returns while maintaining a disciplined risk framework. As agricultural markets evolve and the price-versus-fundamental relationship becomes increasingly stretched for longer periods due to macroeconomic and systematic influences, optionality will play a growing role in our risk-taking strategy. We use options to better define outcomes, control margin-to-equity expansions, and manage drawdowns effectively. This disciplined approach helps us navigate complex market environments while optimizing capital efficiency and risk-adjusted returns. Commitment to Agricultural Markets: As a Commodity Trading Advisor (CTA) with a specialized focus on agricultural markets, OpenSide Capital LLC brings a nuanced understanding of this complex and vital sector. Our dedication to the agricultural space enables us to translate intricate market flows and macroeconomic inputs into actionable insights and effective strategies. Weather analysis stands out as a critical component of our approach, enabling us to anticipate and respond to market dynamics influenced by environmental factors. Additionally, our expertise extends beyond grains and oilseeds to include livestock markets (such as cattle and hogs) and soft commodities (such as coffee, sugar, and cocoa), allowing us to navigate a broader spectrum of opportunities and risks. By leveraging our network of industry relationships and years of experience, we position ourselves to manage the unique challenges and opportunities across these diverse agricultural markets. A Balanced Approach to Risk and Return: Our strategy is built on a foundation of disciplined risk management. Every trade is evaluated not only for its potential return but also for its contribution to the overall portfolio's risk profile. By balancing conviction with flexibility and leveraging our expertise in advanced financial instruments, OpenSide Capital LLC strives to deliver consistent, risk-adjusted returns for our clients.

The program is reviewed on a daily basis. After a review of the markets and conversations with global contacts the trader will determine if the current positions are acceptable today based on any new information. If something needs to be changed, added, or deleted it will be done. Margin to equity ratios routinely will be maintained below 10% while there may be exceptions based on opportunities. 5% intra month drawdowns will call for re-evaluation of positions and overall thinking.

Giacomo Galli is a seasoned professional with over 20 years of experience specializing in agricultural markets. Giacomo has built an extensive global network through his leadership roles in major financial hubs such as Milan, London, Chicago, and Stamford. His deep relationships with key players at firms like Zennoh, Cofco, JBS, Cargill, ADM, and Louis Dreyfus provide him with unmatched insight into the cash business, particularly regarding exports and crushing operations. Giacomo's career began in 2003 at Unicredit Group in Milan, where he transitioned from a quantitative role to Junior Trader in equity derivatives. In 2007, he joined RBS/Sempra Commodities in London as a Senior Hybrid Derivatives Trader. From 2009 to 2016, Giacomo held senior roles at Noble Group (later Cofco Agri) in Lausanne, Geneva and Chicago, where he managed proprietary trading desks. In 2016, he became Global Head of Oilseeds at BTG Commodities (Engelhart Commodities Trading Partners) in London and Stamford. At Bunge, from 2019 to 2024, Giacomo was part of the Special Risk Unit (SRU), which holds the largest speculative trading books in the company. He most recently served as Senior Director of the Oilseeds Group at ETG Commodities in Geneva. Throughout his career, Giacomo has been known for his ability to simplify the complexity of market flows and inputs into elective trading strategies. His approach includes outright positions (using options), spreads, relative value, and volatility trading. His strong connections have been instrumental in navigating the global market landscape. In addition to his industry achievements, Giacomo' hardworking mentality and resilience stem from his background as a high-level rugby player in Italy's first national division. The discipline, teamwork, and perseverance required in rugby have greatly influenced his approach to the fast-paced, high-stakes world of commodity trading.