Tracking CTAs since 1994
AGT Capital Limited
Global Macro Strategy
Principal(s): Dr. Leping Wang
Strategy: Global Macro / Quantitative / Diversified
Investment Restrictions: 4.7 Exempt - QEPs Only
Statistical Reports are Subscription Based
Trading Description, Risk Strategy & Background
AGT Capital's Global Macro Strategy is a broadly diversified, systematic CTA investment strategy focused on global futures markets, encompassing fixed income, equities, commodities, and currencies. The strategy utilizes a multi-model framework that integrates both fundamental and sentiment-driven factors, spanning a wide range of asset classes, modeling techniques, and trading horizons. Risk capital allocation across these models is dynamically adjusted over time through a proprietary risk estimation methodology, reinforced by a robust, embedded risk management framework. The strategy operates at medium to low frequencies, with position holding periods typically ranging from one day to several months. The strategy is designed to deliver absolute returns over the medium to long term, while maintaining low correlation to equity markets and other alternative investment strategies. This approach ensures diversification and resilience across varying market environments.
Risk management is a central pillar of the strategy, implemented at three levels: individual models, asset classes, and the overall portfolio. AGT Capital's Global Macro Strategy targets an annualized volatility of 12%, with a margin-to-equity ratio generally below 15%. This disciplined risk management framework ensures consistent risk control while striving for sustained performance in diverse market conditions.
Dr. Leping Wang founded AGT Capital Limited and serves as the Chief Investment Officer, overseeing its research and investment processes. He is currently also an Adjunct Professor of Finance at the City University of Hong Kong. Prior to this, Dr. Wang worked at several financial firms including Citigroup, Barclays, and Standard Chartered Bank, where he developed deep expertise in quantitative investment and derivatives trading. Before entering the finance industry, Dr. Wang was an Assistant Professor of Finance at the Singapore Management University, specializing in asset pricing, quantitative investment, and risk management. Dr. Wang holds a Ph.D. in Finance from the Wharton School of University of Pennsylvania, a M.S. in Statistics from University of Maryland, and a B.S. in Mathematics from Fudan University.
Performance
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.56% | 4.27% | – | – | – | – | – | – | – | – | – | – | 1.60% | -2.56% |
| 2025 | 0.00% | 0.00% | 0.00% | 0.00% | 0.84% | 0.21% | -0.54% | -0.94% | 5.46% | 5.58% | 0.07% | -3.60% | 6.94% | -3.60% |
| 2024 | 2.76% | 0.12% | 1.27% | -1.43% | 0.76% | 2.09% | -1.61% | -2.93% | 3.03% | -1.48% | 4.62% | 0.63% | 7.82% | -4.49% |
| 2023 | – | – | – | – | – | – | – | – | -0.32% | 0.07% | -0.75% | 1.53% | 0.52% | -1.00% |
Track Record Compiled By: CTA Services LLC
Accounting Notes: The monthly returns from Sep 2023 to Dec 2024 reflect the net performance of Lotus Macro Fund during Leping Wang’s tenure as its portfolio manager at Lotus Asset Management Limited. Lotus Macro Fund employed the same Global Macro Strategy now offered by AGT Capital. The returns are net of a 1.5% annual management fee, a 20% performance fee, and other associated costs. These returns were computed by Apex Group, an independent fund administrator. From Jan 2025 to Apr 2025, there was no trading activity because the proprietary account had not yet been opened following Leping Wang's decision to establish AGT Capital. The monthly returns from May 2025 to Sep 2025 represent the proprietary trading performance of AGT Capital. These returns reflect a notional funding of 60% and are net of a 1% pro-forma annual management fee, a 20% pro-forma performance fee, and other associated costs. AGT Capital began trading for client accounts in Oct 2025 after successfully completing the required regulatory registrations in U.S. and Hong Kong. The monthly returns since then represent the composite performance of all client accounts, net of fees and other associated costs. These returns are computed by CTA Service LLC, an independent service provider.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.>
Risk Disclosure
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.