Growth of $1,000 VAMI and Monthly Return
Trading Description, Risk Strategy & Background
AIS' Multi-Asset Allocation Portfolio ("MAAP") Program seeks to provide growth of capital through investment in both commodity and financial futures contracts. The AIS MAAP Program seeks to identify and capitalize on longer-term price movements in the futures markets traded and differs from its peers because 1) the strategy has a heavier emphasis on commodities than most other managed futures programs, and 2) the strategy's investment process is "discretionary global macro" rather than purely computerized or algorithmic. The portfolio takes long, short, or neutral positions in highly liquid futures markets across six sectors. Over its 22-year track record, the AIS MAAP Program has delivered low realized correlations to other macro and CTA programs, owing to its higher-than-typical allocation to commodities and its differentiated investment process. This composite represents those AIS MAAP Program accounts for which the firm has applied leverage such that the aggregate contract value of positions held are usually between two and four times the equity invested ("MAAP (2X-4X)").
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AIS Capital Management, L.P. (AIS) is an investment management firm focused on absolute-return strategies in global financial markets. Relying on its thorough understanding of the driving forces behind price action in global markets, the investment team has developed and implemented discretionary and systematic global macro strategies that seek to generate alpha over multiple market cycles while minimizing risk. Independent Thinkers AIS provides asset management based on the principle that successful investing often requires independent thinking to develop appropriate investment strategies. We base our decisions on extensive analysis of global macro-economic factors and asset valuations, and we draw on decades of investment experience. Systematic and Discretionary Unlike a majority of global macro investment managers that would typically classify themselves as being either discretionary or systematic in their trading style, AIS approaches this distinction differently because we appreciate the strengths and weaknesses inherent in both styles. AIS’s investment programs uniquely combine systematic processes with discretionary global macro views. Our investment programs vary in methodology; some allocate according to longer-term discretionary global macro view while others allocate based on a systematic interpretation of shorter-term economic fundamentals and rigorous, disciplined risk controls. Advantage in Flexibility. Markets have changed dramatically over the last several decades. Since 2008 in particular, markets have become more highly correlated and coordinated global monetary policy has exerted a significant impact. The ability to move nimbly amongst non-traditional market sectors has become increasingly important. AIS has an advantage in being a smaller firm with great flexibility. We can respond quickly to changing market environments. Furthermore, AIS is an independent, privately- held firm and we do not face any liquidity issues associated with extended lines of credit. Highly Liquid and Transparent. AIS only invests in highly liquid instruments that trade on major exchanges. In addition, our investment programs are highly transparent. We do not use ‘black box’ systems. AIS takes a consultative approach, providing a detailed explanation of our investment process and our investment views with clients. We believe clients should thoroughly understand their investment structure and the global macro-economic outlook we anticipate during each market cycle. Investment Team. AIS was founded in 1992 by John Hummel and Brad Stern, both of whom are still principals in the firm as well as majority owners. Steve Edwards and John Zhang later joined AIS and are also principals of the firm. All four principals oversee the management of AIS’s investment programs (see Bios for more information on AIS’s principals and other team members).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR (YTD) | Max DD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 25.11% | 11.44% | 15.19% | 60.61% | N/A | |||||||||
| 2025 | 9.45% | -1.68% | 12.29% | -11.40% | 2.68% | 9.31% | -0.35% | 3.26% | 9.74% | 2.61% | 5.92% | 9.35% | 61.26% | -11.40% |
| 2024 | 0.77% | 0.06% | 12.40% | 5.65% | 0.10% | 1.48% | -2.14% | -0.21% | 4.08% | 1.81% | -6.36% | -1.30% | 16.32% | -7.58% |
| 2023 | 5.39% | -10.87% | 7.57% | 0.13% | -13.00% | 0.66% | 16.44% | -2.45% | -0.72% | -2.30% | 3.24% | -4.04% | -3.29% | -16.48% |
| 2022 | 10.62% | 16.66% | 7.22% | 4.98% | 0.38% | -9.61% | -4.92% | -7.27% | -7.97% | 2.54% | 3.97% | 6.30% | 21.19% | -26.66% |
| 2021 | 8.27% | 7.11% | -7.43% | 21.93% | 8.25% | -2.50% | 0.43% | -2.98% | 0.39% | 7.93% | -19.12% | 16.83% | 37.82% | -19.12% |
Track Record Compiled By: AIS Capital Management, L.P.
Annual Performance Summary
| Year | Yearly Return | Max Drawdown | Year-End AUM |
|---|---|---|---|
| 2026 | 60.61% | N/A | $31,593,929 |
| 2025 | 61.26% | -11.40% | $20,263,070 |
| 2024 | 16.32% | -7.58% | $14,256,229 |
| 2023 | -3.29% | -16.48% | $13,597,899 |
| 2022 | 21.19% | -26.66% | $15,971,084 |
| Year | Yearly Return | Max DD |
|---|---|---|
| 2026 | 60.61% | N/A |
| 2025 | 61.26% | -11.40% |
| 2024 | 16.32% | -7.58% |
++Qualified Eligible Investors Only:
A Qualified Eligible Person must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $4,000,000 in securities holdings OR the person must have on deposit with a Futures Commission Merchant at least $400,000 in exchange-specified initial margin and option premiums, and required minimum security deposit for retail forex transactions).
Exemptions:
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH THE ACCOUNTS OF QUALIFIED ELIBIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUANCY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.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.