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Manager List » PGM Asset Management, LLC »

PGM Asset Management, LLC - Trident Program

Principal(s): William Sexton and Stephen Grady
Strategy: Systematic / Short-Term / Diversified
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Investment Restrictions: 4.7 Exempt - QEPs Only++
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Statistics & Program Information

Mar Return 0.43%	Worst Drawdown ⁽²⁾ -26.05%	Minimum Investment $1,000,000
YTD Return 1.34%	Losing Streak ⁽³⁾ -6.96 %	AUM⁽⁵⁾ $5,570,246
Annualized CROR:¹ 15.15%	Sharpe Ratio ⁽⁴⁾ 0.78	Calmar Ratio ⁽⁶⁾ 0.11

Trading Methodology 100% Systematic	Style Sub-Categories	Trading Style
Market Sector 23% Currencies 6% Financials 12% Metals 12% Energies 12% Agriculturals 12% Meats 23% Softs	Holding Period 100% Short Term	Geographic Sector US Contracts: Futures

Start Date Nov-2019	Currency US Dollar	Margin ⁽⁷⁾ Average 15%
New Money Yes	AUM ⁽⁵⁾ $5,570,246	Management Fee 2.00%
Min Investment $1,000,000	Annualized CROR ¹ 15.15%	Incentive Fee 20.00%
Fund Minimum $0	Losing Streak ⁽³⁾ -6.96 %	Other Fees None
Notional Funds Yes	Worst Drawdown ⁽²⁾ -26.05 %	Avg Comm ⁽⁸⁾
NFA Member Yes	Sharpe Ratio ⁽⁴⁾ 0.78	Max Comm ⁽⁹⁾
NFA Number 0502023	Calmar Ratio ⁽⁶⁾ 0.11	Round Turns ⁽¹⁰⁾ 4,816

Starting Date: Nov-2019	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $5,570,246
Open to US Investors: Yes	Annualized CROR: 15.15%
Minimum Fund Investment: $0	Worst Monthly Drawdown: -26.05
Minimum Managed Account: $1,000,000	Current Losing Streak: -6.96 %
Domocile:	Calmar: 0.11
Subscriptions: N/A	Sharpe Ratio: 0.78
Redemptions: N/A	US Attorney: Not Listed
Lock Up: N/A	Offshore Attorney: Not Listed
Hurdle Rate: N/A	Administrator: Not Listed
Administraton Fee: 0.00%	Prime Broker: Not Listed
Management Fee: 2.00%	Auditor: Not Listed
Incentive Fee: 20.00%	NFA Member: Yes
Selling Fee: 0.00%	FINRA Member: No
Other Fees: None	Other Memberships: None

Type of Fund:	Domicile:	Strategy:

Track Record Prepared By: NAV Consulting

Correlations: AG CTA Index: 0.028 AG Systematic CTA Index: 0.011

Trading Description, Risk Strategy & Background

Trading Description

Trident is a short-term systematic trading model that utilizes a technically based multi factor approach to generating strong risk adjusted returns under diverse market conditions in global futures markets. The system allocates its risk budget among directional and counter directional trading components. Trading leverage, as well as entry and exit signals, are dynamically determined and adjusted automatically by Trident based on current market volatility and momentum in order to more closely respond to the existing conditions in each market traded. Risk is strictly monitored and loss levels per trade are determined pre-entry for automatic exit while profits are allowed to run as Trident dynamically adjusts to protect trade profits as they accrue. The system trades highly liquid and diversified futures contracts in order to generate alpha across varying market segments and conditions.

The system trades futures in diverse market segments including: Currencies, Fixed Income, Energy, Precious and Base Metals, Agricultural and Softs Markets.

Risk Strategy

N/A

Background

PGM Asset Management LLC ("PGMAM") was formed as a Limited Liability Company in the state of New York on May 6, 2016. PGMAM registered with the CFTC as a Commodity Trading Advisor on October 31, 2017 and became a member of the National Futures Association ("NFA") on that date. PGMAM manages the Trident Trading Program ("Trident").

Performance

Monthly Performance Since November 2019

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	-2.59%	3.59%	0.43%										1.34%	-2.59%
2024	-3.61%	-4.76%	-0.31%	0.09%	2.22%	-4.84%	9.14%	6.63%	-3.30%	6.66%	-0.07%	0.27%	7.17%	-10.89%
2023	6.33%	-5.34%	-2.12%	5.22%	-0.19%	-6.94%	-6.22%	-2.70%	-7.20%	1.97%	7.78%	5.40%	-5.55%	-23.32%
2022	4.85%	-2.70%	7.08%	9.17%	-1.07%	8.25%	-1.89%	-5.68%	-5.72%	-5.79%	8.62%	1.60%	15.84%	-17.81%
2021	1.83%	4.98%	-5.83%	6.74%	-5.65%	3.69%	12.04%	5.05%	10.28%	5.25%	6.98%	0.01%	53.63%	-5.83%
2020	12.49%	2.37%	12.72%	-1.06%	-7.11%	-7.84%	3.90%	1.81%	9.33%	-1.04%	-4.01%	-3.40%	16.68%	-15.3%
2019											-1.60%	2.43%	0.8%	-1.6%

Annual Performance

Years	2019	2020	2021	2022	2023	2024
ROR	0.80%	16.68%	53.63%	15.84%	-5.55%	7.17%
Max DD	-1.60%	-15.30%	-5.83%	-17.81%	-23.32%	-10.89%

Years	2025 YTD
ROR	1.34%
Max DD	-2.59%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.

VAMI, Assets under Management & Worst Drawdown

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Monthly Returns

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Accounting Notes:

Actual performance reflects General Partners' separately managed account trading conducted after January 1, 2019. Live trading during November-December 2018 (when trading first commenced) is not reflected, as lower leverage, debugging of trading strategy, and corrections with signal timing make such period unrepresentative of the Strategy. Returns presented from January 1, 2019, to May 31, 2019, represent the General Partners' separately managed account with the Global Macro strategy, management fees of 1.5% and incentive fees of 15% (Founders A Share Class) and, the performance does not include underlying fund expenses. From June 1, 2019, to the present, returns represent the Trident Fund LP Global Macro (1.5% mgmt and 20% incentive) and Global Macro Enhanced 2.0% mgmt and 20% incentive) share class returns and incorporate fund expenses such as administrator, audit, tax, and other operating costs. From March of 2023, the Global Macro Enhanced Four (4) was launched (4.5% mgmt and 20% incentive), incorporating fund expenses such as administrator, audit, tax, and other operating costs.

++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

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

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.