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Contrarian Investors, LLC - Contrarian Commodities LP

Principal(s): Randon Samelson & Lincoln Samelson
Strategy: Opportunistic / Deep Value / Diversified
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Investment Restrictions: 4.7 Exempt - QEPs Only++
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2 N Cascade Avenue Suite 590
Colorado Springs, CO 80903 USA
719-540-4800

Main E-Mail: [email protected]

Statistics & Program Information

Mar Return 1.30%	Worst Drawdown ⁽²⁾ -8.46%	Minimum Investment $250,000
YTD Return -2.21%	Losing Streak ⁽³⁾ -7.16 %	AUM⁽⁵⁾ $1,000
Annualized Return¹ 3.67%	Sharpe Ratio ⁽⁴⁾ 0.47	Calmar Ratio ⁽⁶⁾ N/A
1) The Annualized Return annualizes the average monthly return

Trading Methodology 90% Systematic 10% Discretionary	Style Sub-Categories Contrarian	Trading Style 100% Contrarian
Market Sector 100% Diversified	Holding Period 100% Long Term	Geographic Sector US Contracts: Futures Options

Start Date Feb-2021	Currency US Dollars	Margin ⁽⁷⁾ 5-10%
New Money Yes	AUM ⁽⁵⁾ $1,000	Management Fee 0.5%
Min Investment $0	Annual ROR ⁽¹⁾ 3.67%	Incentive Fee 25%
Fund Minimum $250,000	Losing Streak ⁽³⁾ -7.16 %	Other Fees None
Notional Funds No	Worst Drawdown ⁽²⁾ -8.46 %	Avg Comm ⁽⁸⁾ $0.00
NFA Member Yes	Sharpe Ratio ⁽⁴⁾ 0.47	Max Comm ⁽⁹⁾
NFA Number 0279096	Calmar Ratio ⁽⁶⁾ N/A	Round Turns ⁽¹⁰⁾ 300

Starting Date: Feb-2021	Currency: US Dollars
Open to New Investors: Yes	Current Assets: $1,000
Open to US Investors: Yes	Annual CROR: 4.43%
Minimum Fund Investment: $250,000	Worst Monthly Drawdown: -8.37
Minimum Managed Account: $N/A	Current Losing Streak: -7.16 %
Domocile:	Calmar: N/A
Subscriptions: Monthly	Sharpe Ratio: 0.47
Redemptions: Quarterly, with 60-day notice	US Attorney: Greenberg and Traurig, LLC
Lock Up: 6 Months	Offshore Attorney: Not Listed
Hurdle Rate: N/A	Administrator: Liccar & Co
Administraton Fee: 0.00%	Prime Broker: R.J. O'Brien
Management Fee: 0.00%	Auditor: Michael Coglianese, CPA
Incentive Fee: 25.00%	NFA Member: Yes
Selling Fee: 0.00%	FINRA Member: No
Other Fees: None	Other Memberships: None

Type of Fund:	Domicile:	Strategy: Opportunistic Deep Value

Correlations:

Trading Description, Risk Strategy & Background

Trading Description

Contrarian Commodities, LP ("Contrarian") is an opportunistic deep value commodities fund. Its manager, Contrarian Investors LLC, was founded by industry veteran Randon Samelson and currently headed by his son, Lincoln Samelson. This program uses a long-term counter-trend approach to buying a basket of commodities below their marginal cost of production, commodities experiencing extreme panic or capitulation and seeks to exploit situations with lopsided market positioning and sentiment extremes. Our approach is based on the immutable law of supply and demand, built on the premise that commodities unlike financial assets have intrinsic values and, therefore, are not likely to become valueless.

Risk Strategy

Background

Lincoln Samelson: Portfolio Manager & Chief Executive Officer
Lincoln Samelson oversees the day-to-day operations of the company and is in charge of trading activities. Under the tutelage of his father Randon Samelson, Lincoln has fourteen years of continuous commodity trading and value investing experience as well as management responsibilities within the Samelson family office.

Lincoln received his Computer Science degree from University of Colorado School of Engineering. His engineering and computer science background when combined with his father's extensive experience has been fundamental to the early success of Contrarian Investors. Lincoln received his pilot's license at the age of 16. His philanthropic experience includes flying supplies to remote Eskimo villages in Alaska and helping clean up the ninth ward in New Orleans after Hurricane Katrina.

Randon Samelson: Founder & Shareholder
Randon Samelson (Randy) has more than 50 years of experience in real assets. He has been involved in three main areas - equities, commodities, and real estate. He started with equities at age 12 (which developed to include mergers/acquisitions and proxy contests, etc.).

He added futures as an asset class in college. This developed into memberships on various futures exchanges in Chicago and New York. The futures activity naturally expanded into the ownership of farms/ranches in multiple states.

Randy also owned a vertically integrated real estate investment and development company which was involved in many states. Product types included office, retail, single, and multi-family. Partners included both public and private institutions, including domestic and foreign pension funds, an insurance company and today's equivalent of family offices.

In the early 1990's, he settled his family in Colorado and has been investing in Colorado land and water for over 25 years.

In 1999, Randy started a non-profit called Counsel & Capital ("C&C"). C&C's mission is to act as a "non- profit" platform to connect left brain donors with right brain ministries." Randy is also the author of Breakthrough - Unleashing the Power of a Proven Plan. He graduated in 1970 from the University of Michigan with a degree in Business.

Performance

Monthly Performance Since February 2021

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR*	Max DD
2024	-0.05%	-3.46%	1.30%										-2.21%	-3.51%
2023	-0.71%	-2.00%	3.20%	5.80%	-4.34%	-1.34%	4.00%	-0.64%	-0.93%	1.20%	-2.00%	-0.90%	1.34%	-5.62%
2022	3.55%	0.90%	1.00%	-0.15%	0.60%	-3.50%	-0.90%	-1.35%	1.50%	1.90%	2.50%	1.05%	7.1%	-5.66%
2021		3.00%	-1.80%	3.44%	1.50%	-1.20%	2.90%	0.40%	-0.20%	1.60%	-1.00%	-0.20%	8.44%	-1.8%

*The Annual ROR (Rate of Return) for Fixed Trade Level Accounts has been calculated by adding each monthly return.

Annual Performance

Years	2021	2022	2023	2024 YTD
ROR	8.44%	7.10%	1.34%	-2.21%
Max DD	-1.80%	-5.66%	-5.62%	-3.51%

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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++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 $2,000,000 in securities holdings OR $200,000 in margin on deposit with a Futures Commission Merchant OR a combination of the two (for example, $1,000,000 in securities and $100,000 in margin).

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.

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