AutumnGold

Le Mans Trading LLC - The Mustang Fund

Principal(s): JonPaul Jonkeer & Tyler James Resch
Strategy: Multi-Strategy / Absolute Return / Diversified
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Investment Restrictions: 4.7 Exempt - QEPs Only++
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141 W Jackson Blvd Suite 1525
Chicago, IL 60604 USA
312-561-3144

Main E-Mail: [email protected]
Marketing E-Mail: [email protected]
Administrative E-Mail: [email protected]

Statistics & Program Information

Sep Return -3.23%	Worst Drawdown ⁽²⁾ -14.04%	Minimum Investment $200,000
YTD Return -2.20%	Losing Streak ⁽³⁾ -13.25 %	AUM⁽⁵⁾ $4,900,000
Annual CROR:¹ 18.93%	Sharpe Ratio ⁽⁴⁾ 1.25	Calmar Ratio ⁽⁶⁾ N/A

Trading Methodology 100% Systematic	Style Sub-Categories Momentum Contrarian Pattern Recognition Mean Reversion Spread Relative Value	Trading Style 100% Multi-Strategy
Market Sector 30% Stock Indices 10% Currencies 10% Financials 20% Energies 10% Agriculturals 5% Meats 5% Softs 10%	Holding Period 20% Long Term 40% Medium Term 40% Short Term	Geographic Sector US Contracts: Futures Options

Start Date Jan-2013	Currency US Dollars	Margin ⁽⁷⁾
New Money Yes	AUM ⁽⁵⁾ $4,900,000	Management Fee 0.00%
Min Investment $0	Annual CROR ¹ 18.93%	Incentive Fee 0.00%
Fund Minimum $200,000	Losing Streak ⁽³⁾ -13.25 %	Other Fees None
Notional Funds No	Worst Drawdown ⁽²⁾ -14.04 %	Avg Comm ⁽⁸⁾ $0.00
NFA Member Yes	Sharpe Ratio ⁽⁴⁾ 1.25	Max Comm ⁽⁹⁾
NFA Number P165874	Calmar Ratio ⁽⁶⁾ N/A	Round Turns ⁽¹⁰⁾ 0

Starting Date: Jan-2013	Currency: US Dollars
Open to New Investors: Yes	Current Assets: $4,900,000
Open to US Investors: Yes	Annual CROR: 18.93%
Minimum Fund Investment: $200,000	Worst Monthly Drawdown: -14.04
Minimum Managed Account: $N/A	Current Losing Streak: -13.25 %
Domocile: US	Calmar: N/A
Subscriptions: Monthly	Sharpe Ratio: 1.25
Redemptions: Monthly	US Attorney: Not Listed
Lock Up: N/A	Offshore Attorney: Not Listed
Hurdle Rate: N/A	Administrator: Sudrania Fund Services
Administraton Fee: 0.00%	Prime Broker: Not Listed
Management Fee: 0.00%	Auditor: Richey May & Co
Incentive Fee: 0.00%	NFA Member: Yes
Selling Fee: 0.00%	FINRA Member: No
Other Fees: None	Other Memberships: None

Type of Fund: Futures Fund	Domicile: US	Strategy: Futures Strategies Long Short Multi-Strategy

Track Record Prepared By: N/A

Correlations:

Trading Description, Risk Strategy & Background

Trading Description

The Mustang Fund LP is a multi-strategy absolute return portfolio designed for all weather performance. The Fund intends to achieve its investment objective primarily through the selection of non-correlated, primarily systematic, actively traded strategies and the allocation among them. Through the use of short and medium term futures and option positions, the various managers seek absolute return in a favorable risk-reward ratio. The portfolio is structured to have a risk parity foundation with trend and counter-trend trades to increase and reduce exposure as the individual market profiles change.

The program currently trades

22.5% - The Diversified Short-Term Strategy utilizes a unique approach to implement 100% systematic short-term trading strategies, leveraging multiple momentum and mean reversion based systems which incorporate price, time, volatility and pattern recognition into its dynamic models. The portfolio is diversified over multiple markets, multiple time-frames, multiple systems and adheres to a strict risk management approach applied at all levels.
22.25% - The Global Tactical Strategy uses technical indicators to capture positive capital flows between major asset groups in response to the general global macroeconomic environment. Dynamic volatility filters work to maintain balanced risk allocations in open positions and control the volatility of the overall portfolio. This is a core portfolio strategy with the aim of creating positive returns over the long-term in any economic scenario.
22.25% - Prime Macro Strategy trades a concentrated portfolio of about 30 of the most liquid futures over four asset classes (equity indices, interest rates, currencies, and commodities) globally. The strategy consists of several sub-models (sub-strategies) that can be classified into three different categories: directional, relative value and basket models. The combined result of these three model types is a single directional position in each market.
22.25% - Aegir Strategy is a systematic approach to exploit relative-value opportunities in the exchange-traded energy sector. The strategy focuses primarily on the crude oil and related product markets and aims to exploit price differentials both within and between these markets. The strategy does not rely on outright price movement to produce returns.
11.00% - The Hedge Equity Strategy only takes pair trades that are long the VIX and long the S&P. The strategy takes term structure trades in which the first month of the trade is long. This program is designed for investors that want neither short VIX nor outright long S&P exposure. The strategy, also, adjusts intra trade risk metrics to better profit in a market with rapidly increasing volatility.

Portfolio Managers
Gary Polony - Mr. Polony graduated from DePaul University in 1994, receiving a Bachelor of Science in Finance degree. In May 2009, Adalpha Asset Management, LLC was founded to trade both proprietary capital and managed client assets. Mr. Polony became a member of the CME, CBOT, NYMEX and COMEX exchanges on March 4, 2016.

Jagjit Manhas - Mr. Manhas graduated from Bournemouth University in 2005 with a first class (Honours) Bachelors of Science degree in Software Engineering. In 2008, Jagjit transitioned to the financial sector joining Oak Capital as a quantitative trader, developing, testing and executing alpha generating quantitative strategies in the energy futures space.

Marcus Ingelin - Mr. Ingelin graduated from Åbo Akademi University in 1991 with a Master’s degree in Management Sciences and Quantitative Methods. Marcus has worked in several different financial institutions both internationally (Salomon Brothers, Cantor Fitzgerald, UBS) and locally (Estlander & Partners, OPPohjola). In 2015 Marcus Co-founded Genio Capital LTD.

Kevin Doyle - Mr. Doyle has over 30 years of financial industry experience covering trading, money management and portfolio development. Kevin was an Institutional Broker from 1989-1994 at Cargill Investor Services – London/Chicago. Kevin worked as a research and operations consultant at Emil Van Essen LLC from 2012-2013, before returning in 2017 to become a Principal & Portfolio Manager.

Scot Billington - Volatility Capture Strategy. Mr. Billington worked as an assistant trader for Bradford & Company, a Futures Commission Merchant (FCM) and division of J. C. Bradford from July 1993 until May 1999 when he began forming CCM. Mr. Billington was a member of the Chicago Board Options Exchange and a Market Maker at Ronin Capital in OEX 100 Index options until January 4, 2005.

Risk Strategy

Risk is managed on a per-trade basis through a stop loss or through a trend change triggering a reversal trade. In addition, risk is reduced through diversification of un-correlated strategies. Through this low correlation and a positive expectancy across each of the strategies, we expect to have reduced volatility and drawdown. Further, we aim to maintain a low to negative correlation to the stock market.

Background

Tyler Resch: Mr. Resch is a senior member of the portfolio management team, he plays a pivotal role in assisting both retail and institutional clients in constructing well-balanced, diversified, and non-correlated portfolios of managed futures. Mr. Resch's deep understanding of alternative investments and portfolio management has earned him recognition in esteemed financial publications, including The Wall Street Journal, CTA Intelligence, and Commodities Now.

Mr. Resch served as a Commodity Trader at Lind-Waldock. Working as part of a dynamic team, he was responsible for trading highly liquid contracts with a specific focus on systematic trading. This experience fortified his knowledge and honed his skills in navigating the complexities of the market. With his extensive background and demonstrated expertise, Mr. Resch is committed to delivering exceptional portfolio management services and guiding clients towards achieving their investment goals.

JonPaul Jonkheer: Mr. Jonkheer plays a pivotal role at Le Mans Trading, overseeing the firm's daily operations and spearheading strategic initiatives. With a focus on business development, he actively cultivates relationships with industry professionals in the managed futures space. His extensive experience includes co-founding IASG Alternatives LLC in March 2015, a boutique broker dealer that offers hedge funds and managed futures funds to qualified investors.

Mr. Jonkheer's profound insights into the managed futures industry have gained recognition and have been featured in prominent financial publications and online platforms, including The Wall Street Journal, Michael Covel, and CTA Intelligence. Before joining IASG, he excelled as a sales and marketing executive for 12 years, bringing valuable expertise and a strong business acumen to his current role. Through his leadership, expertise, and established industry connections, Mr. Jonkheer contributes significantly to Le Mans Trading's growth and success.

Performance

Track record prior to 1/2022 has been created using actual reported returns from the separately managed accounts of the sub advisors and is considered Hypothetical Proforma Results. 1/2022 forward is the Mustang fund live returns. Please see Accounting Notes for the Risk of relying on Hypothetical Proforma Results.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2023	0.02%	-1.59%	1.33%	-2.85%	1.90%	1.74%	2.01%	-1.38%	-3.23%				-2.2%	-4.57%
2022	-4.22%	-2.53%	7.93%	-2.09%	1.97%	-2.44%	3.39%	-2.79%	-1.31%	-1.96%	-2.55%	-1.80%	-8.67%	-9.99%
2021	0.54%	1.31%	4.10%	4.05%	0.68%	-0.92%	2.96%	0.38%	-2.32%	6.70%	2.62%	-2.87%	18.16%	-2.87%
2020	5.34%	1.78%	21.66%	6.48%	-0.10%	6.08%	3.90%	2.37%	-4.35%	-3.34%	9.11%	3.97%	64.2%	-7.54%
2019	3.72%	0.69%	3.55%	3.86%	-2.26%	7.28%	4.20%	6.89%	-3.81%	-1.20%	2.02%	1.78%	29.44%	-4.96%
2018	10.48%	5.59%	-2.94%	2.58%	5.45%	0.64%	1.06%	4.74%	1.11%	-4.42%	1.99%	0.13%	28.77%	-4.42%
2017	-2.34%	-2.88%	5.03%	0.69%	3.24%	-2.95%	4.09%	3.76%	1.82%	2.66%	-0.41%	3.13%	16.53%	-5.15%
2016	9.03%	1.13%	6.72%	0.55%	-2.11%	4.70%	-2.08%	0.78%	-2.49%	-0.46%	-2.46%	2.34%	15.95%	-6.57%
2015	3.05%	0.11%	3.40%	-0.17%	3.11%	-1.60%	5.24%	-1.71%	-0.65%	-3.61%	-0.38%	-1.93%	4.56%	-8.04%
2014	2.55%	1.23%	-0.61%	-1.81%	3.54%	4.78%	0.64%	0.66%	9.64%	4.09%	2.04%	1.39%	31.47%	-2.41%
2013	1.10%	15.44%	-8.44%	1.46%	4.59%	-2.81%	-2.56%	1.38%	3.79%	5.01%	-0.76%	2.06%	20.18%	-8.44%

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

Annual Performance

Years	2013	2014	2015	2016	2017	2018
ROR	20.18%	31.47%	4.56%	15.95%	16.53%	28.77%
Max DD	-8.44%	-2.41%	-8.04%	-6.57%	-5.15%	-4.42%

Years	2019	2020	2021	2022	2023 YTD
ROR	29.44%	64.20%	18.16%	-8.67%	-2.20%
Max DD	-4.96%	-7.54%	-2.87%	-9.99%	-4.57%

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:

The tables and graphs herein were created using actual reported returns from the separately managed accounts of the sub advisors. Track record prior to January 2022 represents the live client traded managed account track record of the five strategies. January 2022 forward, shaded, is Mustang fund live returns. The returns and statistics represent hypothetical composite performance. This composite performance record is hypothetical and these trading advisors have not traded together in the manner shown in the composite. Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any multi-advisor managed account or pool will or is likely to achieve a composite performance record similar to that shown. In fact, there are frequently sharp differences between a hypothetical composite performance record and the actual record subsequently achieved. One of the limitations of a hypothetical composite performance record is that decisions relating to the selection of trading advisors and the allocation of assets among those trading advisors were made with the benefit of hindsight based upon the historical rates of return of the selected trading advisors. Therefore, composite performance records invariably show positive rates of return. For the returns above, weightings between the sub advisors are equal and constant for the entirety of the composite performance. Furthermore, the composite performance record may be distorted because the allocation of assets changes from time to time and these adjustments are not reflected in the composite.

++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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