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Trident Capital Management LLC - Trident Fund LP - Global Macro Enhanced 4X

Principal(s):
Strategy:
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190 S LaSalle St, Suite 3025
Chicago, IL 60603 USA
312-948-8938

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

Statistics & Program Information

Mar Return 12.20%	Worst Drawdown ⁽²⁾ -49.79%	Minimum Investment $1,000,000
YTD Return 18.43%	Losing Streak ⁽³⁾ -14.35 %	AUM⁽⁵⁾ $81,000,000
Annual CROR:¹ 7.03%	Sharpe Ratio ⁽⁴⁾ 0.34	Calmar Ratio ⁽⁶⁾ N/A

Trading Methodology	Style Sub-Categories	Trading Style
Market Sector	Holding Period	Geographic Sector Contracts:

Start Date Jun-2019	Currency US Dollars	Margin ⁽⁷⁾
New Money Yes	AUM ⁽⁵⁾ $81,000,000	Management Fee 4.50%
Min Investment $0	Annual CROR ¹ 7.03%	Incentive Fee 20.00%
Fund Minimum $1,000,000	Losing Streak ⁽³⁾ -14.35 %	Other Fees None
Notional Funds No	Worst Drawdown ⁽²⁾ -49.79 %	Avg Comm ⁽⁸⁾ $0.00
NFA Member Yes	Sharpe Ratio ⁽⁴⁾ 0.34	Max Comm ⁽⁹⁾
NFA Number 0506236	Calmar Ratio ⁽⁶⁾ N/A	Round Turns ⁽¹⁰⁾ 0

Starting Date: Jun-2019	Currency: US Dollars
Open to New Investors: Yes	Current Assets: $81,000,000
Open to US Investors: Yes	Annual CROR: 7.03%
Minimum Fund Investment: $1,000,000	Worst Monthly Drawdown: -49.79
Minimum Managed Account: $N/A	Current Losing Streak: -14.35 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 0.34
Redemptions: 35 Days Notice	US Attorney: Proskauer LLP
Lock Up: 12 Month Soft Lock 2% Early Redemption Penalty	Offshore Attorney: Not Listed
Hurdle Rate: N/A	Administrator: NAV Consulting, Inc.
Administraton Fee: 0.00%	Prime Broker: Morgan Stanley, ADM
Management Fee: 4.50%	Auditor: RSM US LLP
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: Global Macro

Track Record Prepared By: N/A

Correlations:

Trading Description, Risk Strategy & Background

Trading Description

The Trident Global Macro Enhanced 4x Strategy targets 48% Volatility. It is a long/short multi-asset strategy that deploys a diverse set of models backed by fundamental insights and theories. The strategy invests in stocks, bonds, currencies, and commodities through futures. The strategy is managed at a 18% target volatility while maintaining a low correlation to equities and common betas. The strategy is fundamentally-based, systematic, highly liquid, and employs uncorrelated, consistent, and repeatable ideas.

Trident's edge lies in its ability to model and systematically identify and exploit investor risk appetite throughout changes in macroeconomic cycles and market regimes. Our edge lies in understanding: 1. which regime we're in, 2. what fundamentals are relevant in that regime, and 3, how market participants' behavior can drive asset prices. The strategy dynamically shifts exposures across market regimes, assets, and time horizons. Trident's risk management and portfolio construction include measures of market volatility and investor risk appetite to add stability and consistency to Trident's portfolio.

Risk Strategy

Background

Performance

Performance from Jan 1, 2019 to May 31, 2019 reflects the GP's separately managed account with a 1.5% mgt fee and a 15% inc fee. Performance from Jun 1, 2019 reflects the actual performance of the fund less a 1.5% mgt fee, a 20% inc fee and fund expenses. Please see Accounting Notes for Details.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2024	-4.34%	10.34%	12.20%										18.43%	-4.34%
2023	3.00%	-9.30%	-10.40%	-0.50%	0.85%	10.09%	8.89%	-14.38%	-27.96%	-15.87%	11.71%	28.93%	-24.75%	-49.27%
2022			7.30%	4.00%	-1.90%	2.70%	1.90%	-2.70%	9.80%	6.70%	3.00%	-3.90%	29.27%	-3.9%

Annual Performance

Years	2022	2023	2024 YTD
ROR	29.27%	-24.75%	18.43%
Max DD	-3.90%	-49.27%	-4.34%

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.

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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