Ascent Capital Management CTA Report
Report Start Date: Jan-2020 - Report End Date: May-2025
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Report End Date

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Merizon Group Limited / Arpiam Ltd.
Accepting New Investors: Yes Macro / FX
Non US Investors or ECPS Only


All performance calculations are net of fees at seed rates.

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
20200.20% 1.21% 1.83% 0.53% 0.44% 0.15% -0.58% -0.70% 2.05% 0.36% -0.11% 0.52%
2021 1.05% 1.00% 0.51% -1.32% -4.31% 6.78% 0.83% 0.46% 0.16% -0.74% 3.00% 1.65%
2022 -0.43% 2.34% 1.78% 0.36% 1.84% 1.33% -0.67% 2.25% 0.21% 0.95% 0.86% -2.19%
2023 1.85% 1.12% 1.81% -3.68% 4.51% 5.83% -0.12% 0.68% 2.62% 1.81% 0.35% -5.95%
2024 9.07% 0.90% -0.47% -0.46% 1.78% 0.03% -0.69% 5.76% 1.65% 0.18% 2.57% -4.48%
2025 5.76% 0.40% 0.15% -1.43% -0.09%  

 202020212022202320242025 YTD
ROR6.02%9.06%8.87%10.76%16.32%4.72%
Max DD-1.28%-5.57%-2.19%-5.95%-4.48%-1.52%

The Notes Below Are An Integral Part of this Report | Track Record Compiled By: Francis-Clarke LLP

Program Description: Our Opus strategy is built on a three-pillared approach, integrating global macro trends, academic insights, and an analytical framework. We focus on fundamental drivers and apply proven strategies to harvest risk premia.

  • Macro Focus: Targets fundamental drivers of financial markets, identifying divergences and possible reversals
  • Strategic Depth: Uses value, carry, momentum, and mean-reversion strategies within the G10+ FX space
  • Advanced Analytics: Leverages proprietary indicators, positioning data, and sentiment analysis.
    • Investment Information
    Program Start Date Mar-2017
    Minimum Investment + 310,000
    Management Fee 1% seed / 2%
    Incentive Fee 10% seed / 20%
    Margin
    Round Turns per Million 0
    Currency USD
    NFA No: #
    		Trading Strategy       Market Segment      

    Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 VAMI, AUM & Worst Drawdown (since Jan 2020)$900$1 $1,080$1,260$1,440$1,620$1,800$2 $3 $4 $5 $6 2021 2022 2023 2024 2025 $1,000 $1,485$1,397 VAMIAssets in Millions Assets Under ManagementVAMI (Red Line Indicates Max Drawdown)

    Program Statistics
    Peak-to-Valley Drawdown (1) (Nov 2023 - Dec 2023) -5.95%
    Worst Monthly Return (Dec 2023) -5.95%
    Current Losing Streak -1.52%
    Average Monthly Return 0.85%
    Annualized Statistics
    Annualized Compounded ROR (2) 10.27%
    Standard Deviation 8.43%
    Sharpe Ratio (4) 1.09
    36 Month Calmar Ratio (3) 1.93
    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION TO INVEST SOLELY ON THE PAST PERFORMANCE PRESENTED HEREIN.
    Ascent Capital Management
    311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
    Office: 312-283-3350 Email: info@ascentcm.com | Web Address: http://www.ascentcm.com


    Ascent Capital Management CTA Report
    Report Start Date: Jan-2020 - Report End Date: May-2025
    Please wait for your Report to Fully Load Print to PDF



    Time Window Analysis
    Length Best Average Worst
    1 mo 9.1% 0.8% -6%
    3 mo 10.5% 2.6% -5.1%
    6 mo 16.2% 5.3% -2.6%
    12 mo 19.6% 11.1% -1.5%
    18 mo 30.2% 17.6% 6.4%
    24 mo 33.8% 24.9% 14.9%
    36 mo 50.7% 38.9% 22.5%
    Historical Drawdown and Recoveries***
    Start Depth Length Recovery End
    Dec-23 -5.95% 1 mo 1 mo Jan-24
    Apr-21 -5.57% 2 mo 1 mo Jun-21
    Dec-24 -4.48% 1 mo 1 mo Jan-25
    Apr-23 -3.68% 1 mo 1 mo May-23
    Dec-22 -2.19% 1 mo 2 mo Feb-23
    Apr-25 -1.52% 2 mo 0 mo n/a

    Comparisons                                        ProgramAG CTA Index SP 500 TR
    Annualized Compound ROR 10.27%4.64%13.56%
    Cumulative Return 69.84%27.82%99.14%
    Cumulative VAMI (5) 169812781991
    Largest Monthly Gain 9.07%2.99%12.82%
    Largest Monthly Loss -5.95%-1.29%-12.35%
    Correlation —-0.171-0.002
    Last 12 Months 9.77%-1.71%13.53%
    Last 36 Months 38.58%6.08%49.78%

    Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Growth of $1,000 VAMI - Program vs. Benchmarks (since Jan 2020)$0$600$1,200$1,800$2,400$3,000 2021 2022 2023 2024 2025 $1,000 VAMI ProgramAG CTA IndexSP 500 TR

    Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Monthly Returns (since Jan 2020)-8%-4%4%8%12%2020 2021 2022 2023 2024 2025 0% Month/Year
    < -10-10 to -8-8 to -6-6 to -4-4 to -2-2 to 00 to 22 to 44 to 66 to 88 to 10> 10Distribution of Returns (since Jan 2020)0 Mos.8 Mos.16 Mos.24 Mos.32 Mos.40 Mos. Percent Return
    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION TO INVEST SOLELY ON THE PAST PERFORMANCE PRESENTED HEREIN.
    Ascent Capital Management
    311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
    Office: 312-283-3350 Email: info@ascentcm.com | Web Address: http://www.ascentcm.com


    Ascent Capital Management CTA Report
    Report Start Date: Jan-2020 - Report End Date: May-2025
    Please wait for your Report to Fully Load Print to PDF



    + NOTES: All performance calculations are net of fees at seed rates.

    ** The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month, and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

    ++ Min Investment GBP 250,000

    Please note that the monthly performance numbers, ROR and Drawdowns are based on end of month values and are not reflective of intramonth volatility.

    Statistical Notes

    1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2020-01-31 to 2025-05-31

    2. The Annualized Compounded ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.

    3. Calmar Ratio Uses last 36 months of Data

    ROR = Rate of Return

    AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.

    SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5 billion. The TR Index accounts for the reinvestment of dividends.

    This report has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's Disclosure Document.

    PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.

    Ascent Capital Management
    311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
    Office: 312-283-3350 Email: info@ascentcm.com | Web Address: http://www.ascentcm.com