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


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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 (1% Management Fee and 10% Incentive Fee).

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% -3.55%  

 202020212022202320242025 YTD
ROR6.02%9.06%8.87%10.76%16.32%1.01%
Max DD-1.28%-5.57%-2.19%-5.95%-4.48%-5.02%

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. 1) Macro Focus: Targets fundamental drivers of financial markets, identifying divergences and possible reversals, 2) Strategic Depth: Uses value, carry, momentum, and mean-reversion strategies within the G10+ FX space, and 3) Advanced Analytics: Leverages proprietary indicators, positioning data, and sentiment analysis. Risk control is achieved through a variety of means which in most market conditions should minimize drawdowns. The first is portfolio construction and diversification; second is controlling leverage through position sizing adjusted according to account size, volatility and risk-reward analysis; and third is catastrophic stop based on money management rules.

Investment Information
Program Start Date Mar-2017
Minimum Investment + 310,000
Management Fee 1-2%
Incentive Fee 10-20%
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 -5.02%
Average Monthly Return 0.78%
Annualized Statistics
Annualized Compounded ROR (2) 9.39%
Standard Deviation 8.58%
Sharpe Ratio (4) 0.98
36 Month Calmar Ratio (3) 1.63
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: Jun-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% 2.5% -5.1%
6 mo 16.2% 5.2% -2.6%
12 mo 19.6% 11% -1.5%
18 mo 30.2% 17.6% 6.4%
24 mo 33.8% 24.7% 14.9%
36 mo 50.7% 38.6% 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
Apr-25 -5.01% 3 mo 0 mo n/a
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

Comparisons                                        ProgramAG CTA Index
Annualized Compound ROR 9.39%4.58%
Cumulative Return 63.81%27.90%
Cumulative VAMI (5) 16381279
Largest Monthly Gain 9.07%2.99%
Largest Monthly Loss -5.95%-1.27%
Correlation —-0.163
Last 12 Months 5.84%-1.13%
Last 36 Months 31.90%6.87%

Growth of $1,000 VAMI Comparison
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: Jun-2025
Please wait for your Report to Fully Load Print to PDF



+ NOTES: Rates of returns are calculated from trading in managed accounts as well as proprietary accounts. Returns from proprietary trading are based on proforma adjustments to a proprietary account to reflect fees. Client accounts are traded in like fashion. The information about this trading program is not intended for persons or entities resident, located or registered in jurisdictions that restrict the distribution of such trading programs.

** 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 2025-06-30

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.

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