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Ahead Capital Management, LLC - Global Macro Tactical Opportunities Strategy
Principal(s): Anton Barinov
Strategy: Global Macro / G5 Equity & Bond Indexes, Currencies, Commodities
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Investment Restrictions: 4.7 Exempt - QEPs Only++
Statistical Reports are Subscription Based
Growth of $1,000 VAMI and Monthly Returns
Trading Description, Risk Strategy & Background
The strategy pursues tactical opportunities in G5 equity and sovereign bond indexes, as well as currencies and commodities.
- We focus on turning points in market narratives, as well as trades around important macro events
- The strategy is directional and is concentrated on 1-2 themes at a time
- Investment decisions factor in economic fundamentals, price action, investor sentiment and positioning, as well as potential price catalysts
- The strategy is designed so that it could be profitable in any market conditions. Our focus on dynamic interplay between macro events and market narrative has allowed us to be flexible and control downside.
- As a result, the strategy performed well during COVID crisis (Mar 2020), war in Ukraine crisis (Feb 2022), inflation crisis (2022), US banking crisis (Mar 2023) and other moments of rapid market turnarounds.
- The Manager believes that their strategy can provide a good diversification to a portfolio of a qualified investor.
Risk Management Framework
- The maximum portfolio drawdown is set at 10% NAV
- Trades in an attempt to keep losses within 1.5% of NAV in case stop-loss is hit
- Stop-losses are set based on expected volatility of an instrument
- Option strategies are implemented to protect the portfolio against an unexpected
- The portfolio is monitered around the clock since team members are based in different time zones
Risk management was tightened in Q3 2021 to reflect expectations of growing economic uncertainty and market volatility. As part of that, trading became more catalyst-oriented with smaller trade sizes. As a result, portfolio volatility decreased substantially.
Ahead Capital Management LLC (“AC”) is a Global Macro investment firm, based in West Palm Beach, Florida, USA. Mr. Anton Barinov (39) was previously a Director and Head of TMT at Renaissance Capital, an emerging markets bank.
Performance
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 3.70% | 0.55% | 1.05% | -2.22% | 1.85% | 4.92% | -2.22% | |||||||
| 2024 | 3.36% | -1.75% | 1.94% | -3.81% | 3.45% | -1.29% | 1.46% | -2.82% | 0.03% | 1.34% | 2.43% | -0.61% | 3.47% | -3.81% |
| 2023 | 1.19% | -1.34% | 1.83% | -2.57% | 2.82% | 3.11% | 3.35% | 0.86% | 0.85% | 2.04% | 1.23% | -1.03% | 12.85% | -2.57% |
| 2022 | 4.89% | 2.65% | -0.60% | -1.82% | 0.64% | 2.72% | 1.14% | 0.31% | 1.74% | -3.12% | 2.72% | 1.08% | 12.78% | -3.12% |
| 2021 | 0.71% | -0.72% | -0.35% | -0.30% | 0.53% | 1.79% | -0.10% | -5.57% | -1.04% | 16.94% | 0.68% | 6.81% | 19.33% | -6.65% |
| 2020 | 5.86% | -2.88% | 1.53% | -0.77% | -0.55% | -5.81% | 1.17% | -3.02% | 16.34% | 0.15% | 10.92% | -10.07% | ||
Annual Performance
| Years | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD |
|---|---|---|---|---|---|---|
| ROR | 10.92% | 19.33% | 12.78% | 12.85% | 3.47% | 4.92% |
| Max DD | -10.07% | -6.65% | -3.12% | -2.57% | -3.81% | -2.22% |
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.
Accounting Notes:
Net portfolio returns (inclusive of a monthly pro-forma performance fee of 20%) were compiled by Compliance Supervisors International Inc. (CSI) from monthly statements obtained independently by CSI from Interactive Brokers. The monthly returns rep resent those of one client that executed power of attorney with Anton Barinov, with NAV of $ 8 .4 m as of November 3 0 , 2024. In total, as of November 3 0 , 2024, Anton Barinov maintained discretionary authority over 15 client accounts all of which are qualified as accounts of family and friends, as well as his personal account, with aggregate NAV of ~ $ 19 .1 m. as of November 2024. Since March 2020, Anton Barinov has been operating pursuant to Section 4m (1) of the Commodity Exchange Act whereby an exemption fr om CTA registration exists for a person that has not furnished commodity trading advice to more than 15 persons and does not hold himself out generally to the public as a CTA. It is expected that at least some of those accounts will become part of Ahead Capital Management LLC trading program over the next several months.++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 $4,000,000 in securities holdings OR the person must have on deposit with a Futures Commission Merchant at least $400,000 in exchange-specified initial margin and option premiums, and required minimum security deposit for retail forex transactions).
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.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS