Blackbird Asset Management : BlackBird Alpha Spread 1x (Legal Name: BlackBird Alpha LLC Series 2)

Summary

Since 2011, Olivier MERLE traded world agricultural spreads with a focus on high returns*, low risk strategies. He holds a Msc in Econometrics from the London School of Economis and a Msc in statistics from ENSAI. Olivier founded Agritel's quantitative departement. Agritel is the leader in consulting for european agricultural cash traders. He is the author of Highlight of the week, a weekly letter on agricultural spreads and a speaker for the Paris Grain Day international conference. Olivier is passionate about advanced statistics, the agricultural world and talking with cash traders on cash markets. The BlackBird Alpha spread strategy was traded before August 2019 in the RCube Commodity Spread program. More information on: https://www.iasg.com/en-us/groups/group/rcube-asset-management/program/commodity-spread-program *There is a substantial risk of loss in trading futures.

Investment Strategy

BlackBird Alpha Spread 1x Fund (BAS 1x) alpha* (legal name: BlackBird Alpha LLC Series 2) is generated by its unique approach using quantitative and qualitative analysis to select uncorrelated spreads in agricultural markets. RCSP trades agricultural and energy calendar, cross products and location spreads with a global reach (CBOT, CME, ICE, Euronext, Kuala Lumpur, Winnipeg etc.). Firstly, we select the spreads with the strongest statistical signal from our modelisation based on advanced statistics and a large database containing futures prices, cash prices, CFTC Commitment of Trader, USDA, FX, exports etc. Secondly, within this selection, we use our fundamental knowledge and cash contacts to make a qualitative selection. Lastly, BAS 1x builds a portfolio containing around 20 uncorrelated of the selected spreads. The portfolio targets a 7.5 % volatility and risk by spread is limited.

Risk Management

*There is a substantial risk of loss in trading futures. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Fees are 2% management and 20% incentive fee. Performance is from the BlackBird Alpha Spread 1x fund (Legal name: BlackBird Alpha LLC Series 2). Trading commodity futures and options involves a substantial risk of loss. The same strategy was traded since 2011 as proprieraty and in managed accounts. More information on: https://www.iasg.com/en-us/groups/group/rcube-asset-management/program/commodity-spread-program *There is a substantial risk of loss in trading futures. This documentation is intended for Qualified Investor as defined by US regulation and eventually others persons who are authorized to receive such information under any other applicable laws and is for information purposes only. It does not constitute an offer to sell nor a solicitation to invest, nor a recommendation to trade commodity futures or options. it is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. The content of this document is based upon BlackBird AM sources of information believed to be reliable, but no warranty or declaration, either explicit or implicit, is given as to their accuracy or completeness. Strategy AUM is total of funds and managed accounts of the strategy expressed at a 1x leverage. If the fund is labelled as "closed" it means that there is no available capacity for new investors.