HB Capital Management Inc. : Diversified Program

Year-to-Date: N / A
Jun Performance: -0.10%

Min Investment: $ 50k
Mgmt. Fee: 1.00%
Perf. Fee: 20.00%

Annualized Vol: 10.53%
Sharpe (RFR=0%): 0.13
CAROR: 1.82%

Assets: $ 3.1M
Worst DD: -23.71
S&P Correlation: -0.04

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Growth of 1,000 - VAMI

Monthly Performance

Export Data

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	DD

Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial.

Period Returns

Program / Index	Jun	Qtr	YTD	1yr	3yr	5yr	10yr	Since 3/2008
Diversified Program	-0.10	-	-	-0.10	-13.17	-3.47	-11.87	22.70
S&P 500	6.89	-	-	8.21	38.73	48.55	216.69	127.78
+/- S&P 500	-6.99	-	-	-8.31	-51.90	-52.02	-228.56	-105.08

Strategy Description

Summary

The trading program utilizes Howard Bernstein’s 30+ years experience trading in the futures markets in order to develop a multi-strategy and multi-market approach to trading both commodity futures and options on futures trading.... Read More

Account & Fees

Type	Managed Account
Minimum Investment	$ 50k
Trading Level Incremental Increase	$ 0k
CTA Max Funding Factor	3.00
Management Fee	1.00%
Performance Fee	20.00%
Average Commission	$28.00
Available to US Investors	Yes

Subscriptions

High Water Mark	Yes
Subscription Frequency	Daily
Redemption Frequency	Daily
Investor Requirements	Any Investor
Lock-up Period	0

Trading

Trading Frequency	1100 RT/YR/$M
Avg. Margin-to-Equity	10%
Targeted Worst DD	-12.00%
Worst Peak-to-Trough	23.70%
Sector Focus	Diversified Traders

Holding Periods

Over 12 Months	0%
4-12 Months	5.00%
1-3 Months	80.00%
1-30 Days	15.00%
Intraday	0%

Decision-Making

Discretionary	20.00%
Systematic	80.00%

Strategy

Option-spreads: 15.00%
Option-writing: 10.00%
Seasonal/cyclical: 20.00%
Spreading/hedging: 40.00%
Trend-following: 15.00%

Composition

Grains: 25.00%
Energy: 15.00%
Livestock: 15.00%
Stock Indices: 15.00%
Precious Metals: 10.00%
Interest Rates: 10.00%
Currency Futures: 5.00%
Softs: 5.00%

Summary

Investment Strategy

The program uses a number of different options and futures strategies. The option strategies include a variety of different spreads such as verticals, calendars, ratios, strangles, and straddles amongst others. The program will also outright sell or buy an option in certain situations. In addition, the program may purchase or sell futures to offset an open option position. The program trades options and futures contracts in the crude oil, coffee, soybean, gold, natural gas and corn markets, among others. The implementation of this trading program depends on both technical and fundamental considerations. Technical analysis involves the study of charted prices, volume and momentum to determine the future course of prices. Other analysis may also be performed on the prices of various options, both in absolute terms in relation to their historic price level, and in relative terms comparing the prices of puts to the prices of similar calls. Implied and historical volatility of both the option and its underlying commodity are also studied. Fundamental considerations, utilized on a commodity by commodity basis, include supply and demand, seasonal movements as well as business and economic factors, governmental policies, weather, and other worldwide events, which can influence the commodity markets. A secondary strategy seeks to profit from seasonal patterns inherent in various commodity markets. The trades taken may be outright long (buy) and short (sell) positions or spread trades between two similar commodities. Seasonal trading may also employ the use of buying and/or selling options.

Risk Management

We use historical data for different markets to place extremely low risk trades. Once in a trade, we reevaluate our positions daily based on a number of market factors such as technicals, fundamentals, etc.

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Index: Chart Type:

Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial.

Compare to:

Index:

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Sharpe Ratio: (RF=1%)
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Reward
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Average Gain:
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Risk
Standard Deviation:
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Sharpe Ratio: (RF=1%)
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Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial.

Note: Figures shown in the Monthly column are the greatest figures (or worst for losses/drawdowns) for any particular month. The Annual figures are the greatest for any calendar year.

Drawdown Report

Depth	Length (Mos.)	Recovery (Mos.)	Peak	Valley
-23.71	18	16	8/1/2014	2/1/2016
-21.22	40	9	6/1/2010	10/1/2013
-21.03	18	-	8/1/2017	2/1/2019
-3.18	1	1	6/1/2017	7/1/2017
-2.80	1	1	4/1/2009	5/1/2009
-2.06	2	4	7/1/2008	9/1/2008
-0.79	2	1	3/1/2010	5/1/2010

Consecutive Gains

Run-up	Length (Mos.)	Start	End
25.94	6	3/1/2014	8/1/2014
18.43	10	6/1/2009	3/1/2010
15.15	5	3/1/2016	7/1/2016
13.61	6	1/1/2017	6/1/2017
12.84	5	3/1/2008	7/1/2008
9.95	2	11/1/2013	12/1/2013
9.52	2	11/1/2015	12/1/2015
8.31	4	1/1/2009	4/1/2009
8.25	2	8/1/2015	9/1/2015
5.41	4	11/1/2010	2/1/2011
5.02	1	3/1/2019	3/1/2019
4.61	1	4/1/2011	4/1/2011
4.53	2	9/1/2016	10/1/2016
4.51	2	12/1/2017	1/1/2018
4.39	1	8/1/2017	8/1/2017
4.18	1	10/1/2012	10/1/2012
3.53	2	12/1/2011	1/1/2012
3.22	2	7/1/2012	8/1/2012
2.43	1	8/1/2010	8/1/2010
2.16	1	2/1/2013	2/1/2013
2.03	2	10/1/2008	11/1/2008
1.90	2	1/1/2015	2/1/2015
1.77	1	7/1/2018	7/1/2018
1.63	1	11/1/2014	11/1/2014
1.05	1	4/1/2015	4/1/2015
0.96	1	6/1/2010	6/1/2010
0.88	1	9/1/2013	9/1/2013
0.88	1	3/1/2012	3/1/2012
0.76	2	7/1/2011	8/1/2011
0.75	1	7/1/2013	7/1/2013
0.71	1	12/1/2018	12/1/2018
0.67	1	5/1/2013	5/1/2013
0.60	1	4/1/2018	4/1/2018
0.45	1	5/1/2012	5/1/2012
0.20	1	10/1/2011	10/1/2011

Consecutive Losses

Run-up	Length (Mos.)	Start	End
-13.43	3	5/1/2015	7/1/2015
-11.72	2	9/1/2010	10/1/2010
-11.53	2	1/1/2016	2/1/2016
-10.42	2	9/1/2014	10/1/2014
-9.73	3	11/1/2012	1/1/2013
-7.98	2	2/1/2018	3/1/2018
-7.55	2	3/1/2013	4/1/2013
-7.47	3	9/1/2017	11/1/2017
-7.39	2	1/1/2019	2/1/2019
-5.16	1	10/1/2015	10/1/2015
-4.85	4	8/1/2018	11/1/2018
-4.67	1	7/1/2010	7/1/2010
-4.25	1	12/1/2014	12/1/2014
-3.95	1	9/1/2011	9/1/2011
-3.53	2	1/1/2014	2/1/2014
-3.18	1	7/1/2017	7/1/2017
-2.80	1	5/1/2009	5/1/2009
-2.71	1	4/1/2012	4/1/2012
-2.59	2	11/1/2016	12/1/2016
-2.39	1	8/1/2013	8/1/2013
-2.33	2	5/1/2018	6/1/2018
-2.06	2	8/1/2008	9/1/2008
-1.87	1	10/1/2013	10/1/2013
-1.85	1	3/1/2011	3/1/2011
-1.51	3	4/1/2019	6/1/2019
-1.29	1	3/1/2015	3/1/2015
-1.13	1	8/1/2016	8/1/2016
-1.11	1	6/1/2012	6/1/2012
-0.99	2	5/1/2011	6/1/2011
-0.98	1	6/1/2013	6/1/2013
-0.87	1	2/1/2012	2/1/2012
-0.79	2	4/1/2010	5/1/2010
-0.75	1	11/1/2011	11/1/2011
-0.46	1	9/1/2012	9/1/2012
-0.18	1	12/1/2008	12/1/2008

Time Windows Analysis

	1 Month	3 Month	6 Month	12 Month	18 Month	2 Year	3 Year	4 Year	5 Year
Number of Periods	136.00	134.00	131.00	125.00	119.00	113.00	101.00	89.00	77.00
Percent Profitable	57.35	55.22	52.67	50.40	51.26	54.87	71.29	52.81	67.53
Average Period Return	0.20	0.54	0.92	2.01	2.79	3.23	3.55	3.19	4.08
Average Gain	2.24	4.28	6.89	11.67	12.72	11.74	8.49	12.45	9.10
Average Loss	-2.55	-4.08	-5.71	-7.81	-7.66	-7.12	-8.71	-7.16	-6.37
Best Period	7.79	14.13	25.94	32.24	33.11	39.38	27.73	34.29	23.44
Worst Period	-9.56	-13.43	-14.74	-19.92	-23.71	-17.45	-19.07	-15.73	-15.33
Standard Deviation	3.04	5.19	7.58	11.38	12.80	11.98	9.99	12.25	9.28
Gain Standard Deviation	1.63	3.10	4.71	6.94	9.37	9.33	6.48	9.23	6.30
Loss Standard Deviation	2.23	3.08	3.57	4.49	5.47	4.07	5.60	4.28	4.46
Sharpe Ratio (1%)	0.04	0.06	0.06	0.09	0.10	0.10	0.05	-0.07	-0.11
Average Gain / Average Loss	0.88	1.05	1.21	1.49	1.66	1.65	0.97	1.74	1.43
Profit / Loss Ratio	1.18	1.30	1.34	1.52	1.75	2.01	2.42	1.95	2.97
Downside Deviation (10%)	2.41	4.10	6.15	9.59	11.57	12.36	15.64	21.93	25.29
Downside Deviation (5%)	2.24	3.54	4.92	6.95	7.44	6.70	7.00	8.27	7.14
Downside Deviation (0%)	2.20	3.41	4.62	6.33	6.55	5.49	5.52	5.71	4.40
Sortino Ratio (10%)	-0.09	-0.17	-0.25	-0.31	-0.42	-0.57	-0.78	-0.84	-0.93
Sortino Ratio (5%)	0.05	0.08	0.09	0.15	0.17	0.18	0.07	-0.10	-0.14
Sortino Ratio (0%)	0.09	0.16	0.20	0.32	0.42	0.59	0.64	0.56	0.93

Top Performer Badges

Index	Award Type	Rank	Performance	Period
Discretionary Trader Index	Month	7	5.21	6/2014
Discretionary Trader Index	Month	10	5.25	5/2014
Discretionary Trader Index	Month	6	4.89	3/2014
Diversified Trader Index	Month	9	4.89	3/2014
Discretionary Trader Index	Month	4	7.79	11/2013
Systematic Trader Index	Month	8	4.18	10/2012
Discretionary Trader Index	Month	10	4.18	10/2012
Systematic Trader Index	Month	9	4.48	6/2009
Diversified Trader Index	Month	10	4.48	6/2009
Discretionary Trader Index	Month	6	4.11	1/2009
Discretionary Trader Index	Month	8	4.03	7/2008
Diversified Trader Index	Month	10	4.03	7/2008

Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial.

^#7

Top Performer

DISCRETIONARY TRADER INDEX

JUNE
2014

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HB Capital Management Inc. : Diversified Program

Growth of 1,000 - VAMI

Monthly Performance

Period Returns

Strategy Description

Summary

Account & Fees

Subscriptions

Trading

Holding Periods

Decision-Making

Strategy

Composition

Summary

Investment Strategy

Risk Management

Drawdown Report

Consecutive Gains

Consecutive Losses

Time Windows Analysis

Top Performer Badges

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