Covenant Capital Management

CTA / Program YTD Inception
-6.36 1/1/2017
0.00 2/1/2004
0.00 9/1/1999
0.00 2/1/2014
9.66 12/1/2019
-0.89 1/1/2018
-2.27 7/1/2021
-0.31 7/1/2020

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

CTA Introduction

Company Profile

Founded in 1999, Covenant Capital Management, LLC (CCM) is an alternative asset manager. CCM is registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor (CTA) and manages client assets using global futures markets as an investment vehicle.

Investment Strategy and Philosophy

CCM’s investment strategy is rooted in strict adherence to a quantitative and mechanical trading program engineered to generate profits from the non-normal distribution of price movements in financial markets. We believe freely traded market moves follow a non-normal distribution curve highlighted by large tails, narrow mid-ranges, and a high peak. This phenomenon is measurable and has been thoroughly evidenced in academia. CCM does not try to predict when trends will emerge, how long they will last, or how high or low they will go. The only prediction that CCM makes is that trends will continue to emerge as a function of the marketplace.

CCM aims to capture these large and unexpected price changes most efficiently, providing competitive risk-adjusted returns over a five-year investment horizon.

Principle Biographies:

Mr. Billington began his career trading futures at J. C. Bradford & Co., where he was responsible for executing client orders, advising clients, and developing trading systems. Mr. Billington later worked for Ronin Capital, a proprietary trading firm at the Chicago Board Options Exchange, where his primary function was making markets in the S&P 100 Index options market. Mr. Billington has been a CCM principal and associated person since its inception on July 30, 1999, and he became a branch office manager of CCM on July 13, 2005.

Mr. Wilford’s prior work history includes serving as Senior Vice-President of Investments for Healthcare Realty Trust, Inc. (NYSE:HR), a publicly-traded real estate investment trust, where his primary responsibilities included development, financial modeling, consulting, and asset acquisitions. Mr. Wilford manages the CCM headquarters in Nashville, TN, and has been registered as a principal and associated person of CCM since co-founding the company on July 30, 1999.

Commodity Trading Advisor (CTA)
NFA 0295798
United States of America