ADG-Cell

ADG Capital Management
Systema c Macro Program - As of September 30 2019
The ADG Systema c Macro strategy employs a direc onal and rela ve value global macro strategy applied across a diverse set of markets. The strategy is model-driven and based on
proprietary so ware, which through mul -factor analysis of macroeconomic and market variables, produces recommended por olios and trades. Model inputs are fundamentally
based and not price based. The methodology makes use of a risk factor-based approach that differen ates between momentum and mean-reverted trades, and provides advanced
risk management. Only liquid listed futures and FX forward contracts are used.
Cell Monthly Net Performance - Nominal Basis (Actual) ⁽¹⁾
Year
Jan
-0.48%
Feb
0.39%
Mar
-1.03%
Apr
2.29%
May
-2.83%
Jun
-0.59%
Jul
0.14%
Aug
-2.14%
Sep
4.72%
Oct
2019
0%
Nov
0%
Dec
0%
YTD
0.26%
2018
-1.01%
3.44%
1.77%
-0.5%
-0.88%
0.18%
0.21%
-2.94%
-0.74%
4.28%
-3.05%
0.29%
0.79%
2017
-0.29%
1.08%
2.67%
3.67%
1.86%
-4.49%
-0.83%
1.28%
-1.25%
2.61%
-0.38%
-3.54%
2.07%
2016
0%
0%
0%
0%
0%
-0.38%
1.31%
0.37%
0.08%
1.1%
-4.79%
3.28%
0.79%
Jun
-1.78%
Jul
0.56%
Aug
-7.06%
Sep
13.81%
Oct
Nov
Dec
0%
YTD
-2.47%
Cell Monthly Net Performance - Cash Basis (Actual) ⁽²⁾
Year
Jan
-1.55%
Feb
1.29%
Mar
-3.35%
Apr
6.44%
May
2019
2018
-2.83%
9.91%
4.68%
-1.21%
-2.23%
0.28%
0.55%
-7.59%
2017
-0.86%
3.32%
7.79%
9.89%
4.58%
-10.72%
-2.19%
3.54%
-1.05%
4.03%
1.05%
-9%
2016
0%
0%
-2.05%
12.07%
-7.81%
0.81%
2.65%
-3.27%
7.02%
-0.93%
-9.07%
6.99%
0.33%
3.26%
-13.84%
10.84%
2.91%
Actual Cell Net Nominal Performance joined with Manager Reported Monthly Net becomes hypothe cal returns ⁽³⁾⁽³ᴬ⁾
Year
2019
Jan
-0.48%
Feb
0.39%
Mar
-1.03%
Apr
2.29%
May
-2.83%
2018
-1.01%
3.44%
2017
-0.29%
1.08%
2016
3.27%
4.38%
-1.63%
2015
4.79%
-1.13%
3.88%
2014
3.77%
0.72%
2.28%
0.67%
1.77%
-0.5%
-0.88%
2.67%
3.67%
1.86%
1.46%
1.1%
-0.38%
-0.18%
1.44%
-3.9%
3.6%
0.42%
2013
Jun
-0.59%
Jul
0.14%
Aug
-2.14%
Sep
4.72%
Oct
0%
Nov
0%
0.18%
0.21%
-2.94%
-0.74%
4.28%
-4.49%
-0.83%
1.28%
-1.25%
2.61%
1.31%
0.37%
0.08%
3.81%
-3.52%
2.77%
-0.02%
-1.47%
4.77%
-2.02%
2.85%
-1.25%
Dec
0%
YTD
0.26%
-3.05%
0.29%
0.79%
-0.38%
-3.54%
2.07%
1.1%
-4.79%
3.28%
9.62%
-1%
1.22%
-3.6%
4.13%
-0.71%
0.72%
5.32%
-0.86%
20.15%
3.91%
2.36%
0.02%
-2.83%
3.3%
ALL STATISTICS ARE BASED ON NOMINAL RETURNS.
HYPOTHETICAL VAMI: Growth of $1,000 ⁽³ᴬ⁾
Investment Terms
Liquidity
Semi-Monthly
Strategy AUM
US $1.0 billion
Cell AUM
US $9mm nom / US $3.0mm
cash
Minimum Investment
US $250K nom / US $83K cash
Lockup Period
None
Management Fee
2.00%
Incen ve Fee
20%, with HWM
Maximum Funding
Factor
3.0x
Contact
[email protected] eraStrategies.com
NOTE:
3.A. THE YTD CALCULATIONS REFLECT THE COMPOUNDED RATES OF RETURN OF EACH VALUATION DATE FROM THE BEGINNING OF THAT PERIOD. BECAUSE THIS CAPSULE COMBINES ACTUAL CELL
PERFORMANCE WITH TRADING ADVISOR REPORTED PERFORMANCE IT COULD BE REGARDED AS “HYPOTHETICAL”. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF
WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL, OR IS LIKELY TO, ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE DESCRIBED HEREIN. THERE CAN BE
DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND ACTUAL RESULTS ACHIEVED BY THE TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT
THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR INVESTMENT APPROACH IN SPITE OF LOSSES ARE
MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL INVESTMENT RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY
SPECIFIC INVESTMENT APPROACH WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
INVESTMENT RESULTS. PLEASE NOTE COMMODITY INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE
POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS. | QUALIFIED ELIGIBLE PERSONS ONLY | PLEASE SEE NOTES ON PAGE 2
CONFIDENTIAL NOT FOR DISTRIBUTION | www.Ke eraStrategies.com | 190 S. LaSalle Street, Suite 2100, Chicago, IL 60603 | 1 (312) 757-5001
ADG Capital Management
Systema c Macro Program - As of September 30 2019
Annual Returns ⁽³⁾⁽⁴⁾
Vola lity Analysis
Year
YTD
CELL
0.26 %
SGCTA
8.46%
SP500
18.72%
ADG
1.44%
2018
2017
2016
0.79 %
2.07 %
0.79 %
-5.84%
2.49%
-2.88%
-6.24%
19.41%
9.55%
3.42%
2.05%
14.4%
2015
2014
0%
0%
-0.02%
15.58%
1.99%
11.38%
4.13%
20.15%
2013
0%
0.74%
29.61%
3.3%
ADG
57.14%
Max
Draw
-9.87%
SGCTA
SP500
51.95%
68.83%
-14.3%
-13.97%
Fund
Posi ve
Down
Dev
1.42
Max
Gain
5.32%
Max
Loss
-4.79%
Vol
Sharpe
8.47%
0.72
1.28
1.55
2.06
5.61%
8.3%
-6.34%
-9.18%
8.33%
11.4%
0.24
0.93
0.43
1.51
Sor no
Risk Sta s cs
Fund
R
R2
SGCTA
0.28
0.08
SP500
-0.05
ADG
Cumula ve vs. Rolling 12 Month Vola lity
1461.29
Cum
Return
46.13
Avg
Gain
2.19
Avg
Loss
-1.7
1133.89
13.39
2.08
-1.85
1.98
1913.86
91.39
2.59
-2.84
10.65
Skewness
Kurtosis
VAMI
-0.03
-0.65
0.04
-0.43
-0.51
0.75
Ann
Return
6.09
Sector Alloca on
NOTES/DISCLOSURES: 1. Monthly Net Performance – Nominal Basis represents the net return on the Nominal Trading Level (NTL) of the Hydra Pla orm LLC – Cell 024 (i.e. ADG Cell). This is calculated as the net profit
for the Cell for each valua on period divided by the NTL for that period. The Target Funding Ra o for this Cell is 3:1. The Pla orm Operator instructs the Trading Advisor to trade the Cell’s Account at a specific NTL for
each Valua on Period. Each Investor in the Cell, as a part of their investment, selects their own NTL up to the Target Funding Ra o allowed by the Pla orm Operator. Beginning January 2017 the reported performance
reflects the return on the NTL of a full fee paying investor to reflect the most conserva ve fee schedule. If no full fee-paying investor is currently invested in the Cell the Fund Administrator calculated the difference in
the fees of the highest fee-paying investor and what a full fee-paying investor would pay and added those fees to the return calcula on of the highest fee-paying investor. The fees charged include an Overall
management fee of 2% and a 20% incen ve fee and all applicable opera ng expenses of the Cell, including, without limita on, all administra on, audit, legal and pla orm fees. The Overall Management Fee includes
the Pla orm Fee. No representa on is being made that any investor will or is likely to achieve profits or losses similar to these being shown.
2. Monthly Net Performance – Cash Basis reflects the net cash return of the net asset value of the Hydra Pla orm LLC – Cell 024 (i.e. ADG Cell). Beginning January 2017 the reported performance reflects the return of
a full fee paying investor to reflect the most conserva ve fee schedule. If no full fee-paying investor is currently invested in the Cell the Fund Administrator calculated the difference in the fees of the highest fee-paying
investor and what a full fee-paying investor would pay and added those fees to the return calcula on of the highest fee-paying investor. The fees charged include an Overall management fee of 2% and a 20% incen ve
fee and all applicable opera ng expenses of the Cell, including, without limita on, all administra on, audit, legal and pla orm fees. No representa on is being made that any investor will or is likely to achieve profits or
losses similar to these being shown. The Overall Management Fee includes the Pla orm Fee. The year to date performance shown for 2016 reflects the compounded monthly performance for the period shown when
the Cell was live with actual trading performance.
3. The informa on in this table is provided by ADG Capital Management LLP. The monthly performance in the light blue shaded area reflect the trading advisor’s reported performance net returns for the ADG
Systema c Macro Program. Returns shown are net of fees and costs with the reinvestment of any applicable income. Performance from May 2013 to September 2013 is for a proprietary managed account which
implemented the same investment strategy as the Fund net of pro-forma fees and costs comparable to the Fund. Performance from October 2018 therea er is that of the Class A-1 USD Shares of the ADG Systema c
Macro Fund. Ke era has not conducted any third-party audit of the Trading Advisor reported performance and makes no representa on as to the accuracy of such returns. Neither has such informa on been
independently verified and no guarantee, representa on or warranty, express or implied, is made as to its accuracy, completeness or correctness. For full notes to performance and relevant risk factors, please refer to
the Hydra Pla orm Explanatory Memorandum and the applicable Cell Supplement. No representa on is being made that any investor will or is likely to achieve profits or losses similar to these being shown.
4. The informa on presented in these materials is for general informa on purposes only and does not cons tute an offering of securi es. Such an offering is only made by delivery of a current prospectus or offering
memorandum and prospec ve investors should base their investment decision solely on such document. Trading Advisor-reported returns will differ from the Hydra Cell due to differences in contribu on dates,
commissions, compounding method and fee structures. The YTD calcula ons reflect the compounded rates of return of each valua on date from the beginning of that period. YTD performance for non-live Cells is
calculated by compounding the Trading Advisor’s reported monthly performance, which may differ from how the Trading Advisor calculates and reports its own YTD performance. YTD performance for all Live Cells is
adjusted to reflect a full fee-bearing investment. For full notes to performance and relevant risk factors, please refer to the Hydra Pla orm Explanatory Memorandum and the applicable Cell Supplement. The VAMI
performance indicates manager reported performance in blue and live Hydra Cell nominal performance in green. Any indices and other financial benchmarks shown are provided for illustra ve purposes only, are
unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Data is as of date of publica on and may be a MTD es mate. “SG CTA” refers to the SocGen CTA index. The SG
CTA Index designed to track the largest CTAs and be representa ve of the managed futures space. The SG CTA Index is equal-weighted and recons tuted annually. The SG CTA Index calculates the net daily rate of
return for a pool of 20 CTAs selected from the largest managers open to new investment who trade a primarily futures based strategy and are broadly diversified both as determined by SG. “S&P” is the Standard and
Poor’s 500 total return index. No representa on is being made that any account will or is likely to achieve profits or losses similar to these being shown. Please note commodity interest trading can quickly lead to large
losses as well as gains. Such trading losses can sharply reduce the net asset value of the pool and consequently the value of your interest in the pool. You agree that Ke era Strategies and all of its agents and affiliates,
par cipa ng in the distribu on of informa on contained herein are held harmless and are without liability regarding any use of the informa on presented in these materials. The informa on, data, and methodologies
contained in these materials is not intended to be published or made available to any person in any jurisdic on where doing so would result in contraven on of any applicable laws or regula ons. Accordingly, if it is
prohibited to make such informa on available in your jurisdic on or to you (by reason of your na onality, residence or otherwise) it is not directed at you. Before reviewing this informa on, you must be sa sfied that
doing so will not result in such a contraven on and is not so prohibited, and by proceeding to review this informa on you confirm that it is not the case. Ke era has taken all reasonable care and precau on to ensure
that the informa on is fair and accurate, and has been compiled from sources reasonably believed to be reliable. Ke era does not make any representa ons or warranty, express or implied, as to the accuracy,
completeness, or fitness for any purpose or use of the informa on in these materials nor that the informa on in these materials is error free, and shall not be liable for any direct, indirect, or consequen al loss, or any
special or consequen al damages arising from any use of or reliance on the informa on contained in the materials. The informa on may not in all cases be current, and it is subject to con nuous change. Accordingly,
you should not rely on any of the informa on contained in these materials as authorita ve or a subs tute for the exercise of your own skill and judgment in making any investment or other decision.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS. | QUALIFIED ELIGIBLE PERSONS ONLY | CONFIDENTIAL NOT FOR DISTRIBUTION
TT-CTA02