CTA Profile Report

HPX Financial LLC   Ag Trading Program
 
Request DDoc/Information:   Source: DDoc/CTA-Info
 info_request@ma-research.com   Data Start:    Nov-2011      Last Data:    Mar-2014

Program Information
Start Date Nov-2011 Accepting Accts Registered CTA Accredited Only
Minimum Account 100,000 Pool Available RIA QEP's Only
Accepts Notional Public Pool Other Registration Offshore Only
Notional Minimum 50% Private Pool     Other Restrictions
Incentive Fee: 20% Managed Account NFA Member    
Management Fee: 2.00% Futures Fund NASD Member 4.7 Exempt
Margin/Equity 8% Hedge Fund SFA Member Reg D
RT per $M 1500 Index Other Member Assets Under Mgnt. 5,000,000

Trading Methodolgy & Style
Systematic 0% Breakout Long-Term Trend Follower Spreads
Discretionary 100% Momentum Mid-Term Non-Trend Options
    Volatility Based Short-Term Contrarian Other
Fundamental Pattern Recog. Daytrade Arbitrage    
Technical Other Method Multi-Term Discretionary    

Sector Information
US Markets Futures Stock Index Softs
Offshore Markets Forex Interest Rates Meats
Global Markets Options Currencies Globex
    Cash Metals EFP's
Diversified     Energy Cross-Rates
Sector Specific     Grains Other Markets

Description
*PERFORMANCE SHOWN THRU 12/2012 IS FROM A MANAGED ACCOUNT TRADED OUTSIDE OF A CTA STRUCTURE* Each Program seeks to achieve significant profits across a broad variety of market conditions (both bull and bear markets, and inflationary and deflationary environments). To achieve their objectives, the Programs involve speculating in futures contracts on grains, hogs, and cattle, as well as any other agricultural futures contract (or option thereon) available for trading on any U.S. exchange now or in the future (collectively, “Commodity Interests”). Harvey Paffenroth, a veteran futures trader with over 40 years’ experience in trading agricultural commodities, founded HPX Financial, LLC. (the “Advisor”) to make his trading talents available to qualified members of the public for the first time in his trading career. HPX is registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity trading advisor, and is a member of the National Futures Association (“NFA”).

Annual Performance
2011 2012 2013 2014 Annualized
Annual Return 5.68% 12.53% 2.96% 10.84% 13.47%
Growth of 1000 1,057 1,189 1,224 1,357 Average
Max. Runup 5.68% 12.66% 4.77% 10.84% 8.48%
Max. Drawdown 0.00% -1.02% -1.72% 0.00% -0.69%

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Risk/Return Analysis
Risk Table Month      Quarter    Annualized Growth of 1000 Dollars
Compounded ROR 1.06% 3.21% 13.47%
Arithmetic Mean 1.07% 2.87%  
Standard Deviation 1.53% 3.57% 5.28%
Semi Deviation 1.12% 2.92% 3.89%
Gain Deviation 1.43% 3.34% 4.95%
Loss Deviation 0.40% 0.00 1.38%
Down Dev.(10.00%) 0.69% 1.66% 2.38%
Down Dev.(5.00%) 0.47% 1.05% 1.62%
Down Dev.(0.00%) 0.29% 0.57% 0.99%
Sharpe(0.50%) 0.67 0.77 2.33
Sortino(10.00%) 0.38 0.48 1.32
Sortino(5.00%) 1.39 1.89 4.81
Sortino(0.00%) 3.69 5.59 12.80
Sterling Ratio 1.18    
Calmar Ratio 7.83    
Losing Streak 0.00%    

Monthly Performance
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2014 2.48% 5.31% 2.70% 10.84%
2013 0.15% 0.76% 0.93% -0.04% 0.26% 0.92% -0.27% 1.46% 0.51% -0.35% -0.39% -0.99% 2.96%
2012 0.72% 1.66% 2.16% -1.02% 1.37% 3.22% 1.09% 0.52% 2.09% 0.13% 0.11% -0.11% 12.53%
2011 0.87% 4.77% 5.68%

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Drawdown Analysis Consecutive Profitable Periods Consecutive Losing Periods
% Depth Prior Peak Valley Length Recovery Run-up Length Start Date End Date Run-down Length Start Date End Date
-1.72% Sep-13 Dec-13 3 1 10.84% 3 Jan-14 Mar-14 -1.72% 3 Oct-13 Dec-13
-1.02% Mar-12 Apr-12 1 1 10.55% 5 Nov-11 Mar-12 -1.02% 1 Apr-12 Apr-12
-0.27% Jun-13 Jul-13 1 1 8.81% 7 May-12 Nov-12 -0.27% 1 Jul-13 Jul-13
-0.11% Nov-12 Dec-12 1 1 1.98% 2 Aug-13 Sep-13 -0.11% 1 Dec-12 Dec-12
-0.04% Mar-13 Apr-13 1 1 1.85% 3 Jan-13 Mar-13 -0.04% 1 Apr-13 Apr-13
0.00% 1.18% 2 May-13 Jun-13 0.00%



Time Window Analysis
  1 Month 2 Month 3 Month 6 Month 12 Month 18 Month 2 Year 3 Year 4 Year 5 Year 7 Year 10 Year
Latest Period 2.70% 8.15% 10.84% 8.93% 12.05% 14.27% 22.77%
Annualized 12.05% 9.30% 10.80%
Count 29 28 27 24 18 12 6
Percent Profitable 75.86% 89.29% 92.59% 95.83% 100.00% 100.00% 100.00%
Average 1.07% 2.10% 2.84% 4.90% 9.15% 13.97% 20.90%
Average Gain 1.55% 2.44% 3.15% 5.11% 9.15% 13.97% 20.90%
Average Loss -0.45% -0.70% -0.98% -0.05% 0.00% 0.00% 0.00%
Best Period 5.31% 8.15% 10.84% 9.96% 18.93% 21.08% 24.16%
Worst Period -1.02% -1.38% -1.72% -0.05% 2.96% 6.95% 15.87%
Standard Deviation 1.53% 2.44% 2.76% 3.09% 4.56% 4.09% 3.25%
Gain Deviation 1.43% 2.36% 2.62% 2.97% 4.56% 4.09% 3.25%
Loss Deviation 0.40% 0.69% 1.05%
Sharpe Ratio(0.50%) 0.67 0.83 0.99 1.50 1.90 3.23 6.12
Gain/Loss Ratio 3.43 3.46 3.22 105.33
Profit/Loss Ratio 10.79 28.86 40.27 2422.55 0.00 0.00 0.00
Downside Dev.(10.00%) 0.69% 1.02% 1.31% 1.97% 3.39% 3.54% 2.45%
Downside Dev.(5.00%) 0.47% 0.59% 0.71% 0.56% 0.57% 0.19% 0.00%
Downside Dev.(0.00%) 0.29% 0.30% 0.33% 0.01% 0.00% 0.00% 0.00%
Sortino Ratio(10.00%) 0.40 0.49 0.33 0.01 -0.25 -0.40 -0.04
Sortino Ratio(5.00%) 1.41 2.17 2.28 4.30 7.33 34.42 0.00
Sortino Ratio(0.00%) 3.73 7.13 8.50 494.30 0.00 0.00 0.00

Risk Statement

THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND FOREIGN EXCHANGE ("FOREX") 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 CAREFULLY CONSIDER WHETHER COMMODITY FUTURES, OPTIONS AND FOREX IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. 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.

PLEASE NOTE THAT THE RANKINGS AND CTA INFORMATION ONLY APPLY TO THOSE CTAS WHO SUBMIT THEIR TRADING PERFORMANCE DATA TO THE DATA PROVIDER OR ARE INCLUDED IN THE DATABASE. THE RANKINGS AND CTA INFORMATION IN NO WAY PURPORT TO BE REPRESENTATIVE OF THE ENTIRE UNIVERSE OF CTAS. THE MATERIAL IN NO WAY IMPLIES THAT THESE RESULTS ARE OFFICIALLY SANCTIONED RESULTS OF THE COMMODITY INDUSTRY.

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