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Clarke Capital Management

clarke.altavra.com

Open A Futures and/or Forex Trading Account.

Manager Name: Clarke Capital Management
Program Name: Global Basic, Jupiter, Magnum, Orion
Minimum Investment: 50,000 to 3,000,000 USD
Strategy: Trend Following
Markets: Interest Rates / Diversified
Restrictions: None
Disclosure Document: Disclosure Document: Clarke Capital Management
Management Agreement: Management Agreement: Clarke Capital Management
Download Page: Download & Save: Clarke Capital Management
Print Page: Printable Version: Clarke Capital Management
Disclosure Statement: Open

View The Performance Report for

Clarke Capital Management

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Managed Futures CTA Report: Clarke Capital Management

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Program Description

 

Clarke Capital Management currently has eight trading programs; Global Basic, Global Magnum, Worldwide, Millennium, Orion, FXFplus, Jupiter and the MJC Futures Program.
 

History of Clarke Capital Management

Prior to 1990 Michael Clarke was an equity options trader. After the stock market "crashes" of 1987 and 1989 there was a significant reduction in order volume in equity options. Many firms were financially hurt as many of their option traders experienced large losses (Michael Clarke made profits during both crashes, and indeed was profitable every year that he traded options). There was a consequent downsizing of equity options arbitrage or elimination of these departments altogether. For these reasons and the lack of necessary order flow from the public, it was decided that it could be a significant amount of time before there would be sufficient profits available trading in the manner that Michael Clarke desired.


Michael Clarke decided in 1989 to begin developing a strategy for trading futures. After much study and computer development, the first system began trading in February of 1990. Although there was very good performance, Michael Clarke was not satisfied with the volatility and level of risk necessary to attain the rewards achieved. Trading was curtailed at the end of December 1990. January of 1991 through September of 1992 was spent developing strategy; trying different approaches and time frames; developing and testing various ideas. Even though there were intermittent periods of active trading, much of this period was marked by inactivity. The systems and techniques currently in use began to take form during 1992, and implementation of the first few models began during September and October 1992. Additional models were gradually added throughout 1993.


In February of 1994, changes were made to most models to make them less responsive to short-term fluctuations in an attempt to reduce overall drawdown without significantly impacting portfolio performance. In October of 1994, improvements to exiting techniques were made to several models. In July 1995, the MJC Futures Program strategy was implemented in the newly formed MJC Aggressive Multi-Sector Fund L.P. On August 10, 1995 the original program offered by Clarke Capital Management was named the "Domestic Diversified Program" and an additional program was offered to clients. This new program, called the "Global Basic” program, was designed to trade commodity interests for a  smaller sized account on both foreign and domestic markets. On January 2, 1996 a third program was offered to clients called the "Worldwide" program. This program was designed as an easy migration path for clients with accounts in the Domestic Diversified program who desire to add foreign diversification, and also for new accounts desiring broader diversity with a worldwide exposure. On August 1, 1997, the Global Magnum Program was made available to clients. Global Magnum was introduced to allow clients to enter a program similar in nature to Global Basic, but larger in scope with more model diversity. It is also a migration path for Global Basic clients desiring to trade multiple units.


On January 25, 1998 Clarke Capital Management began trading the Millennium Program for clients. This program offers maximum diversity with regard to commodity interests followed and utilizes intermediate, long-term, and very long-term models. It is designed for the larger well-capitalized client. On July 23, 1999 Clarke Capital Management began trading the Orion program for clients. This program blends 8 new models, which attempt to have different entry and exit points than the other models being used by Clarke Capital Management. It includes 6 intermediate and 2 long-term models and was designed to be similar to, but somewhat more conservative than the Worldwide program. In July of 2000, after the last client ceased trading, the Domestic Diversified program was terminated.


On January 21, 2004 the FXF-plus program was offered to clients. The FXF-plus uses new models developed by Clarke Capital Management. These models were developed using a limited data base of the items actually traded in the programs as opposed to the full data base of 120 commodities that Clarke Capital Management has used to develop its other models. The development focused on the last 15-25 years of available data as opposed to 50 or more years used to develop Clarke Capital Management’s other models.


On May 15th 2005, the Orion program was re-tuned to make it a little more aggressive by removing five models and adding three variations of models used in the ‘Global’ programs. On May 1, 2005, the Jupiter Program was introduced. Jupiter combines the Millennium and FXF models with our newer “Jupiter” class models to form the Jupiter program. The “Jupiter” class models are longer term in outlook but not as long as Clarke Capital Management’s ultra long term models. The program uses a total of 66 models and follows 61 commodity issues. It trades a diversified group of contracts including equity index futures.

 

Trading Strategies
The exact nature of Clarke Capital Management's trading strategy is proprietary and confidential. The following description is of necessity general and is not intended to be all-inclusive.


Although the eight programs traded by Clarke Capital Management differ in certain respects, they share a number of common elements. Under all eight programs, Clarke Capital Management's trading strategy is strictly technical in nature. No fundamental analysis is used. The strategy was developed from analysis of patterns of actual price movements, and is not based on analysis of supply and demand factors, general economic factors, or world events. Clarke Capital Management has conducted analysis of these price patterns to determine procedures for initiating and liquidating positions in the markets in which it trades.

 

The general trading strategy of all eight Clarke Capital Management programs is trend following. Most, but not all, trade initiations and liquidations are in the direction of the trend. All Clarke Capital Management programs employ techniques that utilize a number of trading models acting independently. Each model generates its own entry and exit signals and trades both sides of the market (long and short). With minor differences only for long or short positions, a particular model trades all markets with the same rules and parameters, regardless of the program. Clarke Capital Management reserves the right to make adjustments in the exact entry or exit price a model uses for any program or pool, or to delay entry or exit on any order, in order to attempt to reduce the impact of slippage from large block orders being executed at the same or similar prices. The models vary from intermediate through long-term to very long-term in time-frame focus and testing has been done in order to select only those models that have good performance characteristics across a wide range of conditions and complementary performance with all other models in a program. All Clarke Capital Management programs may enter and exit futures positions via the exchange of futures for physical commodity transactions ("EFPs").

 

The Worldwide Program

The Worldwide program currently trades 27 domestic & international commodity interests, 11 of which are either long or short interest rate contracts reflecting interest rates in the US, EMU, the UK and Australia. Also followed are several U.S. and Non-U.S. currencies, grains, softs, meats, metals and fuels. The number of models used in this program is currently 9. The time-frame focus is a blend of intermediate and long-term. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the client’s account. Clients of the Worldwide program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in an investor's equity.

 

The Global Basic Program

The Global Basic program trades approximately 15 domestic and international commodity interests, 8 of these are either long or short interest rate contracts reflecting interest rates in Europe, the US, Canada and Australia. The balance of the commodity interests followed are currencies, grains, metals and energies, both foreign and domestic. It utilizes five intermediate time-frame models. These five models have been selected for their ability as a group to provide a high return for the amount of exposure or time that a position is held. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the client’s account. Clients of the Global Basic program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in an investor's equity. The Global Basic program will, at times, have a significantly higher margin to equity ratio than the Worldwide Program, and at other times will trade very lightly due to the selectivity of its models. During periods of higher margin to equity ratios, Clarke Capital Management attempts to counterbalance the inherent increased volatility one would expect with this higher ratio by using five models with relatively short focus. These models have stringent entry techniques when evaluating initial risk and quick acting initial exit techniques. By industry standards these models would probably be classified as intermediate rather than short-term.

 

The Global Magnum Program

The Global Magnum program trades approximately 15 domestic and international commodity interests, 8 of these are either long or short interest rate contracts reflecting interest rates in Europe, the US, Canada and Australia. The balance of the commodity interests followed are currencies, grains, metals and energies, both foreign and domestic. It utilizes variations of four of the models used in the Global Basic Program plus five additional models with similar time frame, risk control and profit-taking characteristics to the Global Basic models. These nine models have been selected for their ability as a group to provide a high return for the amount of exposure or time that a position is held. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the client’s account.

 

Clients of the Global Magnum program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in an investor's equity. The Global Magnum program will, at times, have a significantly higher margin to equity ratio than the Worldwide Program, and at other times will trade very lightly due to the selectivity of its models. During period of higher margin to equity ratios, Clarke Capital Management attempts to counterbalance the inherent increased volatility one would expect with this higher ratio by using nine models with relatively short focus. These models have stringent entry techniques when evaluating initial risk and quick acting initial exit techniques. By industry standards these models would probably be classified as intermediate rather than short-term.

 

The Millennium Program

The Millennium program currently trades approximately 42 domestic and international commodity interests. 14 of these are either long or short interest rate contracts reflecting interest rates in Europe, the US, Canada, Japan and Australia. The balance of the commodity interests followed are currencies, grains, softs, metals, meats and fuels both foreign and domestic. The number of models used in this program is 22. Unlike many of the other programs of Clarke Capital Management, the Millennium Program uses several very long term models among the 22 in its portfolio. These very long term models generally produce larger profits per trade, but lower profits per day than shorter models. When used in a portfolio with shorter time frame models, as is the case here, the can produce smoother overall equity curves even though these models generally give much more room to a position before exiting. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the client’s account. Clients of the Millennium program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in an investor's equity.

 

The Orion Program

The Orion program currently trades 27 domestic & international commodity interests, 12 of which are either long or short interest rate contracts reflecting interest rates in the US, EMU, the UK and Australia. Also followed are several US and Non-U.S. currencies, grains, softs, meats, metals and fuels. The program uses seven models. Five of the models are intermediate time-frame focus with similar characteristics to those in the Global Basic and Global Magnum programs. The other two models are long-term models and are variations of two of the more successful models used elsewhere by Clarke Capital Management. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the client’s account. Clients of the Orion program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in an investor's equity.

 

The MJC Futures Program

The MJC Futures program as implemented in the MJC Aggressive Multi-Sector Fund L.P. and the CCM Performance Fund L.P. currently trade approximately 50 domestic and international commodity interests. 15 of these are either long or short interest rate contracts reflecting interest rates in Europe, the US, Canada, Japan and Australia. The balance of the commodity interests followed are currencies, grains, softs, metals, meats and fuels both foreign and domestic. The number of models used in this program is 22. Unlike many of the other programs of CCM, the MJC Futures Program uses several very long term models among the 22 in its portfolio. These very long term models generally produce larger profits per trade, but lower profits per day than shorter models. When used in a portfolio with shorter time frame models, as is the case here, the can produce smoother overall equity curves even though these models generally give much more room to a position before exiting. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the client’s account. Clients of the MJC Futures program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in an investor's equity.

 

The FXF-Plus Program

The FXF-Plus program currently trades 27 domestic & international commodity interests, 13 of which are either long or short interest rate contracts reflecting interest rates in the US, EMU, the UK, Japan and Australia. Also followed are the major currency markets, and eight equity index markets from Europe & Asia. The program uses 23 models. Clarke Capital Management reserves the right to use these models in any of its programs or pools that it manages or will manage in the future. Ten of the models are intermediate time-frame focus with similar characteristics to those in the Global Basic and Global Magnum programs. Ten are long-term and 7 are ultra-long term. It should be noted that the FXFPlus program is less diversified than most of Clarke Capital Management’s other programs as only Currency, Interest Rate and Equity Index products are followed. There will be times when there is significant correlation among these products possibly in an adverse direction to positions held in a client's account. Clients of the FXF-Plus program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in a client's equity.

 

The Jupiter Program

The Jupiter program currently trades approximately 58 domestic and international commodity interests. 15 of these are either long or short interest rate contracts reflecting interest rates in Europe, the US, Canada, Japan and Australia. The balance of the commodity interests followed are currencies, grains, softs, metals, meats, stock indexes and fuels both foreign and domestic. The number of models used in this program is 58. Unlike many of the other programs of Clarke Capital Management, the Jupiter Program uses several very long term models among the 58 in its portfolio. These very long term models generally produce larger profits per trade, but lower profits per day than shorter models. When used in a portfolio with shorter time frame models, as is the case here, they can produce smoother overall equity curves even though these models generally give much more room to a position before exiting. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the client’s account. Clients of the Jupiter program should be aware that this factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in an investor's equity.


In addition to all the markets followed for client accounts in all of its programs, Clarke Capital Management follows several additional markets which consist of illiquid domestic and foreign markets and markets otherwise deemed unsuitable for client programs. The principal of Clarke Capital Management currently trades several personal accounts. These accounts are traded under the same programs offered to clients. Although currently not the case, Clarke Capital Management or its principals may trade other models or commodities than those offered to clients in order to test the viability of incorporating them into programs for clients or for other reasons.


Analysis and research into improved trading systems and strategies is an ongoing process at Clarke Capital Management. It may be determined that modifications to one or more of the trading models would improve its performance or the performance of one of the programs as a whole. Additionally, new models may be added or existing ones removed from any of the programs. Clarke Capital Management may also decide to add or remove one or more commodities eligible for trading for a program or model. Because Clarke Capital Management's methods are proprietary and confidential, managed account clients will not be informed with respect to such changes in Clarke Capital Management's trading methods.
 

Management Information: Chad Butler

Chad Butler is President of Clarke Capital. He has extensive experience in multiple areas of the futures industry that include sales and marketing, application and trading model development, and trading operation management. From May 1999 to March 2003, Chad Butler was registered as an AP with Peregrine Financial Group, Inc. ("PFGBest"), a registered FCM. During this time, Chad Butler had several different responsibilities including retail broker, equity raiser for managed futures, and Internet marketing. He also was a member of the firm’s IT committee. From March 2003 to September 2003, Chad Butler was registered as an AP of Man Financial Inc. (now MF Global Inc.), a registered FCM, where he managed a group of brokers. From September 2003 to December 2004, Chad Butler was employed as General Manager of and was NFA registered with KwikTrading LLC ("KwikTrading"), a registered IB. His responsibilities included managing sales, marketing, and daily operations. His AP registration with KwikTrading was withdrawn in January 2005. From January 2005 to September 2007, Chad Butler was employed by R.J.O’Brien Associates LLC ("RJ O'Brien"), a registered FCM, as Sales and Marketing Manager of RJOFutures. From January 2005 through August 2010, he was registered as an AP of RJ O'Brien. From September 2007 to April 2010, he was employed by County Cork, LLC, a registered CTA. During this time, he was responsible for trading operations and model development, and preparing the launch of the O’Brien Agricultural Fund, a privately offered commodity pool. Mr. Butler was listed as a Principal of TradeVantage LLC, a registered CTA, from August 2009 through March 2010. He has been employed at Clarke Capital Management since April, 2010 and was registered as an AP and was approved as a Principal of Clark Capital Management on September 17, 2010.
 

Management Information: John O'Brien Jr.

John O'Brien Jr. is the Chief Executive Officer of Clarke Capital Management, Inc. John O’Brien graduated from DePaul University in March, 2008 with a bachelor's degree in economics. John O’Brien was employed as a floor broker and trader with R.J. O’Brien & Associates from June, 2003 to March, 2008. John O’Brien was an Investment Analyst at O’Brien International, LLC (the parent company of Clarke Capital Management, Inc.), monitoring global macro-economic themes, performing due diligence on hedge funds and CTAs and investing the firm’s capital from March, 2008 until May, 2012. In May, 2012, John O’Brien joined Clarke Capital Management, Inc. as Chief Executive Officer. John O’Brien also serves as managing partner in Wag Holdings, LLC, a real estate investment group. On June 25, 2012, John O'Brien was approved as a trading principal of Clarke Capital Management, Inc.

 

Management Information: Michael J. Clarke

Michael Clarke is the Chairman of the Board of Clarke Capital Management, Inc. Michael Clarke's employment history is the following: The period 2/83 through 2/85 was spent as an independent contractor trading equities and options  for Rice, Naegele & Associates of Chicago, a firm involved in private speculation. From 2/85 through 3/89, Michael Clarke as an independent contractor traded equities and options in a firm account of Shatkin Investment Corp., then a clearing member of the Chicago Board Options Exchange. From 3/89 to 11/89, Micheal Clarke as an independent contractor traded equities and options in a firm account of French-American Securities, a private investment company based in Chicago. From 11/89 to December 9, 1993, Michael Clarke was self-employed; developing methods to trade futures and other commodity interests and trading various personal accounts. From January, 2010 to May, 2012, Michael Clarke served as the Chief Executive Officer of Clarke Capital Management, Inc. As of October 25, 1993, Michael Clarke has been employed as an Associated Person and principal of Clarke Capital Management, Inc., a registered Commodity Trading Advisor. As of April 8th, 2011, Michael Clarke has been employed as a branch office manager of Clarke Capital Management, Inc.

 

Management Information: David G. Wesolowicz

David G. Wesolowicz is currently Director of Trading Operations and previously served as Chief Financial Officer and Chief Compliance Officer for Clarke Capital Management since August, 2004. David Wesolowicz graduated cum laude from Michigan State University in August, 1976 with a bachelor’s degree in Accounting and became a Certified Public Accountant in November, 1976. He was employed as a CPA from September, 1976 to April, 1981 for Coopers & Lybrand (n/k/a PriceWaterhouseCoopers) and Beatrice Foods. From April, 1981 to January, 1990, he traded both options and futures for his own account as a member of the Chicago Board Options Exchange and the Chicago Board of Trade and was a member of several exchange committees. From January, 1990 to May, 1990, David Wesolowicz was involved in self-directed research of financial markets. From May, 1990 to August, 2004, David Wesolowicz was president of Essex Trading Group, Ltd. and its affiliate, Essex Trading Company, Ltd., a leader in the research and development of trading systems and techniques. Essex Trading Group, Ltd. was registered as an Introducing Broker and both Essex Trading Group, Ltd. and Essex Trading Company, Ltd. were registered as Commodity Trading Advisors with the NFA. On September 3, 2004, David Wesolowicz was registered as an Associated Person and on January 24, 2007, David Wesolowicz was registered as a principal of Clarke Capital Management, Inc.

 

The descriptions above are primarily from the manager’s disclosure document.

 

THE RISK OF LOSS IN TRADING FUTURES, OPTIONS AND OFF-EXCHANGE FOREX CAN BE SUBSTANTIAL.  PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  PLEASE READ THE CTA'S RISK DISCLOSURE DOCUMENT CAREFULLY BEFORE INVESTING MONEY. 

 

Disclosure Statement       Disclosure DocumentDisclosure Document: Clarke Capital Management       Management AgreementManagement Agreement: Clarke Capital Management       Download PageDownload & Save: Clarke Capital Management       Print Page Printable Version: Clarke Capital Management

 

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THE RISK OF LOSS IN TRADING FUTURES AND OPTIONS CAN BE SUBSTANTIAL. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THIS MATERIAL HAS BEEN PREPARED BY A SALES OR TRADING EMPLOYEE OR AGENT OF ALTAVRA AND IS, OR IS IN THE NATURE OF A SOLICITATION. THIS MATERIAL IS NOT A RESEARCH REPORT PREPARED BY AN ALTAVRA RESEARCH DEPARTMENT. YOU AGREE THAT YOU ARE AN EXPERIENCED USER OF THE FINANCIAL MARKETS, CAPABLE OF MAKING INDEPENDENT TRADING DECISIONS, AND AGREE THAT YOU ARE NOT, AND WILL NOT RELY SOLELY ON THIS DOCUMENT IN MAKING TRADING DECISIONS. (ALTAVRA.CO/RISK)

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