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Non Correlated Capital

noncorrelated.altavra.com

Open A Futures and/or Forex Trading Account.

Manager Name: Non Correlated Capital
Program Name: Positive Theta Program
Minimum Investment: 250,000 USD
Strategy: Systematic, Market Neutral
Markets: Diversified
Restrictions: QEP
Disclosure Document: Call
Management Agreement: Call
Download Page: Download PDF Version: Non Correlated Capital
Print Page: Printable Version: Non Correlated Capital
Disclosure Statement: Open

View The Performance Report for

Non Correlated Capital

includes free access to the managed futures database

Commodity Trading Advisor (CTA) Report: Non Correlated  Capital

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I agree w/ the risk disclaimer
I am a qualified eligible person
 

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This program is only available for Qualified Eligible Persons (QEP). What is QEP?

PLEASE NOTE: ALTAVRA does NOT charge a load, upfront or initial fee on any account.

Online Account Application: open.altavra.com / Account Forms: forms.altavra.com / Manager Shortcut: noncorrelated.altavra.com

Program Description: Trading Methodology and Risk Management

 

The trading strategies utilized by Non Correlated Capital are proprietary and confidential. The following descriptions are of general necessity and is not intended to be all-inclusive.


Recommended Commitment
Non Correlated Capital recommends that clients open accounts with a minimum of $250,000 for the Positive Theta Program. This is to ensure that clients will have sufficient equity in their accounts to fully participate in the allocation techniques specific to the Positive Theta Program.


Non Correlated Capital reserves the right to waive this minimum funding requirement. Non Correlated Capital may also accept partially funded or notional accounts.


Non Correlated Capital believes that a long-term commitment to The Positive Theta Program provides the best opportunity to experience profitable trading. A client should be willing to commit capital to the The Positive Theta Program for at east one year for a reasonable chance to ascertain the level of return targeted by the The Positive Theta Program. Past results are not necessarily indicative of future results. The risk of loss in trading futures, options and off-exchange forex can be substantial.

 

The Positive Theta Program
General Overview
Non Correlated Capital currently engages in a program of buying and selling or “writing” options (puts and calls) on a broad range of futures markets within the United States. The current market scope for the program encompasses thirteen futures markets within the United States. Non Correlated Capital will extend the scope of markets within The Positive Theta Program and as such, reserves the right to place trades in any commodity futures contract, or option contract thereon, on any exchange, at the Non Correlated Capital’s sole discretion.


The trading strategy utilized by Non Correlated Capital is proprietary and confidential. The following description is of general necessity and is not intended to be all-inclusive.


Non Correlated Capital uses an approach to trading that relies heavily on selling or “writing” options on commodity futures markets. Non Correlated Capital may also, from time to time, purchase options and may employ the use of hedge strategies such as option spreads, strangles, straddles, or may purchase or sell futures contracts to offset an open option position.

 

The implementation of The Positive Theta Program relies on a systematic deployment process moderated by a qualitative overlay.


Non Correlated Capital will utilize the following in the qualitative process before engaging systematic trade allocation.
 .: charted prices,
 .: trade volumes,
 .: price momentum,
 .: underlying market volatility measurements,
 .: the price and volatility of various options, both in absolute terms in relation to their historic levels, and in relative terms

    comparing the prices and volatility of puts to the prices and volatility of similar calls
 .: some fundamental considerations.


Trade Deployment
Non Correlated Capital deployment is across three components, the “Core Allocation”, “Macro Allocation” and the “Tail Allocation”.


The Core and Macro Allocation share an even 50% split of the trading account, while the Tail Allocation has a fixed allocation based on annual targets. The Core Allocation has a single market focus with very tight risk management suited for that market. The Macro Allocation has a diversified focus with exposure across 13 of the most liquid US future markets and an allocation matrix that stops trade concentration, and spreads trade flow over time. The Tail Allocation has a risk focus, with emphasis on lowering annual volatility and reversing an unlimited risk profile into a potential gain profile.
 

Core Allocation
The Core Allocation Program, offered by Non Correlated Capital, focuses on a hybrid option writing/buying strategy over the WTI Crude Oil futures contract traded on NYMEX. The strategy utilizes a proprietary, two step initiation process. New positions are first initiated when a directional market opinion is identified. Then this position evolves into a non-directional market strategy at key inflection points. The trigger to evolve the strategy into a non-directional form is provided by market price action. The evolved position will now be exposed to large market moves in either direction. Management of the directional risk at this stage is accomplished by monitoring and maintaining various option model metrics within pre-defined tolerances. Adjustments to the market exposure then continues, in a systematic fashion, in a dynamic real-time process. Rarely will options positions be held through to expiry.


Extreme market movements or client account equity falling below pre-defined thresholds, will result in a reversal adjustment, in which long options will be purchased and combined with the short option exposure, to result in a position that can profit from the continuation of the market momentum. Past results are not necessarily indicative of future results. The risk of loss in trading futures, options and off-exchange forex can be substantial.

 

Macro Allocation

The Macro Allocation Program, offered by Non Correlated Capital, relies on a unique allocation model that maximizes diversification and minimizes market correlation. The allocation model serves to minimize individual market risk. Every month, price measurement techniques are employed to determine allocation. Options will be written in the most advantageous markets where volatility compression is expected to occur or at least stay constant, and options will be bought at times when markets display large changes in volatility. The Macro allocation employs price level based, liquidation triggers and a hedging method based on a predefined qualitative overlay. No written options will be held in the money. Futures contracts will be used to mitigate adverse exposure in times of strong directional movement and volatility expansion.

 

Tail Allocation
The Tail Allocation Program, offered by Non Correlated Capital, is implemented to cover any short option exposure created by the Marco and Core Allocations. Typically one to two times more options will be bought at lower deltas each month, to turn the portfolios risk profile away from unlimited loss to a potential return. This will typically be deployed in the energy complex, due to the portfolio weighting to those markets, but at times will also cover any of the thirteen markets traded in the Macro Allocation. The Tail Allocation is an additional risk management overlay, designed to act as tail risk insurance. Non Correlated Capital will expend up to 3% of total capital each calendar year for that cover.

 

Risk Management
All of the trading strategies have predefined profit goals and risk exposure. Stop loss measures are utilized as well as the use of derivative hedging techniques to quantify market exposure. Non Correlated Capital employs money management skills, acquired over years of experience, in live trading as well as historical market research. Please note that given the volatile nature of the markets and possible changes in economic or government policies, amongst other factors, that can not be controlled or foreseen by Non Correlated Capital, no assurances can be offered that Non Correlated Capital’s trading actions and stop loss measures will successfully contain losses and result in profitable trades for a Client, or that a Client will not incur substantial losses.


Non Correlated Capital's trading strategies are speculative in nature. “Hedgers” and “Speculators” are the two broad classifications of persons who trade in commodity futures and options. The commodities markets enable the hedger to shift risk of price volatility to the speculator. The usual objective of the hedger is to protect the profit expected from farming, merchandising or processing operations, rather than to profit from futures trading. Unlike the hedger, the speculator generally does not expect to deliver or receive any physical commodity, electing instead to offset a futures or option position and realizing a profit or loss based on the difference between the price at which a position was acquired and that at which it was later offset.

 

The speculator risks capital with the intention of making profits from fluctuations in futures or option prices. Speculators rarely take delivery of physical commodities but rather close out positions by entering into offsetting purchases or sales of futures contracts or options.


Trading Strategies and Systems
The trading strategies and systems utilized by Non Correlated Capital may be revised from time to time as a result of ongoing research and development, which seeks to devise new trading strategies and systems as well as test methods currently employed. The trading strategies and systems used by Non Correlated Capital in the future may differ significantly from those presently used due to the changes which may result from this research. Clients will be informed of these changes as they may occur.


THERE IS NO ASSURANCE THAT ANY PROFIT WILL BE PROVIDED TO THE INVESTORS GAINED FROM PARTICIPATION IN THE POSITIVE THETA PROGRAM AS A RESULT OF THESE TRADING METHODS CONDUCTED BY THE COMMODITY TRADING ADVISOR. No participant will acquire any rights or proprietary interest in, or have access to any of the information, data, or trading methods utilized by Non Correlated Capital.


Description of Interests Traded
Non Correlated Capital may trade any variety of commodity futures contracts on regulated exchanges that may include, but are not limited to grains, metals, currencies, financial market indices, energy related materials and other items of food and fibre, money market instruments, and items that are now, or may hereinafter be, the subject of futures contract trading, options on futures contracts, including physical commodities trading or derivatives or other contracts on such items or instruments (collectively “commodity interests”). The markets available for inclusion in the portfolio will normally be limited to sufficiently liquid commodity interests and may evolve over time as the requirements for portfolio balance and liquidity change. Markets traded by Non Correlated Capital, and those which are to be traded by Non Correlated Capital include, but are not limited to the following.


US Physical Derivative Markets
Crude Oil (New York Mercantile Exchange)
Natural Gas (New York Mercantile Exchange)
Coffee (New York Board of Trade)
Corn (Chicago Board of Trade)
Soybeans (Chicago Board of Trade)
Gold (NYMEX / Commodity Exchange Center)
Silver (NYMEX / Commodity Exchange Center)

 

US Financial Derivative Markets
US 30 Year Bond (Chicago Board of Trade)
US 10 Year Bond (Chicago Board of Trade)
Emini S&P 500 (Chicago Mercantile Exchange)
Japanese Yen (Chicago Mercantile Exchange)
Euro Currency (Chicago Mercantile Exchange)
Canadian Dollar (Chicago Mercantile Exchange)

Management Information: Troy Burns, AFMA Dip Fin, Dip CivEng
Troy Burns is a co-founder and Director of NCC. Troy Burns began his professional career in civil engineering, where in 2004 he founded a company, “Burns Civil Pty Ltd”, which provided civil engineering design services to companies such as BHP Billiton and Rio Tinto. Troy Burns started trading futures and options in 2001 for a private family trust “Positive Theta Trust”. Through the practical application of his ideas, Troy Burns became pivotal in the development of the strategies now traded by Non Correlated Capital. Troy Burns systematic and procedural mind set makes him a primary asset in the management of new investment and growth strategies for Non Correlated Capital.

 

Management Information: Kevini Saunders, A Fin, Dip Fin. Markets (Dux)
Kevin Saunders is a co-founder and a trader for Non Correlated Capital. Educated through FINSIA, (an Australian financial services industry association), Kevin Saunders was awarded the Victorian Dux (an award for the best course mark in the state) and was the national subject prize winner for “Derivatives: Applying theory to Practice”. Kevin has been a private trader since 1999. In 2001, Kevin Saunders founded a private business, “Know the Ropes” for the purpose of providing financial consultation and content creation. Since 2001, Kevin Saunders has worked closely with several trader education companies and associations as a content provider and speaker. Over the last ten years, Kevin Saunders has gained extensive experience in risk management, trade planning and execution, money management and trading system design. This knowledge has seen practical application in the market place both with his own capital and with capital managed by Non Correlated Capital.

 

The descriptions above are 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    Download Page Download PDF Version: Non Correlated Capital    Print Page Printable Version: Non Correlated Capital

 

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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)

THIS CONTENT AND ALL OF ITS LINKS ARE FOR INFORMATIONAL PURPOSES ONLY, AND IS CURRENT ONLY AS OF THE DATE(S) HEREOF. IT DOES NOT CONSTITUTE A SOLICITATION FOR ANY CTA OR TRADING PROGRAM, AND THE INFORMATION IS SUBJECT TO CHANGE WITHOUT NOTICE. THE FIGURES CONTAINED HEREIN WERE OBTAINED OR COMPILED FROM INFORMATION PROVIDED BY THE CTA, TRADER OR THEIR REPRESENTATIVES. NEITHER ALTAVRA NOR ANY OF ITS AFFILIATES OR EMPLOYEES MAKES ANY ENDORSEMENT OR REPRESENTATION AS TO ITS ACCURACY, VALIDITY OR COMPLETENESS. THE INFORMATION HAS NOT BEEN INDEPENDENTLY VERIFIED AND THEREFORE CANNOT BE GUARANTEED. WHILE ALTAVRA MAY PROVIDE INVESTORS WITH CTA ANALYSIS, ALTAVRA DOES NOT PROVIDE “DUE DILIGENCE” ON AN INVESTOR’S BEHALF AND IS NOT RESPONSIBLE FOR A CUSTOMER’S INVESTMENT DECISIONS.

NO OFFER OR SOLICITATION MAY BE MADE PRIOR TO REVIEW OF THE CTA’S CURRENT DISCLOSURE DOCUMENT (
FORMS.ALTAVRA.COM), WHICH INVESTORS SHOULD READ CAREFULLY PRIOR TO INVESTING. INVESTORS MAY ALSO WISH TO CONSULT THEIR LEGAL, TAX AND INVESTMENT ADVISORS TO DETERMINE WHETHER AN INVESTMENT IS APPROPRIATE IN LIGHT OF THE INVESTOR’S RISK TOLERANCE, INVESTMENT OBJECTIVES AND FINANCIAL SITUATION.

ALL FUTURES AND OPTIONS TRADING INCLUDING MANAGED FUTURES IS SPECULATIVE, INVOLVES A HIGH DEGREE OF RISK AND IS SUITABLE ONLY FOR PERSONS WHO CAN ASSUME THE RISK OF LOSS IN EXCESS OF THEIR MARGIN DEPOSIT. NO REPRESENTATION OR ASSURANCE IS MADE THAT ANY CTA OR TRADING PROGRAM WILL OR IS LIKELY TO ACHIEVE ITS OBJECTIVES, BENCHMARKS OR TARGETED RETURNS OR THAT ANY INVESTOR WILL OR IS LIKELY TO ACHIEVE A PROFIT OR WILL BE ABLE TO AVOID INCURRING SUBSTANTIAL LOSSES.

 
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