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THE RISK
OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL.
YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER
SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR
FINANCIAL CONDITION. THE HIGH DEGREE OF LEVERAGE
THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN
WORK AGAINST YOU AS WELL AS FOR YOU. THE USE
OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS
GAINS.
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In some cases, managed commodity accounts are subject
to substantial charges for management and advisory
fees. It may be necessary for those accounts that
are subject to these charges to make substantial
trading profits to avoid depletion or exhaustion
of their assets. The disclosure document contains
a complete description of the principal risk factors
and each fee to be charged to your account by the
commodity trading advisor ("CTA").
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The regulations of the commodity futures trading
commission ("CFTC") require that prospective customers
of a CTA receive a disclosure document when they
are solicited to enter into an agreement whereby
the CTA will direct or guide the client's commodity
interest trading and that certain risk factors be
highlighted. This document is readily accessible
at this site. This brief statement cannot disclose
all of the risks and other significant aspects of
the commodity markets. Therefore, you should proceed
directly to the disclosure document and study it
carefully to determine whether such trading is appropriate
for you in light of your financial condition. You
are encouraged to access the disclosure document
by clicking the links provided AT
Forms.altavra.com.
You will not incur any additional charges by accessing
the disclosure document. You may also request delivery
of a hard copy of the disclosure document at
formsbymail.altavra.com,
which will also be provided to you at no additional
cost. The CFTC has not passed upon the merits of
participating in any of these trading programs nor
on the adequacy or accuracy of any of these disclosure
documents.
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THE FOLLOWING PERFORMANCE NUMBERS HAVE BEEN SUPPLIED
BY THE MANAGERS DIRECTLY TO VARIOUS DATA COLLECTION
SERVICES. THE INFORMATION PRESENTED HAS BEEN
OBTAINED FROM DATA COLLECTION SOURCES THAT ALTAVRA
BELIEVES TO BE RELIABLE. ALTAVRA IN NO WAY
GUARANTEES THE ACCURACY OF THESE NUMBERS AND HAS
SUPPLIED THEM FOR INFORMATIONAL PURPOSES ONLY.
ALTAVRA HAS NOT AND CANNOT VERIFY THE ACCURACY OF
SUCH INFORMATION AND POTENTIAL INVESTORS SHOULD
BE AWARE THAT SUCH INFORMATION IS SUBJECT TO CHANGE
WITHOUT NOTICE. THIS DOES NOT CONSTITUTE A
SOLICITATION TO BUY OR AN OFFER TO SELL.
Other disclosure
statements are required to be provided before an
account may be opened for you.
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THIS COMPOSITE PERFORMANCE RECORD IS HYPOTHETICAL
AND THESE TRADING ADVISORS HAVE NOT TRADED TOGETHER
IN THE MANNER SHOWN IN THE COMPOSITE. HYPOTHETICAL
PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS,
SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION
IS BEING MADE THAT ANY MULTI-ADVISOR MANAGED ACCOUNT
OR POOL WILL OR IS LIKELY TO ACHIEVE A COMPOSITE
PERFORMANCE RECORD SIMILAR TO THAT SHOWN.
IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES
BETWEEN A HYPOTHETICAL COMPOSITE PERFORMANCE RECORD
AND THE ACTUAL RECORD SUBSEQUENTLY ACHIEVED.
ONE OF THE LIMITATIONS OF A HYPOTHETICAL COMPOSITE
PERFORMANCE RECORD IS THAT DECISIONS RELATING TO
THE SELECTION OF TRADING ADVISORS AND THE ALLOCATION
OF ASSETS AMONG THOSE TRADING ADVISORS WERE MADE
WITH THE BENEFIT OF HINDSIGHT BASED UPON THE HISTORICAL
RATES OF RETURN OF THE SELECTED TRADING ADVISORS.
THEREFORE, COMPOSITE PERFORMANCE RECORDS INVARIABLY
SHOW POSITIVE RATES OF RETURN. ANOTHER INHERENT
LIMITATION ON THESE RESULTS IS THAT THE ALLOCATION
DECISIONS REFLECTED IN THE PERFORMANCE RECORD WERE
NOT MADE UNDER ACTUAL MARKET CONDITIONS AND, THEREFORE,
CANNOT COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL
RISK IN ACTUAL TRADING. FURTHERMORE,
THE COMPOSITED PERFORMANCE RECORD MAY BE DISTORTED
BECAUSE THE ALLOCATION OF ASSETS CHANGES FROM TIME
TO TIME AND THESE ADJUSTMENTS ARE NOT REFLECTED
IN THE COMPOSITE. ALSO, THE PROGRAM WHICH
HAS NOT BEGUN TO OPERATE YET IS NOT INCLUDED IN
THE COMPOSITE - IT MEANS THAT THE ALLOCATION DISPLAYED
IS VALID FROM THE TIME WHEN ALL CTA'S OPERATE.
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