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Tanyard Creek Capital
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The program trades Lean Hogs, Live Cattle, Feeder Cattle, and Pork Bellies. The principle, Randall Cleland, attempts to capture trends in outright long/short futures and futures spreads based on a fundamental analysis of the market. A small percentage of the portfolio may also be allocated to long-only options or option spreads (never to outright short options positions).
Tanyard Creek Capital, LLC (TCC) is responsible for determining and implementing the trading strategy. The trading strategy draws upon the judgment and experience of the Mr. Cleland, as well as on his knowledge of fundamental technical factors affecting various commodity markets. The trading strategy attempts to identify optimal trading opportunities. The approach is primarily guided by observation of spreads within a particular market. It is the assumption of TCC that, by studying and investing in the spreads between contract months, commodities, and various commodity classes, an investor can earn substantial profits with acceptable risks. TCC believes that the spread markets provide numerous trading opportunities as speculators, hedgers, and commercial interests move commodity positions from one contract month, commodity, or commodity class to another. TCC may refine or change its trading approach (including enhancements or changes to the trading system or deletion of commodity interests traded) at any time without prior notice.
The Program’s portfolio is structured to include various outright positions and spread positions. The Program’s return objectives are 25-35% with potential annual drawdowns contained under 15-20%. The average margin-to-equity ratio is approximately 10% - 30%. Past results are not necessarily indicative of future results. The risk of loss in trading futures, options and off-exchange forex can be substantial.
This Program may trade futures and option contracts in any market traded on a U.S. Futures exchange. To effectively capture trends over all markets, the Program requires no less than $50,000 for each account and anticipates approximately 2,500 round turns per $1,000,000.
The Principal of Tanyard Creek Capital is Randall Cleland. Randall Cleland is from Atlanta, Georgia. He attended the University of Georgia, from which he holds both a BS (1993) and MS (1996) in Agricultural and Applied Economics. During his academic career, he gained extensive experience developing quantitative models and forecasting economic trends in agriculture, and his work has been published in two peer reviewed journals.
In December 1996, he joined Sara Lee Corporation’s trading division where he held the title of Trading Manager and Staff Economist until he left the firm in December 2000. During this time, Randall learned the meat business from the ground up, negotiating purchases of pork, beef, and poultry for national brands like Sara Lee, Hillshire Farm, Jimmy Dean, and Ball Park. In addition to procuring fresh meat, Randall managed the company’s freezer program, presented commodity programs to corporate clients, and developed economic forecasts to support the trading group’s fundamental direction.
Randall became a registered Associated Person with the Rosenthal Collins Group LLC (“RCG”) in Chicago, Illinois on January 16, 2001. During this period, Mr. Cleland was also a registered Floor Broker at the Chicago Mercantile Exchange from May 9, 2001 through September 30, 2003.
After three years at the CME and a brief hiatus, he returned to Sara Lee in December 2003 where he held the title of Commodity Risk Manager, Meats until his departure in December 2006. As Commodity Risk Manager, Randall managed the company’s $750 million annual commodity meat exposure, running the hedge book for this massive trading group. As before, his focus was on the livestock-based commodities and their inherent volatility.
While still an Associated Person with RCG, Randall became registered as the Principal and Associated Person of Tanyard Creek Capital on September 18, 2007. His trading strategy remains focused on sound fundamental and technical analysis to support the needs of his corporate and private clients. Over the years, he has developed an in-depth knowledge of the politics and people that drive the livestock/meat business.
The descriptions above are from the manager’s disclosure document.
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
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