Vision Capital is a research-driven investment firm that seeks positive absolute returns through a diversified, multi-strategy approach. The firm has been in operation since February 2012, employs a 100% systematic trading strategy across a highly diversified portfolio, and has achieved an annualized return of 8.16% with moderate risk levels as measured by standard deviation and drawdown metrics.

1. Trading Strategy: Macro Quantitative / Discretionary / Diversified
Program Description: Vision Capital is a research driven investment firm specializing in alternative
investment strategies. We seek to achieve positive absolute returns through a multi-strategy approach,
which is applied across a highly diversified portfolio.
Investment Information
Program Start Date Feb-2012
Percent Discretionary 0%
Percent Systematic 100%
Minimum Investment 500,000
Management Fee 2.00%
Incentive Fee 20.00%
Margin 5-20%
Round Turns per Million 700
Currency US Dollar
NFA No: #0375514
Program Statistics
Omega Ratio 5 % Threshold 1.22
Peak-to-Valley Drawdown (2) (Mar 2015 - Aug 2015) -18.01%
Worst Monthly Return (Nov 2012) -10.61%
Current Losing Streak -8.74%
Average Monthly Return 0.76%
Monthly Std. Deviation 4.71%
Gain Deviation (29 months gain) 3.40%
Loss Deviation (19 months loss) 3.02%
Gain to Loss Ratio 1.02
Annualized Statistics
Compound ROR (1) 8.16%
Standard Deviation 16.32%
Downside Deviation 10.54%
Sharpe Ratio (3) 0.50
Sortino Ratio (4) 0.28
Calmar Ratio (5) 0.53
Sterling Ratio (6) 0.46
Gain Deviation 11.79%
Loss Deviation 10.46%
Profit Loss Ratio 1.56
Vision Capital Management, LLC Neptune
Report Start Date: Feb-2012 - Report End Date: Jan-2016
Performance Since February 2012
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2012 0.20% -0.16% 0.14% -4.73% 6.73% 2.37% 0.11% 4.74% -6.00% -10.61% 12.71%
2013 0.64% 0.96% -3.53% -2.08% -1.16% -0.52% -3.59% -1.02% 1.27% 6.78% -1.19% 1.89%
2014 0.25% 1.09% 0.51% 1.75% 0.98% 6.23% -0.31% 4.97% 4.68% -3.12% 8.62% 7.93%
2015 3.20% -2.64% 6.28% -10.00% 1.24% -3.63% -0.82% -5.86% 2.17% 0.44% 10.10% -4.30%
2016 2.95%
2012 2013 2014 2015 2016 YTD
ROR 3.56% -1.96% 38.33% -5.34% 2.95%
Max DD -15.97% -11.37% -3.12% -18.01% 0.00%
Track Record Prepared By: NAV Consulting, Inc.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL
RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT. PROSPECTIVE CLIENTS SHOULD NOT
BASE THEIR DECISION ON INVESTING SOLELY ON THE PAST PERFORMANCE PRESENTED HEREIN.
Capital Trading Group * 440 S. LaSalle, Suite 2301 * Chicago, IL 60605
Toll Free (800) 238-2610 * Direct: (312) 572-6118 Email: nsloane@ctgtrading.com | Web Address: http://www.ctgtrading.com
© 1997 - 2016 AutumnGold.com LLC
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
VAMI, AUM & Worst Drawdown (since Feb 2012)
$800 $0
$940
$1,080
$1,220
$1,360
$1,500
$0.4
$0.8
$1.2
$1.6
$2
2013 2014 2015 2016
$1,000
$1,497
$1,227
VAMI
AssetsinMillions
A ssets U nder M anagement V A M I (Red Line Indicates M ax Drawdown)

2. Time Window Analysis
Length Best Average Worst
1 mo 12.7% 0.8% -10.6%
3 mo 21% 2.3% -12.2%
6 mo 28.8% 4.4% -16.2%
12 mo 45% 10.6% -13.6%
18 mo 58.8% 18.3% -6.9%
24 mo 47.7% 25.1% 1.8%
36 mo 51.2% 33.4% 14.9%
Historical Drawdown and Recoveries***
Start Depth Length Recovery End
Apr-15 -18.01% 5 mo 5 mo n/a
Oct-12 -15.97% 2 mo 19 mo Jun-14
Mar-12 -4.75% 3 mo 1 mo Jun-12
Oct-14 -3.12% 1 mo 1 mo Nov-14
Feb-15 -2.64% 1 mo 1 mo Mar-15
Jul-14 -0.31% 1 mo 1 mo Aug-14
Current Losing Streak = -8.74%
Vision Capital Management, LLC Neptune
Report Start Date: Feb-2012 - Report End Date: Jan-2016
Comparisons Program AG CTA Index SP 500 TR
Annualized Compound ROR (1) 8.16% 2.04% 12.65%
Cumulative Return 36.87% 8.43% 61.02%
Cumulative VAMI(7) 1369 1084 1610
Largest Monthly Gain 12.71% 2.94% 8.43%
Largest Monthly Loss -10.61% -2.49% -6.03%
Profit Loss Ratio 1.56 1.38 2.23
Correlation — 0.459 0.140
Last Month 2.95% 1.28% -4.96%
Last 12 Months -5.57% -3.10% -0.67%
Last 36 Months 31.33% 5.49% 37.89%
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL
RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT. PROSPECTIVE CLIENTS SHOULD NOT
BASE THEIR DECISION ON INVESTING SOLELY ON THE PAST PERFORMANCE PRESENTED HEREIN.
Capital Trading Group * 440 S. LaSalle, Suite 2301 * Chicago, IL 60605
Toll Free (800) 238-2610 * Direct: (312) 572-6118 Email: nsloane@ctgtrading.com | Web Address: http://www.ctgtrading.com
© 1997 - 2016 AutumnGold.com LLC
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Monthly Returns (since Feb 2012)
-12%
-6%
6%
12%
18%
2012 2013 2014 2015 2016
0%
Month/Year
<-10
-10to-8
-8to-6
-6to-4
-4to-2
-2to0
0to2
2to4
4to6
6to8
8to10
>10
Distribution of Returns (since Feb
2012)
0 M os.
3 M os.
6 M os.
9 M os.
12 M os.
15 M os.
Percent Return
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Growth of $1,000 VAMI - Program vs. Benchmarks (since Feb 2012)
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2013 2014 2015 2016
$1,000
VAMI
Program AG CTA Index SP 500 TR

3. Vision Capital Management, LLC Neptune
Report Start Date: Feb-2012 - Report End Date: Jan-2016
An Important Note on the Start Date and End Dates of this Report. If the Start Date of this Report Predates the Inception of the Program, the
Maximum Drawdown from Inception may be larger than indicated in this report.
FOOTNOTES
1. The Compound Annual ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.
2. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of Feb-2012 to Jan-2016
3. Sharpe Ratio uses a 1% Risk Free ROR
4. Sortino Ratio uses a 5% Minimum Acceptable ROR
5. Calmar Ratio Uses last 36 months of Data
6. Sterling Ratio uses last 36 months of Data
7. The hypothetical growth of $1,000
8. The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following
month, and the length of the recovery period is listed under recovery.
AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG
database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are
updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.
SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which
together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5
billion. The TR Index accounts for the reinvestment of dividends.
This report has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with each
Trader's Disclosure Document or Fund's Offering Document.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL
RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR
MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES
AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE
MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.
Capital Trading Group * 440 S. LaSalle, Suite 2301 * Chicago, IL 60605
Toll Free (800) 238-2610 * Direct: (312) 572-6118 Email: nsloane@ctgtrading.com | Web Address: http://www.ctgtrading.com
© 1997 - 2016 AutumnGold.com LLC