Balanced Capital LLC International Algo Program

Report Start Date: Oct-2009 - Report End Date: Jan-2016

Trading Strategy: Discretionary / Options Writing

Investment Information
Program Start Date
Percent Discretionary
Percent Systematic
Minimum Investment
Management Fee
Incentive Fee
Margin
Round Turns per Million
Currency
NFA No:

Program Description: The trading strategy is discretionary, revolving around various options writing strategies,
both long and short. Futures and spread trading are also employed. Trading decisions are based on both technical
and fundamental analysis.

Oct-2009
80%
20%
50,000
2.00%
33.00%
80-100%
22,000
US Dollar
#0463495

VA MI, A UM & Worst Drawdown (since Oct 2009)

2010

2011

2012

2013

2014

$5
2016

2015

$ 4 ,0 0 0

$4

$ 3 ,0 0 0

$3
$ 1 ,7 3 4

$ 2 ,0 0 0
$ 1 ,0 0 0
$0

$2
$1

$ 1 ,1 7 7
Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

A s s ets U nder M anagement

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

A ssets in Millions

VA MI

$ 5 ,0 0 0

$0

Q4

V A M I (Red L ine I ndic ates M ax D rawdown)

Client Performance since October 2013. Performance prior to October 2013 represents accounts that were not traded under Balanced Capital's power
of attorney. See Accounting Notes for Full Details. See Accounting Notes
Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

2009

Oct

Nov

Dec

1.13%

-1.36%

12.85%
-10.96%

2010

11.79%

6.75%

1.62%

3.28%

6.17%

10.87%

2.94%

1.46%

-5.15%

-15.53%

-4.84%

2011

22.15%

-11.91%

11.56%

-3.99%

39.84%

8.24%

-15.35%

-18.89%

8.10%

14.50%

12.96%

9.18%

2012

6.31%

11.09%

8.88%

4.80%

2.02%

6.78%

1.67%

9.54%

5.45%

11.41%

-0.85%

-5.51%
2.24%

2013

5.23%

1.79%

0.45%

-3.36%

-1.50%

-9.56%

2.30%

0.03%

3.38%

5.74%

-1.82%

2014

-10.30%

-4.19%

-5.59%

6.36%

1.43%

-1.48%

1.21%

4.50%

3.69%

-7.58%

1.10%

6.55%

2015

4.92%

0.07%

-2.63%

-0.37%

-1.03%

-2.39%

0.10%

-10.27%

1.40%

-1.03%

-3.58%

-5.11%

2016

-3.96%

2009

2010

2011

2012

2013

2014

2015

2016 YTD

ROR

12.58%

4.52%

82.84%

79.95%

4.02%

-5.85%

-18.85%

-3.96%

Max DD

-1.36%

-32.12%

-31.34%

-6.31%

-13.91%

-18.86%

-22.71%

-3.96%

Track Record Prepared By: LICCAR & Co., Chicago

Program Statistics
Omega Ratio 5

% Threshold

Peak-to-Valley Drawdown (2) (Aug 2010 - Dec 2010)

Worst Monthly Return (Aug 2011)
Current Losing Streak
Average Monthly Return
Monthly Std. Deviation
Gain Deviation (47 months gain)
Loss Deviation (29 months loss)
Gain to Loss Ratio

1.57
-32.12%
-18.89%
-29.06%
1.79%
8.63%
6.84%
4.98%
1.11

Annualized Statistics
Compound ROR (1)
Standard Deviation
Downside Deviation
Sharpe Ratio (3)
Sortino Ratio (4)
Calmar Ratio (5)
Sterling Ratio (6)
Gain Deviation
Loss Deviation
Profit Loss Ratio

18.66%
29.91%
17.03%
0.68
0.72
-0.35
-0.37
23.69%
17.25%
1.80

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.

Balanced Capital LLC * Loewenstrasse 25 * Zurich * ZH * 8001 * Switzerland

Phone: +41 43 455 75 75 cell.: +41 79 344 * Fax: +41 43 455 75 89 * vf@balancedcap.ch * http://www.balancedcap.com

Balanced Capital LLC International Algo Program

Report Start Date: Oct-2009 - Report End Date: Jan-2016

Time Window Analysis

Historical Drawdown and Recoveries***

Length

Best

Average

Worst

Start

Depth

Length

Recovery

End

Sep-10

-32.11%

4 mo

5 mo

May-11
Dec-11

1 mo

39.8%

1.8%

-18.9%

3 mo

49.8%

6%

-28.4%

Jul-11

-31.34%

2 mo

4 mo

6 mo

81.6%

12.1%

-29.1%

Apr-13

-29.07%

34 mo

0 mo

n/a

Nov-12

-6.31%

2 mo

2 mo

Feb-13

Nov-09

-1.36%

1 mo

1 mo

Dec-09

12 mo

149.6%

26.1%

-25.7%

18 mo

204.7%

46.3%

-15.9%

24 mo

229%

67.8%

-23.6%

36 mo

310.7%

117.8%

-27.5%

Current Losing Streak = -29.06%

Monthly Returns (since Oct 2009)

66%
2009
2010

2011

2012

2013

Distribution of Returns (since Oct 2009)

2014

2015

1 5 M os .

2016

1 2 M os .

44%

9 M os .
22%

6 M os .

0%

3 M os .

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Month/Year

> 10

4 to 6

6 to 8

2 to 4

0 to 2

8 to 1 0

Q3

- 2 to 0

Q2

- 4 to - 2

Q1

- 6 to - 4

Q4

- 8 to - 6

< -1 0

-4 4 %

- 1 0 to - 8

0 M os .

-2 2 %

Percent Return

Comparisons

Program

AG CTA Index

SP 500 TR

Annualized Compound ROR (1)

18.66%

2.46%

12.39%

Cumulative Return

195.50%

16.61%

109.59%

Cumulative VAMI(7)

2955

1166

2096

Largest Monthly Gain

39.84%

4.14%

10.93%

Largest Monthly Loss

-18.89%

-2.71%

-7.99%

Profit Loss Ratio

1.80

1.42

1.98

Correlation

-0.292

0.029

Last Month

-3.96%

1.28%

-4.96%

Last 12 Months

-25.72%

-3.10%

-0.67%

Last 36 Months

-27.47%

5.49%

37.89%

Growth of $1,000 VA MI - Program vs. Benchmarks (since Oct 2009)

$5,000

2010

2011

2012

2013

2014

2015

2016

VA MI

$4,000

$3,000

$2,000

$1,000

$0

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Program

Q3

Q4

Q1

AG C TA Inde x

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

SP 500 TR

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.
Report Prepared by AutumnGold.com

Balanced Capital LLC International Algo Program

Report Start Date: Oct-2009 - Report End Date: Jan-2016

+++ Accounting Notes: Futures trading is speculative and may result in losses. Past results are not necessarily indicative of future results. The performance of the
Program since October 2009 is presented; please note: From October 2009 through November 2012, the performance represents the results of a single Large
Account. While the Large Account was traded pursuant to the Program, it was not traded pursuant to a power of attorney by Balanced Capital or Mr. Schneider. This
performance has been pro forma adjusted to account for the maximum fees to be charged by Balanced Capital. The performance from December 2012 through
September 2013 represents the performance of accounts traded by Mr. Schneider pursuant to the Program pursuant to a power of attorney.
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 Oct-2009 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.
Balanced Capital LLC * Loewenstrasse 25 * Zurich * ZH * 8001 * Switzerland
Phone: +41 43 455 75 75 cell.: +41 79 344 * Fax: +41 43 455 75 89 * vf@balancedcap.ch * http://www.balancedcap.com