DISCRETIONARY COMMODITY TRADING PROGRAM
MONTHLY SNAPSHOT REPORT
The April 2012 monthly composite return for the Discretionary Commodity Trading Program was -1.17%, bringing the year-to-date and inception-
to-date returns to -1.64% and +60.72%, respectively. By comparison, the preliminary monthly returns for the Newedge CTA Index and BTOP50
Index were -0.06% and +0.30%, respectively. Commodity prices were generally lower during the month, with the CRB Index losing 2.55% and the
Dow Jones-UBS Index down 0.43%. Mixed economic reports from China and the U.S., combined with renewed sovereign debt concerns in Europe,
created a choppy and largely trendless trading environment for most commodities as well as equities and currencies.
In our portfolio, losses from positions in wheat, sugar and cocoa more than offset a gain in soybean meal. The market is finally moving closer to
our lower-than-expected production estimates for the South American soybean crop, which combined with strong demand from China should
continue to support soybean meal prices. We anticipate higher prices for sugar and cocoa due to adverse weather in key production areas of Brazil
and West Africa.
Current Month Drawdown Analysis - Inception to Date Performance Breakdown
Monthly Return (Estimated) -1.17% Best Month 10.12% Last 3 Months -0.28%
AuM - Program $123,380,779 Max Run-up 69.72% Last 6 Months -1.68%
Quarterly Return -1.17% Worst Month -10.05% Last 12 Months -0.99%
Year to Date Return -1.64% Max Drawdown -17.72% Inception to Date 60.72%
Compounded Avg. Annualized Return 7.67% Max Drawdown - Peak Jul-08 Previous 12 Months Returns 1
Risk Analysis - Inception to Date Max Drawdown - Valley Jul-10 Apr-11 3.54%
Mean Monthly Return 0.68% Length of Max Drawdown 24 May-11 2.23%
CAGR 0.62% Time to Recovery (New High) 9 Jun-11 -0.04%
Standard Deviation (monthly) 3.50% # of Gains 46 Jul-11 0.03%
Sharpe Ratio (annualized) RF= 3.00% 0.42 # of Losses 31 Aug-11 2.28%
Sortino Ratio (0%) 0.19 Average One Month Gain 2.75% Sep-11 -3.95%
Calmar Ratio 0.47 Average One Month Loss -2.39% Oct-11 0.28%
Skewness 0.42 Gain:Loss Ratio 1.48 Nov-11 -0.59%
Kurtosis 1.11 Average Gain/Loss 1.15 Dec-11 0.55%
Gamma -2.01 Correlations: Jan-12 -1.37%
Omega 2.00 S&P 500 Price Index 0.12 Feb-12 0.87%
Annualized Alpha 7.97% Goldman Sachs Commodity Index 0.35 Mar-12 0.03%
Beta (using GSCI) 0.17 Newedge CTA Index 0.28 Finalized.
VAMI Chart w/ Drawdown Analysis Comparison VAMI Chart
Cumulative Return Maximum Gain Maximum Loss
HCM Newedge CTA S&P 500 GSCI
Maximum Drawdown Start Maximum Drawdown End Recovery Drawdown
Past performance is not necessarily indicative of future results.
The risk of loss in trading commodity interests is substantial.
Investing in Haar Capital Management LLC is speculative, volatile, and involves a high degree of risk. Investing with Haar Capital Management
LLC is designed only for sophisticated investors who are able to bear the loss of more than their entire investment. Please read and examine the
disclosure document before seeking Haar Capital Management LLC services. If you should require any further information or clarification please do
not hesitate to contact us.
7280 W. Palmetto Park Road, Suite 102
Boca Raton, Florida 33433
Phone: (561)750-3131 Fax: (561)750-3171