Stark & Company - Managed Futures & Commodity Trading Advisor Research Database

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Stark & Company CTA Indices	Published August 16, 2010

CTA Index Performance

July 2010

YTD 2010

Last 6 Mos.

Last 12 Mos.

Last 36 Mos.

Industry Wide

Stark 300

-0.94%

0.03%

2.74%

-0.41%

10.61%

Stark Funds (Equity)

-0.28%

-5.38%

-2.77%

-4.50%

3.76%

Stark Funds (Simple)

0.03%

-1.69%

1.24%

0.22%

17.14%

Approach

Systematic

-1.01%

0.09%

3.04%

-0.60%

10.24%

Discretionary

0.08%

0.45%

0.97%

2.20%

10.71%

Category

Diversified

-1.43%

-0.95%

2.26%

-0.75%

19.87%

Financials Only

0.87%

5.39%

5.68%

1.92%

-5.25%

Non-Financials

0.82%

-0.79%

-0.25%

-1.21%

26.33%

Sector

Agriculture

1.08%

0.09%

-0.10%

-2.14%

19.31%

Currencies

0.73%

6.36%

6.73%

2.01%

-5.43%

Interest Rate

0.00%

0.25%

0.38%

-0.96%

-5.56%

Stock Index

4.95%

0.19%

0.62%

6.28%

-3.01%

Past performance is not indicative of future results.
Managed futures investments involve substantial risk of loss and are not suitable for all investors.

With 68% of the database reporting, eight of the twelve Stark Indices are showing positive performance for July 2010, although the month looks to be negative overall for CTAs with the Stark 300 Index posting -0.94%. Year to date the index is back to flat at +0.03%. The Stark Fund Indices are mixed for July at +0.03% on average but -0.28% on an equity or asset weighted basis. Eight of the twelve indices remain positive on the year.

Stark 300 Index Performance
Index Performance (Since Inception Jan 1982)
	CAROR	Sharpe Ratio	Max DD.	# of Losing Years	Correlation vs. S&P 500

Stark 300 Index	10.42%	0.38	-17.27%	3	0.00

Past performance is not indicative of future results. Managed futures investments involve substantial risk of loss and are not suitable for all investors.

With the Approach Indices, Systematic Traders are leading the way to the overall downside month at -1.01%, while Discretionary Traders are up +0.08%. In the Category Indices, Diversified Traders are also contributing to the downside at -1.43%, while Financial Only Traders are up +0.87% and Non-Financial Traders are up +0.82%.

The Sector Indices are showing positive performance in July with Stock Index Traders leading the way up +4.95%, Agricultural Traders up +1.08%, Currency Traders up +0.73%, and Interest Rates Traders flat at 0.00%.

Year to date the strongest performing indices are Currency Traders at +6.36% and Financial Only Traders at +5.39%. Discretionary Traders are up year to date at +0.45%, Interest Rate Traders at +0.25%, Stock Index Traders at +0.19%, Systematic Traders at +0.09%, and Agricultural Traders at +0.09%. The balance of the Stark sub-indices remain lower on the year.

Performance numbers are estimates as of 8/16/2010.

New Programs/Funds Added to the STAR CTA Database

Cervino Capital Management, LLC	Gold Covered Call Writing
Genuine Trading Solutions	Genuine USA Index
The GTA Group	FX Trading
Typhon Capital Management	Thousand Mile Horse
Typhon Capital Management	Treasury Inflection
Wellcap Partners	Wellcap Partners

Benchmark Index Performance
Index Performance
	2009 YTD	2010 YTD	12 Months	24 Months	48 Months
Index
Stark 300 Index	-4.18%	0.03%	-0.41%	-0.15%	18.73%
Stark Funds (Equity) Index	-2.88%	-5.38%	-4.50%	-2.42%	7.84%

S&P 500 Index	23.45%	-1.21%	11.56%	-13.08%	-13.71%
MSCI EAFE Index	27.75%	-6.69%	3.48%	-22.48%	-19.84%
Dow Jones UBS Commodity Index	18.73%	-3.64%	6.03%	-34.60%	-24.66%
Barclays US Agg. Bond Index	5.93%	6.46%	8.91%	17.46%	31.64%

Past performance is not indicative of future results. Managed futures investments involve substantial risk of loss and are not suitable for all investors.

Stark CTA Index Charts and Statistics

Stark 300 Index: Assets vs. Vami

Stark Futures Fund Index (Equity Weighted): Assets vs. Vami

Approach Index Charts

Systematic Traders

Stark 300 Index

Discretionary Traders

Stark Funds Index

Category Index Charts

Diversified Traders

Stark 300 Index

Financial Only Traders

Stark Funds Index

Non-Financial Traders

Stark 300 Index

Sector Index Charts

Agriculture Traders

Stark 300 Index

Currency Traders

Stark Funds Index

Interest Rate Traders

Stark 300 Index

Stock Index Traders

Stark Funds Index

Past performance is not indicative of future results. Alternative investments, including managed futures, involve substantial risk of loss and are not suitable for all investors.


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YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A MANAGED FUTURES ACCOUNT, COMMODITY POOL OR OTHER FORM OF FUTURES INVESTMENT OR TRADING. IN SO DOING, YOU SHOULD BE AWARE THAT FUTURES AND OPTIONS TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL OR ACCOUNT AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL OR ACCOUNT.

FURTHER, MANAGED COMMODITY ACCOUNTS AND COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS AND POOLS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. YOU MUST BE PROVIDED A COMPLETE EXPLANATION OF EACH EXPENSE TO BE CHARGED ANY OR OTHER FORM OF MANAGED ACCOUNT BEFORE YOU INVEST TOGETHER WITH A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO BREAK EVEN AT THE END OF YOUR FIRST YEAR IN THE INVESTMENT.

THIS BRIEF RISK DISCLOSURE STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN A MANAGED FUTURES ACCOUNT, COMMODITY POOL OR OTHER FORM OF FUTURES INVESTMENT OR TRADING. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN COMMODITY TRADING, YOU SHOULD CAREFULLY STUDY THE DISCLOSURE DOCUMENT PROVIDED BY THE COMMODITY POOL OR TRADING MANAGER. YOU SHOULD PAY PARTICULAR ATTENTION TO THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS ATTENDANT TO ANY INVESTMENT BEFORE YOU INVEST.

YOU SHOULD ALSO BE AWARE THAT COMMODITY POOLS AND OTHER MANAGED FUTURES ACCOUNTS MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND YOU. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL OR ACCOUNT MAY BE EFFECTED.

THE INFORMATION PRESENTED HEREIN IS NOT AN OFFER TO SELL SECURITIES OR FUTURES ACCOUNTS OF ANY KIND.

ALL TRADING INVOLVES A HIGH DEGREE OF RISK. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THERE HAVE BEEN NO PROMISES, GUARANTEES OR WARRANTIES SUGGESTING THAT ANY TRADING WILL RESULT IN A PROFIT OR WILL NOT RESULT IN A LOSS.