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

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Stark & Company CTA Indices	Published October 17, 2011

CTA Index Performance

September 2011

YTD 2011

Last 6 Mos.

Last 12 Mos.

Last 36 Mos.

Industry Wide

Stark 300

-0.27%

-2.59%

-1.59%

0.72%

6.95%

Stark Funds (Equity)

-1.01%

-6.11%

-5.42%

-1.75%

1.88%

Stark Funds (Simple)

-0.39%

-2.33%

-2.24%

4.30%

16.33%

Approach

Systematic

-0.23%

-2.67%

-1.63%

0.71%

6.63%

Discretionary

-1.08%

-2.25%

-2.10%

0.55%

7.89%

Category

Diversified

-0.29%

-1.87%

-1.14%

2.06%

10.69%

Financials Only

0.32%

-7.22%

-5.51%

-8.15%

-8.30%

Non-Financials

0.99%

-0.18%

-0.85%

0.98%

5.77%

Sector

Agriculture

-0.21%

-1.01%

-1.17%

8.95%

5.44%

Currencies

0.06%

-8.64%

-5.41%

-9.43%

-8.21%

Interest Rate

-0.16%

-1.74%

-0.59%

-2.06%

-0.84%

Stock Index

4.29%

-4.17%

-5.53%

-3.95%

-13.79%

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

With 71% of the database reporting, the Stark CTA Indices are showing mostly negative performance for September 2011. Eight of the twelve indices are currently showing negative returns. The Stark 300 CTA Index is down -0.27%, bringing it to -2.59% YTD. The Stark Futures Fund Indices are also down for September at -0.39% on average and -1.01% on an equity weighted basis.

With the performance being reported for September, all twelve Stark CTA Indices are now in negative territory for the 2011 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	10.18%	0.37	-17.27%	3	0.01

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

With the Approach Indices, Discretionary Traders are down -1.08% and Systematic Traders are down -0.23%.

In the Category Indices, Diversified Traders are down -0.29%, while Non-Financial and Financial Only Traders are actually up at +0.99% and +0.32% respectively.

The Sector Indices are showing mixed performance with Stock Index Traders up +4.29% and Currency Traders up +0.06%. On the negative side Agricultural Traders are down -0.21% and Interest Rate Traders are down -0.16%.

Performance numbers are current as of 10/17/2011.

New Programs/Funds Added to the STAR CTA Database

Anello Asset Management (AAM Diversified Futures Program)
Bocken Trading (Discretionary Non-Customer)
Boston & Zechiel Management LLC (Annual Cycle Trading Strategy Aggressive)
Boston & Zechiel Management LLC (Annual Cycle Trading Strategy Conservative)
Cardwell Global Fund
Cardwell Global Fund 3x
Esulep LLC (Esulep LLC MAX)
Esulep LLC Permo Fund
Opes Capital Group LLC (Managed Account)
Opus Futures LLC (Proprietary Account)
PJM Capital (Managed Account 2x)
Revere Tactical Risk Fund LP
Stonehenge Capital Management (SCM Trading Program)

Benchmark Index Performance
Index Performance
	2010 YTD	2011 YTD	12 Months	24 Months	48 Months
Index
Stark 300 Index	7.97%	-2.59%	0.72%	2.86%	15.78%
Stark Funds (Equity) Index	3.88%	-6.11%	-1.75%	-4.38%	10.34%

S&P 500 Index	12.79%	-10.04%	-0.86%	7.04%	-25.90%
MSCI EAFE Index	4.90%	-17.18%	-12.02%	-11.55%	-40.31%
Dow Jones UBS Commodity Index	21.54%	-10.81%	6.08%	18.16%	-15.35%
Barclays US Agg. Bond Index	6.56%	6.67%	5.29%	13.89%	30.53%

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

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

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

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

Approach Index Charts

Systematic Traders

Stark 300 Index

Discretionary Traders

Stark Funds Index

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

Category Index Charts

Diversified Traders

Stark 300 Index

Financial Only Traders

Stark Funds Index

Non-Financial Traders

Stark 300 Index

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

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. Managed futures investing involve substantial risk of loss and is not suitable for all investors.


401 West A Street \| Suite 2245 \| San Diego \| California \| 92101 \| T: 619.702.1230 \| F: 619.702.1225	© 2011 Daniel B. Stark & Company \| Privacy \| Disclosure

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.