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Midwest Trading Partners, LLC 

Micro-Arbitrage Program (MAP)

Manager: Shawn Bingham

Address: 631 Windridge Ct., Naperville, IL, 60540, U.S.A.

PAST PERMORMANCE IS NOT INDICATIVE OF FUTURE RETURNS.

Overview

Program Type:CTA
Inception Date:Jan 13, 2005
AUM:N/A
QEP:Yes
Incentive Fee:1%
Annual Mgt Fee:25%
Min Investment:$1,000,000
Disclosure Doc:View
Performance Program S&P 500
Total ROR:28.38%94.96%
Annual ROR:2.10%5.72%
YTD:0.00%5.53%
1 Year:-0.75%14.40%
Alpha:-0.06
Beta:0.00
Statistics Program S&P 500
Average Monthly Gain:0.45%3901.19%
Average Monthly Loss:-0.33%-2.69%
Winning Months:93113
Losing Months:5131
Current DD:6.400.00
Max DD:6.7352.56
Sharpe Ratio (RF 1%):0.49
Annualized Std Dev:2.27

Methodology

Discretionary:100%
Systematic:0%

Strategy

StrategySingle Strategy
DirectionalLong / Short
Holding PeriodLong & Short Term
---------------------------
Arbitrage:100%

Monthly Returns as Percentage by Year

JanFebMarAprMayJunJul AugSepOctNovDecYTD
2016-0.630.01-0.02-0.200.04-1.130.170.480.01-0.17-0.140.00-1.58
20150.190.11-0.16-0.170.120.03-0.01-0.02-0.410.56-0.75-1.00-1.51
20140.19-0.48-0.34-0.860.11-0.050.550.140.250.07-0.630.21-0.85
20130.470.040.210.010.09-0.460.050.000.13-0.030.010.130.65
20120.160.120.070.35-0.01-0.440.000.000.050.280.25-0.640.19
2011-0.21-0.14-0.120.180.10-0.35-0.18-0.19-0.26-0.17-0.04-0.03-1.40
20100.930.010.07-0.040.70-0.880.04-0.380.03-0.01-0.73-0.14-0.41
20090.040.06-0.490.160.590.44-0.040.220.110.410.91-0.561.86
20080.52-1.200.240.29-0.440.510.39-0.021.820.880.280.303.60
20070.210.150.250.28-0.090.800.071.72-0.080.210.000.253.82
20061.110.630.60-0.331.050.940.460.040.82-0.490.37-0.065.25
20050.131.821.912.903.731.520.571.251.570.51-0.430.4017.00

PAST PERMORMANCE IS NOT INDICATIVE OF FUTURE RETURNS.

Program Info

The Micro Arbitrage Program (MAP) has been the flagship trading program of Midwest Trading Partners since its inception in 2005. The primary objectives of the program are capital preservation, equity index returns, bond index volatility and non correlation to other asset classes. The combination of methodology, risk adjusted performance, correlation, and margin used are unique in the managed futures space.
The MAP is a discretionary trading program focused on U.S. short term interest rate (STIR) futures. The MAP does not attempt to predict or profit from directional price movements and is managed on a "delta neutral" basis. Returns are achieved by capturing spread price dislocations that are a regular occurrence in the STIR markets due in part to institutional hedging, directional trader activity, and changes in monetary policy.
Midwest's "competitive edge", lies in the fact that it is uniquely positioned in size and sophistication to take advantage of these dislocations. Because most of these dislocations are not large, major financial institutions tend not to commit resources. Likewise, smaller hedge funds, CTA's, and proprietary traders are generally not focused on relative value strategies.
Return opportunities for the MAP are mainly a function of low credit spread volatility and normal to above normal interest rate volatility. Likewise, drawdowns tend to be a result of a lack of trading opportunities rather than strings of unprofitable trades. We believe that our trading style and competitive edge uniquely position the Micro Arbitrage Program to produce excellent risk adjusted returns over the coming years as interest rates normalize and hedging and trading activity increases.
Performance Notes: Performance shown is net of all fees that would have applied at that time. AUM data are managed accounts only, no proprietary AUM is included. From 2006 through 2010 a majority of managed accounts elected to hold their nominal account size constant on a monthly basis. As a result, the NFA requires that the annual return be computed by summing the monthly returns and not compounding them. Because Midwest does not calculate returns shown here, the YTD returns shown here are compounded. As a result of the July 2012 Peregrine Financial bankruptcy proceeding and related actions, client managed accounts were not fully under the control of Midwest Trading Partners and therefore were excluded in whole from the monthly performance calculation.

Company Info

Midwest Trading Partners, LLC ("Midwest") is an Illinois Limited Liability Company intended to operate as a commodity trading advisor ("CTA"). Midwest became registered with the Commodity Futures Trading Commission ("CFTC") as a CTA on June 24, 2005, and it is a member of the National Futures Association ("NFA").

Manager Info

Shawn W. Bingham is the Co-Founder and a Managing Partner of Midwest Trading. Mr. Bingham's primary responsibilities include trading, risk management, program research and the day to day operations of the firm. Mr. Bingham has over 20 years experience in the futures and options industry. Mr. Bingham began his career at Chicago Research and Trading, and has also been employed by HSBC Securities USA, Inc. and Prudential Equity Group LLC. Prior to Midwest, he held positions as both institutional trader and in institutional sales. He has been a member of the Chicago Board Options Exchange and the Chicago Board of Trade. Mr. Bingham completed his B.S. at Northern Illinois University.