AG L/S Program

CountyCork_AgL-S_Program

The AG L/S Program, or the Agricultural Long and Short Managed Futures Program, is a systematic trading system that initiates and holds long or short positions using detailed, algorithmic analyses of U.S. grain and livestock futures markets. Robert J. O’Brien, Jr., utilizing his long experience in dealing with the agricultural community, developed algorithms that take into consideration cash and futures price movements in order to develop the AG L/S Program.

Investment Strategy

The general philosophy of the AG L/S Program is that the pricing of Grain and Livestock Futures are typically tied to what happens in the cash market and that the price action in the derivative futures markets can sometimes be distorted by speculative trading. The program operates under the theory that the price action of the cash market more accurately reflects the reality of supply and demand factors that ultimately determine derivative pricing. With this in mind, the AG L/S Program monitors and analyzes cash price movements in order to generate trading signals.

Risk Management

The AG L/S Program focuses on agricultural futures contracts with substantial open interest in an effort to provide high liquidity and is intended to employ very limited leverage, which we believe should tend to reduce risk and provide significant liquidity during stressful market periods.

AG L/S Program at a Glance

  • Program Type: Systematic
  • Minimum Initial Investment: $1M
  • Fee Structure: 2% Management fee, 20% Incentive fee

HYPOTHETICAL PERFORMANCE DATA IS AVAILABLE UPON REQUEST.

YearJanFebMarAprMayJunJulAugSepOctNovDecYTD
20171.96%-0.79%-4.02%0.34%-2.46%6.34%-0.55%-3.73%-3.26%
2016-0.96%1.14%-0.12%0.05%2.11%8.17%0.01%4.92%-1.96%-1.44%2.78%-1.86%13.07%
2015-0.16%1.88%-3.38%0.38%-1.13%1.15%1.27%0.63%0.71%0.88%-1.18%-0.47%0.47%
2014-1.63%1.59%-6.95%-0.18%3.65%3.87%3.62%2.20%5.14%-1.17%-1.40%2.14%10.75%
20130.38%0.60%-0.33%3.68%-1.00%-3.16%3.06%-3.75%-0.52%2.71%-1.39%-0.01%

Note: past performance is not indicative of future results

THE PERFORMANCE SET FORTH ABOVE IS FOR A PROPRIETARY ACCOUNT MAINTAINED BY A PRINCIPAL OF COUNTY CORK TRADED PURSUANT TO THE AGRICULTURAL LONG AND SHORT MANAGED FUTURES PROGRAM, OR THE AG L/S PROGRAM. THE PERFORMANCE HAS BEEN PRO FORMA ADJUSTED FOR A 2% (ANNUALIZED) MONTHLY MANAGEMENT FEE AND A 20% QUARTERLY INCENTIVE FEE THAT WOULD HAVE BEEN CHARGED TO A CUSTOMER ACCOUNT PARTICIPATING IN THE AG L/S PROGRAM.  THE PERFORMANCE IS NET OF ACTUAL BROKERAGE COMMISSIONS AND TRANSACTION FEES CHARGED TO THE ACCOUNT, WITH PROFITS REINVESTED.  PLEASE NOTE THAT ACTUAL CUSTOMER ACCOUNTS HAVE BEEN TRADED PURSUANT TO THE PROGRAM. COUNTY CORK HAS CHOSEN TO USE PERFORMANCE OF A PROPRIETARY ACCOUNT IN THIS PRESENTATION AS IT HAS CONTINUOUSLY OPERATED SINCE INCEPTION. PERFORMANCE INFORMATION FOR CLIENT ACCOUNT PERFORMANCE IS AVAILABLE UPON REQUEST.

 

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Robert J. O’Brien, Jr., Manager

The Ag L/S Portfolio Manager, as well as County Cork’s Chairman and CEO, Mr. O’Brien is one of the County Cork’s trading principals and is also primarily responsible for all trading-related decisions made by the Ag Long/Short Program, including the development of all trading models, money management, and portfolio selection. From May, 2000, to July, 2007, Mr. O’Brien was an associated person and Vice Chairman of R.J. O’Brien & Associates, LLC (“RJO”), a registered futures commission merchant (“FCM”), with which he had been associated since 1970, and which he currently serves as a member of the Board of Directors.  Mr. O’Brien holds a B.A. degree in Economics from the University of Notre Dame, and a J.D. degree from Loyola University Chicago.

George F. Coyle, Co-Manager

In addition to co-managing the Ag L/S program, Mr. Coyle is responsible for the development of investment systems and strategies.  Prior to joining County Cork in 2015, Mr. Coyle ran his own CTA, Mount Analogue Capital Management.  Before that he worked in a variety of capacities, including portfolio manager, analyst, researcher, and trader for 13D Research (publisher of “What I Learned This Week”), Manchester Trading, Clovis Capital Management, and John A. Levin & Co.  Mr. Coyle holds a B.S. in Finance from the Ohio State University and a M.A. in Applied Statistics from Columbia University.