Disclosures
The material on this site is general and impersonal institutional research. It is not tailored to the positions, objectives, financial situation or needs of any recipient. Nothing on this site is an offer, solicitation, recommendation or instruction to buy, sell or hold any security, commodity interest or other instrument.
Charts, figures and specifications illustrate the structure and analytical uses of the model. Unless expressly identified otherwise, they are not a record of realised trading performance or a forecast. Historical relationships are sample-dependent, may change without notice and may not persist.
The methodology is published so that it can be reproduced independently. Results obtained from an independent reproduction will differ according to data, universe construction, execution and cost assumptions.
ARC publishes research and supplies analytical data. ARC does not accept or hold client assets, manage capital, select positions for recipients, exercise trading discretion, execute transactions or tailor this website to a recipient's circumstances. Recipients are responsible for their own research, decisions, implementation and compliance obligations.
Commodity interests can be volatile, leveraged and illiquid, and losses can be substantial. Model outputs depend on data quality, assumptions, universe construction, estimation choices, transaction costs, liquidity and execution. No model eliminates risk, and no representation is made that any research result or illustrative specification will be profitable.