Style Tilted Portfolios!

LOW VOL TILTED

8.9% Annualized

7.8% YTD (end of October)

2.2% (October Monthly)

The Low Volatility Index/Portfolio chooses commodities with a bias towards those scoring negatively to our Volatility Factor

VALUE TILTED

11.4% Annualized

-3.2% YTD (end of October)

2.6% (October Monthly)

The Value Index/Portfolio chooses commodities which score negatively to our Momentum Factor.

MOMENTUM TILTED

9.6% Annualized

35.6% YTD (end of October)

4.7% (October Monthly)

The Momentum Index/Portfolio chooses commodities which score positively to our Momentum Factor

BACKWARDATION TILTED

11.3% Annualized

20.9% YTD (end of October)

6.2% (October Monthly)

The Value Index/Portfolio chooses commodities which score negatively to our Backwardation Factor.

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