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Amapa Capital Advisors LLC

Amapa Investment Fund (2XL Share Class)

Investment Strategy

The Energy program is discretionary and focuses on petroleum and US natural gas. The investment strategy merges an analysis of supply demand dynamics to identify themes and biases with a thorough review of technical factors to filter trade ideas and define risk reward parameters. The program implements both directional and relative value trades. The holding period varies according to the commodity being traded, the volatility of the underlying and the tactical vs structural nature of the trade.

Performance (VAMI)

Monthly Returns

Fund Manager

Amapa Capital Advisors, an NFA registered CTA, was founded in December 2014 by Denys Thorez, its sole principal. Mr Thorez brings with him 25 years of experience in energy trading and risk management.  Prior to starting Amapa Capital Advisors, Mr. Thorez was a principal of AAA Capital Management, a $1B+ energy-focused CTA from 2002 until 2014.  He started his career on the NYMEX trading floor as an options market maker, then managed the natural gas price book of Mirant, a gas and power merchant from 1997 to 2002. Mr. Thorez holds a BA in finance from University Paris-Dauphine and an MBA from Baruch College, NY. He is a CFA Charterholder and a member of the CFA Society of Houston. He is the largest investor in the Amapa Investment Fund.

Mr. Thorez started the Amapa Investment Fund in 2007 as a friends & family program in parallel to managing up to $150 million of AAA's assets.  As a result of AAA's closure,  Amapa Capital Advisors was established and began trading the Fund in February 2015 .  At that time, a new risk management framework was implemented for the Fund's trading program as well as a recalibration of its research/investment process (performance prior to Feb 2015 is available upon request).  The Fund is offering two classes of Interests: the Standard Class and the 2XL Class.  Each class is traded pursuant to the same program, except that the Standard Class is traded with 1 to 1 leverage and the 2XL Class with 2 to 1 leverage. Performance herein is for the Standard Class. Amapa Capital Advisors is available to trade individual trading accounts for QEPs.

General Information

Inception DateMay 2020
Minimum Investment2,000,000 USD
Management Fee2.00%
Performance Fee20.00%
Highwater MarkYes
Phone2818221097
E-mail[email protected]
Website -

Statistics

Total Return Cumulative 41.21%
Sharpe Ratio 1.15
Sortino Ratio 2.35
Winning Months (%) 55.32%
Correlation vs. S&P 500 TR 0.04

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 0.52 -0.43 0.63 0.72
2023 -0.27 -0.38 3.15 -0.15 -1.38 1.07 0.53 -0.16 1.33 -0.99 2.73 1.49 7.08
2022 5.50 1.82 4.79 1.82 2.08 -0.47 3.84 -3.50 -2.17 1.04 -1.54 4.41 18.57
2021 -0.21 -1.42 3.30 2.98 0.11 4.88 5.14 0.89 4.68 -2.52 1.09 -0.12 20.08
2020 1.05 -0.98 -1.24 -0.59 -4.06 -0.38 0.10 -2.16 -8.05
There is a substantial risk of loss in trading commodity futures, equities, options and off-exchange foreign currency products. Past performance is not indicative of future results.
An investment in the Fund is speculative, volatile, involves a high degree of risk and is designed only for sophisticated investors.  Read and examine its offering document before investing.  No representation is or could be made that the Fund will or is likely to achieve profits or incur losses similar to those shown.

Monthly Returns

Performance (VAMI)

Distribution of Monthly Returns

12 Month Rolling ROR

Up Capture vs. S&P 500 TR

Down Capture vs. S&P 500 TR

AUM

Volatility (12 Months Rolling)

Risk/Return Comparison

Drawdown

Instruments

An investment in the Fund is speculative, volatile, involves a high degree of risk and is designed only for sophisticated investors.  Read and examine its offering document before investing.  No representation is or could be made that the Fund will or is likely to achieve profits or incur losses similar to those shown.

Return Statistics

Last Month 0.63%
Year To Date 0.72%
3 Month ROR 0.72%
12 Months ROR 5.24%
36 Month ROR 51.12%
Total Return Cumulative 41.21%
Total Return Annualized 9.21%
Best Month 5.50%
Winning Months (%) 55.32%
Gain Deviation 1.73

Risk Statistics

Standard Deviation Annualized 7.93%
Max Drawdown (Monthly) -10.48%
Max Drawdown Length 14
Worst Month -4.06%
Losing Months (%) 44.68%
Average Losing Month -1.20%
Loss Deviation 1.10
Correlation vs S&P 500 0.04
Correlation vs DJ/CS MF -0.02

Risk/Reward Statistics

Sharpe Ratio 1.15
Sortino Ratio 2.35
Omega Ratio 0.92
Skewness 0.33
Kurtosis -0.22

Drawdown Report

No. Depth (%) Length (Months) Recovery (Months) Start date End date
Fund Index Fund Index Fund Index Fund Index Fund Index
1 -10.48% 9 5 06/2020 07/2021
2 -6.08% 4 4 08/2022 03/2023
3 -2.52% 1 3 10/2021 01/2022
4 -1.53% 2 2 04/2023 07/2023
5 -0.99% 1 1 10/2023 11/2023

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 5.50%-4.06%0.76%0.52%0.63%55.32%
3 Months 12.57%-5.81%2.39%2.48%0.72%68.89%
6 Months 20.06%-8.10%5.30%4.62%3.97%80.95%
1 Year 34.11%-4.67%13.08%9.92%5.24%94.44%
2 Years 43.80%13.61%30.54%29.83%13.61%100.00%
3 Years 55.13%30.76%43.09%43.67%51.12%100.00%
5 Years ------

Time Window Analysis

1 Month3 Months6 Months1 Year2 Years3 Years
Annual Compounded Avg9.21%31.12%80.25%316.36%2291.25%7117.93%
% Positive55.32%68.89%80.95%94.44%100.00%100.00%
Avg. Pos. Period2.35%4.73%7.79%14.10%30.54%43.09%
Avg. Neg. Period-1.20%-2.79%-5.28%-4.22% - -
Sharpe Ratio1.151.802.464.3912.9317.75
Sortino Ratio2.354.386.7543.710.000.00
Standard Deviation2.29%4.60%7.47%10.32%8.18%8.41%
Downside Deviation1.09%1.81%2.58%1.00%0.00%0.00%
An investment in the Fund is speculative, volatile, involves a high degree of risk and is designed only for sophisticated investors.  Read and examine its offering document before investing.  No representation is or could be made that the Fund will or is likely to achieve profits or incur losses similar to those shown.

Company Information

Minimum Investment2,000,000 USD (notional funding: 300.00%)
AUM136,871,466 USD
Management Fee2.00%
Performance Fee20.00%
Highwater MarkYes
RT per Million1500
Margin to Equity5.00%
Legal StructureManaged Account or Fund
Investment RestrictionNone

Company Information

CompanyAmapa Capital Advisors LLC
PrincipalDenys Thorez
Phone2818221097
E-mail[email protected]
License NumberNFA 483176
LocationHouston, United States
Performance Compiled byMarathon Investments

Monthly Performance

  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2024 0.52 -0.43 0.63 0.72
2023 -0.27 -0.38 3.15 -0.15 -1.38 1.07 0.53 -0.16 1.33 -0.99 2.73 1.49 7.08
2022 5.50 1.82 4.79 1.82 2.08 -0.47 3.84 -3.50 -2.17 1.04 -1.54 4.41 18.57
2021 -0.21 -1.42 3.30 2.98 0.11 4.88 5.14 0.89 4.68 -2.52 1.09 -0.12 20.08
2020 1.05 -0.98 -1.24 -0.59 -4.06 -0.38 0.10 -2.16 -8.05
There is a substantial risk of loss in trading commodity futures, equities, options and off-exchange foreign currency products. Past performance is not indicative of future results.

Strategy Description

The Energy program is discretionary and focuses on petroleum and US natural gas. The investment strategy merges an analysis of supply demand dynamics to identify themes and biases with a thorough review of technical factors to filter trade ideas and define risk reward parameters. The program implements both directional and relative value trades. The holding period varies according to the commodity being traded, the volatility of the underlying and the tactical vs structural nature of the trade.

Return Statistics

Last Month 0.63%
Year To Date 0.72%
3 Month ROR 0.72%
12 Months ROR 5.24%
36 Month ROR 51.12%
Total Return Cumulative 41.21%
Total Return Annualized 9.21%
Best Month 5.50%
Winning Months (%) 55.32%
Gain Deviation 1.73

Risk Statistics

Standard Deviation Annualized 7.93%
Max Drawdown (Monthly) -10.48%
Max Drawdown Length 14
Worst Month -4.06%
Losing Months (%) 44.68%
Average Losing Month -1.20%
Loss Deviation 1.10
Correlation vs S&P 500 0.04
Correlation vs DJ/CS MF -0.02

Risk/Reward Statistics

Sharpe Ratio 1.15
Sortino Ratio 2.35
Omega Ratio 0.92
Skewness 0.33
Kurtosis -0.22

Performance (VAMI)

Fund Manager

Amapa Capital Advisors, an NFA registered CTA, was founded in December 2014 by Denys Thorez, its sole principal. Mr Thorez brings with him 25 years of experience in energy trading and risk management.  Prior to starting Amapa Capital Advisors, Mr. Thorez was a principal of AAA Capital Management, a $1B+ energy-focused CTA from 2002 until 2014.  He started his career on the NYMEX trading floor as an options market maker, then managed the natural gas price book of Mirant, a gas and power merchant from 1997 to 2002. Mr. Thorez holds a BA in finance from University Paris-Dauphine and an MBA from Baruch College, NY. He is a CFA Charterholder and a member of the CFA Society of Houston. He is the largest investor in the Amapa Investment Fund.

Mr. Thorez started the Amapa Investment Fund in 2007 as a friends & family program in parallel to managing up to $150 million of AAA's assets.  As a result of AAA's closure,  Amapa Capital Advisors was established and began trading the Fund in February 2015 .  At that time, a new risk management framework was implemented for the Fund's trading program as well as a recalibration of its research/investment process (performance prior to Feb 2015 is available upon request).  The Fund is offering two classes of Interests: the Standard Class and the 2XL Class.  Each class is traded pursuant to the same program, except that the Standard Class is traded with 1 to 1 leverage and the 2XL Class with 2 to 1 leverage. Performance herein is for the Standard Class. Amapa Capital Advisors is available to trade individual trading accounts for QEPs.

Distribution of Monthly Returns

12 Month Rolling ROR

Drawdown Report

No. Depth (%) Length (Months) Recovery (Months) Start date End date
Fund Index Fund Index Fund Index Fund Index Fund Index
1 -10.48% 9 5 06/2020 07/2021
2 -6.08% 4 4 08/2022 03/2023
3 -2.52% 1 3 10/2021 01/2022
4 -1.53% 2 2 04/2023 07/2023
5 -0.99% 1 1 10/2023 11/2023

Return Report

Period BestWorstAverageMedianLastWinning %
1 Month 5.50%-4.06%0.76%0.52%0.63%55.32%
3 Months 12.57%-5.81%2.39%2.48%0.72%68.89%
6 Months 20.06%-8.10%5.30%4.62%3.97%80.95%
1 Year 34.11%-4.67%13.08%9.92%5.24%94.44%
2 Years 43.80%13.61%30.54%29.83%13.61%100.00%
3 Years 55.13%30.76%43.09%43.67%51.12%100.00%
5 Years ------

Time Window Analysis

1 Month3 Months6 Months1 Year2 Years3 Years
Annual Compounded Avg9.21%31.12%80.25%316.36%2291.25%7117.93%
% Positive55.32%68.89%80.95%94.44%100.00%100.00%
Avg. Pos. Period2.35%4.73%7.79%14.10%30.54%43.09%
Avg. Neg. Period-1.20%-2.79%-5.28%-4.22% - -
Sharpe Ratio1.151.802.464.3912.9317.75
Sortino Ratio2.354.386.7543.710.000.00
Standard Deviation2.29%4.60%7.47%10.32%8.18%8.41%
Downside Deviation1.09%1.81%2.58%1.00%0.00%0.00%

Up Capture vs. S&P 500 TR

Down Capture vs. S&P 500 TR

Drawdown

Volatility (12 Months Rolling)

Instruments

AUM

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An investment in the Fund is speculative, volatile, involves a high degree of risk and is designed only for sophisticated investors.  Read and examine its offering document before investing.  No representation is or could be made that the Fund will or is likely to achieve profits or incur losses similar to those shown.
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Data and information is provided for informational purposes only. Past performance is not necessarily indicative of future results.