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The strategy was launched in 1997 by commodities trader and analyst Bernard Drury. It was designed with a focus on the importance of commodities in the global economy, including their vulnerability to shocks and their interaction with financial markets. The Program has delivered favorable results over 25 years.

In addition to performing well in times of growth, the Program has shown itself to be resilient through hardship as well. The Program managed to survive the dot-com bubble (up 15.8% in 2000) and even to thrive through the subprime mortgage crisis (up 75.7% in 2008). More recently, the Program has been successful in navigating the pandemic and its aftermath, including the fiscal and monetary policy responses, as well as the ongoing global supply chain disruptions from both the pandemic and the war in Ukraine (up 12.9% 2020, up 26.3% 2021, up 29.7% YTD through April).

Bernard Drury said, "Through all these 25 years, the trading approach has been characterized by flexibility, applied with discipline. We have a great team, and while we are pleased with the results achieved so far, we are always looking for ways to improve the risk- adjusted rates of return that we provide our clients, with the aim of offering a low- correlation return stream that may add value to their portfolios."

He added, "Before launching the systematic diversified program, I had spent years as a commodity trader and analyst, having begun my career at Louis Dreyfus as a grain trader. From this experience, I brought to the design of our trading program an awareness of the importance of commodities in the global economy, including their vulnerability to shocks. Our research suggested that consistent application of an array of trading techniques across a broad portfolio could produce favorable results over long time periods even amidst ever- changing market circumstances.

"To date, that research appears to have been validated as the Program has managed to navigate through vast global changes. When the Program started in 1997, the global population was 5.9 billion, China represented only 3% of global GDP, gold traded at $370 an ounce, and the S&P 500 was only 770. Today, the global population has soared to 7.9 billion, China now accounts for 18% of global GDP, gold is over $1800 an ounce, and the S&P is near 4000.

"In the energy sector, the Program started when fracking for oil and gas was limited in scope, whereas it now contributes about half of US crude production and an even higher percentage (62%) of natural gas production. In foreign exchange, the Euro had not yet been launched (Jan 1, 1999), and Britain was still in the EU (Brexit 2016). In agriculture, Brazilian production of soybeans has more than quadrupled (from 32 MMT to 149 MMT)."

Bill Miller, Head of Global Sales, said, "A track record of 25 years is testimony to our extensive experience in the field and flexible trading strategy. We continue to be nimble and to hone in on areas of diversification that may offset many shocks - this helps us to make returns in the midst of roller-coaster swings in market activity."