Bullfrog Capital Management
- Minimum Account
- $1,000,000
- Assets Managed
- $60,000,000
- Worst Drawdown
- -27.43%
- Sharpe Ratio
- 1.1
- Start Date
- January 1997
- Management Fee
- 2%
- Incentive Fee
- 20%
- M/E Ratio
- 50%
Performance History
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2008 | 0.08 | 0.43 | 1.78 | 0.04 | 0.43 | -2.73 | 1.77 | 1.74 | |||||
| 2007 | -0.79 | -0.83 | 0.00 | 2.02 | 0.75 | -3.20 | -0.05 | 0.13 | 0.01 | 0.34 | -3.16 | -0.37 | -5.15 |
| 2006 | 1.12 | -0.23 | 2.26 | 0.06 | 1.93 | 0.75 | -0.39 | -0.37 | 1.15 | 13.44 | 9.58 | -0.32 | 31.85 |
| 2005 | -0.05 | -1.98 | -1.45 | 0.36 | -0.07 | -0.01 | 0.01 | -3.03 | -2.28 | 0.08 | -0.02 | -0.11 | -8.13 |
| 2004 | 6.26 | 10.64 | 6.99 | 7.69 | -10.17 | -2.36 | 0.33 | -4.16 | 9.82 | 0.13 | 1.09 | -0.77 | 26.02 |
| 2003 | 0.03 | -0.36 | 0.13 | -0.17 | -0.30 | -0.77 | 2.81 | 0.75 | -6.39 | 8.63 | 2.96 | -0.78 | 5.71 |
| 2002 | 1.23 | -0.57 | 0.73 | 1.73 | 12.36 | 6.22 | 0.27 | 1.15 | -2.02 | 5.00 | 1.56 | -4.59 | 24.50 |
| 2001 | -1.36 | 0.73 | -0.17 | -1.46 | 0.03 | 2.73 | 6.02 | -4.16 | 5.22 | -1.76 | -1.16 | -0.17 | 4.09 |
| 2000 | -4.16 | 0.23 | 0.43 | -0.87 | -0.27 | 2.93 | 0.53 | -0.27 | -0.87 | -1.66 | -0.17 | 1.93 | -2.37 |
| 1999 | 4.33 | 10.79 | 4.34 | 0.35 | 6.82 | -8.54 | 1.23 | -4.96 | -0.07 | -3.46 | -1.56 | 3.43 | 11.74 |
| 1998 | -13.94 | 0.53 | 3.43 | -0.97 | 5.62 | 8.12 | 1.13 | -1.17 | 2.43 | -1.26 | 1.03 | 2.13 | 5.55 |
| 1997 | 0.63 | -3.16 | -5.76 | 5.52 | -4.86 | 5.02 | -3.96 | 0.93 | 4.92 | -9.35 | 3.83 | 17.80 | 9.18 |
Additional CTA Information
Strategy
Bullfrog’s philosophy is to provide investors with significant returns by using a fundamental; supply/demand researched based investment strategy in the agriculture and natural resource futures markets, while maintaining a targeted level of risk. Bullfrog’s investment strategy is based upon a supply/demand analysis, cost of production estimates and supply forecast. Bullfrog buys or sells agricultural futures based upon a proprietary economic value model. Position time horizons are framed in quarters, not days or weeks. The “optimal trade” is a buy of a product under its cost of production with a rising demand base. The “optimal” reverse “short” is to sell a product that is very profitable with a falling demand base. We focus on a few concentrated investments per year instead of a many small investments. Positions are held both for short term (2 to 4 week view) and longer term (6 to 12 month view) time frames.
The strategy trades concentrated positions in a wide variety of agricultural markets and opportunistically trades others, and acknowledges the high correlation among/between various markets. The strategy will sometimes hold no positions at all. Bullfrog calculates value-at-risk (VAR) and cash-at-risk (CAR) on a daily basis, limits leverage to a maximum of 3:1 (average 1:1), limits sector exposure to a maximum of 300%, and employs stop/losses on each position (volatility weighted) at 15%.Bullfrog Capital trades only the most liquid agricultural futures markets and can provide transparency via daily NAVs and position summaries. If a Bullfrog program sustains a 15% drawdown within any month, it will liquidate its positions and will not re-enter the market until the following month.
Principal Bios
Richard Morrow is Portfolio Manager and founder of Bullfrog Capital Management, Inc. Mr. Morrow has actively traded agricultural futures for producers, merchants and speculators for over 16 years. Mr. Morrow has developed extensive, proprietary supply and demand models that are the backbone of his fundamental analysis. In addition to being a futures trader and broker, Mr. Morrow owns a working farm in Marks, MS and is part owner of Union Compress of W. Memphis. Mr. Morrow consults and implements hedging programs to variety of locally owned agricultural operations. These relationships give Mr. Morrow a unique insight into the profitability of specific agricultural businesses. Mr. Morrow also holds his series 3 license. Mr. Morrow received a B.S. in Economics from Auburn University in 1990.