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Program Details

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Crescent Bay Capital Management, Inc. 

Cipher Managed Program

Manager: David Bedford

Address: 1201 J Street, Suite 200, Sacramento, CA, 95814, U.S.A.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RETURNS.

Overview

Program Type:CTA
Inception Date:Mar 21, 2025
AUM:$1,147,544
QEP:Yes
Incentive Fee:2%
Annual Mgt Fee:20%
Min Investment:$50,000
Disclosure Doc:View
Performance Program S&P 500
Total ROR:6.41%-0.72%
Annual ROR:28.19%-2.84%
YTD:6.41%0.17%
1 Year:6.41%12.02%
Alpha:2.11
Beta:0.05
Statistics Program S&P 500
Average Monthly Gain:3.21%6.15%
Average Monthly Loss:-0.11%-3.26%
Winning Months:21
Losing Months:12
Current DD:0.000.00
Max DD:0.110.76
Sharpe Ratio (RF 1%):4.08
Annualized Std Dev:6.66

Methodology

Discretionary:10%
Systematic:90%

Strategy

StrategySingle Strategy
DirectionalLong / Short
Holding PeriodIntraday
---------------------------
Option Spreads:100%

Monthly Returns as Percentage by Year

JanFebMarAprMayJunJul AugSepOctNovDecYTD
20253.07-0.113.356.41

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RETURNS.

Program Info

Cipher Managed Program is a proprietary intraday options trading strategy designed to generate consistent, positive absolute returns through a disciplined, systematic approach.

By targeting short-dated options in the E-mini S&P 500 futures market, the program capitalizes on time decay and directional trend signals, all while maintaining zero overnight exposure to reduce gap risk and enhance overall risk management.

Ideal for investors seeking high-efficiency, data-driven trading with robust risk controls, Cipher offers a compelling opportunity to diversify portfolios with a strategy built on precision, speed, and a repeatable edge.

Company Info

Crescent Bay Capital Management, Inc. is a registered Commodity Trading Advisor (“CTA”) specializing in managed futures with a focus on intraday option spread strategies. Founded in 2003 and a member of the National Futures Association (“NFA”), the firm employs a systematic, data-driven approach to trading index futures options.

Manager Info

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