DUNN Capital Management: Platform Profile

Overview

DUNN Capital Management is one of the longest-running systematic managed-futures firms in the CTA industry.

Its flagship strategy is the World Monetary and Agriculture program, commonly called WMA.

Current identity:

• Legal manager: DUNN Capital Management, LLC
• NFA ID: 0000526
• CTA: Yes
• Flagship program: World Monetary and Agriculture (WMA)

May fit better for

• sophisticated investors seeking high-conviction systematic trend following;
• QEP investors able to meet current large-account references;
• allocators comfortable with high volatility and large drawdowns;
• institutions seeking long/short global futures exposure;
• investors who understand incentive-fee mechanics;
• portfolios where managed futures are used as a diversifier rather than a capital-preservation guarantee.

May fit less well for

• retail investors with small accounts;
• investors unable to qualify as QEPs for the current direct references;
• clients seeking low-volatility absolute return;
• investors who cannot tolerate historically deep drawdowns;
• users relying on old or undated $100K minimum references without confirming current access;
• investors who expect trend following to profit during every equity decline.

WMA is systematic long-term trend following

Current manager-database descriptions characterize WMA as:

• Systematic: Yes
• Trend following: Yes
• Time horizon: medium to long term
• Markets:
• financial futures
• energy
• metals
• agriculture
• Long and short: Yes

The strategy seeks to extract returns from persistent trends in either direction.

It does not guarantee negative correlation to stocks or bonds.

Current public minimum sources conflict materially

This is the most important data-quality issue in the DUNN review.

IASG and RCM database pages currently show WMA-related minimums around:

• Database minimum: $100,000

But current dated 2026 AutumnGold materials show:

• WMA:
• Minimum: $10,000,000
• QEP only: Yes
• WMA Institutional:
• Minimum: $25,000,000
• QEP only: Yes

WMA and WMA Institutional are not the same risk target

WMA Institutional is designed as a lower-volatility version of WMA.

Current RCM database description says WMA Institutional targets approximately half the leverage/volatility of flagship WMA.

Current public fee references show no management fee and 25% incentive fee

Current IASG/AutumnGold disclosures show:

• Management fee: 0.00%
• Incentive fee: 25.00%

The investor must confirm the current governing agreement.

Different vehicles, negotiated accounts or wrappers can differ.

High-water-mark mechanics should not be invented

unless the current client/disclosure document states it.

The public 25% incentive-fee field alone does not define the full performance-fee calculation.

The drawdown history can be extreme

Current public databases report historical WMA peak-to-valley drawdowns around or above 60% over the long history.

QEP status does not make the strategy safe

Current 2026 access references identify WMA and WMA Institutional as QEP-only.

That is an investor-eligibility classification.

It does not mean:

• principal is protected;
• risk is low;
• the investment is suitable for every QEP;
• losses are capped.

Trend following can underperform for long periods

A trend strategy can struggle in:

• choppy markets;
• abrupt reversals;
• range-bound environments;
• crowded trend unwinds;
• periods with weak cross-market trends.

Assessment

DUNN is exactly the kind of managed-futures manager where a review can become inaccurate by copying one database field.

The current public record contains a meaningful minimum-investment conflict.

ROIStreet should preserve that conflict rather than choose the lowest number.

The most defensible current framing is:

• WMA is a systematic long-term trend strategy;
• current dated 2026 sources show $10M WMA and $25M WMA Institutional access references;
• both are identified as QEP-only in those sources;
• undated/current platform pages still show $100K;
• current fee references show 0% management / 25% incentive;
• risk can be substantial.