QMS Capital Management: Platform Profile

Overview

QMS Capital Management LP is a quantitative alternative-investment manager based in Durham, North Carolina.

Current first-party identity:

• Legal manager: QMS Capital Management LP
• CTA: Yes
• CPO: Yes
• NFA ID: 0428445

Its flagship managed-futures/global-macro strategy is the QMS Diversified Global Macro Strategy.

May fit better for

• QEP investors;
• institutional or sophisticated private-fund investors;
• investors seeking systematic global macro;
• investors comfortable with futures, FX and leverage;
• clients seeking diversified model/time-horizon exposure;
• investors able to evaluate private-fund terms.

May fit less well for

• ordinary retail investors;
• users looking for a U.S. daily-liquid mutual fund;
• investors who want one universal minimum;
• investors uncomfortable with a 20% performance-fee reference;
• users who interpret a Form D $0 minimum literally as practical access;
• investors who expect diversification to prevent large losses.

QMS is a current active legal entity

Current first-party site:

• Legal name: QMS Capital Management LP
• Independent: Yes
• Owned by leadership team: Yes

Current LEI records show the legal entity remains active.

QMS is CTA and CPO registered

Current first-party and IASG:

• CTA: Yes
• CPO: Yes
• NFA ID: 0428445

Registration is not CFTC approval of the trading program.

The direct IASG program reference is $5M / 2% / 20%

Current IASG:

• QMS Diversified Global Macro Strategy:
• Minimum: $5M
• Management fee: 2%
• Performance fee: 20%
• QEP context: Yes

The strategy is described as:

• quantitative;
• systematic;
• long/short;
• multi-asset;
• multi-theme;
• multi-model;
• multi-time-horizon.

The U.S. private fund Form D shows $0 in the Form D minimum field

Current/recent SEC Form D:

• Fund: QMS Diversified Global Macro U.S. Fund LP
• Form d minimum: $0
• Rule 506b: Yes
• Registered investment company: No

Form D's minimum field is a securities-offering notice field and does not replace the fund's private offering memorandum/subscription agreement.

The offshore fund Form D shows a $100K minimum field

Current/recent offshore Form D:

• Fund: QMS Diversified Global Macro Offshore Fund Ltd.
• Form d minimum: $100,000
• Rule 506b: Yes
• Registered investment company: No

Again:

The direct strategy's $5M, U.S. fund $0, and offshore $100K references belong to different structures/documents.

QMS uses private pooled vehicles

Current SEC filings identify:

• QMS Diversified Global Macro U.S. Fund LP;
• QMS Diversified Global Macro Offshore Fund Ltd.

Performance history includes composite methodology caveats

Current IASG strategy material explains that historical returns can involve:

• blended composites;
• proprietary and client accounts;
• different notional-account treatment;
• administrator-supplied account data;
• earlier pro forma/hypothetical portions.

Loss can exceed principal or cash funded

Current IASG risk language states the strategies can involve loss of:

• some;
• all;
• amounts in excess of

principal invested.

FCM/FX account structures remain separate from QMS management

Historical/current program architecture supports futures accounts and FX accounts carried with external market counterparties/custodians.

Assessment

QMS demonstrates why managed-futures minimums must be tied to the access structure.

Current public references include:

• $5M for the IASG direct strategy;
• $0 in the U.S. fund's Form D minimum field;
• $100K in the offshore fund's Form D minimum field.

Those are not interchangeable.

For an actual investor, the governing private offering and account documents control eligibility, minimums, fees and liquidity.