1.1 Organizational Structure

The fund structure consists of two Georgia limited liability companies. Joshua Tree Capital Management LLC is the fund entity that holds all investor capital and trading accounts. Mukoro Investment Group LLC serves as the Commodity Pool Operator (CPO) and manager, responsible for all investment decisions, risk management, trading execution, fund administration, and regulatory compliance. Joshua Mukoro serves as the sole Manager of Mukoro Investment Group LLC.

1.2 Firm History

Joshua Tree Capital Management was founded in February 2025 with approximately $20,000 in initial capital from four founding investors. The fund was established to operate a systematic trend-following program across diversified global futures markets. Since inception, the fund has grown to $111,083 across six investors through systematic compounding and disciplined execution. The fund has operated continuously since inception with no interruptions to trading or reporting.

1.3 Investment Objective

The fund seeks to generate positive absolute returns across economic cycles through systematic trend-following diversified across global futures markets. The strategy targets low correlation to traditional asset classes, providing genuine portfolio diversification. The fund accepts short-term volatility in pursuit of superior long-term compound growth.

1.4 Assets Under Management

As of February 22, 2026, the fund manages $111,083 across six investor accounts. Assets are held in segregated accounts at Interactive Brokers LLC. The fund’s AUM has grown from approximately $20,000 at inception, representing organic growth through trading performance and additional subscriptions. The fund has experienced 100% investor retention since inception — no investor has redeemed.

2.1 Portfolio Manager

2.2 Background

Joshua Mukoro is the Founder and Portfolio Manager of Joshua Tree Capital Management, responsible for all investment decisions, research, and portfolio construction.

He holds a B.A. in Psychology from the University of North Carolina at Chapel Hill, an MBA, and a Master’s in Information Systems Management from Lamar University. Joshua serves on active duty in the United States Air Force, where he oversees mission-critical operations requiring strict process adherence, risk containment, and operational continuity. He has been decorated for leadership throughout his service, from a deployment to Kuwait to crisis operations during hurricane recovery efforts. That same discipline drives the fund’s systematic approach.

2.3 Key Person Risk

Joshua Tree Capital Management is a single-operator fund. Mr. Mukoro is solely responsible for all investment decisions, system development, trade execution, risk management, operations, compliance, and investor relations. There is no deputy portfolio manager, backup trader, or operations staff.

The fund acknowledges this as a material risk factor. In the event of the incapacity of Mr. Mukoro, the Operating Agreement provides for dissolution and orderly wind-down of the fund within 90 days unless a successor is appointed. All trading systems are fully documented, and all investor records and account information are maintained in redundant storage systems accessible to designated parties.

Mitigation factors include: (a) the strategy is 100% systematic, reducing dependence on discretionary judgment; (b) all trading parameters, signal logic, and execution procedures are documented and reproducible; (c) all fund assets are held in segregated accounts at Interactive Brokers, accessible to the fund entity independent of the operator; (d) the operator intends to add operational staff as AUM grows.

2.4 Compensation

Mr. Mukoro is compensated through the management fee (2.0% per annum) and incentive fee (20% of new net profits) earned by Mukoro Investment Group LLC as operator of the fund. There is no separate salary or fixed compensation. The manager’s economic interests are directly aligned with fund performance.

3.1 Strategy Classification

Systematic trend-following across global futures markets. The strategy is 100% systematic with no discretionary overrides permitted. All trading signals, position sizes, stop levels, and risk parameters are determined algorithmically.

3.2 Signal Generation

The fund employs proprietary multi-timeframe trend-following models — a well-established approach to systematic trend identification that has been applied successfully by institutional traders since the 1970s. The models operate across two independent timeframes:

Both models run independently across the full 25-market universe. When signals converge on the same market across timeframes, portfolio exposure naturally increases in the highest-conviction trends without forcing concentration.

3.3 Trade Execution

3.4 Decision Process

There is no discretionary component to the investment process. The signal generation, position sizing, stop placement, and exit logic are entirely rules-based. The sole human role is to ensure that generated signals are accurately transmitted to the broker for execution and to monitor for any operational or technology issues. The manager does not override, delay, or modify signals under any circumstances.

3.5 Research and Development

The strategy is based on classical trend-following principles that have been validated across decades of historical data and live institutional trading. The manager conducts ongoing research into market universe expansion, execution optimization, and risk management refinements. The core signal generation methodology is intentionally simple and robust — the fund does not employ machine learning, neural networks, or complex optimization techniques that may introduce curve-fitting risk.

4.1 Position Sizing

Every position is sized using a volatility-based model tied to each market’s current Average True Range (ATR). Each trade is sized so that the initial risk — the distance from entry price to initial stop — represents a fixed percentage of portfolio equity. This ensures that each position contributes a comparable level of risk to the portfolio regardless of the underlying contract’s notional value or volatility characteristics.

Position sizes are calculated at the time of signal generation and are not adjusted during the life of the trade. This fixed-fractional approach means position sizes automatically adjust with portfolio equity — smaller positions after drawdowns, larger positions after gains — providing natural risk management through position sizing alone.

4.2 Stop Loss Management

Every position carries an ATR-derived initial stop placed at entry and a systematic trailing stop that follows the trend. As a position moves in the fund’s favor, the trailing stop ratchets in the direction of profit, locking in gains. When a trend reverses, the stop triggers automatically. There is no discretionary holding of losing positions and no “averaging down.” Losing positions are exited at the stop level without exception.

4.3 Portfolio-Level Risk Controls

4.4 Maximum Drawdown History

The fund’s maximum drawdown since inception is -55.78%, occurring during the April–May 2025 period when a global tariff shock simultaneously reversed multiple trend-following positions. The fund recovered to new all-time highs within approximately six months. During the drawdown, the manager invested additional personal capital near the trough, and the fund experienced zero investor redemptions.

4.5 No Discretionary Overrides

Risk management is entirely systematic. The manager does not override stops, adjust position sizes based on conviction, or deviate from the model output for any reason. This discipline ensures that risk management rules are applied consistently regardless of market conditions or behavioral pressures.

5.1 Market Universe

The fund trades 25 exchange-traded futures markets across multiple sectors. A capital-efficient, diversified universe providing uncorrelated opportunities to capture trends, smoother equity curves, and less dependence on any single sector or market.

5.2 Market Selection Criteria

Markets are selected based on the following criteria: (a) sufficient liquidity as measured by average daily volume and open interest; (b) exchange-traded on regulated exchanges; (c) availability through Interactive Brokers; (d) reasonable bid-ask spreads relative to position size; (e) no structural impediments to short selling. The market universe is reviewed quarterly and may be expanded or contracted based on liquidity conditions and exchange availability.

5.3 Dual Timeframe Approach

Both the short-term and long-term models run simultaneously across the full 25-market universe. Each model generates independent entry and exit signals. A single market may have positions from both timeframes simultaneously, always in the same direction. When both models signal the same trend, portfolio exposure to that market naturally increases, reflecting higher conviction in that directional move.

5.4 Long and Short Exposure

The system trades both long and short, capturing trends in either direction. The portfolio’s directional bias at any given time is a function of which markets are trending and in which direction — it is not a deliberate choice by the manager. In the current environment (as of February 22, 2026), the portfolio holds 6 long positions across 5 sectors, reflecting a reduced-exposure posture as the long-term system exited all positions during the month while the short-term system independently entered fresh trends.

5.5 Current Portfolio Snapshot

As of February 22, 2026

6.1 Brokerage and Custody

All fund assets are held in segregated accounts at Interactive Brokers, meaning client funds are separated from the broker’s proprietary assets in accordance with CFTC regulations. Interactive Brokers provides daily account statements, real-time position and margin reporting, and trade confirmations.

6.2 Technology Infrastructure

6.3 Trade Reconciliation

The fund performs monthly trade-level reconciliation against broker statements. All executed trades are verified against the trading system’s expected fills. Position counts, market values, and cash balances are reconciled with Interactive Brokers’ official month-end statements. Any discrepancies are investigated and resolved before NAV calculation.

6.4 NAV Calculation

Net Asset Value is calculated monthly by the manager using the following process: (a) aggregate all account values from Interactive Brokers month-end statements; (b) deduct accrued management fees; (c) calculate and accrue incentive fees based on individual investor high-water marks; (d) determine NAV per unit for each investor. NAV calculations are verified against broker statement totals. The fund does not currently employ an independent fund administrator for NAV calculation; this is identified as an operational enhancement planned as AUM grows.

6.5 Investor Reporting

7.1 Performance Summary

7.2 Risk-Adjusted Statistics

7.3 Monthly Returns (%)

Net of all trading costs. Performance is reported gross of management and incentive fees for the track record period.

7.4 Benchmark Comparison

Since inception (February 2025 — February 2026)

7.5 Value Added Monthly Index (VAMI)

Growth of $1,000 invested at inception (February 10, 2025) compared to a traditional 60/40 portfolio (iShares AOR) and a managed futures benchmark (iMGP DBi Managed Futures Strategy ETF, DBMF).

7.6 Correlation Matrix

Based on 13 months of overlapping monthly returns (February 2025 — February 2026)

The fund exhibits near-zero correlation to a traditional 60/40 portfolio (-0.06), indicating genuine diversification value. Low positive correlation to managed futures peers (0.13) reflects differences in market universe, timeframe, and implementation despite the shared trend-following methodology.

8.1 Fee Structure

8.2 Subscription Terms

8.3 Redemption Terms

8.4 Offering Details

9.1 Broker Selection Rationale

Interactive Brokers was selected as prime broker based on the following criteria: (a) comprehensive access to global futures exchanges required by the fund’s 25-market universe; (b) competitive commission rates appropriate for the fund’s AUM level; (c) robust API infrastructure for automated trading; (d) strong regulatory standing (SEC, FINRA, CFTC) and SIPC membership; (e) segregated customer account structure per CFTC regulations; (f) real-time portfolio monitoring and daily statement generation.

9.2 Planned Service Provider Enhancements

As the fund grows, the following service provider enhancements are planned:

(a) Engagement of an independent third-party fund administrator for NAV calculation and investor record-keeping;

(b) Engagement of an independent auditor for annual financial statement audit;

(c) Potential addition of a compliance consultant for ongoing regulatory monitoring.

The operator is transparent that these are current gaps relative to institutional standards and views their resolution as a priority as AUM scales to support the associated costs.

10.1 Regulatory Status

10.2 CFTC Rule 4.13(a)(2) Exemption

Under this exemption, the operator is not required to deliver a CFTC Disclosure Document, provide certified annual financial statements, or register with the NFA. The exemption requires annual re-affirmation with the NFA. The operator affirms its eligibility for this exemption on an annual basis as required.

10.3 Annual Filing Requirements

The operator maintains the following annual compliance obligations: (a) annual re-affirmation of CFTC Rule 4.13(a)(2) exemption with the NFA; (b) annual K-1 preparation and distribution to all investors via Akram Assurance Advisory & Tax Firm; (c) Georgia LLC annual registration renewal for both fund and operator entities; (d) Regulation D Form D filing with the SEC.

10.4 Record Retention

The fund maintains complete records of all trading activity, investor communications, subscription and redemption records, monthly NAV calculations, and regulatory filings. Records are stored in redundant digital storage systems (Microsoft OneDrive and Apple iCloud) with local backups. The operator’s record retention policy calls for maintenance of all fund records for a minimum of five years from the date of creation or the date of dissolution of the fund, whichever is later.

10.5 Anti-Money Laundering

The operator requires all prospective investors to complete a Subscription Agreement and Investor Questionnaire that includes representations regarding accredited investor status, source of funds, and beneficial ownership. The operator reserves the right to request additional AML/KYC documentation from any prospective or existing investor. All investor funds must be received from U.S. bank accounts in the name of the subscribing investor.

10.6 Privacy Policy

Investor information is treated as confidential. The operator does not share investor personal information with third parties except as required by law, regulation, or as necessary to provide fund services (e.g., sharing relevant information with the accountant for K-1 preparation). All investor data is stored in encrypted digital systems.

The following is a summary of key risk factors. Prospective investors should review the complete risk disclosures in the Private Placement Memorandum before making an investment decision.

11.1 Systematic Strategy Risks

Model Risk

The fund relies entirely on systematic models for trading decisions. If market conditions evolve in ways that render the models less effective — for example, prolonged range-bound markets where trends do not develop — the fund may experience extended periods of losses or underperformance. Historical model performance is not a guarantee of future results.

Data Risk

Signal generation depends on accurate market data. Errors in data feeds, delayed data, or corrupted historical data could result in erroneous signals and unintended trades. The fund mitigates this risk through data validation checks but cannot eliminate it entirely.

Execution Risk

Slippage between signal generation and trade execution, broker system outages, or API failures could result in trades being executed at prices materially different from model expectations. The fund’s weekly signal frequency reduces but does not eliminate execution risk.

11.2 Futures Trading Risks

Leverage Risk

Futures contracts are inherently leveraged instruments. The fund posts margin equal to a fraction of the notional contract value. Adverse price movements can result in losses that exceed the margin deposited and, in extreme cases, could exceed total capital invested. While volatility-based position sizing limits intended risk, notional leverage means the fund’s total exposure may be a multiple of its net asset value.

Margin Calls

If the fund’s account equity falls below maintenance margin requirements, the broker may issue margin calls requiring immediate deposit of additional funds or liquidation of positions at potentially unfavorable prices.

Limit Moves

Certain futures markets impose daily price limits. In limit-move scenarios, the fund may be unable to exit positions at desired prices, potentially resulting in losses greater than those anticipated by the stop-loss level.

Liquidity Risk

While the fund trades on regulated exchanges and selects markets based on liquidity criteria, certain market conditions (volatility spikes, holiday periods, geopolitical events) may reduce liquidity and result in wider bid-ask spreads or inability to execute at desired prices.

11.3 Structural Risks

Key Person Risk

The fund is entirely dependent on Joshua Mukoro as the sole operator, portfolio manager, risk manager, and system developer. The departure, incapacity, or death of Mr. Mukoro would result in the wind-down of the fund per the Operating Agreement. There is no backup portfolio manager or succession plan beyond orderly dissolution.

Limited Track Record

The fund commenced trading on February 10, 2025. With less than 12 months of live performance history, the track record is insufficient to draw statistically significant conclusions about the strategy’s long-term return characteristics, risk profile, or behavior across full market cycles. The strategy’s strong initial returns may not be sustainable.

Small Asset Base

With $111,083 in AUM, the fund is significantly below the asset level that most institutional investors consider viable. The small asset base limits diversification at the position level (some markets may be traded at fractional or minimum lot sizes), increases the per-unit impact of fixed operating costs, and means the fund has not yet demonstrated the ability to scale.

Counterparty Risk

All fund assets are held at Interactive Brokers. While customer accounts are segregated per CFTC regulations and Interactive Brokers is a SIPC member, broker insolvency could result in delays in accessing funds or, in extreme cases, asset loss.

11.4 Trend-Following Specific Risks

Extended Drawdowns

Trend-following strategies are known to experience extended drawdowns during choppy, range-bound, or mean-reverting markets. The fund’s maximum drawdown of -55.78% occurred within its first three months of operation. Future drawdowns of similar or greater magnitude are possible.

Concentration in Trending Markets

During strong trend regimes, the portfolio may become concentrated in a limited number of markets or a single directional theme. While this concentration can amplify returns during sustained trends, it also increases vulnerability to sudden trend reversals — as experienced during the April 2025 tariff shock.

Illiquidity of Interests

Fund interests are unregistered, non-transferable securities. Investors may exit only through the monthly redemption process. There is no secondary market for fund interests.

12.1 Available Documents

The following documents are available to qualified prospective investors upon request:

12.2 How to Invest

Prospective investors should contact Joshua Mukoro directly to request the complete offering documents. The investment process is as follows:

(1) Review the Private Placement Memorandum, Operating Agreement, and this DDQ;

(2) Complete the Subscription Agreement and Accredited Investor Questionnaire;

(3) Wire the investment amount at least 5 business days before the desired month-end admission date;

(4) Upon acceptance by the operator, the investor is admitted to the fund at month-end NAV.

FUTURES TRADING INVOLVES A SUBSTANTIAL RISK OF LOSS.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.