The Premium Alpha Managed Program (PAMP) strategy focuses on earning alpha by using options, option spreads, trend analysis, and hedging overlays. It emphasizes extracting value from options over time and mainly trades ES (e-mini SP) futures contract options. Positions are staggered over weeks for diversification and robustness, with older positions acting as hedges. Risk is managed through staggered position entry, hard stops, and proprietary hedge ratio software. The goal is to achieve superior risk-adjusted returns while being non-correlated to the S&P 500.

Crescent Bay Capital Management, Inc., a California corporation, became registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor ("CTA") on August 23rd, 2004. CBCM was previously registered as a Commodity Pool Operator ("CPO") from November 14th, 2006 to October 18th, 2009. CBCM has been a member of the National Futures Association since August 23rd, 2004. David Bedford (the "Principal") is the sole shareholder of CBCM. He was registered as an Associated Person and listed as a Principal of the firm on August 23rd, 2004. The business office of CBCM is located at: 1201 Puerta Del Sol, Ste. 227; San Clemente, CA 92673; telephone: (949) 276-8718; facsimile: (949) 276-8448.

David Bedford is President of Crescent Bay Capital Management and has over 20 years of experience researching and developing investment strategies. He has managed over 500 accounts for individuals and institutions. David is registered with the NFA and the CFTC.