Bristol Oak Management Commodity Pool Operator · Commodity Trading Advisor Inquiries
For Qualified Investors Only

Systematic Managed Futures

Master and steward that which is entrusted to you.
Bristol Oak Management is a registered Commodity Pool Operator and Commodity Trading Advisor providing a disciplined, rules-based futures program to qualified investors and institutions.
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Principal Office Spring, Texas
NFA Member ID 0570529
Regulation § 4.7 — QEP
Philosophy & Program

We trade principles, not anomalies.

Bristol Oak runs a single systematic program — not a portfolio of competing strategies. The framework identifies mathematically-defined setups in global macro futures markets, sized around a defined reward-to-risk profile before a position is ever taken.

Our work is grounded in an unglamorous conviction: the frameworks that endure are built on time-tested mathematics and statistical discipline — not on the narrative of a single market cycle. What compounds is not cleverness. It is discipline, over time.

i.

Principled, not predictive

Our strategies are derived from foundational principles of price behavior, base rates, and the statistics of repeated decisions — not from forecasts about what any single market will do next. What works because it is structurally true will continue to work.

ii.

Asymmetry by design

Every trade is built around a defined reward-to-risk profile in which target gains are meaningfully larger than the loss accepted. Outcomes are governed by the law of large numbers across many independent decisions, not by the conviction of any single one.

iii.

Systematic execution

Entry, exit, and sizing follow a codified rules framework, tested and deployed consistently. Bristol Oak does not trade forecasts, headlines, or conviction — durable performance comes from a repeatable process, not a clever view.

"We are not trying to predict markets. We are trying to participate in them — with a defined edge, executed with discipline, many times over."
Alignment

Aligned by structure.

"We only win after you've already won."
Bristol Oak Management

We operate via a preferred return model.

Investors are paid a targeted quarterly preferred return first. The firm participates only in profits earned above that threshold — performance before compensation.

How returns flow — every quarter

Investors first. Always.

  1. 01

    Investors receive the quarterly preferred return first.

    Before the manager participates in any profit, investor targets are met.

  2. 02

    Below the preferred return, 100% of returns go to investors.

    Any shortfall carries forward to the next quarter's target.

  3. 03

    Only then does the firm participate in profits.

    Above the preferred return, and only then, does the firm share in gains. Performance before compensation.

Disclaimer

The preferred return is a distribution threshold paid from profits only — it is not a guaranteed or expected return. Investment results will vary, and there can be no assurance the threshold will be met in any given period.

Diversification

A different set of return drivers.

Most portfolios are diversified on paper but dependent on equity markets in practice. During periods of stress, stocks and bonds often move together — and diversification breaks down precisely when it is needed. Managed futures can offer a distinct allocation with different sensitivities: a genuinely separate source of return within a broader asset allocation, traded across regulated, liquid global macro markets.

Risk Management

Institutional controls, automated enforcement, independent oversight.

Risk management is central to Bristol Oak's approach. Our framework operates across three pillars: a defined risk architecture, automated enforcement at the system level, and independent oversight from third parties.

i.

Risk Architecture
  • Per-trade risk typically capped at 0.5% of account equity.
  • Per-sector risk typically capped at 0.5% of account equity.
  • Daily portfolio risk typically capped at 1.0% of account equity.
  • All positions sized using risk-weighted position sizing, not notional exposure.
  • Risk parameters are defined prior to execution and applied uniformly across all strategies.
ii.

Automated Enforcement
  • All trades entered with predefined bracketed (OCO) orders.
  • Live positions and portfolio exposure monitored in real time via API.
  • Positions are automatically liquidated and trading halted if daily risk limits are breached.
iii.

Oversight & Accountability
  • Dual human oversight through Compliance and Execution functions.
  • Trading activity reviewed and reconciled daily by an independent fund administrator.
  • Investor assets held at a third-party custodian, segregated from the manager.
  • Independent annual audit conducted by a PCAOB-registered accounting firm.
  • Program operates under CFTC and NFA regulatory oversight as a registered CTA and CPO.
Services

Two complementary mandates.

Bristol Oak serves qualified investors through a commingled private fund and institutional and high-net-worth clients through dedicated separately managed accounts.

Commodity Pool

Shiloh Investment Fund, LP

A Texas limited partnership offering Qualified Eligible Persons access to Bristol Oak's systematic directional futures program under a preferred-return structure. Bristol Oak serves as general partner, commodity pool operator, and commodity trading advisor to the Fund.

The Fund is offered exclusively to Qualified Eligible Persons under CFTC Regulation 4.7 and applicable securities law exemptions, and only by means of a confidential Private Placement Memorandum. No offer to sell or solicitation to buy an interest in the Fund is made by any content on this website.

Minimum
USD $100,000
Eligibility
QEP (Reg. 4.7)
Fee Structure
No management fee
Alignment
Preferred return

Specific terms — including share classes, targeted preferred return rates, lock-up period, and redemption procedures — are set forth in the Fund's confidential offering documents.

Separately Managed Accounts

Institutional & private client advisory

For institutions, family offices, and qualified high-net-worth individuals seeking a dedicated account structure, Bristol Oak offers discretionary trading advisory services in its registered capacity as a Commodity Trading Advisor.

The investment philosophy is the same as the Fund; specific custody, platform, and structural terms are discussed and defined during onboarding.

Minimum
USD $5,000,000
Eligibility
QEP (Reg. 4.7)
Custody
Flexible
Structure
Discretionary advisory

Prospective advisory clients must meet QEP criteria under CFTC Regulation 4.7. Full program terms are described in the firm's Disclosure Document, provided on inquiry.

Investor Eligibility

Who is a Qualified Eligible Person?

The Fund is offered only to Qualified Eligible Persons as defined by CFTC Regulation 4.7. In brief, a prospective investor must satisfy both an investor-status test and a portfolio test.

  • Investor StatusAccredited investor status is required as a baseline, but on its own is insufficient. The investor must additionally qualify as a qualified purchaser (QP — a natural person owning at least $5,000,000 in investments, exclusive of their primary residence), knowledgeable employee, or other enumerated category — including certain institutional investors, registered commodity professionals, and non-U.S. persons.
  • Portfolio RequirementAt least $4,000,000 in securities, or $400,000 on deposit with a futures commission merchant as initial margin and option premiums, or a proportional combination of the two. Thresholds raised by the CFTC effective March 2025.

Summary only. Certain categories of investor are exempt from the portfolio test. Eligibility is verified through subscription documents prior to any offer of interests in the Fund.

Leadership

The people behind the program.

Bristol Oak operates with a small, focused team. The program is overseen by its founder, with senior industry perspective provided by an experienced advisor.

Calvin Williams
Founder & Chief Investment Officer
Calvin Williams, Ph.D.
Bristol Oak Management, LLC

Dr. Williams is the founder of Bristol Oak Management and serves as its Chief Investment Officer. He holds a Ph.D. and serves as an adjunct professor of theology, bringing academic rigor and a research-first orientation to the firm's approach. He founded Bristol Oak to deploy a single systematic futures program with structural alignment between firm and investor — a standard he believes is rare in the managed futures industry.

Tim Watkin
Senior Industry Advisor
Tim Watkin
Strategic & Industry Perspective

Tim is a senior investment professional with nearly thirty years of institutional experience across global equities, multi-asset portfolios, derivatives, FX, and commodities, with deep expertise in metals markets. He has held senior roles at a global private bank and at institutional asset management firms, associated with investment platforms exceeding $1 billion in assets under management. He provides strategic and industry perspective to Bristol Oak's management.

The Firm

Bristol Oak Management, LLC

Bristol Oak Management is structured to be a long, patient business — built to operate the discipline of an institutional research shop at a scale that keeps each investor relationship genuinely aligned.

Bristol Oak Management, LLC is a Texas limited liability company registered with the Commodity Futures Trading Commission as a commodity pool operator and commodity trading advisor, and is a member of the National Futures Association under NFA ID 0570529.

The firm operates with an institutional-grade service provider stack: an independent PCAOB-registered auditor, a third-party fund administrator, an independent custodian, and outside fund counsel. Compliance oversight is supported by an independent third-party officer.

Firm & Service Providers
EntityTexas LLC
RegistrationsCFTC CPO & CTA
NFA ID0570529
Principal OfficeSpring, Texas
Independent AuditorRichey May & Co., LLP
Fund AdministratorNAV Consulting
Custodian BankU.S. Bank N.A.
FCM / BrokerTradeStation Securities
Investor Inquiries

A conversation, not a pitch.

We welcome inquiries from qualified investors, institutions, and advisors who have taken the time to understand managed futures and are evaluating systematic programs as part of a diversified mandate.

Inquiries
inquiries@bristoloak.com
Principal Office
Spring, Texas
A note on materials. Detailed program documentation, including the Shiloh Investment Fund's Private Placement Memorandum, the firm's Disclosure Document, investor presentations, and performance where available, is provided only to Qualified Eligible Persons who have made a direct inquiry and satisfied applicable eligibility requirements. No performance data, return targets, or program-specific details are distributed through this website.