Dale Miller, President of Muirlands Capital Management, brings over 35 years of trading experience to American National Trading’s stable of CTAs.  A 1961 graduate of Purdue University, Miller began trading commodities in 1968.  After trading his own account for four years, he formed a commodity pool for which he acted as the principal trader.  Mr. Miller continued to act as a Commodity Pool Operator until 1981, when he registered as a CTA with the Commodity Futures Trading Commission and joined Merrill Lynch as a futures specialist.

In 1985, Merrill Lynch designated him a Futures Portfolio Manager, and gave him $10 million in customer assets to trade using his own proprietary trading models.  After ten years, Dale Miller retired as a Vice President of Merrill Lynch to become a full time CTA.

TRADING PHILOSOPHY

Muirlands Capital Management utilizes a technical, trend following, systematic program developed by Dale Miller over many years.  His strategy is to identify a trend and initiate a position until a neutral or opposite trend signal is generated.  The position is then closed out or reversed.  If the trading model determines that a trend is over extended, or faltering, a portion or all of the original position may be closed and a contra-cyclical position may be established.

A vital part of Miller’s trading strategy is sound risk management to limit drawdowns and to reduce volatility.  A significant part of price movement in the futures markets is due to random factors such as weather, wars, government policy changes, natural disasters or other events, which a technical system has no way of consistently forecasting.  When markets are in a non-trending period, a trend-following system such as that used by Muirlands is less effective.  Muirlands’ trading strategy is designed to endure these anomalies, or non-trending periods, in order to profit when trends in the market do occur.

Muirlands Capital Management is a diversified, long term position trading program which trades up to 60 different U.S. exchange traded commodities.

PERFORMANCE

Muirlands Capital Management has maintained a solid record of double digit compounded returns through tough times for many investments.  Since 1994, Muirlands has frequently been named one of the top rated diversified CTA programs by various independent rating services such as Barclay Trading Group.**

Additionally, Muirlands is currently not charging American National Trading customers a management fee.  Instead, Muirlands charges a percentage on new profits only.  This essentially means, if the client doesn’t profit, neither does Muirlands Capital Management.