DUNN BALANCED FUND SEC REVIEW 2026
INDEPENDENT VERDICT
DUNN Balanced Fund, LLC is a real and increasingly seasoned private managed-futures vehicle tied directly to DUNN Capital Management, one of the longest-running systematic commodity trading advisers in the United States. The Delaware LLC, SEC CIK 0001996710, filed its latest Form D/A on September 18, 2026 and reports an indefinite Rule 506(b) offering with $50,118,988 cumulatively sold to 64 investors, a $100,000 minimum investment and a first sale on April 1, 2024. The filing classifies the issuer as both a pooled investment fund and hedge fund, identifies DUNN Capital Management, LLC as Manager and promoter, and identifies Martin Bergin as President of DUNN Capital Management and promoter. The fund's public capital trail is unusually clean: the initial October 2023 filing reported $0 sold before the first sale occurred; the October 2024 amendment reflected approximately $47.58 million of cumulative capital; the September 2025 amendment increased cumulative sales to $49.48 million; and the September 2026 amendment raised the figure again to $50.12 million. That sequence points to a genuine operating fund with modest recent net subscription growth rather than a newly launched shell or a vehicle repeatedly refiling the same initial raise.
The manager background materially strengthens verification. DUNN Capital Management was founded in 1974 by William A. Dunn, Ph.D., and has spent decades operating quantitative, systematic futures programs. Public SEC-registered fund materials that use DUNN as an underlying managed-futures manager describe the firm's World Monetary & Agriculture, or WMA, Program as a diversified quantitative trend-following strategy trading financial futures and physical commodity markets, including interest rates, equity indices, currencies, energy, metals and agriculture. The same materials state that DUNN began implementing WMA in 1984. Current industry program data describes DUNN's strategies as statistical, rules-based and fully systematic, with Martin "Marty" Bergin serving as portfolio manager / senior executive. This provides a much deeper evidence trail than the Balanced Fund's relatively young 2023 legal formation might imply: the fund wrapper is new, but the manager and systematic trading architecture are decades old.
The fund name "Balanced" requires more careful treatment. It is tempting to assume the vehicle simply combines multiple DUNN programs or splits exposure among WMA and another strategy, particularly because DUNN historically offered products such as the DUNN Combined Financial Program that blended WMA and TOPS. However, the current Form D does not identify the exact algorithm, volatility target, market allocation, leverage level or whether Balanced Fund invests only through WMA. The safest verified conclusion is narrower: DUNN Balanced Fund is managed by DUNN Capital Management and is a hedge-fund / pooled investment vehicle, while DUNN's well-documented core expertise is systematic managed futures and trend following. Any precise claim that Balanced Fund is 50/50 WMA/TOPS, uses a specific enrichment factor, or exactly mirrors the public WMA Institutional program would require the fund's current offering memorandum or investor materials. Historical DUNN programs are useful context, not a substitute for the Balanced Fund's current mandate.
The current capital history also deserves more nuance than a simple "$50 million fund" label. The latest $50.119 million is cumulative securities sold under the Rule 506(b) offering, not necessarily current NAV or regulatory AUM. The fund reported approximately $47.584 million by October 2024, $49.476 million by September 2025 and $50.119 million by September 2026, meaning cumulative reported sales increased by about $2.535 million during the last two filing cycles and only about $643,000 during the most recent year. That can be consistent with a fund that has matured beyond its initial capital-formation phase, but Form D does not disclose redemptions, investment gains, losses or current investor equity. Separately, third-party adviser data based on DUNN Capital Management's March 2026 Form ADV reports approximately $269 million of regulatory AUM and one client account, while other DUNN vehicles include DUNN WMA, LLC and offshore structures. Those adviser-level and vehicle-level numbers must remain separate from the Balanced Fund's own cumulative Form D amount.
For investors, the primary diligence issue is systematic-futures risk rather than manager identity. DUNN's long operating history and externally documented WMA methodology materially reduce basic verification risk, but trend-following programs can still experience sharp drawdowns when sustained market trends reverse or when markets become choppy and directionless. Futures also create leverage because only margin rather than full notional value must be posted, so investors should understand target volatility, gross notional exposure, margin usage, risk limits, position sizing, liquidity, collateral management and counterparty structure. The most important unanswered questions are fund-specific: whether Balanced Fund is one program or a blend, what markets it trades, whether it uses WMA or another DUNN model, what its current NAV is, what fee schedule applies, what its net track record has been since April 2024 and how its risk target compares with DUNN's better-known public program references. The SEC verifies the vehicle. DUNN's long managed-futures history verifies the manager. The remaining investment analysis depends on the Balanced Fund's own portfolio and performance data.
SEC SNAPSHOT
SEC FILE NUMBER: 021-462508 LATEST FORM D/A: September 18, 2026 YEAR FORMED: 2023 FUND CLASSIFICATION: Hedge Fund SECURITY TYPE: Equity / Pooled Investment Fund Interests FEDERAL EXEMPTION: Rule 506(b) INVESTMENT COMPANY REGISTRATION: No SPECIFIC 3(c) EXCLUSION CHECKED: None shown in latest Form D OFFERING DURATION: More than one year LATEST CUMULATIVE AMOUNT SOLD: $50,118,988 LATEST REPORTED INVESTORS: 64 SALES COMMISSIONS: $0 FINDERS' FEES: $0 RELATED-PERSON USE OF PROCEEDS: $0 CURRENT NAV: Declined to disclose FORM D SIGNER: David A. Kauppi SIGNER TITLE: Chief Financial Officer
MANAGEMENT STRUCTURE
MANAGER: DUNN Capital Management, LLC MANAGER FORM D ROLE: Executive Officer / Promoter PRESIDENT OF MANAGER: Martin Bergin MARTIN BERGIN FORM D ROLE: Promoter FUND / MANAGER ADDRESS MATCH: CONFIRMED HEADQUARTERS: Stuart, Florida MANAGER OPERATING HISTORY: Since 1974 SYSTEMATIC TRADING HISTORY: Multi-decade CURRENT FORM D MANAGER RELATIONSHIP: DIRECTLY CONFIRMED
CAPITAL HISTORY
OCTOBER 26, 2023: New filing
OCTOBER 21, 2024: Amendment CUMULATIVE SOLD: Approximately $47,584,215
SEPTEMBER 24, 2025: Amendment CUMULATIVE SOLD: $49,475,502
SEPTEMBER 18, 2026: Amendment CUMULATIVE SOLD: $50,118,988
2024 TO 2025 INCREASE: Approximately $1,891,287 2025 TO 2026 INCREASE: Approximately $643,486 2024 TO 2026 TOTAL INCREASE: Approximately $2,534,773 IMPORTANT: Historical cumulative Form D amounts must not be added together IMPORTANT: Cumulative sales do not equal current NAV
CAPITAL INTERPRETATION
$50.119M: Latest cumulative securities sold $50.119M IS NOT: Current NAV $50.119M IS NOT: Current DUNN firmwide AUM $50.119M IS NOT: Gross futures notional exposure $50.119M IS NOT: Current investor equity after gains, losses and redemptions $269M APPROXIMATE REGULATORY AUM: Adviser-level third-party ADV-derived figure for DUNN Capital Management $269M IS NOT: DUNN Balanced Fund size CURRENT FUND NAV: NOT PUBLICLY DISCLOSED CURRENT REDEMPTIONS: NOT DISCLOSED CURRENT UNREALIZED P&L: NOT DISCLOSED
DUNN CAPITAL MANAGEMENT HISTORY
FOUNDED: 1974 FOUNDER: William A. Dunn, Ph.D. CORE SPECIALTY: Managed Futures REGULATORY CATEGORY: Commodity Trading Advisor / Commodity Pool Operator NFA NUMBER: 0000526 according to industry program records PRIMARY INVESTMENT STYLE: Quantitative PRIMARY INVESTMENT STYLE: Statistical PRIMARY INVESTMENT STYLE: Systematic PRIMARY INVESTMENT OBJECTIVE: Capture persistent trends across global futures markets MARTIN BERGIN: President / senior portfolio-management leadership OPERATING LOCATION: Stuart, Florida
WORLD MONETARY & AGRICULTURE PROGRAM
PROGRAM NAME: World Monetary & Agriculture ABBREVIATION: WMA IMPLEMENTATION HISTORY: Since 1984 STYLE: Systematic Trend Following PROCESS: Quantitative modeling POSITION DIRECTION: Long / Flat / Short CORE MARKET GROUP: Interest Rates CORE MARKET GROUP: Equity Indices CORE MARKET GROUP: Foreign Exchange CORE MARKET GROUP: Energy CORE MARKET GROUP: Metals CORE MARKET GROUP: Agriculture OBJECTIVE: Seek profits from sustained upward and downward market trends CORRELATION OBJECTIVE: Low correlation with traditional equity and fixed-income assets CURRENT EXACT RELATIONSHIP TO BALANCED FUND: NOT PUBLICLY ESTABLISHED IMPORTANT: WMA is strong manager-level context but should not automatically be described as the Balanced Fund's sole strategy
WMA EXTERNAL VERIFICATION
ARROW MANAGED FUTURES STRATEGY FUND: Uses exposure to DUNN WMA SEC-REGISTERED FUND DISCLOSURE: Independently describes DUNN's WMA methodology SYSTEMATIC MODELING: Independently confirmed FINANCIAL FUTURES EXPOSURE: Independently confirmed PHYSICAL COMMODITY FUTURES EXPOSURE: Independently confirmed LONG / SHORT TREND CAPTURE: Independently confirmed DUNN 1974 FOUNDING: Independently confirmed WMA 1984 START: Independently confirmed SIGNIFICANCE: Provides external evidence of DUNN's actual operating strategy beyond marketing material
DUNN WMA INSTITUTIONAL CONTEXT
PROGRAM: DUNN WMA Institutional STYLE: Systematic Trend Following MINIMUM INVESTMENT IN PUBLIC INDUSTRY DATABASE: $100,000 MANAGEMENT FEE SHOWN IN THIRD-PARTY PROGRAM DATA: 0.00% PERFORMANCE FEE SHOWN: 25.00% IMPORTANT: These published program terms should not automatically be assigned to DUNN Balanced Fund BALANCED FUND CURRENT MANAGEMENT FEE: REQUIRES PPM BALANCED FUND CURRENT INCENTIVE FEE: REQUIRES PPM
DUNN COMBINED FUND HISTORICAL CONTEXT
HISTORICAL PROGRAM: DUNN Combined Financial Program ABBREVIATION: DCF HISTORICAL STRUCTURE: Combination of WMA and TOPS HISTORICAL REBALANCING: Monthly HISTORICAL ENRICHMENT FACTOR: Variable FORMAL ACCOUNT HISTORY: Dating to 1999 RELEVANCE: Demonstrates DUNN has historically combined multiple systematic programs CURRENT BALANCED FUND RELATIONSHIP TO DCF: NOT ESTABLISHED IMPORTANT: Do not state DUNN Balanced Fund equals DCF without primary fund documents
OTHER DUNN VEHICLES
DUNN WMA, LLC: Separate DUNN pooled vehicle DUNN COMBINED FUND, LLC: Separate historical / operating entity DUNN-MOSAIC, L.P.: Separate entity DUNN-WMA, L.P.: Separate entity D'BEST FUTURES FUND, L.P.: Separate entity DUNN OFFSHORE / QUALIFIED STRUCTURES: Separate vehicles IMPORTANT: These vehicles are not the same legal issuer as DUNN Balanced Fund IMPORTANT: Do not combine their Form D capital with Balanced Fund capital
FLORIDA CORPORATE EVIDENCE
DUNN BALANCED FUND LLC: Active foreign LLC in Florida FLORIDA DOCUMENT NUMBER: M23000012940 MANAGER / REGISTERED RELATIONSHIP: DUNN Capital Management DUNN WMA LLC: Separately listed DUNN Combined Fund LLC: Separately listed DUNN-Mosaic LP: Separately listed SIGNIFICANCE: Independently corroborates multiple distinct DUNN investment vehicles IMPORTANT: Similar DUNN naming should not lead to asset aggregation
WEBSITE / ENTITY PENETRATION
DUNN Balanced Fund SEC issuer — CONFIRMED CIK 0001996710 — CONFIRMED 2023 formation — CONFIRMED September 18, 2026 Form D/A — CONFIRMED April 1, 2024 first sale — CONFIRMED Rule 506(b) — CONFIRMED Hedge Fund classification — CONFIRMED Pooled Investment Fund classification — CONFIRMED $50.118988M cumulative sold — CONFIRMED 64 investors — CONFIRMED $100K minimum — CONFIRMED DUNN Capital Management Manager role — CONFIRMED Martin Bergin President / promoter role — CONFIRMED David Kauppi CFO / signer role — CONFIRMED DUNN manager operating history — INDEPENDENTLY CORROBORATED WMA systematic strategy — INDEPENDENTLY CORROBORATED WMA 1984 implementation history — INDEPENDENTLY CORROBORATED Current Balanced Fund exact algorithm — NOT PUBLICLY DISCLOSED Current Balanced Fund market allocation — NOT PUBLICLY DISCLOSED Current Balanced Fund volatility target — NOT PUBLICLY DISCLOSED Current Balanced Fund gross notional exposure — NOT PUBLICLY DISCLOSED Current Balanced Fund NAV — NOT PUBLICLY DISCLOSED Current Balanced Fund management fee — REQUIRES PPM Current Balanced Fund incentive fee — REQUIRES PPM Current redemption terms — REQUIRES PPM Current auditor — NOT PUBLICLY DISCLOSED Current administrator — NOT PUBLICLY DISCLOSED Current FCMs — NOT PUBLICLY DISCLOSED Current custodians — NOT PUBLICLY DISCLOSED
WHY THE FUND NAME CAN MISLEAD
NAME: DUNN Balanced Fund "BALANCED" DOES NOT NECESSARILY MEAN: Traditional 60/40 stocks and bonds "BALANCED" DOES NOT NECESSARILY MEAN: Equal allocation between equities and fixed income DUNN MANAGER EXPERTISE: Systematic global futures EXACT BALANCING METHOD: NOT PUBLICLY DISCLOSED POSSIBLE BALANCING ACROSS DUNN MODELS: Not confirmed POSSIBLE VOLATILITY BALANCING: Not confirmed POSSIBLE ASSET-CLASS BALANCING: Not confirmed CORRECT APPROACH: Treat exact Balanced Fund construction as unverified until PPM or fund materials are reviewed
SYSTEMATIC MANAGED FUTURES MECHANICS
PRIMARY INSTRUMENTS: Futures POTENTIAL ADDITIONAL INSTRUMENTS: Options; forwards; swaps depending on fund documents MARKET DIRECTION: Long or short SIGNAL TYPE: Quantitative / systematic CORE RETURN DRIVER: Sustained price trends PRIMARY FAILURE MODE: Trend reversal / whipsaw CAPITAL EFFICIENCY: Margin-based futures exposure LEVERAGE EFFECT: Notional exposure can substantially exceed posted collateral COLLATERAL MANAGEMENT: Material to overall fund risk VOLATILITY TARGETING: Important but current Balanced Fund target not public
CORE INVESTOR QUESTIONS
Is DUNN Balanced Fund invested exclusively through WMA Does the fund combine WMA with another DUNN program Does it use DUNN Combined Fund exposure What does "Balanced" mean in the fund's current PPM What is the fund's current NAV How many of the 64 investors remain active How much capital has been redeemed since April 2024 What was net return in 2024 What was net return in 2025 What is net return year-to-date in 2026 What is annualized return since inception What is annualized volatility What is target volatility What is maximum drawdown What is worst monthly return What is worst rolling 12-month return What is the longest drawdown recovery What gross notional exposure is normally used What maximum gross notional exposure is permitted How much margin is normally posted What percentage of NAV is held in cash or Treasury collateral Which futures commission merchants are used Which clearing brokers are used Which banks hold collateral What counterparty limits apply How many futures markets are traded How many geographic markets are represented What percentage of risk is interest rates What percentage is currencies What percentage is equity indices What percentage is energy What percentage is metals What percentage is agriculture How concentrated can one market become Does the fund use options Does the fund use OTC forwards Does it trade crypto futures Does it trade Chinese domestic futures How frequently are models updated Can discretionary overrides occur Who can override the system What happened during major whipsaw periods How did the strategy perform during the 2024-2026 rate and commodity environment What management fee applies What incentive fee applies Does a high-water mark apply Is there a hurdle rate What redemption frequency applies What notice period applies Are gates permitted Can redemptions be suspended Are side pockets permitted Who is the auditor Who is the administrator How are futures positions independently valued What investor reporting is provided How does DUNN allocate trades among Balanced Fund, WMA LLC and other client accounts
CORE RISKS
Systematic-model risk; trend-reversal risk; whipsaw risk; futures leverage; margin-call risk; volatility targeting risk; interest-rate futures risk; currency risk; equity-index futures risk; energy risk; metals risk; agricultural commodity risk; gap risk; exchange-limit risk; liquidity risk; counterparty risk; clearing-broker risk; collateral risk; model crowding; CTA correlation spikes; model adaptation risk; technology and execution risk; operational risk; key-person risk; incentive-fee drag; redemption restrictions; cumulative Form D sales do not equal NAV; manager-level RAUM does not equal fund assets; historical WMA performance does not establish Balanced Fund performance.
PRIMARY EVIDENCE REVIEWED
U.S. SECURITIES AND EXCHANGE COMMISSION DUNN Balanced Fund, LLC CIK 0001996710 Form D/A September 18, 2026
U.S. SECURITIES AND EXCHANGE COMMISSION DUNN Balanced Fund, LLC Historical Form D filings 2023-2025
DUNN CAPITAL MANAGEMENT Manager identity Systematic managed-futures operating history Stuart, Florida headquarters
U.S. SEC-REGISTERED ARROW MANAGED FUTURES FUND MATERIALS DUNN World Monetary & Agriculture Program Quantitative methodology Financial and commodity futures exposure Long / short systematic trend-following framework
FLORIDA DIVISION OF CORPORATIONS DUNN Balanced Fund, LLC DUNN Capital Management-related entities Used to corroborate entity separation and active status
THIRD-PARTY MANAGED FUTURES PROGRAM DATA DUNN WMA DUNN WMA Institutional DUNN Combined Financial Program Used for strategy-history context only
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering.
It does not mean that the SEC has approved DUNN Balanced Fund, DUNN Capital Management, Martin Bergin, any systematic model or any managed-futures investment strategy.
The September 18, 2026 amendment reports $50,118,988 cumulatively sold to 64 investors.
That verifies historical securities sales.
It does not establish current NAV.
It does not establish gross futures exposure.
And it does not establish future performance.
INDEPENDENT ASSESSMENT
DUNN Balanced Fund has a stronger verification profile than its short fund history initially suggests.
The legal vehicle was formed only in 2023 and began accepting subscriptions in April 2024.
But the manager behind it has operated systematic managed-futures programs for decades, with DUNN's WMA methodology independently described in SEC-registered fund documents and industry records.
The fund also has a clean capital-formation sequence.
It moved from zero sales before launch to approximately $47.58 million in 2024, $49.48 million in 2025 and $50.12 million in 2026.
That provides clear evidence that the fund became operational and attracted real outside capital.
The biggest mistake would be to assume the word "Balanced" tells us exactly how the strategy works.
DUNN historically operates multiple systematic programs, but the latest Form D does not say whether Balanced Fund is pure WMA, a blend of DUNN models or another risk-balanced construction.
That distinction should remain explicit until fund-specific primary documents are available.
For investors, the next level of diligence is quantitative.
The important evidence is current NAV, actual Balanced Fund return history, volatility target, maximum drawdown, gross notional exposure, margin usage, market allocation, fee schedule and redemption terms.
The SEC verifies the fund.
External securities filings verify DUNN's long-standing managed-futures methodology.
The exact Balanced Fund construction and performance still require the fund's own investor documents.