Altegris Clearing Solutions Briarwood Capital Management Inc. Diversified Program
Monthly Performance (%)
Date Range: 06/01 - 04/13
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 3.52 -1.94 1.69 -0.73 2.47
2012 -0.81 5.58 -1.59 -2.07 0.25 -0.24 2.20 0.20 1.39 -2.30 0.37 7.55 10.53
2011 -1.08 0.41 -0.03 6.37 -2.78 -0.31 2.16 -1.01 -1.16 -3.51 -0.86 -0.77 -2.87
2010 -1.99 -2.80 -2.24 -0.79 5.00 3.24 0.58 0.86 2.76 2.16 -0.71 0.85 6.81
2009 -0.29 0.01 -0.09 -3.23 12.91 -3.70 0.26 0.93 1.56 -1.51 8.87 -5.84 8.77
2008 1.03 1.40 3.95 -3.49 -0.85 -1.27 -4.88 5.11 0.25 -0.16 5.76 1.56 8.14
2007 0.70 -0.23 -0.79 2.04 -0.22 2.23 0.36 0.18 2.05 -2.90 0.40 1.19 5.01
2006 6.54 1.09 -2.62 3.94 3.93 -1.41 -0.40 -0.33 2.18 2.75 3.63 -2.26 17.92
2005 -5.96 3.06 0.86 -2.86 2.16 -0.18 -0.20 0.06 1.14 2.19 5.01 3.55 8.67
2004 0.22 -0.05 -1.73 -2.73 -1.81 -2.83 3.01 -2.26 -0.34 3.60 10.22 -3.28 1.24
2003 3.49 2.77 -5.00 -0.72 4.88 -0.79 2.44 -1.02 4.60 2.63 -5.84 4.08 11.34
2002 1.29 -5.92 0.96 0.62 5.99 14.39 5.47 0.36 1.38 -4.55 -2.51 7.87 26.42
2001 1.76 2.97 3.45 6.24 -7.13 1.53 8.59
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Briarwood’s portfolio management begins with multiple levels of diversification. The program trades 3 different trading systems across 19 different markets with the ability to pursue opportunities in 45 markets. The 45 markets were chosen because of their low correlation to one another. Each position taken will risk 0.20% (1/5 of 1%). The systems employ exit techniques that attempt to let profits run, but will cut losses quickly when a market changes direction. Of the program’s 3 trading systems, two are intermediate-term and one is long-term. One of the intermediate-term systems involves pattern recognition, and is different from anything Briarwood has seen. The other 2 systems use what Briarwood refers to as "selective trend-following." This means the systems attempt to take the high probability entry signals, but filter out the low probability ones.

Performance Statistics
Date Range: 06/01 - 04/13
  Program SP500 TR Altegris 40
Total Return 187.78% 60.61% 94.69%
Annualized Return 9.34% 4.06% 5.75%
Annualized Std. Deviation 11.92% 15.45% 10.40%
Correlation -0.09 0.57
Sharpe Ratio (rf=2.5%) 0.57 0.10 0.31
Worst Month -7.13% -16.80% -7.77%
Date of Worst Month 11/2001 10/2008 11/2001
Worst Drawdown -13.00% -50.95% -13.24%
Date of Worst Drawdown 11/09 - 4/10 10/07 - 2/09 2/04 - 8/04
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 06/01 - 04/13
Year or YTD Program SP500 TR Altegris 40
2013 2.47 12.74 5.42
2012 10.53 15.98 -4.75
2011 -2.87 2.12 -3.23
2010 6.81 15.06 11.33
2009 8.77 26.45 -7.98
2008 8.14 -37.00 15.47
2007 5.01 5.50 7.18
2006 17.92 15.79 6.70
2005 8.67 4.89 4.51
2004 1.24 10.87 2.57
2003 11.34 28.69 15.99
2002 26.42 -22.11 15.22
2001 8.59 -5.56 4.53
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 06/01 - 04/13
Date: 4/30/2013 Perf: $1,968.53 Date: 3/31/2013 Perf: $1,919.02 Date: 2/28/2013 Perf: $1,891.78 Date: 1/31/2013 Perf: $1,902.82 Date: 12/31/2012 Perf: $1,867.34 Date: 11/30/2012 Perf: $1,858.23 Date: 10/31/2012 Perf: $1,853.04 Date: 9/30/2012 Perf: $1,922.64 Date: 8/31/2012 Perf: $1,954.90 Date: 7/31/2012 Perf: $1,981.85 Date: 6/30/2012 Perf: $1,903.98 Date: 5/31/2012 Perf: $1,978.36 Date: 4/30/2012 Perf: $1,941.48 Date: 3/31/2012 Perf: $1,929.90 Date: 2/29/2012 Perf: $1,974.72 Date: 1/31/2012 Perf: $1,966.66 Date: 12/31/2011 Perf: $1,960.39 Date: 11/30/2011 Perf: $1,941.75 Date: 10/31/2011 Perf: $1,935.94 Date: 9/30/2011 Perf: $2,015.76 Date: 8/31/2011 Perf: $2,016.97 Date: 7/31/2011 Perf: $2,021.01 Date: 6/30/2011 Perf: $1,950.97 Date: 5/31/2011 Perf: $2,003.05 Date: 4/30/2011 Perf: $2,078.94 Date: 3/31/2011 Perf: $2,000.90 Date: 2/28/2011 Perf: $2,031.99 Date: 1/31/2011 Perf: $1,998.02 Date: 12/31/2010 Perf: $2,025.78 Date: 11/30/2010 Perf: $1,942.45 Date: 10/31/2010 Perf: $2,013.73 Date: 9/30/2010 Perf: $1,938.52 Date: 8/31/2010 Perf: $1,903.87 Date: 7/31/2010 Perf: $1,828.18 Date: 6/30/2010 Perf: $1,852.07 Date: 5/31/2010 Perf: $1,845.06 Date: 4/30/2010 Perf: $1,890.82 Date: 3/31/2010 Perf: $1,862.14 Date: 2/28/2010 Perf: $1,791.04 Date: 1/31/2010 Perf: $1,774.36 Date: 12/31/2009 Perf: $1,819.67 Date: 11/30/2009 Perf: $1,895.49 Date: 10/31/2009 Perf: $1,822.06 Date: 9/30/2009 Perf: $1,869.93 Date: 8/31/2009 Perf: $1,826.46 Date: 7/31/2009 Perf: $1,820.45 Date: 6/30/2009 Perf: $1,822.46 Date: 5/31/2009 Perf: $1,872.26 Date: 4/30/2009 Perf: $1,846.77 Date: 3/31/2009 Perf: $1,909.20 Date: 2/28/2009 Perf: $1,963.60 Date: 1/31/2009 Perf: $1,964.58 Date: 12/31/2008 Perf: $1,977.43 Date: 11/30/2008 Perf: $1,927.88 Date: 10/31/2008 Perf: $1,859.64 Date: 9/30/2008 Perf: $1,768.56 Date: 8/31/2008 Perf: $1,764.85 Date: 7/31/2008 Perf: $1,813.26 Date: 6/30/2008 Perf: $1,900.50 Date: 5/31/2008 Perf: $1,851.07 Date: 4/30/2008 Perf: $1,813.71 Date: 3/31/2008 Perf: $1,834.81 Date: 2/29/2008 Perf: $1,842.92 Date: 1/31/2008 Perf: $1,743.70 Date: 12/31/2007 Perf: $1,712.53 Date: 11/30/2007 Perf: $1,716.48 Date: 10/31/2007 Perf: $1,727.71 Date: 9/30/2007 Perf: $1,656.32 Date: 8/31/2007 Perf: $1,582.43 Date: 7/31/2007 Perf: $1,643.74 Date: 6/30/2007 Perf: $1,696.15 Date: 5/31/2007 Perf: $1,648.51 Date: 4/30/2007 Perf: $1,591.68 Date: 3/31/2007 Perf: $1,527.53 Date: 2/28/2007 Perf: $1,564.13 Date: 1/31/2007 Perf: $1,625.07 Date: 12/31/2006 Perf: $1,597.75 Date: 11/30/2006 Perf: $1,545.51 Date: 10/31/2006 Perf: $1,508.55 Date: 9/30/2006 Perf: $1,492.13 Date: 8/31/2006 Perf: $1,508.12 Date: 7/31/2006 Perf: $1,491.42 Date: 6/30/2006 Perf: $1,513.82 Date: 5/31/2006 Perf: $1,534.85 Date: 4/30/2006 Perf: $1,576.63 Date: 3/31/2006 Perf: $1,539.08 Date: 2/28/2006 Perf: $1,498.91 Date: 1/31/2006 Perf: $1,526.07 Date: 12/31/2005 Perf: $1,497.47 Date: 11/30/2005 Perf: $1,525.07 Date: 10/31/2005 Perf: $1,462.34 Date: 9/30/2005 Perf: $1,460.00 Date: 8/31/2005 Perf: $1,437.86 Date: 7/31/2005 Perf: $1,430.14 Date: 6/30/2005 Perf: $1,429.28 Date: 5/31/2005 Perf: $1,382.15 Date: 4/30/2005 Perf: $1,340.72 Date: 3/31/2005 Perf: $1,374.39 Date: 2/28/2005 Perf: $1,382.13 Date: 1/31/2005 Perf: $1,372.66 Date: 12/31/2004 Perf: $1,432.84 Date: 11/30/2004 Perf: $1,428.13 Date: 10/31/2004 Perf: $1,354.83 Date: 9/30/2004 Perf: $1,310.03 Date: 8/31/2004 Perf: $1,292.58 Date: 7/31/2004 Perf: $1,301.56 Date: 6/30/2004 Perf: $1,316.57 Date: 5/31/2004 Perf: $1,361.50 Date: 4/30/2004 Perf: $1,383.49 Date: 3/31/2004 Perf: $1,475.25 Date: 2/29/2004 Perf: $1,489.86 Date: 1/31/2004 Perf: $1,410.31 Date: 12/31/2003 Perf: $1,396.90 Date: 11/30/2003 Perf: $1,338.93 Date: 10/31/2003 Perf: $1,342.96 Date: 9/30/2003 Perf: $1,313.40 Date: 8/31/2003 Perf: $1,319.47 Date: 7/31/2003 Perf: $1,307.19 Date: 6/30/2003 Perf: $1,337.41 Date: 5/31/2003 Perf: $1,371.85 Date: 4/30/2003 Perf: $1,295.78 Date: 3/31/2003 Perf: $1,277.01 Date: 2/28/2003 Perf: $1,354.49 Date: 1/31/2003 Perf: $1,278.18 Date: 12/31/2002 Perf: $1,204.35 Date: 11/30/2002 Perf: $1,135.22 Date: 10/31/2002 Perf: $1,167.44 Date: 9/30/2002 Perf: $1,231.22 Date: 8/31/2002 Perf: $1,176.96 Date: 7/31/2002 Perf: $1,149.26 Date: 6/30/2002 Perf: $1,091.00 Date: 5/31/2002 Perf: $1,002.39 Date: 4/30/2002 Perf: $977.08 Date: 3/31/2002 Perf: $1,000.70 Date: 2/28/2002 Perf: $1,003.61 Date: 1/31/2002 Perf: $1,032.73 Date: 12/31/2001 Perf: $1,045.28 Date: 11/30/2001 Perf: $1,023.68 Date: 10/31/2001 Perf: $1,109.92 Date: 9/30/2001 Perf: $1,063.96 Date: 8/31/2001 Perf: $1,032.17 Date: 7/31/2001 Perf: $1,002.20 Date: 6/30/2001 Perf: $1,000.00 Date: 4/30/2013 Perf: $1,646.12 Date: 3/31/2013 Perf: $1,614.95 Date: 2/28/2013 Perf: $1,556.58 Date: 1/31/2013 Perf: $1,535.69 Date: 12/31/2012 Perf: $1,460.06 Date: 11/30/2012 Perf: $1,446.90 Date: 10/31/2012 Perf: $1,438.55 Date: 9/30/2012 Perf: $1,465.67 Date: 8/31/2012 Perf: $1,428.80 Date: 7/31/2012 Perf: $1,397.36 Date: 6/30/2012 Perf: $1,378.21 Date: 5/31/2012 Perf: $1,323.67 Date: 4/30/2012 Perf: $1,408.31 Date: 3/31/2012 Perf: $1,417.24 Date: 2/29/2012 Perf: $1,372.10 Date: 1/31/2012 Perf: $1,315.28 Date: 12/31/2011 Perf: $1,258.88 Date: 11/30/2011 Perf: $1,246.17 Date: 10/31/2011 Perf: $1,248.92 Date: 9/30/2011 Perf: $1,125.86 Date: 8/31/2011 Perf: $1,210.99 Date: 7/31/2011 Perf: $1,280.53 Date: 6/30/2011 Perf: $1,307.06 Date: 5/31/2011 Perf: $1,329.26 Date: 4/30/2011 Perf: $1,344.45 Date: 3/31/2011 Perf: $1,305.80 Date: 2/28/2011 Perf: $1,305.28 Date: 1/31/2011 Perf: $1,261.99 Date: 12/31/2010 Perf: $1,232.77 Date: 11/30/2010 Perf: $1,155.58 Date: 10/31/2010 Perf: $1,155.46 Date: 9/30/2010 Perf: $1,113.06 Date: 8/31/2010 Perf: $1,021.90 Date: 7/31/2010 Perf: $1,070.17 Date: 6/30/2010 Perf: $1,000.06 Date: 5/31/2010 Perf: $1,055.25 Date: 4/30/2010 Perf: $1,146.89 Date: 3/31/2010 Perf: $1,129.05 Date: 2/28/2010 Perf: $1,064.84 Date: 1/31/2010 Perf: $1,032.82 Date: 12/31/2009 Perf: $1,071.39 Date: 11/30/2009 Perf: $1,051.11 Date: 10/31/2009 Perf: $991.61 Date: 9/30/2009 Perf: $1,010.40 Date: 8/31/2009 Perf: $974.07 Date: 7/31/2009 Perf: $940.13 Date: 6/30/2009 Perf: $874.05 Date: 5/31/2009 Perf: $872.31 Date: 4/30/2009 Perf: $826.13 Date: 3/31/2009 Perf: $753.97 Date: 2/28/2009 Perf: $693.25 Date: 1/31/2009 Perf: $775.88 Date: 12/31/2008 Perf: $847.30 Date: 11/30/2008 Perf: $838.42 Date: 10/31/2008 Perf: $903.27 Date: 9/30/2008 Perf: $1,085.66 Date: 8/31/2008 Perf: $1,191.86 Date: 7/31/2008 Perf: $1,174.82 Date: 6/30/2008 Perf: $1,184.77 Date: 5/31/2008 Perf: $1,293.85 Date: 4/30/2008 Perf: $1,277.24 Date: 3/31/2008 Perf: $1,217.93 Date: 2/29/2008 Perf: $1,223.19 Date: 1/31/2008 Perf: $1,264.28 Date: 12/31/2007 Perf: $1,344.98 Date: 11/30/2007 Perf: $1,354.32 Date: 10/31/2007 Perf: $1,413.40 Date: 9/30/2007 Perf: $1,391.28 Date: 8/31/2007 Perf: $1,341.12 Date: 7/31/2007 Perf: $1,321.30 Date: 6/30/2007 Perf: $1,363.57 Date: 5/31/2007 Perf: $1,386.59 Date: 4/30/2007 Perf: $1,339.83 Date: 3/31/2007 Perf: $1,282.99 Date: 2/28/2007 Perf: $1,268.78 Date: 1/31/2007 Perf: $1,294.15 Date: 12/31/2006 Perf: $1,274.90 Date: 11/30/2006 Perf: $1,257.29 Date: 10/31/2006 Perf: $1,233.85 Date: 9/30/2006 Perf: $1,194.90 Date: 8/31/2006 Perf: $1,164.84 Date: 7/31/2006 Perf: $1,137.77 Date: 6/30/2006 Perf: $1,130.76 Date: 5/31/2006 Perf: $1,129.17 Date: 4/30/2006 Perf: $1,162.66 Date: 3/31/2006 Perf: $1,147.29 Date: 2/28/2006 Perf: $1,133.23 Date: 1/31/2006 Perf: $1,130.18 Date: 12/31/2005 Perf: $1,101.01 Date: 11/30/2005 Perf: $1,100.68 Date: 10/31/2005 Perf: $1,060.58 Date: 9/30/2005 Perf: $1,078.60 Date: 8/31/2005 Perf: $1,069.93 Date: 7/31/2005 Perf: $1,079.76 Date: 6/30/2005 Perf: $1,041.03 Date: 5/31/2005 Perf: $1,039.58 Date: 4/30/2005 Perf: $1,007.54 Date: 3/31/2005 Perf: $1,027.05 Date: 2/28/2005 Perf: $1,045.56 Date: 1/31/2005 Perf: $1,024.05 Date: 12/31/2004 Perf: $1,049.66 Date: 11/30/2004 Perf: $1,015.15 Date: 10/31/2004 Perf: $975.63 Date: 9/30/2004 Perf: $960.93 Date: 8/31/2004 Perf: $950.66 Date: 7/31/2004 Perf: $946.88 Date: 6/30/2004 Perf: $979.29 Date: 5/31/2004 Perf: $960.66 Date: 4/30/2004 Perf: $947.67 Date: 3/31/2004 Perf: $962.79 Date: 2/29/2004 Perf: $977.55 Date: 1/31/2004 Perf: $964.15 Date: 12/31/2003 Perf: $946.73 Date: 11/30/2003 Perf: $899.59 Date: 10/31/2003 Perf: $891.74 Date: 9/30/2003 Perf: $843.97 Date: 8/31/2003 Perf: $853.01 Date: 7/31/2003 Perf: $836.70 Date: 6/30/2003 Perf: $822.23 Date: 5/31/2003 Perf: $811.84 Date: 4/30/2003 Perf: $771.19 Date: 3/31/2003 Perf: $712.49 Date: 2/28/2003 Perf: $705.64 Date: 1/31/2003 Perf: $716.39 Date: 12/31/2002 Perf: $735.66 Date: 11/30/2002 Perf: $781.62 Date: 10/31/2002 Perf: $738.14 Date: 9/30/2002 Perf: $678.44 Date: 8/31/2002 Perf: $761.18 Date: 7/31/2002 Perf: $756.19 Date: 6/30/2002 Perf: $820.16 Date: 5/31/2002 Perf: $883.04 Date: 4/30/2002 Perf: $889.62 Date: 3/31/2002 Perf: $947.01 Date: 2/28/2002 Perf: $912.69 Date: 1/31/2002 Perf: $930.65 Date: 12/31/2001 Perf: $944.44 Date: 11/30/2001 Perf: $936.20 Date: 10/31/2001 Perf: $869.51 Date: 9/30/2001 Perf: $853.21 Date: 8/31/2001 Perf: $928.21 Date: 7/31/2001 Perf: $990.20 Date: 6/30/2001 Perf: $1,000.00 Date: 4/30/2013 Perf: $2,877.76 Date: 3/31/2013 Perf: $2,898.92 Date: 2/28/2013 Perf: $2,850.74 Date: 1/31/2013 Perf: $2,907.14 Date: 12/31/2012 Perf: $2,808.29 Date: 11/30/2012 Perf: $2,611.15 Date: 10/31/2012 Perf: $2,601.52 Date: 9/30/2012 Perf: $2,662.77 Date: 8/31/2012 Perf: $2,626.26 Date: 7/31/2012 Perf: $2,621.02 Date: 6/30/2012 Perf: $2,564.60 Date: 5/31/2012 Perf: $2,570.77 Date: 4/30/2012 Perf: $2,564.36 Date: 3/31/2012 Perf: $2,618.56 Date: 2/29/2012 Perf: $2,660.87 Date: 1/31/2012 Perf: $2,520.24 Date: 12/31/2011 Perf: $2,540.82 Date: 11/30/2011 Perf: $2,560.54 Date: 10/31/2011 Perf: $2,582.75 Date: 9/30/2011 Perf: $2,676.70 Date: 8/31/2011 Perf: $2,708.12 Date: 7/31/2011 Perf: $2,735.75 Date: 6/30/2011 Perf: $2,677.90 Date: 5/31/2011 Perf: $2,686.23 Date: 4/30/2011 Perf: $2,763.04 Date: 3/31/2011 Perf: $2,597.58 Date: 2/28/2011 Perf: $2,598.36 Date: 1/31/2011 Perf: $2,587.75 Date: 12/31/2010 Perf: $2,616.00 Date: 11/30/2010 Perf: $2,593.95 Date: 10/31/2010 Perf: $2,612.50 Date: 9/30/2010 Perf: $2,557.26 Date: 8/31/2010 Perf: $2,488.58 Date: 7/31/2010 Perf: $2,467.36 Date: 6/30/2010 Perf: $2,453.13 Date: 5/31/2010 Perf: $2,376.14 Date: 4/30/2010 Perf: $2,262.99 Date: 3/31/2010 Perf: $2,281.01 Date: 2/28/2010 Perf: $2,333.28 Date: 1/31/2010 Perf: $2,400.49 Date: 12/31/2009 Perf: $2,449.23 Date: 11/30/2009 Perf: $2,601.14 Date: 10/31/2009 Perf: $2,389.22 Date: 9/30/2009 Perf: $2,425.85 Date: 8/31/2009 Perf: $2,388.58 Date: 7/31/2009 Perf: $2,366.58 Date: 6/30/2009 Perf: $2,360.44 Date: 5/31/2009 Perf: $2,451.13 Date: 4/30/2009 Perf: $2,170.87 Date: 3/31/2009 Perf: $2,243.33 Date: 2/28/2009 Perf: $2,245.35 Date: 1/31/2009 Perf: $2,245.13 Date: 12/31/2008 Perf: $2,251.66 Date: 11/30/2008 Perf: $2,217.07 Date: 10/31/2008 Perf: $2,096.32 Date: 9/30/2008 Perf: $2,099.68 Date: 8/31/2008 Perf: $2,094.45 Date: 7/31/2008 Perf: $1,992.62 Date: 6/30/2008 Perf: $2,094.85 Date: 5/31/2008 Perf: $2,121.80 Date: 4/30/2008 Perf: $2,139.99 Date: 3/31/2008 Perf: $2,217.37 Date: 2/29/2008 Perf: $2,133.12 Date: 1/31/2008 Perf: $2,103.67 Date: 12/31/2007 Perf: $2,082.22 Date: 11/30/2007 Perf: $2,057.73 Date: 10/31/2007 Perf: $2,049.53 Date: 9/30/2007 Perf: $2,110.74 Date: 8/31/2007 Perf: $2,068.34 Date: 7/31/2007 Perf: $2,064.63 Date: 6/30/2007 Perf: $2,057.22 Date: 5/31/2007 Perf: $2,012.35 Date: 4/30/2007 Perf: $2,016.78 Date: 3/31/2007 Perf: $1,976.46 Date: 2/28/2007 Perf: $1,992.20 Date: 1/31/2007 Perf: $1,996.79 Date: 12/31/2006 Perf: $1,982.91 Date: 11/30/2006 Perf: $2,028.76 Date: 10/31/2006 Perf: $1,957.70 Date: 9/30/2006 Perf: $1,905.30 Date: 8/31/2006 Perf: $1,864.65 Date: 7/31/2006 Perf: $1,870.83 Date: 6/30/2006 Perf: $1,878.34 Date: 5/31/2006 Perf: $1,905.20 Date: 4/30/2006 Perf: $1,833.16 Date: 3/31/2006 Perf: $1,763.67 Date: 2/28/2006 Perf: $1,811.12 Date: 1/31/2006 Perf: $1,791.60 Date: 12/31/2005 Perf: $1,681.62 Date: 11/30/2005 Perf: $1,623.97 Date: 10/31/2005 Perf: $1,546.49 Date: 9/30/2005 Perf: $1,513.35 Date: 8/31/2005 Perf: $1,496.29 Date: 7/31/2005 Perf: $1,495.39 Date: 6/30/2005 Perf: $1,498.39 Date: 5/31/2005 Perf: $1,501.09 Date: 4/30/2005 Perf: $1,469.35 Date: 3/31/2005 Perf: $1,512.61 Date: 2/28/2005 Perf: $1,499.71 Date: 1/31/2005 Perf: $1,455.19 Date: 12/31/2004 Perf: $1,547.41 Date: 11/30/2004 Perf: $1,599.89 Date: 10/31/2004 Perf: $1,451.54 Date: 9/30/2004 Perf: $1,401.10 Date: 8/31/2004 Perf: $1,405.88 Date: 7/31/2004 Perf: $1,438.39 Date: 6/30/2004 Perf: $1,396.36 Date: 5/31/2004 Perf: $1,437.03 Date: 4/30/2004 Perf: $1,463.52 Date: 3/31/2004 Perf: $1,504.59 Date: 2/29/2004 Perf: $1,531.08 Date: 1/31/2004 Perf: $1,531.84 Date: 12/31/2003 Perf: $1,528.48 Date: 11/30/2003 Perf: $1,468.56 Date: 10/31/2003 Perf: $1,559.65 Date: 9/30/2003 Perf: $1,519.68 Date: 8/31/2003 Perf: $1,452.85 Date: 7/31/2003 Perf: $1,467.82 Date: 6/30/2003 Perf: $1,432.86 Date: 5/31/2003 Perf: $1,444.27 Date: 4/30/2003 Perf: $1,377.07 Date: 3/31/2003 Perf: $1,387.05 Date: 2/28/2003 Perf: $1,460.06 Date: 1/31/2003 Perf: $1,420.70 Date: 12/31/2002 Perf: $1,372.79 Date: 11/30/2002 Perf: $1,272.64 Date: 10/31/2002 Perf: $1,305.40 Date: 9/30/2002 Perf: $1,367.63 Date: 8/31/2002 Perf: $1,349.01 Date: 7/31/2002 Perf: $1,344.17 Date: 6/30/2002 Perf: $1,274.46 Date: 5/31/2002 Perf: $1,114.14 Date: 4/30/2002 Perf: $1,051.17 Date: 3/31/2002 Perf: $1,044.69 Date: 2/28/2002 Perf: $1,034.76 Date: 1/31/2002 Perf: $1,099.87 Date: 12/31/2001 Perf: $1,085.87 Date: 11/30/2001 Perf: $1,069.50 Date: 10/31/2001 Perf: $1,151.61 Date: 9/30/2001 Perf: $1,083.97 Date: 8/31/2001 Perf: $1,047.82 Date: 7/31/2001 Perf: $1,017.60 Date: 6/30/2001 Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 06/01 - 04/13
Date: 4/30/2013 Return: -0.73 % Date: 3/31/2013 Return: 1.69 % Date: 2/28/2013 Return: -1.94 % Date: 1/31/2013 Return: 3.52 % Date: 12/31/2012 Return: 7.55 % Date: 11/30/2012 Return: 0.37 % Date: 10/31/2012 Return: -2.30 % Date: 9/30/2012 Return: 1.39 % Date: 8/31/2012 Return: 0.20 % Date: 7/31/2012 Return: 2.20 % Date: 6/30/2012 Return: -0.24 % Date: 5/31/2012 Return: 0.25 % Date: 4/30/2012 Return: -2.07 % Date: 3/31/2012 Return: -1.59 % Date: 2/29/2012 Return: 5.58 % Date: 1/31/2012 Return: -0.81 % Date: 12/31/2011 Return: -0.77 % Date: 11/30/2011 Return: -0.86 % Date: 10/31/2011 Return: -3.51 % Date: 9/30/2011 Return: -1.16 % Date: 8/31/2011 Return: -1.01 % Date: 7/31/2011 Return: 2.16 % Date: 6/30/2011 Return: -0.31 % Date: 5/31/2011 Return: -2.78 % Date: 4/30/2011 Return: 6.37 % Date: 3/31/2011 Return: -0.03 % Date: 2/28/2011 Return: 0.41 % Date: 1/31/2011 Return: -1.08 % Date: 12/31/2010 Return: 0.85 % Date: 11/30/2010 Return: -0.71 % Date: 10/31/2010 Return: 2.16 % Date: 9/30/2010 Return: 2.76 % Date: 8/31/2010 Return: 0.86 % Date: 7/31/2010 Return: 0.58 % Date: 6/30/2010 Return: 3.24 % Date: 5/31/2010 Return: 5.00 % Date: 4/30/2010 Return: -0.79 % Date: 3/31/2010 Return: -2.24 % Date: 2/28/2010 Return: -2.80 % Date: 1/31/2010 Return: -1.99 % Date: 12/31/2009 Return: -5.84 % Date: 11/30/2009 Return: 8.87 % Date: 10/31/2009 Return: -1.51 % Date: 9/30/2009 Return: 1.56 % Date: 8/31/2009 Return: 0.93 % Date: 7/31/2009 Return: 0.26 % Date: 6/30/2009 Return: -3.70 % Date: 5/31/2009 Return: 12.91 % Date: 4/30/2009 Return: -3.23 % Date: 3/31/2009 Return: -0.09 % Date: 2/28/2009 Return: 0.01 % Date: 1/31/2009 Return: -0.29 % Date: 12/31/2008 Return: 1.56 % Date: 11/30/2008 Return: 5.76 % Date: 10/31/2008 Return: -0.16 % Date: 9/30/2008 Return: 0.25 % Date: 8/31/2008 Return: 5.11 % Date: 7/31/2008 Return: -4.88 % Date: 6/30/2008 Return: -1.27 % Date: 5/31/2008 Return: -0.85 % Date: 4/30/2008 Return: -3.49 % Date: 3/31/2008 Return: 3.95 % Date: 2/29/2008 Return: 1.40 % Date: 1/31/2008 Return: 1.03 % Date: 12/31/2007 Return: 1.19 % Date: 11/30/2007 Return: 0.40 % Date: 10/31/2007 Return: -2.90 % Date: 9/30/2007 Return: 2.05 % Date: 8/31/2007 Return: 0.18 % Date: 7/31/2007 Return: 0.36 % Date: 6/30/2007 Return: 2.23 % Date: 5/31/2007 Return: -0.22 % Date: 4/30/2007 Return: 2.04 % Date: 3/31/2007 Return: -0.79 % Date: 2/28/2007 Return: -0.23 % Date: 1/31/2007 Return: 0.70 % Date: 12/31/2006 Return: -2.26 % Date: 11/30/2006 Return: 3.63 % Date: 10/31/2006 Return: 2.75 % Date: 9/30/2006 Return: 2.18 % Date: 8/31/2006 Return: -0.33 % Date: 7/31/2006 Return: -0.40 % Date: 6/30/2006 Return: -1.41 % Date: 5/31/2006 Return: 3.93 % Date: 4/30/2006 Return: 3.94 % Date: 3/31/2006 Return: -2.62 % Date: 2/28/2006 Return: 1.09 % Date: 1/31/2006 Return: 6.54 % Date: 12/31/2005 Return: 3.55 % Date: 11/30/2005 Return: 5.01 % Date: 10/31/2005 Return: 2.19 % Date: 9/30/2005 Return: 1.14 % Date: 8/31/2005 Return: 0.06 % Date: 7/31/2005 Return: -0.20 % Date: 6/30/2005 Return: -0.18 % Date: 5/31/2005 Return: 2.16 % Date: 4/30/2005 Return: -2.86 % Date: 3/31/2005 Return: 0.86 % Date: 2/28/2005 Return: 3.06 % Date: 1/31/2005 Return: -5.96 % Date: 12/31/2004 Return: -3.28 % Date: 11/30/2004 Return: 10.22 % Date: 10/31/2004 Return: 3.60 % Date: 9/30/2004 Return: -0.34 % Date: 8/31/2004 Return: -2.26 % Date: 7/31/2004 Return: 3.01 % Date: 6/30/2004 Return: -2.83 % Date: 5/31/2004 Return: -1.81 % Date: 4/30/2004 Return: -2.73 % Date: 3/31/2004 Return: -1.73 % Date: 2/29/2004 Return: -0.05 % Date: 1/31/2004 Return: 0.22 % Date: 12/31/2003 Return: 4.08 % Date: 11/30/2003 Return: -5.84 % Date: 10/31/2003 Return: 2.63 % Date: 9/30/2003 Return: 4.60 % Date: 8/31/2003 Return: -1.02 % Date: 7/31/2003 Return: 2.44 % Date: 6/30/2003 Return: -0.79 % Date: 5/31/2003 Return: 4.88 % Date: 4/30/2003 Return: -0.72 % Date: 3/31/2003 Return: -5.00 % Date: 2/28/2003 Return: 2.77 % Date: 1/31/2003 Return: 3.49 % Date: 12/31/2002 Return: 7.87 % Date: 11/30/2002 Return: -2.51 % Date: 10/31/2002 Return: -4.55 % Date: 9/30/2002 Return: 1.38 % Date: 8/31/2002 Return: 0.36 % Date: 7/31/2002 Return: 5.47 % Date: 6/30/2002 Return: 14.39 % Date: 5/31/2002 Return: 5.99 % Date: 4/30/2002 Return: 0.62 % Date: 3/31/2002 Return: 0.96 % Date: 2/28/2002 Return: -5.92 % Date: 1/31/2002 Return: 1.29 % Date: 12/31/2001 Return: 1.53 % Date: 11/30/2001 Return: -7.13 % Date: 10/31/2001 Return: 6.24 % Date: 9/30/2001 Return: 3.45 % Date: 8/31/2001 Return: 2.97 % Date: 7/31/2001 Return: 1.76 % Date: 6/30/2001 Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 06/01 - 04/13
Return: 9.00 % Count: 1 Return: -4.00 % Count: 2 Return: 13.00 % Count: 1 Return: 7.00 % Count: 1 Return: 10.00 % Count: 1 Return: -2.00 % Count: 11 Return: 4.00 % Count: 8 Return: -1.00 % Count: 16 Return: 8.00 % Count: 2 Return: -3.00 % Count: 11 Return: -5.00 % Count: 3 Return: 5.00 % Count: 6 Return: 14.00 % Count: 1 Return: -6.00 % Count: 4 Return: 1.00 % Count: 16 Return: -7.00 % Count: 1 Return: 6.00 % Count: 5 Return: 3.00 % Count: 10 Return: 2.00 % Count: 15 Return: 0.00 % Count: 28
Note: All performance data is since program inception.

Underwater Curve
Date Range: 06/01 - 04/13
Date: 4/30/2013 Drawdown: -1.01 % Date: 3/31/2013 Drawdown: -0.28 % Date: 2/28/2013 Drawdown: -1.94 % Date: 1/31/2013 Drawdown: 0.00 % Date: 12/31/2012 Drawdown: 0.00 % Date: 11/30/2012 Drawdown: -5.50 % Date: 10/31/2012 Drawdown: -5.85 % Date: 9/30/2012 Drawdown: -3.63 % Date: 8/31/2012 Drawdown: -4.95 % Date: 7/31/2012 Drawdown: -5.14 % Date: 6/30/2012 Drawdown: -7.18 % Date: 5/31/2012 Drawdown: -6.96 % Date: 4/30/2012 Drawdown: -7.19 % Date: 3/31/2012 Drawdown: -5.23 % Date: 2/29/2012 Drawdown: -3.70 % Date: 1/31/2012 Drawdown: -8.79 % Date: 12/31/2011 Drawdown: -8.04 % Date: 11/30/2011 Drawdown: -7.33 % Date: 10/31/2011 Drawdown: -6.53 % Date: 9/30/2011 Drawdown: -3.12 % Date: 8/31/2011 Drawdown: -1.99 % Date: 7/31/2011 Drawdown: -0.99 % Date: 6/30/2011 Drawdown: -3.08 % Date: 5/31/2011 Drawdown: -2.78 % Date: 4/30/2011 Drawdown: 0.00 % Date: 3/31/2011 Drawdown: -0.70 % Date: 2/28/2011 Drawdown: -0.67 % Date: 1/31/2011 Drawdown: -1.08 % Date: 12/31/2010 Drawdown: 0.00 % Date: 11/30/2010 Drawdown: -0.71 % Date: 10/31/2010 Drawdown: 0.00 % Date: 9/30/2010 Drawdown: -1.69 % Date: 8/31/2010 Drawdown: -4.33 % Date: 7/31/2010 Drawdown: -5.14 % Date: 6/30/2010 Drawdown: -5.69 % Date: 5/31/2010 Drawdown: -8.65 % Date: 4/30/2010 Drawdown: -13.00 % Date: 3/31/2010 Drawdown: -12.31 % Date: 2/28/2010 Drawdown: -10.30 % Date: 1/31/2010 Drawdown: -7.71 % Date: 12/31/2009 Drawdown: -5.84 % Date: 11/30/2009 Drawdown: 0.00 % Date: 10/31/2009 Drawdown: -2.53 % Date: 9/30/2009 Drawdown: -1.03 % Date: 8/31/2009 Drawdown: -2.55 % Date: 7/31/2009 Drawdown: -3.45 % Date: 6/30/2009 Drawdown: -3.70 % Date: 5/31/2009 Drawdown: 0.00 % Date: 4/30/2009 Drawdown: -3.59 % Date: 3/31/2009 Drawdown: -0.37 % Date: 2/28/2009 Drawdown: -0.28 % Date: 1/31/2009 Drawdown: -0.29 % Date: 12/31/2008 Drawdown: 0.00 % Date: 11/30/2008 Drawdown: -0.01 % Date: 10/31/2008 Drawdown: -5.46 % Date: 9/30/2008 Drawdown: -5.31 % Date: 8/31/2008 Drawdown: -5.54 % Date: 7/31/2008 Drawdown: -10.14 % Date: 6/30/2008 Drawdown: -5.53 % Date: 5/31/2008 Drawdown: -4.31 % Date: 4/30/2008 Drawdown: -3.49 % Date: 3/31/2008 Drawdown: 0.00 % Date: 2/29/2008 Drawdown: 0.00 % Date: 1/31/2008 Drawdown: -0.34 % Date: 12/31/2007 Drawdown: -1.35 % Date: 11/30/2007 Drawdown: -2.51 % Date: 10/31/2007 Drawdown: -2.90 % Date: 9/30/2007 Drawdown: 0.00 % Date: 8/31/2007 Drawdown: 0.00 % Date: 7/31/2007 Drawdown: 0.00 % Date: 6/30/2007 Drawdown: 0.00 % Date: 5/31/2007 Drawdown: -0.81 % Date: 4/30/2007 Drawdown: -0.59 % Date: 3/31/2007 Drawdown: -2.58 % Date: 2/28/2007 Drawdown: -1.80 % Date: 1/31/2007 Drawdown: -1.58 % Date: 12/31/2006 Drawdown: -2.26 % Date: 11/30/2006 Drawdown: 0.00 % Date: 10/31/2006 Drawdown: 0.00 % Date: 9/30/2006 Drawdown: 0.00 % Date: 8/31/2006 Drawdown: -2.13 % Date: 7/31/2006 Drawdown: -1.80 % Date: 6/30/2006 Drawdown: -1.41 % Date: 5/31/2006 Drawdown: 0.00 % Date: 4/30/2006 Drawdown: 0.00 % Date: 3/31/2006 Drawdown: -2.62 % Date: 2/28/2006 Drawdown: 0.00 % Date: 1/31/2006 Drawdown: 0.00 % Date: 12/31/2005 Drawdown: 0.00 % Date: 11/30/2005 Drawdown: 0.00 % Date: 10/31/2005 Drawdown: -3.34 % Date: 9/30/2005 Drawdown: -5.41 % Date: 8/31/2005 Drawdown: -6.48 % Date: 7/31/2005 Drawdown: -6.53 % Date: 6/30/2005 Drawdown: -6.34 % Date: 5/31/2005 Drawdown: -6.18 % Date: 4/30/2005 Drawdown: -8.16 % Date: 3/31/2005 Drawdown: -5.46 % Date: 2/28/2005 Drawdown: -6.26 % Date: 1/31/2005 Drawdown: -9.04 % Date: 12/31/2004 Drawdown: -3.28 % Date: 11/30/2004 Drawdown: 0.00 % Date: 10/31/2004 Drawdown: -6.93 % Date: 9/30/2004 Drawdown: -10.17 % Date: 8/31/2004 Drawdown: -9.86 % Date: 7/31/2004 Drawdown: -7.77 % Date: 6/30/2004 Drawdown: -10.47 % Date: 5/31/2004 Drawdown: -7.86 % Date: 4/30/2004 Drawdown: -6.16 % Date: 3/31/2004 Drawdown: -3.53 % Date: 2/29/2004 Drawdown: -1.83 % Date: 1/31/2004 Drawdown: -1.78 % Date: 12/31/2003 Drawdown: -2.00 % Date: 11/30/2003 Drawdown: -5.84 % Date: 10/31/2003 Drawdown: 0.00 % Date: 9/30/2003 Drawdown: 0.00 % Date: 8/31/2003 Drawdown: -1.02 % Date: 7/31/2003 Drawdown: 0.00 % Date: 6/30/2003 Drawdown: -1.86 % Date: 5/31/2003 Drawdown: -1.08 % Date: 4/30/2003 Drawdown: -5.68 % Date: 3/31/2003 Drawdown: -5.00 % Date: 2/28/2003 Drawdown: 0.00 % Date: 1/31/2003 Drawdown: 0.00 % Date: 12/31/2002 Drawdown: 0.00 % Date: 11/30/2002 Drawdown: -6.95 % Date: 10/31/2002 Drawdown: -4.55 % Date: 9/30/2002 Drawdown: 0.00 % Date: 8/31/2002 Drawdown: 0.00 % Date: 7/31/2002 Drawdown: 0.00 % Date: 6/30/2002 Drawdown: 0.00 % Date: 5/31/2002 Drawdown: -3.25 % Date: 4/30/2002 Drawdown: -8.72 % Date: 3/31/2002 Drawdown: -9.28 % Date: 2/28/2002 Drawdown: -10.15 % Date: 1/31/2002 Drawdown: -4.49 % Date: 12/31/2001 Drawdown: -5.71 % Date: 11/30/2001 Drawdown: -7.13 % Date: 10/31/2001 Drawdown: 0.00 % Date: 9/30/2001 Drawdown: 0.00 % Date: 8/31/2001 Drawdown: 0.00 % Date: 7/31/2001 Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

The performance information shown is a composite of the accounts traded under this program and does not reflect the performance of any single account. The results shown are net of all fees and expenses. Performance results of individual accounts may vary as a result of differing fees, account size, the timing of the entry of orders and other factors.

Brokerage commissions, interest earrings and advisory fees vary among accounts. Accounts trading the Diversified program may be charged a management fee from 0% to 6%, and an incentive fee ranging from 0% to 33.3%. These items are primarily determined by the size of the client's account and the arrangements the client has with the FCM, IB and/or the CTA.

The initial client in this program was Pressprich Capital Management LLC (PCM). A principal of the CTA was previously employed by PCM as a Portfolio Manager.
Manager Information
Manager Name:  Briarwood Capital Management Inc.
Address: 26 Broadway, Suite 933
City: New York
State: NY
Zip: 10004
Country: USA
Key People
Name:  Fred G. Schutzman, CMT
Position:  Principal
Biography: 

Fred G. Schutzman, CMT, born 1960, develops and trades mechanical trading systems. He earned a B.B.A.--Summa Cum Laude, Valedictorian--in 1986 from The College of Insurance. In 1993, he learned his first computer programming language. In 1995, Mr. Schutzman began using TradeStation and his programming skills to develop trading systems. In 1996, he commenced trading a client’s $250,000 account. In 2000, Mr. Schutzman’s trading became completely mechanical. Mr. Schutzman is a Chartered Market Technician (“CMT”). He is a member of the Market Technicians Association and has served on their Management Committee. Mr. Schutzman is the contributing author of Appendix C: “The Essentials of Building a Trading System” in Technical Analysis of the Financial Markets (the updated edition of Technical Analysis of the Futures Markets), by John J. Murphy, CMT, 1999. From February 1998 to present, Mr. Schutzman has been the President of BCM. He develops and trades mechanical systems for BCM, provides expertise with computer programming and is listed as a Principal and is registered as an Associated Person of the firm, effective December 28, 2001.

Name:  Paul J. DeMarco, Jr
Position:  Principal
Biography: 

Paul J. DeMarco, Jr., born 1958, is a professional trader. Mr. DeMarco received a B.S. in Business Management from St. John's University in 1980. He was a member of the CSCE from August 1980 to June 2009, has served on their Business Conduct Committee and has been registered as a floor broker since January 1, 1982. From August 2004 to present, Mr. DeMarco has been the President of Iron Mine Trading Inc., a New York corporation he formed to provide floor brokerage services on the New York Board of Trade (formerly the CSCE). From February 2003 to present, Mr. DeMarco has been the Vice President of BCM. He develops and trades mechanical systems for BCM and is registered as a Principal and Associated Person of the firm, effective February 17, 2003 and June 24, 2002, respectively. Mr. DeMarco’s real-life insights into how markets work, keen sense of observation, staunch discipline and ability to remain calm under pressure, have proven invaluable to BCM.

Additional Information

The Program Performance information presented in this and other areas of the www.managedfutures.com website was prepared by Altegris Clearing Solutions, LLC, an affiliate within the Altegris Group of Companies, based upon information provided by each respective manager of commodity futures and foreign currency trading programs tracked by Altegris Clearing Solutions and its affiliates. The Program Performance information does not contain opinion or analysis of Altegris Clearing Solutions or any of its affiliates, and the completeness and accuracy of performance information reported to Altegris Clearing Solutions cannot in all cases be independently verified. See “Additional Information” at the end of this page for further details regarding the presentation of performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.