Altegris Clearing Solutions Crescent Bay Capital Management, Inc. Premium Stock Index Program
Monthly Performance (%)
Date Range: 09/05 - 04/13
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 0.02 -3.01 -0.39 0.11 -3.26
2012 4.40 2.80 1.52 2.03 1.03 -0.63 1.44 2.28 -0.55 0.04 -0.35 2.20 17.32
2011 2.10 -1.36 0.83 1.67 3.00 1.23 -2.92 7.89 4.16 -2.58 -1.71 4.36 17.36
2010 0.62 3.62 -3.19 0.56 -1.60 2.06 3.19 3.01 0.80 0.30 -1.28 1.83 10.12
2009 2.04 -0.88 -7.33 1.58 1.31 1.21 -4.47 2.15 3.00 -0.93 3.25 1.74 2.12
2008 -2.50 6.88 8.78 1.78 -0.85 2.22 0.98 1.97 -11.44 -9.73 -2.09 0.75 -5.05
2007 6.35 -3.22 -9.18 -2.73 6.77 0.60 -10.10 -0.10 4.70 2.50 5.50 2.80 2.09
2006 5.57 1.50 3.15 4.14 -1.75 2.41 -3.23 3.82 1.76 -1.17 3.11 2.25 23.37
2005 4.70 0.93 4.43 10.36
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The objective of this strategy is to achieve substantial capital appreciation through the speculative trading of options on futures contracts. This objective can entail a comparatively high level of risk. CBCM currently engages in this strategy of selling or “writing” put and call options on stock index futures. CBCM's option strategy collects premiums by writing (selling) out-of-the-money options. The seller (writer) of the option risks losing the difference between the premium received for the option and the price of the underlying futures contract. Trades are usually made 45-30 days from expiration. The idea is to hold the option until expiration. This maximizes the return on the option by retaining all the funds received in the account when the option was initially sold. The goal is to be profitable regardless of market direction. What makes CBCM’s strategy unique is that historical prices are not used to establish positions, and, a short-term trend indicator is used to help reduce the probability of selling options against a negative trend. The majority of methods used by advisors are based on the assumption that historical price data can predict future prices. While the use of historical price data has shown to be profitable, CBCM believes deeper drawdowns and lower accuracy are generally the result of this type of analysis. CBCM uses the future perceived value in its proprietary algorithms, derived from the current month option expiration, to determine the strike prices at which the options are sold. In addition, position sizing methods are employed to optimize risk-adjusted returns by balancing put/call exposure.
Performance Statistics
Date Range: 09/05 - 04/13
  Program SP500 TR Altegris 40
Total Return 97.68% 53.85% 36.91%
Annualized Return 9.40% 5.78% 4.18%
Annualized Std. Deviation 12.52% 15.98% 9.04%
Correlation 0.15 0.17
Sharpe Ratio (rf=2.5%) 0.55 0.21 0.19
Worst Month -11.44% -16.80% -4.59%
Date of Worst Month 09/2008 10/2008 07/2008
Worst Drawdown -26.46% -50.95% -10.87%
Date of Worst Drawdown 8/08 - 7/09 10/07 - 2/09 4/11 - 10/12
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 09/05 - 04/13
Year or YTD Program SP500 TR Altegris 40
2013 -3.26 12.74 5.42
2012 17.32 15.98 -4.75
2011 17.36 2.12 -3.23
2010 10.12 15.06 11.33
2009 2.12 26.45 -7.98
2008 -5.05 -37.00 15.47
2007 2.09 5.50 7.18
2006 23.37 15.79 6.70
2005 10.36 2.08 2.57
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 09/05 - 04/13
Date: 4/30/2013 Perf: $1,348.31 Date: 3/31/2013 Perf: $1,314.40 Date: 2/28/2013 Perf: $1,295.74 Date: 1/31/2013 Perf: $1,303.30 Date: 12/31/2012 Perf: $1,279.00 Date: 11/30/2012 Perf: $1,272.76 Date: 10/31/2012 Perf: $1,269.21 Date: 9/30/2012 Perf: $1,316.88 Date: 8/31/2012 Perf: $1,338.97 Date: 7/31/2012 Perf: $1,357.43 Date: 6/30/2012 Perf: $1,304.09 Date: 5/31/2012 Perf: $1,355.04 Date: 4/30/2012 Perf: $1,329.78 Date: 3/31/2012 Perf: $1,321.85 Date: 2/29/2012 Perf: $1,352.55 Date: 1/31/2012 Perf: $1,347.03 Date: 12/31/2011 Perf: $1,342.73 Date: 11/30/2011 Perf: $1,329.96 Date: 10/31/2011 Perf: $1,325.98 Date: 9/30/2011 Perf: $1,380.66 Date: 8/31/2011 Perf: $1,381.49 Date: 7/31/2011 Perf: $1,384.26 Date: 6/30/2011 Perf: $1,336.28 Date: 5/31/2011 Perf: $1,371.95 Date: 4/30/2011 Perf: $1,423.93 Date: 3/31/2011 Perf: $1,370.48 Date: 2/28/2011 Perf: $1,391.77 Date: 1/31/2011 Perf: $1,368.51 Date: 12/31/2010 Perf: $1,387.52 Date: 11/30/2010 Perf: $1,330.44 Date: 10/31/2010 Perf: $1,379.27 Date: 9/30/2010 Perf: $1,327.75 Date: 8/31/2010 Perf: $1,304.02 Date: 7/31/2010 Perf: $1,252.18 Date: 6/30/2010 Perf: $1,268.54 Date: 5/31/2010 Perf: $1,263.74 Date: 4/30/2010 Perf: $1,295.08 Date: 3/31/2010 Perf: $1,275.44 Date: 2/28/2010 Perf: $1,226.74 Date: 1/31/2010 Perf: $1,215.31 Date: 12/31/2009 Perf: $1,246.35 Date: 11/30/2009 Perf: $1,298.28 Date: 10/31/2009 Perf: $1,247.98 Date: 9/30/2009 Perf: $1,280.77 Date: 8/31/2009 Perf: $1,251.00 Date: 7/31/2009 Perf: $1,246.88 Date: 6/30/2009 Perf: $1,248.26 Date: 5/31/2009 Perf: $1,282.37 Date: 4/30/2009 Perf: $1,264.91 Date: 3/31/2009 Perf: $1,307.67 Date: 2/28/2009 Perf: $1,344.93 Date: 1/31/2009 Perf: $1,345.60 Date: 12/31/2008 Perf: $1,354.40 Date: 11/30/2008 Perf: $1,320.47 Date: 10/31/2008 Perf: $1,273.72 Date: 9/30/2008 Perf: $1,211.34 Date: 8/31/2008 Perf: $1,208.80 Date: 7/31/2008 Perf: $1,241.96 Date: 6/30/2008 Perf: $1,301.71 Date: 5/31/2008 Perf: $1,267.86 Date: 4/30/2008 Perf: $1,242.27 Date: 3/31/2008 Perf: $1,256.72 Date: 2/29/2008 Perf: $1,262.27 Date: 1/31/2008 Perf: $1,194.32 Date: 12/31/2007 Perf: $1,172.97 Date: 11/30/2007 Perf: $1,175.67 Date: 10/31/2007 Perf: $1,183.36 Date: 9/30/2007 Perf: $1,134.47 Date: 8/31/2007 Perf: $1,083.85 Date: 7/31/2007 Perf: $1,125.85 Date: 6/30/2007 Perf: $1,161.74 Date: 5/31/2007 Perf: $1,129.11 Date: 4/30/2007 Perf: $1,090.19 Date: 3/31/2007 Perf: $1,046.25 Date: 2/28/2007 Perf: $1,071.32 Date: 1/31/2007 Perf: $1,113.06 Date: 12/31/2006 Perf: $1,094.35 Date: 11/30/2006 Perf: $1,058.57 Date: 10/31/2006 Perf: $1,033.25 Date: 9/30/2006 Perf: $1,022.01 Date: 8/31/2006 Perf: $1,032.96 Date: 7/31/2006 Perf: $1,021.52 Date: 6/30/2006 Perf: $1,036.86 Date: 5/31/2006 Perf: $1,051.27 Date: 4/30/2006 Perf: $1,079.88 Date: 3/31/2006 Perf: $1,054.16 Date: 2/28/2006 Perf: $1,026.65 Date: 1/31/2006 Perf: $1,045.25 Date: 12/31/2005 Perf: $1,025.66 Date: 11/30/2005 Perf: $1,044.57 Date: 10/31/2005 Perf: $1,001.60 Date: 9/30/2005 Perf: $1,000.00 Date: 4/30/2013 Perf: $1,526.17 Date: 3/31/2013 Perf: $1,497.27 Date: 2/28/2013 Perf: $1,443.15 Date: 1/31/2013 Perf: $1,423.79 Date: 12/31/2012 Perf: $1,353.67 Date: 11/30/2012 Perf: $1,341.46 Date: 10/31/2012 Perf: $1,333.73 Date: 9/30/2012 Perf: $1,358.86 Date: 8/31/2012 Perf: $1,324.69 Date: 7/31/2012 Perf: $1,295.54 Date: 6/30/2012 Perf: $1,277.78 Date: 5/31/2012 Perf: $1,227.22 Date: 4/30/2012 Perf: $1,305.69 Date: 3/31/2012 Perf: $1,313.97 Date: 2/29/2012 Perf: $1,272.11 Date: 1/31/2012 Perf: $1,219.43 Date: 12/31/2011 Perf: $1,167.15 Date: 11/30/2011 Perf: $1,155.36 Date: 10/31/2011 Perf: $1,157.91 Date: 9/30/2011 Perf: $1,043.82 Date: 8/31/2011 Perf: $1,122.75 Date: 7/31/2011 Perf: $1,187.21 Date: 6/30/2011 Perf: $1,211.81 Date: 5/31/2011 Perf: $1,232.39 Date: 4/30/2011 Perf: $1,246.48 Date: 3/31/2011 Perf: $1,210.64 Date: 2/28/2011 Perf: $1,210.16 Date: 1/31/2011 Perf: $1,170.03 Date: 12/31/2010 Perf: $1,142.94 Date: 11/30/2010 Perf: $1,071.37 Date: 10/31/2010 Perf: $1,071.27 Date: 9/30/2010 Perf: $1,031.95 Date: 8/31/2010 Perf: $947.44 Date: 7/31/2010 Perf: $992.18 Date: 6/30/2010 Perf: $927.19 Date: 5/31/2010 Perf: $978.36 Date: 4/30/2010 Perf: $1,063.32 Date: 3/31/2010 Perf: $1,046.78 Date: 2/28/2010 Perf: $987.25 Date: 1/31/2010 Perf: $957.56 Date: 12/31/2009 Perf: $993.32 Date: 11/30/2009 Perf: $974.51 Date: 10/31/2009 Perf: $919.35 Date: 9/30/2009 Perf: $936.78 Date: 8/31/2009 Perf: $903.09 Date: 7/31/2009 Perf: $871.62 Date: 6/30/2009 Perf: $810.36 Date: 5/31/2009 Perf: $808.74 Date: 4/30/2009 Perf: $765.93 Date: 3/31/2009 Perf: $699.03 Date: 2/28/2009 Perf: $642.73 Date: 1/31/2009 Perf: $719.34 Date: 12/31/2008 Perf: $785.56 Date: 11/30/2008 Perf: $777.32 Date: 10/31/2008 Perf: $837.45 Date: 9/30/2008 Perf: $1,006.55 Date: 8/31/2008 Perf: $1,105.01 Date: 7/31/2008 Perf: $1,089.21 Date: 6/30/2008 Perf: $1,098.44 Date: 5/31/2008 Perf: $1,199.56 Date: 4/30/2008 Perf: $1,184.17 Date: 3/31/2008 Perf: $1,129.18 Date: 2/29/2008 Perf: $1,134.05 Date: 1/31/2008 Perf: $1,172.15 Date: 12/31/2007 Perf: $1,246.97 Date: 11/30/2007 Perf: $1,255.63 Date: 10/31/2007 Perf: $1,310.41 Date: 9/30/2007 Perf: $1,289.90 Date: 8/31/2007 Perf: $1,243.39 Date: 7/31/2007 Perf: $1,225.02 Date: 6/30/2007 Perf: $1,264.21 Date: 5/31/2007 Perf: $1,285.55 Date: 4/30/2007 Perf: $1,242.20 Date: 3/31/2007 Perf: $1,189.50 Date: 2/28/2007 Perf: $1,176.33 Date: 1/31/2007 Perf: $1,199.84 Date: 12/31/2006 Perf: $1,181.99 Date: 11/30/2006 Perf: $1,165.68 Date: 10/31/2006 Perf: $1,143.94 Date: 9/30/2006 Perf: $1,107.83 Date: 8/31/2006 Perf: $1,079.96 Date: 7/31/2006 Perf: $1,054.86 Date: 6/30/2006 Perf: $1,048.36 Date: 5/31/2006 Perf: $1,046.89 Date: 4/30/2006 Perf: $1,077.94 Date: 3/31/2006 Perf: $1,063.68 Date: 2/28/2006 Perf: $1,050.65 Date: 1/31/2006 Perf: $1,047.83 Date: 12/31/2005 Perf: $1,020.77 Date: 11/30/2005 Perf: $1,020.47 Date: 10/31/2005 Perf: $983.30 Date: 9/30/2005 Perf: $1,000.00 Date: 4/30/2013 Perf: $1,976.76 Date: 3/31/2013 Perf: $1,974.59 Date: 2/28/2013 Perf: $1,982.32 Date: 1/31/2013 Perf: $2,043.84 Date: 12/31/2012 Perf: $2,043.43 Date: 11/30/2012 Perf: $1,999.45 Date: 10/31/2012 Perf: $2,006.47 Date: 9/30/2012 Perf: $2,005.67 Date: 8/31/2012 Perf: $2,016.76 Date: 7/31/2012 Perf: $1,971.80 Date: 6/30/2012 Perf: $1,943.81 Date: 5/31/2012 Perf: $1,956.13 Date: 4/30/2012 Perf: $1,936.19 Date: 3/31/2012 Perf: $1,897.67 Date: 2/29/2012 Perf: $1,869.26 Date: 1/31/2012 Perf: $1,818.34 Date: 12/31/2011 Perf: $1,741.71 Date: 11/30/2011 Perf: $1,668.94 Date: 10/31/2011 Perf: $1,697.98 Date: 9/30/2011 Perf: $1,742.95 Date: 8/31/2011 Perf: $1,673.33 Date: 7/31/2011 Perf: $1,550.96 Date: 6/30/2011 Perf: $1,597.61 Date: 5/31/2011 Perf: $1,578.20 Date: 4/30/2011 Perf: $1,532.24 Date: 3/31/2011 Perf: $1,507.07 Date: 2/28/2011 Perf: $1,494.66 Date: 1/31/2011 Perf: $1,515.27 Date: 12/31/2010 Perf: $1,484.10 Date: 11/30/2010 Perf: $1,457.43 Date: 10/31/2010 Perf: $1,476.33 Date: 9/30/2010 Perf: $1,471.91 Date: 8/31/2010 Perf: $1,460.23 Date: 7/31/2010 Perf: $1,417.56 Date: 6/30/2010 Perf: $1,373.74 Date: 5/31/2010 Perf: $1,346.01 Date: 4/30/2010 Perf: $1,367.90 Date: 3/31/2010 Perf: $1,360.28 Date: 2/28/2010 Perf: $1,405.10 Date: 1/31/2010 Perf: $1,356.02 Date: 12/31/2009 Perf: $1,347.66 Date: 11/30/2009 Perf: $1,324.61 Date: 10/31/2009 Perf: $1,282.92 Date: 9/30/2009 Perf: $1,294.96 Date: 8/31/2009 Perf: $1,257.24 Date: 7/31/2009 Perf: $1,230.78 Date: 6/30/2009 Perf: $1,288.37 Date: 5/31/2009 Perf: $1,272.97 Date: 4/30/2009 Perf: $1,256.51 Date: 3/31/2009 Perf: $1,236.96 Date: 2/28/2009 Perf: $1,334.81 Date: 1/31/2009 Perf: $1,346.66 Date: 12/31/2008 Perf: $1,319.73 Date: 11/30/2008 Perf: $1,309.91 Date: 10/31/2008 Perf: $1,337.87 Date: 9/30/2008 Perf: $1,482.08 Date: 8/31/2008 Perf: $1,673.53 Date: 7/31/2008 Perf: $1,641.20 Date: 6/30/2008 Perf: $1,625.27 Date: 5/31/2008 Perf: $1,589.97 Date: 4/30/2008 Perf: $1,603.60 Date: 3/31/2008 Perf: $1,575.56 Date: 2/29/2008 Perf: $1,448.39 Date: 1/31/2008 Perf: $1,355.16 Date: 12/31/2007 Perf: $1,389.90 Date: 11/30/2007 Perf: $1,352.05 Date: 10/31/2007 Perf: $1,281.56 Date: 9/30/2007 Perf: $1,250.30 Date: 8/31/2007 Perf: $1,194.18 Date: 7/31/2007 Perf: $1,195.37 Date: 6/30/2007 Perf: $1,329.67 Date: 5/31/2007 Perf: $1,321.74 Date: 4/30/2007 Perf: $1,237.93 Date: 3/31/2007 Perf: $1,272.67 Date: 2/28/2007 Perf: $1,401.31 Date: 1/31/2007 Perf: $1,447.94 Date: 12/31/2006 Perf: $1,361.48 Date: 11/30/2006 Perf: $1,331.52 Date: 10/31/2006 Perf: $1,291.36 Date: 9/30/2006 Perf: $1,306.65 Date: 8/31/2006 Perf: $1,284.05 Date: 7/31/2006 Perf: $1,236.81 Date: 6/30/2006 Perf: $1,278.09 Date: 5/31/2006 Perf: $1,248.01 Date: 4/30/2006 Perf: $1,270.24 Date: 3/31/2006 Perf: $1,219.74 Date: 2/28/2006 Perf: $1,182.49 Date: 1/31/2006 Perf: $1,165.02 Date: 12/31/2005 Perf: $1,103.55 Date: 11/30/2005 Perf: $1,056.74 Date: 10/31/2005 Perf: $1,047.00 Date: 9/30/2005 Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 09/05 - 04/13
Date: 4/30/2013 Return: 0.11 % Date: 3/31/2013 Return: -0.39 % Date: 2/28/2013 Return: -3.01 % Date: 1/31/2013 Return: 0.02 % Date: 12/31/2012 Return: 2.20 % Date: 11/30/2012 Return: -0.35 % Date: 10/31/2012 Return: 0.04 % Date: 9/30/2012 Return: -0.55 % Date: 8/31/2012 Return: 2.28 % Date: 7/31/2012 Return: 1.44 % Date: 6/30/2012 Return: -0.63 % Date: 5/31/2012 Return: 1.03 % Date: 4/30/2012 Return: 2.03 % Date: 3/31/2012 Return: 1.52 % Date: 2/29/2012 Return: 2.80 % Date: 1/31/2012 Return: 4.40 % Date: 12/31/2011 Return: 4.36 % Date: 11/30/2011 Return: -1.71 % Date: 10/31/2011 Return: -2.58 % Date: 9/30/2011 Return: 4.16 % Date: 8/31/2011 Return: 7.89 % Date: 7/31/2011 Return: -2.92 % Date: 6/30/2011 Return: 1.23 % Date: 5/31/2011 Return: 3.00 % Date: 4/30/2011 Return: 1.67 % Date: 3/31/2011 Return: 0.83 % Date: 2/28/2011 Return: -1.36 % Date: 1/31/2011 Return: 2.10 % Date: 12/31/2010 Return: 1.83 % Date: 11/30/2010 Return: -1.28 % Date: 10/31/2010 Return: 0.30 % Date: 9/30/2010 Return: 0.80 % Date: 8/31/2010 Return: 3.01 % Date: 7/31/2010 Return: 3.19 % Date: 6/30/2010 Return: 2.06 % Date: 5/31/2010 Return: -1.60 % Date: 4/30/2010 Return: 0.56 % Date: 3/31/2010 Return: -3.19 % Date: 2/28/2010 Return: 3.62 % Date: 1/31/2010 Return: 0.62 % Date: 12/31/2009 Return: 1.74 % Date: 11/30/2009 Return: 3.25 % Date: 10/31/2009 Return: -0.93 % Date: 9/30/2009 Return: 3.00 % Date: 8/31/2009 Return: 2.15 % Date: 7/31/2009 Return: -4.47 % Date: 6/30/2009 Return: 1.21 % Date: 5/31/2009 Return: 1.31 % Date: 4/30/2009 Return: 1.58 % Date: 3/31/2009 Return: -7.33 % Date: 2/28/2009 Return: -0.88 % Date: 1/31/2009 Return: 2.04 % Date: 12/31/2008 Return: 0.75 % Date: 11/30/2008 Return: -2.09 % Date: 10/31/2008 Return: -9.73 % Date: 9/30/2008 Return: -11.44 % Date: 8/31/2008 Return: 1.97 % Date: 7/31/2008 Return: 0.98 % Date: 6/30/2008 Return: 2.22 % Date: 5/31/2008 Return: -0.85 % Date: 4/30/2008 Return: 1.78 % Date: 3/31/2008 Return: 8.78 % Date: 2/29/2008 Return: 6.88 % Date: 1/31/2008 Return: -2.50 % Date: 12/31/2007 Return: 2.80 % Date: 11/30/2007 Return: 5.50 % Date: 10/31/2007 Return: 2.50 % Date: 9/30/2007 Return: 4.70 % Date: 8/31/2007 Return: -0.10 % Date: 7/31/2007 Return: -10.10 % Date: 6/30/2007 Return: 0.60 % Date: 5/31/2007 Return: 6.77 % Date: 4/30/2007 Return: -2.73 % Date: 3/31/2007 Return: -9.18 % Date: 2/28/2007 Return: -3.22 % Date: 1/31/2007 Return: 6.35 % Date: 12/31/2006 Return: 2.25 % Date: 11/30/2006 Return: 3.11 % Date: 10/31/2006 Return: -1.17 % Date: 9/30/2006 Return: 1.76 % Date: 8/31/2006 Return: 3.82 % Date: 7/31/2006 Return: -3.23 % Date: 6/30/2006 Return: 2.41 % Date: 5/31/2006 Return: -1.75 % Date: 4/30/2006 Return: 4.14 % Date: 3/31/2006 Return: 3.15 % Date: 2/28/2006 Return: 1.50 % Date: 1/31/2006 Return: 5.57 % Date: 12/31/2005 Return: 4.43 % Date: 11/30/2005 Return: 0.93 % Date: 10/31/2005 Return: 4.70 % Date: 9/30/2005 Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 09/05 - 04/13
Return: 8.00 % Count: 1 Return: -4.00 % Count: 1 Return: -7.00 % Count: 1 Return: -11.00 % Count: 1 Return: 9.00 % Count: 1 Return: -10.00 % Count: 2 Return: 7.00 % Count: 2 Return: -9.00 % Count: 1 Return: -1.00 % Count: 8 Return: -3.00 % Count: 7 Return: -2.00 % Count: 5 Return: 3.00 % Count: 10 Return: 2.00 % Count: 19 Return: 6.00 % Count: 2 Return: 4.00 % Count: 7 Return: 1.00 % Count: 13 Return: 5.00 % Count: 3 Return: 0.00 % Count: 8
Note: All performance data is since program inception.

Underwater Curve
Date Range: 09/05 - 04/13
Date: 4/30/2013 Drawdown: -3.28 % Date: 3/31/2013 Drawdown: -3.39 % Date: 2/28/2013 Drawdown: -3.01 % Date: 1/31/2013 Drawdown: 0.00 % Date: 12/31/2012 Drawdown: 0.00 % Date: 11/30/2012 Drawdown: -0.86 % Date: 10/31/2012 Drawdown: -0.51 % Date: 9/30/2012 Drawdown: -0.55 % Date: 8/31/2012 Drawdown: 0.00 % Date: 7/31/2012 Drawdown: 0.00 % Date: 6/30/2012 Drawdown: -0.63 % Date: 5/31/2012 Drawdown: 0.00 % Date: 4/30/2012 Drawdown: 0.00 % Date: 3/31/2012 Drawdown: 0.00 % Date: 2/29/2012 Drawdown: 0.00 % Date: 1/31/2012 Drawdown: 0.00 % Date: 12/31/2011 Drawdown: -0.07 % Date: 11/30/2011 Drawdown: -4.25 % Date: 10/31/2011 Drawdown: -2.58 % Date: 9/30/2011 Drawdown: 0.00 % Date: 8/31/2011 Drawdown: -0.01 % Date: 7/31/2011 Drawdown: -7.32 % Date: 6/30/2011 Drawdown: -4.54 % Date: 5/31/2011 Drawdown: -5.70 % Date: 4/30/2011 Drawdown: -8.44 % Date: 3/31/2011 Drawdown: -9.95 % Date: 2/28/2011 Drawdown: -10.69 % Date: 1/31/2011 Drawdown: -9.46 % Date: 12/31/2010 Drawdown: -11.32 % Date: 11/30/2010 Drawdown: -12.91 % Date: 10/31/2010 Drawdown: -11.78 % Date: 9/30/2010 Drawdown: -12.05 % Date: 8/31/2010 Drawdown: -12.75 % Date: 7/31/2010 Drawdown: -15.30 % Date: 6/30/2010 Drawdown: -17.91 % Date: 5/31/2010 Drawdown: -19.57 % Date: 4/30/2010 Drawdown: -18.26 % Date: 3/31/2010 Drawdown: -18.72 % Date: 2/28/2010 Drawdown: -16.04 % Date: 1/31/2010 Drawdown: -18.97 % Date: 12/31/2009 Drawdown: -19.47 % Date: 11/30/2009 Drawdown: -20.85 % Date: 10/31/2009 Drawdown: -23.34 % Date: 9/30/2009 Drawdown: -22.62 % Date: 8/31/2009 Drawdown: -24.87 % Date: 7/31/2009 Drawdown: -26.46 % Date: 6/30/2009 Drawdown: -23.01 % Date: 5/31/2009 Drawdown: -23.94 % Date: 4/30/2009 Drawdown: -24.92 % Date: 3/31/2009 Drawdown: -26.09 % Date: 2/28/2009 Drawdown: -20.24 % Date: 1/31/2009 Drawdown: -19.53 % Date: 12/31/2008 Drawdown: -21.14 % Date: 11/30/2008 Drawdown: -21.73 % Date: 10/31/2008 Drawdown: -20.06 % Date: 9/30/2008 Drawdown: -11.44 % Date: 8/31/2008 Drawdown: 0.00 % Date: 7/31/2008 Drawdown: 0.00 % Date: 6/30/2008 Drawdown: 0.00 % Date: 5/31/2008 Drawdown: -0.85 % Date: 4/30/2008 Drawdown: 0.00 % Date: 3/31/2008 Drawdown: 0.00 % Date: 2/29/2008 Drawdown: 0.00 % Date: 1/31/2008 Drawdown: -6.41 % Date: 12/31/2007 Drawdown: -4.01 % Date: 11/30/2007 Drawdown: -6.62 % Date: 10/31/2007 Drawdown: -11.49 % Date: 9/30/2007 Drawdown: -13.65 % Date: 8/31/2007 Drawdown: -17.53 % Date: 7/31/2007 Drawdown: -17.44 % Date: 6/30/2007 Drawdown: -8.17 % Date: 5/31/2007 Drawdown: -8.72 % Date: 4/30/2007 Drawdown: -14.50 % Date: 3/31/2007 Drawdown: -12.10 % Date: 2/28/2007 Drawdown: -3.22 % Date: 1/31/2007 Drawdown: 0.00 % Date: 12/31/2006 Drawdown: 0.00 % Date: 11/30/2006 Drawdown: 0.00 % Date: 10/31/2006 Drawdown: -1.17 % Date: 9/30/2006 Drawdown: 0.00 % Date: 8/31/2006 Drawdown: 0.00 % Date: 7/31/2006 Drawdown: -3.23 % Date: 6/30/2006 Drawdown: 0.00 % Date: 5/31/2006 Drawdown: -1.75 % Date: 4/30/2006 Drawdown: 0.00 % Date: 3/31/2006 Drawdown: 0.00 % 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: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Crescent Bay Capital Management, Inc.
Address: 1201 Puerta Del Sol, Suite 224
City: San Clemente
State: CA
Zip: 92673
Country: USA
Key People
Name:  David T. Bedford
Position:  Principal
Biography: 

David Bedford graduated in April 1990 from Pepperdine University in Malibu, California with a Bachelor of Science degree in Sports Medicine. Upon graduation he became a Principal of Bedford Hardwood (a wood flooring sales and contracting company) and later, Sand Vac Systems (a manufacturer of dust retrieval systems for the construction industry). In May 1996, Mr. Bedford managed projects using statistical and quantitative testing methods (a prelude to his future career in trading systems research) as a Biomaterials Research Associate at University of California at San Francisco. From January 1998 - February 2007 he was employed as a District Sales Manager by GC America, an International dental products manufacturer. In August 1998, while remaining gainfully employed, David Bedford began graduate coursework in quantitative analysis, statistics, and information technology at Golden Gate University. These studies, combined with his interest in the markets, launched the pursuit of profitable trading methods research. Since August 1999, Mr. Bedford has been an active trader, testing his methods and skills in the stock and futures markets. He established Crescent Bay Capital Management, Inc. and continues to serve as President. Successful development of multiple trading systems led him to register CBCM as a Commodity Trading Advisor (CTA) for the purpose of managing client accounts. Crescent Bay Capital Management, Inc. (CBCM) was formed January 20th, 2003 for the purpose of trading and market research. CBCM has been registered with the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) as a CTA since August 23rd, 2004; and as a Commodity Pool Operator (“CPO”) since November 14th, 2006. David Bedford continues to research multiple trading strategies and alternative markets in addition to constant management and refinement of CBCM’s currently offered managed account programs, the Premium Stock Index Program (PSIP) and the Balanced Volatility Program (BVP). He also manages a limited partnership commodity pool, the Crescent Bay Diversified Futures Fund, L.P.

Name:  Justin Stephan
Position:  Trader
Biography: 

Mr. Stephan is a longtime trader of the equity and equity options markets. Prior to his association with CBCM, he managed proprietary and family accounts and has 10+ years of “live” trading experience. Mr. Stephan is NASD Series 3 examination qualified.

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.