Altegris Clearing Solutions HB Capital Management, Inc. Diversified Program
Monthly Performance (%)
Date Range: 02/08 - 11/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 2.42 1.35 0.63 1.54 1.82 5.19 -3.18 4.39 -3.56 -3.57 -0.50 6.24
2016 -9.56 -2.19 2.47 2.68 3.54 3.99 1.64 -1.13 1.66 2.82 -1.79 -0.81 2.54
2015 0.99 0.90 -1.29 1.05 -3.01 -5.12 -5.93 5.00 3.10 -5.16 3.82 5.49 -1.06
2014 -2.24 -1.32 4.89 0.76 5.26 5.21 3.07 4.41 -3.91 -6.78 1.63 -4.25 5.91
2013 -0.96 2.16 -3.09 -4.57 0.67 -0.98 0.75 -2.39 0.88 -1.87 7.79 2.00 -0.16
2012 2.63 -0.87 0.88 -2.71 0.45 -1.11 0.34 2.87 -0.46 4.18 -5.05 -4.01 -3.23
2011 2.47 0.08 -1.85 4.61 -0.47 -0.52 0.28 0.48 -3.95 0.20 -0.75 0.88 1.23
2010 1.50 1.59 0.69 -0.09 -0.71 0.96 -4.67 2.45 -4.69 -7.39 1.73 1.04 -7.86
2009 4.11 1.31 1.42 1.25 -2.80 4.48 1.26 1.46 0.95 2.13 0.47 2.59 20.09
2008 2.77 2.64 2.34 0.48 4.03 -1.89 -0.17 1.07 0.95 -0.18 12.56
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The program uses a number of different options and futures strategies. The option strategies include a variety of different spreads such as verticals, calendars, ratios, strangles, and straddles amongst others. The program will also outright sell or buy an option in certain situations. In addition, the program may purchase or sell futures to offset an open option position. The program trades options and futures contracts in the crude oil, coffee, soybean, gold, natural gas and corn markets, among others. The implementation of this trading program depends on both technical and fundamental considerations. Technical analysis involves the study of charted prices, volume and momentum to determine the future course of prices. Other analysis may also be performed on the prices of various options, both in absolute terms in relation to their historic price level, and in relative terms comparing the prices of puts to the prices of similar calls. Implied and historical volatility of both the option and its underlying commodity are also studied. Fundamental considerations, utilized on a commodity by commodity basis, include supply and demand, seasonal movements as well as business and economic factors, governmental policies, weather, and other worldwide events, which can influence the commodity markets. A secondary strategy seeks to profit from seasonal patterns inherent in various commodity markets. The trades taken may be outright long (buy) and short (sell) positions or spread trades between two similar commodities. Seasonal trading may also employ the use of buying and/or selling options. A third strategy that HB Capital Management has developed is a proprietary program for trading the stock market. We may take a long position when a buy signal is generated for the stock market and may take a short position when a sell signal is generated.

Performance Statistics
Date Range: 02/08 - 11/17
  Program SP500 TR Altegris 40
Total Return 39.04% 137.93% 17.42%
Annualized Return 3.44% 9.21% 1.65%
Annualized Std. Deviation 10.56% 14.98% 8.92%
Correlation -0.07 -0.11
Sharpe Ratio (rf=2.5%) 0.09 0.45 -0.10
Worst Month -9.56% -16.79% -5.20%
Date of Worst Month 01/2016 10/2008 06/2015
Worst Drawdown -23.71% -46.41% -15.74%
Date of Worst Drawdown 8/14 - 2/16 5/08 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 02/08 - 11/17
Year or YTD Program SP500 TR Altegris 40
2017 6.24 20.51 0.15
2016 2.54 11.98 -3.13
2015 -1.06 1.41 0.09
2014 5.91 13.69 15.75
2013 -0.16 32.41 -2.45
2012 -3.23 15.98 -4.75
2011 1.23 2.12 -3.23
2010 -7.86 15.06 11.33
2009 20.09 26.45 -7.98
2008 12.56 -30.72 7.30
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 02/08 - 11/17
Date: 11/30/2017
Perf: $1,110.96 Date: 10/31/2017
Perf: $1,109.52 Date: 9/30/2017
Perf: $1,064.90 Date: 8/31/2017
Perf: $1,087.85 Date: 7/31/2017
Perf: $1,070.09 Date: 6/30/2017
Perf: $1,065.93 Date: 5/31/2017
Perf: $1,097.99 Date: 4/30/2017
Perf: $1,095.91 Date: 3/31/2017
Perf: $1,102.53 Date: 2/28/2017
Perf: $1,118.86 Date: 1/31/2017
Perf: $1,094.99 Date: 12/31/2016
Perf: $1,109.30 Date: 11/30/2016
Perf: $1,100.93 Date: 10/31/2016
Perf: $1,113.18 Date: 9/30/2016
Perf: $1,142.66 Date: 8/31/2016
Perf: $1,157.59 Date: 7/31/2016
Perf: $1,189.59 Date: 6/30/2016
Perf: $1,177.58 Date: 5/31/2016
Perf: $1,129.57 Date: 4/30/2016
Perf: $1,149.69 Date: 3/31/2016
Perf: $1,179.29 Date: 2/29/2016
Perf: $1,214.14 Date: 1/31/2016
Perf: $1,184.99 Date: 12/31/2015
Perf: $1,145.14 Date: 11/30/2015
Perf: $1,172.10 Date: 10/31/2015
Perf: $1,133.45 Date: 9/30/2015
Perf: $1,153.52 Date: 8/31/2015
Perf: $1,129.02 Date: 7/31/2015
Perf: $1,148.89 Date: 6/30/2015
Perf: $1,105.66 Date: 5/31/2015
Perf: $1,166.31 Date: 4/30/2015
Perf: $1,174.77 Date: 3/31/2015
Perf: $1,221.93 Date: 2/28/2015
Perf: $1,195.51 Date: 1/31/2015
Perf: $1,197.43 Date: 12/31/2014
Perf: $1,144.11 Date: 11/30/2014
Perf: $1,124.33 Date: 10/31/2014
Perf: $1,061.19 Date: 9/30/2014
Perf: $1,045.81 Date: 8/31/2014
Perf: $1,030.46 Date: 7/31/2014
Perf: $988.64 Date: 6/30/2014
Perf: $996.61 Date: 5/31/2014
Perf: $988.11 Date: 4/30/2014
Perf: $963.45 Date: 3/31/2014
Perf: $956.18 Date: 2/28/2014
Perf: $970.55 Date: 1/31/2014
Perf: $962.65 Date: 12/31/2013
Perf: $988.45 Date: 11/30/2013
Perf: $989.84 Date: 10/31/2013
Perf: $972.24 Date: 9/30/2013
Perf: $950.47 Date: 8/31/2013
Perf: $956.21 Date: 7/31/2013
Perf: $974.93 Date: 6/30/2013
Perf: $983.49 Date: 5/31/2013
Perf: $1,022.23 Date: 4/30/2013
Perf: $1,068.16 Date: 3/31/2013
Perf: $1,041.29 Date: 2/28/2013
Perf: $1,026.51 Date: 1/31/2013
Perf: $1,032.50 Date: 12/31/2012
Perf: $1,013.25 Date: 11/30/2012
Perf: $1,008.31 Date: 10/31/2012
Perf: $1,005.49 Date: 9/30/2012
Perf: $1,043.26 Date: 8/31/2012
Perf: $1,060.76 Date: 7/31/2012
Perf: $1,075.39 Date: 6/30/2012
Perf: $1,033.13 Date: 5/31/2012
Perf: $1,073.50 Date: 4/30/2012
Perf: $1,053.48 Date: 3/31/2012
Perf: $1,047.20 Date: 2/29/2012
Perf: $1,071.52 Date: 1/31/2012
Perf: $1,067.14 Date: 12/31/2011
Perf: $1,063.74 Date: 11/30/2011
Perf: $1,053.63 Date: 10/31/2011
Perf: $1,050.47 Date: 9/30/2011
Perf: $1,093.79 Date: 8/31/2011
Perf: $1,094.44 Date: 7/31/2011
Perf: $1,096.64 Date: 6/30/2011
Perf: $1,058.63 Date: 5/31/2011
Perf: $1,086.89 Date: 4/30/2011
Perf: $1,128.07 Date: 3/31/2011
Perf: $1,085.72 Date: 2/28/2011
Perf: $1,102.59 Date: 1/31/2011
Perf: $1,084.16 Date: 12/31/2010
Perf: $1,099.22 Date: 11/30/2010
Perf: $1,054.00 Date: 10/31/2010
Perf: $1,092.69 Date: 9/30/2010
Perf: $1,051.87 Date: 8/31/2010
Perf: $1,033.07 Date: 7/31/2010
Perf: $992.00 Date: 6/30/2010
Perf: $1,004.97 Date: 5/31/2010
Perf: $1,001.16 Date: 4/30/2010
Perf: $1,025.99 Date: 3/31/2010
Perf: $1,010.43 Date: 2/28/2010
Perf: $971.85 Date: 1/31/2010
Perf: $962.80 Date: 12/31/2009
Perf: $987.38 Date: 11/30/2009
Perf: $1,028.52 Date: 10/31/2009
Perf: $988.68 Date: 9/30/2009
Perf: $1,014.66 Date: 8/31/2009
Perf: $991.07 Date: 7/31/2009
Perf: $987.81 Date: 6/30/2009
Perf: $988.90 Date: 5/31/2009
Perf: $1,015.92 Date: 4/30/2009
Perf: $1,002.09 Date: 3/31/2009
Perf: $1,035.97 Date: 2/28/2009
Perf: $1,065.48 Date: 1/31/2009
Perf: $1,066.01 Date: 12/31/2008
Perf: $1,072.99 Date: 11/30/2008
Perf: $1,046.10 Date: 10/31/2008
Perf: $1,009.07 Date: 9/30/2008
Perf: $959.65 Date: 8/31/2008
Perf: $957.64 Date: 7/31/2008
Perf: $983.91 Date: 6/30/2008
Perf: $1,031.24 Date: 5/31/2008
Perf: $1,004.42 Date: 4/30/2008
Perf: $984.15 Date: 3/31/2008
Perf: $995.60 Date: 2/29/2008
Perf: $1,000.00 Date: 11/30/2017
Perf: $2,459.19 Date: 10/31/2017
Perf: $2,385.94 Date: 9/30/2017
Perf: $2,331.61 Date: 8/31/2017
Perf: $2,284.55 Date: 7/31/2017
Perf: $2,277.49 Date: 6/30/2017
Perf: $2,231.52 Date: 5/31/2017
Perf: $2,217.77 Date: 4/30/2017
Perf: $2,186.93 Date: 3/31/2017
Perf: $2,164.64 Date: 2/28/2017
Perf: $2,162.04 Date: 1/31/2017
Perf: $2,079.49 Date: 12/31/2016
Perf: $2,040.71 Date: 11/30/2016
Perf: $2,001.09 Date: 10/31/2016
Perf: $1,929.69 Date: 9/30/2016
Perf: $1,965.47 Date: 8/31/2016
Perf: $1,965.07 Date: 7/31/2016
Perf: $1,962.33 Date: 6/30/2016
Perf: $1,892.49 Date: 5/31/2016
Perf: $1,887.58 Date: 4/30/2016
Perf: $1,854.21 Date: 3/31/2016
Perf: $1,847.01 Date: 2/29/2016
Perf: $1,729.73 Date: 1/31/2016
Perf: $1,731.98 Date: 12/31/2015
Perf: $1,822.37 Date: 11/30/2015
Perf: $1,851.63 Date: 10/31/2015
Perf: $1,846.09 Date: 9/30/2015
Perf: $1,702.41 Date: 8/31/2015
Perf: $1,745.52 Date: 7/31/2015
Perf: $1,857.53 Date: 6/30/2015
Perf: $1,819.32 Date: 5/31/2015
Perf: $1,855.32 Date: 4/30/2015
Perf: $1,831.69 Date: 3/31/2015
Perf: $1,814.27 Date: 2/28/2015
Perf: $1,843.40 Date: 1/31/2015
Perf: $1,743.16 Date: 12/31/2014
Perf: $1,797.08 Date: 11/30/2014
Perf: $1,801.58 Date: 10/31/2014
Perf: $1,754.39 Date: 9/30/2014
Perf: $1,712.60 Date: 8/31/2014
Perf: $1,736.92 Date: 7/31/2014
Perf: $1,670.11 Date: 6/30/2014
Perf: $1,693.48 Date: 5/31/2014
Perf: $1,659.14 Date: 4/30/2014
Perf: $1,621.04 Date: 3/31/2014
Perf: $1,609.14 Date: 2/28/2014
Perf: $1,595.73 Date: 1/31/2014
Perf: $1,525.99 Date: 12/31/2013
Perf: $1,580.69 Date: 11/30/2013
Perf: $1,541.68 Date: 10/31/2013
Perf: $1,496.05 Date: 9/30/2013
Perf: $1,430.26 Date: 8/31/2013
Perf: $1,386.72 Date: 7/31/2013
Perf: $1,428.13 Date: 6/30/2013
Perf: $1,358.96 Date: 5/31/2013
Perf: $1,377.42 Date: 4/30/2013
Perf: $1,345.92 Date: 3/31/2013
Perf: $1,320.44 Date: 2/28/2013
Perf: $1,272.71 Date: 1/31/2013
Perf: $1,255.64 Date: 12/31/2012
Perf: $1,193.80 Date: 11/30/2012
Perf: $1,183.03 Date: 10/31/2012
Perf: $1,176.21 Date: 9/30/2012
Perf: $1,198.38 Date: 8/31/2012
Perf: $1,168.24 Date: 7/31/2012
Perf: $1,142.53 Date: 6/30/2012
Perf: $1,126.87 Date: 5/31/2012
Perf: $1,082.28 Date: 4/30/2012
Perf: $1,151.48 Date: 3/31/2012
Perf: $1,158.78 Date: 2/29/2012
Perf: $1,121.87 Date: 1/31/2012
Perf: $1,075.42 Date: 12/31/2011
Perf: $1,029.30 Date: 11/30/2011
Perf: $1,018.91 Date: 10/31/2011
Perf: $1,021.16 Date: 9/30/2011
Perf: $920.54 Date: 8/31/2011
Perf: $990.15 Date: 7/31/2011
Perf: $1,047.00 Date: 6/30/2011
Perf: $1,068.70 Date: 5/31/2011
Perf: $1,086.85 Date: 4/30/2011
Perf: $1,099.27 Date: 3/31/2011
Perf: $1,067.67 Date: 2/28/2011
Perf: $1,067.24 Date: 1/31/2011
Perf: $1,031.85 Date: 12/31/2010
Perf: $1,007.96 Date: 11/30/2010
Perf: $944.84 Date: 10/31/2010
Perf: $944.75 Date: 9/30/2010
Perf: $910.07 Date: 8/31/2010
Perf: $835.54 Date: 7/31/2010
Perf: $875.01 Date: 6/30/2010
Perf: $817.69 Date: 5/31/2010
Perf: $862.81 Date: 4/30/2010
Perf: $937.74 Date: 3/31/2010
Perf: $923.15 Date: 2/28/2010
Perf: $870.65 Date: 1/31/2010
Perf: $844.47 Date: 12/31/2009
Perf: $876.01 Date: 11/30/2009
Perf: $859.42 Date: 10/31/2009
Perf: $810.77 Date: 9/30/2009
Perf: $826.14 Date: 8/31/2009
Perf: $796.43 Date: 7/31/2009
Perf: $768.68 Date: 6/30/2009
Perf: $714.66 Date: 5/31/2009
Perf: $713.23 Date: 4/30/2009
Perf: $675.47 Date: 3/31/2009
Perf: $616.47 Date: 2/28/2009
Perf: $566.82 Date: 1/31/2009
Perf: $634.38 Date: 12/31/2008
Perf: $692.78 Date: 11/30/2008
Perf: $685.52 Date: 10/31/2008
Perf: $738.55 Date: 9/30/2008
Perf: $887.57 Date: 8/31/2008
Perf: $974.39 Date: 7/31/2008
Perf: $960.46 Date: 6/30/2008
Perf: $968.60 Date: 5/31/2008
Perf: $1,057.77 Date: 4/30/2008
Perf: $1,044.19 Date: 3/31/2008
Perf: $995.70 Date: 2/29/2008
Perf: $1,000.00 Date: 11/30/2017
Perf: $1,390.43 Date: 10/31/2017
Perf: $1,397.41 Date: 9/30/2017
Perf: $1,449.15 Date: 8/31/2017
Perf: $1,502.64 Date: 7/31/2017
Perf: $1,439.45 Date: 6/30/2017
Perf: $1,486.73 Date: 5/31/2017
Perf: $1,413.37 Date: 4/30/2017
Perf: $1,388.11 Date: 3/31/2017
Perf: $1,367.06 Date: 2/28/2017
Perf: $1,358.50 Date: 1/31/2017
Perf: $1,340.40 Date: 12/31/2016
Perf: $1,308.73 Date: 11/30/2016
Perf: $1,319.42 Date: 10/31/2016
Perf: $1,343.47 Date: 9/30/2016
Perf: $1,306.62 Date: 8/31/2016
Perf: $1,285.28 Date: 7/31/2016
Perf: $1,299.97 Date: 6/30/2016
Perf: $1,279.00 Date: 5/31/2016
Perf: $1,229.92 Date: 4/30/2016
Perf: $1,187.87 Date: 3/31/2016
Perf: $1,156.87 Date: 2/29/2016
Perf: $1,128.98 Date: 1/31/2016
Perf: $1,154.26 Date: 12/31/2015
Perf: $1,276.27 Date: 11/30/2015
Perf: $1,209.85 Date: 10/31/2015
Perf: $1,165.34 Date: 9/30/2015
Perf: $1,228.74 Date: 8/31/2015
Perf: $1,191.79 Date: 7/31/2015
Perf: $1,135.04 Date: 6/30/2015
Perf: $1,206.59 Date: 5/31/2015
Perf: $1,271.70 Date: 4/30/2015
Perf: $1,311.17 Date: 3/31/2015
Perf: $1,297.55 Date: 2/28/2015
Perf: $1,314.50 Date: 1/31/2015
Perf: $1,302.78 Date: 12/31/2014
Perf: $1,290.01 Date: 11/30/2014
Perf: $1,347.27 Date: 10/31/2014
Perf: $1,325.66 Date: 9/30/2014
Perf: $1,422.08 Date: 8/31/2014
Perf: $1,479.94 Date: 7/31/2014
Perf: $1,417.43 Date: 6/30/2014
Perf: $1,375.21 Date: 5/31/2014
Perf: $1,307.11 Date: 4/30/2014
Perf: $1,241.79 Date: 3/31/2014
Perf: $1,232.43 Date: 2/28/2014
Perf: $1,174.97 Date: 1/31/2014
Perf: $1,190.69 Date: 12/31/2013
Perf: $1,217.97 Date: 11/30/2013
Perf: $1,194.09 Date: 10/31/2013
Perf: $1,107.79 Date: 9/30/2013
Perf: $1,128.90 Date: 8/31/2013
Perf: $1,119.06 Date: 7/31/2013
Perf: $1,146.46 Date: 6/30/2013
Perf: $1,137.92 Date: 5/31/2013
Perf: $1,149.18 Date: 4/30/2013
Perf: $1,141.53 Date: 3/31/2013
Perf: $1,196.20 Date: 2/28/2013
Perf: $1,234.34 Date: 1/31/2013
Perf: $1,208.24 Date: 12/31/2012
Perf: $1,219.96 Date: 11/30/2012
Perf: $1,270.92 Date: 10/31/2012
Perf: $1,338.51 Date: 9/30/2012
Perf: $1,284.81 Date: 8/31/2012
Perf: $1,290.75 Date: 7/31/2012
Perf: $1,254.74 Date: 6/30/2012
Perf: $1,250.48 Date: 5/31/2012
Perf: $1,264.52 Date: 4/30/2012
Perf: $1,258.86 Date: 3/31/2012
Perf: $1,293.92 Date: 2/29/2012
Perf: $1,282.63 Date: 1/31/2012
Perf: $1,293.89 Date: 12/31/2011
Perf: $1,260.73 Date: 11/30/2011
Perf: $1,249.74 Date: 10/31/2011
Perf: $1,259.18 Date: 9/30/2011
Perf: $1,256.67 Date: 8/31/2011
Perf: $1,308.35 Date: 7/31/2011
Perf: $1,302.10 Date: 6/30/2011
Perf: $1,298.46 Date: 5/31/2011
Perf: $1,305.25 Date: 4/30/2011
Perf: $1,311.41 Date: 3/31/2011
Perf: $1,253.62 Date: 2/28/2011
Perf: $1,277.25 Date: 1/31/2011
Perf: $1,276.23 Date: 12/31/2010
Perf: $1,245.46 Date: 11/30/2010
Perf: $1,232.64 Date: 10/31/2010
Perf: $1,211.68 Date: 9/30/2010
Perf: $1,308.37 Date: 8/31/2010
Perf: $1,372.75 Date: 7/31/2010
Perf: $1,339.93 Date: 6/30/2010
Perf: $1,405.57 Date: 5/31/2010
Perf: $1,392.20 Date: 4/30/2010
Perf: $1,402.16 Date: 3/31/2010
Perf: $1,403.42 Date: 2/28/2010
Perf: $1,393.80 Date: 1/31/2010
Perf: $1,371.99 Date: 12/31/2009
Perf: $1,351.71 Date: 11/30/2009
Perf: $1,317.59 Date: 10/31/2009
Perf: $1,311.42 Date: 9/30/2009
Perf: $1,284.07 Date: 8/31/2009
Perf: $1,271.99 Date: 7/31/2009
Perf: $1,253.68 Date: 6/30/2009
Perf: $1,238.08 Date: 5/31/2009
Perf: $1,185.00 Date: 4/30/2009
Perf: $1,219.13 Date: 3/31/2009
Perf: $1,204.08 Date: 2/28/2009
Perf: $1,187.22 Date: 1/31/2009
Perf: $1,171.87 Date: 12/31/2008
Perf: $1,125.61 Date: 11/30/2008
Perf: $1,127.64 Date: 10/31/2008
Perf: $1,117.03 Date: 9/30/2008
Perf: $1,105.20 Date: 8/31/2008
Perf: $1,107.08 Date: 7/31/2008
Perf: $1,128.41 Date: 6/30/2008
Perf: $1,084.70 Date: 5/31/2008
Perf: $1,079.51 Date: 4/30/2008
Perf: $1,054.83 Date: 3/31/2008
Perf: $1,027.70 Date: 2/29/2008
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 02/08 - 11/17
Date: 11/30/2017
Return: -0.50 % Date: 10/31/2017
Return: -3.57 % Date: 9/30/2017
Return: -3.56 % Date: 8/31/2017
Return: 4.39 % Date: 7/31/2017
Return: -3.18 % Date: 6/30/2017
Return: 5.19 % Date: 5/31/2017
Return: 1.82 % Date: 4/30/2017
Return: 1.54 % Date: 3/31/2017
Return: 0.63 % Date: 2/28/2017
Return: 1.35 % Date: 1/31/2017
Return: 2.42 % Date: 12/31/2016
Return: -0.81 % Date: 11/30/2016
Return: -1.79 % Date: 10/31/2016
Return: 2.82 % Date: 9/30/2016
Return: 1.66 % Date: 8/31/2016
Return: -1.13 % Date: 7/31/2016
Return: 1.64 % Date: 6/30/2016
Return: 3.99 % Date: 5/31/2016
Return: 3.54 % Date: 4/30/2016
Return: 2.68 % Date: 3/31/2016
Return: 2.47 % Date: 2/29/2016
Return: -2.19 % Date: 1/31/2016
Return: -9.56 % Date: 12/31/2015
Return: 5.49 % Date: 11/30/2015
Return: 3.82 % Date: 10/31/2015
Return: -5.16 % Date: 9/30/2015
Return: 3.10 % Date: 8/31/2015
Return: 5.00 % Date: 7/31/2015
Return: -5.93 % Date: 6/30/2015
Return: -5.12 % Date: 5/31/2015
Return: -3.01 % Date: 4/30/2015
Return: 1.05 % Date: 3/31/2015
Return: -1.29 % Date: 2/28/2015
Return: 0.90 % Date: 1/31/2015
Return: 0.99 % Date: 12/31/2014
Return: -4.25 % Date: 11/30/2014
Return: 1.63 % Date: 10/31/2014
Return: -6.78 % Date: 9/30/2014
Return: -3.91 % Date: 8/31/2014
Return: 4.41 % Date: 7/31/2014
Return: 3.07 % Date: 6/30/2014
Return: 5.21 % Date: 5/31/2014
Return: 5.26 % Date: 4/30/2014
Return: 0.76 % Date: 3/31/2014
Return: 4.89 % Date: 2/28/2014
Return: -1.32 % Date: 1/31/2014
Return: -2.24 % Date: 12/31/2013
Return: 2.00 % Date: 11/30/2013
Return: 7.79 % Date: 10/31/2013
Return: -1.87 % Date: 9/30/2013
Return: 0.88 % Date: 8/31/2013
Return: -2.39 % Date: 7/31/2013
Return: 0.75 % Date: 6/30/2013
Return: -0.98 % Date: 5/31/2013
Return: 0.67 % Date: 4/30/2013
Return: -4.57 % Date: 3/31/2013
Return: -3.09 % Date: 2/28/2013
Return: 2.16 % Date: 1/31/2013
Return: -0.96 % Date: 12/31/2012
Return: -4.01 % Date: 11/30/2012
Return: -5.05 % Date: 10/31/2012
Return: 4.18 % Date: 9/30/2012
Return: -0.46 % Date: 8/31/2012
Return: 2.87 % Date: 7/31/2012
Return: 0.34 % Date: 6/30/2012
Return: -1.11 % Date: 5/31/2012
Return: 0.45 % Date: 4/30/2012
Return: -2.71 % Date: 3/31/2012
Return: 0.88 % Date: 2/29/2012
Return: -0.87 % Date: 1/31/2012
Return: 2.63 % Date: 12/31/2011
Return: 0.88 % Date: 11/30/2011
Return: -0.75 % Date: 10/31/2011
Return: 0.20 % Date: 9/30/2011
Return: -3.95 % Date: 8/31/2011
Return: 0.48 % Date: 7/31/2011
Return: 0.28 % Date: 6/30/2011
Return: -0.52 % Date: 5/31/2011
Return: -0.47 % Date: 4/30/2011
Return: 4.61 % Date: 3/31/2011
Return: -1.85 % Date: 2/28/2011
Return: 0.08 % Date: 1/31/2011
Return: 2.47 % Date: 12/31/2010
Return: 1.04 % Date: 11/30/2010
Return: 1.73 % Date: 10/31/2010
Return: -7.39 % Date: 9/30/2010
Return: -4.69 % Date: 8/31/2010
Return: 2.45 % Date: 7/31/2010
Return: -4.67 % Date: 6/30/2010
Return: 0.96 % Date: 5/31/2010
Return: -0.71 % Date: 4/30/2010
Return: -0.09 % Date: 3/31/2010
Return: 0.69 % Date: 2/28/2010
Return: 1.59 % Date: 1/31/2010
Return: 1.50 % Date: 12/31/2009
Return: 2.59 % Date: 11/30/2009
Return: 0.47 % Date: 10/31/2009
Return: 2.13 % Date: 9/30/2009
Return: 0.95 % Date: 8/31/2009
Return: 1.46 % Date: 7/31/2009
Return: 1.26 % Date: 6/30/2009
Return: 4.48 % Date: 5/31/2009
Return: -2.80 % Date: 4/30/2009
Return: 1.25 % Date: 3/31/2009
Return: 1.42 % Date: 2/28/2009
Return: 1.31 % Date: 1/31/2009
Return: 4.11 % Date: 12/31/2008
Return: -0.18 % Date: 11/30/2008
Return: 0.95 % Date: 10/31/2008
Return: 1.07 % Date: 9/30/2008
Return: -0.17 % Date: 8/31/2008
Return: -1.89 % Date: 7/31/2008
Return: 4.03 % Date: 6/30/2008
Return: 0.48 % Date: 5/31/2008
Return: 2.34 % Date: 4/30/2008
Return: 2.64 % Date: 3/31/2008
Return: 2.77 % Date: 2/29/2008
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 02/08 - 11/17
Return: -10.00 %
Count: 1 Return: -6.00 %
Count: 1 Return: 8.00 %
Count: 1 Return: -4.00 %
Count: 6 Return: 5.00 %
Count: 7 Return: -7.00 %
Count: 2 Return: -5.00 %
Count: 6 Return: -1.00 %
Count: 11 Return: -3.00 %
Count: 5 Return: 1.00 %
Count: 23 Return: -2.00 %
Count: 7 Return: 4.00 %
Count: 9 Return: 2.00 %
Count: 15 Return: 3.00 %
Count: 9 Return: 0.00 %
Count: 15
Note: All performance data is since program inception.

Underwater Curve
Date Range: 02/08 - 11/17
Date: 11/30/2017
Drawdown: -7.47 % Date: 10/31/2017
Drawdown: -7.00 % Date: 9/30/2017
Drawdown: -3.56 % Date: 8/31/2017
Drawdown: 0.00 % Date: 7/31/2017
Drawdown: -3.18 % Date: 6/30/2017
Drawdown: 0.00 % Date: 5/31/2017
Drawdown: -4.50 % Date: 4/30/2017
Drawdown: -6.21 % Date: 3/31/2017
Drawdown: -7.63 % Date: 2/28/2017
Drawdown: -8.21 % Date: 1/31/2017
Drawdown: -9.43 % Date: 12/31/2016
Drawdown: -11.57 % Date: 11/30/2016
Drawdown: -10.85 % Date: 10/31/2016
Drawdown: -9.22 % Date: 9/30/2016
Drawdown: -11.71 % Date: 8/31/2016
Drawdown: -13.15 % Date: 7/31/2016
Drawdown: -12.16 % Date: 6/30/2016
Drawdown: -13.58 % Date: 5/31/2016
Drawdown: -16.89 % Date: 4/30/2016
Drawdown: -19.74 % Date: 3/31/2016
Drawdown: -21.83 % Date: 2/29/2016
Drawdown: -23.71 % Date: 1/31/2016
Drawdown: -22.01 % Date: 12/31/2015
Drawdown: -13.76 % Date: 11/30/2015
Drawdown: -18.25 % Date: 10/31/2015
Drawdown: -21.26 % Date: 9/30/2015
Drawdown: -16.97 % Date: 8/31/2015
Drawdown: -19.47 % Date: 7/31/2015
Drawdown: -23.30 % Date: 6/30/2015
Drawdown: -18.47 % Date: 5/31/2015
Drawdown: -14.07 % Date: 4/30/2015
Drawdown: -11.40 % Date: 3/31/2015
Drawdown: -12.32 % Date: 2/28/2015
Drawdown: -11.18 % Date: 1/31/2015
Drawdown: -11.97 % Date: 12/31/2014
Drawdown: -12.83 % Date: 11/30/2014
Drawdown: -8.96 % Date: 10/31/2014
Drawdown: -10.42 % Date: 9/30/2014
Drawdown: -3.91 % Date: 8/31/2014
Drawdown: 0.00 % Date: 7/31/2014
Drawdown: 0.00 % Date: 6/30/2014
Drawdown: -2.16 % Date: 5/31/2014
Drawdown: -7.00 % Date: 4/30/2014
Drawdown: -11.65 % Date: 3/31/2014
Drawdown: -12.32 % Date: 2/28/2014
Drawdown: -16.41 % Date: 1/31/2014
Drawdown: -15.29 % Date: 12/31/2013
Drawdown: -13.35 % Date: 11/30/2013
Drawdown: -15.05 % Date: 10/31/2013
Drawdown: -21.19 % Date: 9/30/2013
Drawdown: -19.68 % Date: 8/31/2013
Drawdown: -20.38 % Date: 7/31/2013
Drawdown: -18.43 % Date: 6/30/2013
Drawdown: -19.04 % Date: 5/31/2013
Drawdown: -18.24 % Date: 4/30/2013
Drawdown: -18.78 % Date: 3/31/2013
Drawdown: -14.90 % Date: 2/28/2013
Drawdown: -12.18 % Date: 1/31/2013
Drawdown: -14.04 % Date: 12/31/2012
Drawdown: -13.21 % Date: 11/30/2012
Drawdown: -9.58 % Date: 10/31/2012
Drawdown: -4.77 % Date: 9/30/2012
Drawdown: -8.59 % Date: 8/31/2012
Drawdown: -8.17 % Date: 7/31/2012
Drawdown: -10.73 % Date: 6/30/2012
Drawdown: -11.03 % Date: 5/31/2012
Drawdown: -10.03 % Date: 4/30/2012
Drawdown: -10.44 % Date: 3/31/2012
Drawdown: -7.94 % Date: 2/29/2012
Drawdown: -8.75 % Date: 1/31/2012
Drawdown: -7.95 % Date: 12/31/2011
Drawdown: -10.30 % Date: 11/30/2011
Drawdown: -11.09 % Date: 10/31/2011
Drawdown: -10.41 % Date: 9/30/2011
Drawdown: -10.59 % Date: 8/31/2011
Drawdown: -6.92 % Date: 7/31/2011
Drawdown: -7.36 % Date: 6/30/2011
Drawdown: -7.62 % Date: 5/31/2011
Drawdown: -7.14 % Date: 4/30/2011
Drawdown: -6.70 % Date: 3/31/2011
Drawdown: -10.81 % Date: 2/28/2011
Drawdown: -9.13 % Date: 1/31/2011
Drawdown: -9.20 % Date: 12/31/2010
Drawdown: -11.39 % Date: 11/30/2010
Drawdown: -12.30 % Date: 10/31/2010
Drawdown: -13.79 % Date: 9/30/2010
Drawdown: -6.91 % Date: 8/31/2010
Drawdown: -2.33 % Date: 7/31/2010
Drawdown: -4.67 % Date: 6/30/2010
Drawdown: 0.00 % Date: 5/31/2010
Drawdown: -0.80 % Date: 4/30/2010
Drawdown: -0.09 % Date: 3/31/2010
Drawdown: 0.00 % Date: 2/28/2010
Drawdown: 0.00 % Date: 1/31/2010
Drawdown: 0.00 % Date: 12/31/2009
Drawdown: 0.00 % Date: 11/30/2009
Drawdown: 0.00 % Date: 10/31/2009
Drawdown: 0.00 % Date: 9/30/2009
Drawdown: 0.00 % Date: 8/31/2009
Drawdown: 0.00 % Date: 7/31/2009
Drawdown: 0.00 % Date: 6/30/2009
Drawdown: 0.00 % Date: 5/31/2009
Drawdown: -2.80 % Date: 4/30/2009
Drawdown: 0.00 % Date: 3/31/2009
Drawdown: 0.00 % Date: 2/28/2009
Drawdown: 0.00 % Date: 1/31/2009
Drawdown: 0.00 % Date: 12/31/2008
Drawdown: -0.25 % Date: 11/30/2008
Drawdown: -0.07 % Date: 10/31/2008
Drawdown: -1.01 % Date: 9/30/2008
Drawdown: -2.06 % Date: 8/31/2008
Drawdown: -1.89 % Date: 7/31/2008
Drawdown: 0.00 % Date: 6/30/2008
Drawdown: 0.00 % Date: 5/31/2008
Drawdown: 0.00 % Date: 4/30/2008
Drawdown: 0.00 % Date: 3/31/2008
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  HB Capital Management, Inc.
Address: 3331 Fern Hollow Place
City: Herndon
State: VA
Zip: 20171
Country: USA
Key People
Name:  Howard A. Bernstein
Position:  Principal
Biography: 

Howard A. Bernstein is the President and Sole Principal of HB. He is solely responsible for all money management, trade execution, and risk management of all transactions executed on behalf of HB. Mr. Bernstein holds a Bachelor of Arts degree from Rutgers University and a Masters degree in Geology from the University of North Carolina, Chapel Hill. From June, 1977 to June, 1979 he worked as a geophysicist for the U. S. Geological Survey, a Federal government agency. From June, 1979 to August, 1993 he was employed as a geologist for the Federal Energy Regulatory Commission, a Federal government agency. Mr. Bernstein first registered as a Commodity Trading Advisor in January, 1989. The firm named was changed from Howard A. Bernstein, sole proprietor, to HB Capital Management, Inc. in October, 1993 and Mr. Bernstein became President. Mr. Bernstein remained President through April, 2002 when he became a private trader and consultant. From September, 2002 to July, 2004 Mr. Bernstein was an investment advisor representative for AFC Asset Management Services, a Registered Investment Advisor, in Gaithersburg, MD. He was head trader at Financial Investments, Inc., a registered Investment Advisor and Commodity Trading Advisor, in Herndon, VA from July, 2004 until December, 2006 and traded for both the Financial Investments Limited Partnership and Financial Commodities Investments’ (FCI) client commodity accounts. Mr. Bernstein has been a private trader and consultant from January, 2007 through December, 2007. Mr. Bernstein first achieved recognition by finishing in the top ten of the US Investing Championship, Futures Division in 1990, 1991 and 1992, highlighted by a 2nd place finish in 1991. Other performance awards include: Managed Derivatives Magazine, high performance award, 1994; Stark Research Report ranked #3 for previous 4 years, 1994; CTA Research Corporation ranked #2 for risk adjusted return, 1995; Managed Account Reports, Quarterly Performance Reports, ranked #6 for performance and #8 for risk-adjusted return over previous 5 years, 1996; Moniresearch newsletter ranked #1 for performance over previous 3 years, March 2001; Autumn Gold newsletter #1 ranking for 1 year performance to FCI for Commodity Trading Advisors, August, 2006. Mr. Bernstein has appeared in publications such as Barron’s, Investor’s Business Daily, Wall Street Transcripts, Financial Planning Magazine, Futures Magazine, America’s Best Timers, Managed Account Reports, Society of Market Technicians Newsletter, Formula Research Newsletter and Technical Traders Bulletin. He has also been a featured speaker at professional investment seminars and on business radio. He has actively traded commodities in his own account since 1985.


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.