Altegris Clearing Solutions Esulep LLC Permo Investment Program*QEP*
Monthly Performance (%)
Date Range: 03/08 - 04/13
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 0.26 0.84 0.92 1.59 3.65
2012 0.29 0.60 1.49 1.82 1.71 1.63 0.71 0.63 0.71 1.20 1.10 1.00 13.66
2011 0.26 1.67 0.51 1.30 1.44 2.66 0.69 4.56 2.65 1.04 2.26 1.88 22.96
2010 1.31 3.95 1.85 0.95 6.46 0.74 2.13 1.30 1.42 0.63 0.75 0.91 24.66
2009 1.63 0.78 2.27 2.09 2.06 2.07 1.75 1.05 -5.41 -7.75 6.97 1.30 8.30
2008 0.61 3.27 1.24 2.70 2.16 2.36 4.13 2.64 0.93 21.86
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The Permo Investment Program looks to earn between 1 and 2 percent per month, or about 20% APY. The Core positions are based on proprietary entry and exit points, continually reengineered using new market data, all under a risk averse, capital conservative risk management profile. For accounts up to 100M, only the S&P500 market is needed, as it is the most diversified, well-known, liquid market out there, with the lowest volatility of the major ones. For investment, a 1 to 3 months outlook is developed about the markets, assigning likelihoods of the markets going up, down, or staying within a range, and the magnitudes of each movement. The program then typically deploys capital at two main times during the month: about 50-70% of the positions with a 30day duration, and then about 30-50% (the remainder) with a 15day or less duration. Two hedging sub-strategies are placed before the core positions are, using options, to protect monetary gains and also protect against fat-tail months and catastrophes. Many months that have wild movement can see additional return from these hedges in addition to the 1 to 2 percent from the core positions. One of the best features of the program is its ultra-low correlation to most other strategies, making it a desirable fit for most diversified portfolios. For loss tiers, once an equity draw of 2% occurs during the month, that stage of capital deployment is suspended and the program enters a capital conservation mode. If the drawdown reaches 4 to 5%, positions are dynamically adjusted to accommodate the heightened risks, and if the drawdown eclipses the 8 to 10% region, positions are actively removed from the portfolio to help ensure continuity of the fund.

Performance Statistics
Date Range: 03/08 - 04/13
  Program SP500 TR Altegris 40
Total Return 138.33% 34.58% 6.82%
Annualized Return 18.63% 5.92% 1.28%
Annualized Std. Deviation 6.84% 18.47% 8.81%
Correlation -0.15 0.07
Sharpe Ratio (rf=2.5%) 2.36 0.18 -0.14
Worst Month -7.75% -16.80% -4.59%
Date of Worst Month 10/2009 10/2008 07/2008
Worst Drawdown -12.74% -46.42% -10.87%
Date of Worst Drawdown 8/09 - 10/09 5/08 - 2/09 4/11 - 10/12
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 03/08 - 04/13
Year or YTD Program SP500 TR Altegris 40
2013 3.65 12.74 5.42
2012 13.66 15.98 -4.75
2011 22.96 2.12 -3.23
2010 24.66 15.06 11.33
2009 8.30 26.45 -7.98
2008 21.86 -30.43 7.77
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 03/08 - 04/13
Date: 4/30/2013 Perf: $1,072.88 Date: 3/31/2013 Perf: $1,045.90 Date: 2/28/2013 Perf: $1,031.05 Date: 1/31/2013 Perf: $1,037.06 Date: 12/31/2012 Perf: $1,017.73 Date: 11/30/2012 Perf: $1,012.76 Date: 10/31/2012 Perf: $1,009.94 Date: 9/30/2012 Perf: $1,047.87 Date: 8/31/2012 Perf: $1,065.45 Date: 7/31/2012 Perf: $1,080.14 Date: 6/30/2012 Perf: $1,037.70 Date: 5/31/2012 Perf: $1,078.24 Date: 4/30/2012 Perf: $1,058.13 Date: 3/31/2012 Perf: $1,051.82 Date: 2/29/2012 Perf: $1,076.25 Date: 1/31/2012 Perf: $1,071.86 Date: 12/31/2011 Perf: $1,068.44 Date: 11/30/2011 Perf: $1,058.28 Date: 10/31/2011 Perf: $1,055.12 Date: 9/30/2011 Perf: $1,098.62 Date: 8/31/2011 Perf: $1,099.28 Date: 7/31/2011 Perf: $1,101.48 Date: 6/30/2011 Perf: $1,063.31 Date: 5/31/2011 Perf: $1,091.70 Date: 4/30/2011 Perf: $1,133.05 Date: 3/31/2011 Perf: $1,090.52 Date: 2/28/2011 Perf: $1,107.47 Date: 1/31/2011 Perf: $1,088.95 Date: 12/31/2010 Perf: $1,104.08 Date: 11/30/2010 Perf: $1,058.66 Date: 10/31/2010 Perf: $1,097.52 Date: 9/30/2010 Perf: $1,056.52 Date: 8/31/2010 Perf: $1,037.64 Date: 7/31/2010 Perf: $996.39 Date: 6/30/2010 Perf: $1,009.41 Date: 5/31/2010 Perf: $1,005.59 Date: 4/30/2010 Perf: $1,030.53 Date: 3/31/2010 Perf: $1,014.90 Date: 2/28/2010 Perf: $976.14 Date: 1/31/2010 Perf: $967.05 Date: 12/31/2009 Perf: $991.75 Date: 11/30/2009 Perf: $1,033.07 Date: 10/31/2009 Perf: $993.05 Date: 9/30/2009 Perf: $1,019.14 Date: 8/31/2009 Perf: $995.45 Date: 7/31/2009 Perf: $992.17 Date: 6/30/2009 Perf: $993.27 Date: 5/31/2009 Perf: $1,020.41 Date: 4/30/2009 Perf: $1,006.52 Date: 3/31/2009 Perf: $1,040.55 Date: 2/28/2009 Perf: $1,070.19 Date: 1/31/2009 Perf: $1,070.73 Date: 12/31/2008 Perf: $1,077.73 Date: 11/30/2008 Perf: $1,050.73 Date: 10/31/2008 Perf: $1,013.53 Date: 9/30/2008 Perf: $963.89 Date: 8/31/2008 Perf: $961.87 Date: 7/31/2008 Perf: $988.26 Date: 6/30/2008 Perf: $1,035.80 Date: 5/31/2008 Perf: $1,008.86 Date: 4/30/2008 Perf: $988.50 Date: 3/31/2008 Perf: $1,000.00 Date: 4/30/2013 Perf: $1,351.57 Date: 3/31/2013 Perf: $1,325.98 Date: 2/28/2013 Perf: $1,278.06 Date: 1/31/2013 Perf: $1,260.91 Date: 12/31/2012 Perf: $1,198.81 Date: 11/30/2012 Perf: $1,188.00 Date: 10/31/2012 Perf: $1,181.15 Date: 9/30/2012 Perf: $1,203.41 Date: 8/31/2012 Perf: $1,173.14 Date: 7/31/2012 Perf: $1,147.33 Date: 6/30/2012 Perf: $1,131.60 Date: 5/31/2012 Perf: $1,086.82 Date: 4/30/2012 Perf: $1,156.32 Date: 3/31/2012 Perf: $1,163.65 Date: 2/29/2012 Perf: $1,126.58 Date: 1/31/2012 Perf: $1,079.93 Date: 12/31/2011 Perf: $1,033.62 Date: 11/30/2011 Perf: $1,023.19 Date: 10/31/2011 Perf: $1,025.44 Date: 9/30/2011 Perf: $924.41 Date: 8/31/2011 Perf: $994.31 Date: 7/31/2011 Perf: $1,051.40 Date: 6/30/2011 Perf: $1,073.18 Date: 5/31/2011 Perf: $1,091.41 Date: 4/30/2011 Perf: $1,103.88 Date: 3/31/2011 Perf: $1,072.15 Date: 2/28/2011 Perf: $1,071.72 Date: 1/31/2011 Perf: $1,036.18 Date: 12/31/2010 Perf: $1,012.19 Date: 11/30/2010 Perf: $948.81 Date: 10/31/2010 Perf: $948.71 Date: 9/30/2010 Perf: $913.89 Date: 8/31/2010 Perf: $839.05 Date: 7/31/2010 Perf: $878.68 Date: 6/30/2010 Perf: $821.12 Date: 5/31/2010 Perf: $866.43 Date: 4/30/2010 Perf: $941.67 Date: 3/31/2010 Perf: $927.03 Date: 2/28/2010 Perf: $874.31 Date: 1/31/2010 Perf: $848.02 Date: 12/31/2009 Perf: $879.69 Date: 11/30/2009 Perf: $863.03 Date: 10/31/2009 Perf: $814.18 Date: 9/30/2009 Perf: $829.61 Date: 8/31/2009 Perf: $799.78 Date: 7/31/2009 Perf: $771.91 Date: 6/30/2009 Perf: $717.66 Date: 5/31/2009 Perf: $716.22 Date: 4/30/2009 Perf: $678.31 Date: 3/31/2009 Perf: $619.06 Date: 2/28/2009 Perf: $569.20 Date: 1/31/2009 Perf: $637.05 Date: 12/31/2008 Perf: $695.69 Date: 11/30/2008 Perf: $688.40 Date: 10/31/2008 Perf: $741.65 Date: 9/30/2008 Perf: $891.40 Date: 8/31/2008 Perf: $978.59 Date: 7/31/2008 Perf: $964.61 Date: 6/30/2008 Perf: $972.78 Date: 5/31/2008 Perf: $1,062.33 Date: 4/30/2008 Perf: $1,048.70 Date: 3/31/2008 Perf: $1,000.00 Date: 4/30/2013 Perf: $2,383.33 Date: 3/31/2013 Perf: $2,346.02 Date: 2/28/2013 Perf: $2,324.64 Date: 1/31/2013 Perf: $2,305.27 Date: 12/31/2012 Perf: $2,299.29 Date: 11/30/2012 Perf: $2,276.53 Date: 10/31/2012 Perf: $2,251.76 Date: 9/30/2012 Perf: $2,225.06 Date: 8/31/2012 Perf: $2,209.37 Date: 7/31/2012 Perf: $2,195.54 Date: 6/30/2012 Perf: $2,180.06 Date: 5/31/2012 Perf: $2,145.10 Date: 4/30/2012 Perf: $2,109.03 Date: 3/31/2012 Perf: $2,071.33 Date: 2/29/2012 Perf: $2,040.92 Date: 1/31/2012 Perf: $2,028.75 Date: 12/31/2011 Perf: $2,022.89 Date: 11/30/2011 Perf: $1,985.56 Date: 10/31/2011 Perf: $1,941.68 Date: 9/30/2011 Perf: $1,921.69 Date: 8/31/2011 Perf: $1,872.08 Date: 7/31/2011 Perf: $1,790.44 Date: 6/30/2011 Perf: $1,778.17 Date: 5/31/2011 Perf: $1,732.09 Date: 4/30/2011 Perf: $1,707.51 Date: 3/31/2011 Perf: $1,685.59 Date: 2/28/2011 Perf: $1,677.04 Date: 1/31/2011 Perf: $1,649.49 Date: 12/31/2010 Perf: $1,645.22 Date: 11/30/2010 Perf: $1,630.38 Date: 10/31/2010 Perf: $1,618.24 Date: 9/30/2010 Perf: $1,608.11 Date: 8/31/2010 Perf: $1,585.60 Date: 7/31/2010 Perf: $1,565.25 Date: 6/30/2010 Perf: $1,532.60 Date: 5/31/2010 Perf: $1,521.34 Date: 4/30/2010 Perf: $1,429.03 Date: 3/31/2010 Perf: $1,415.58 Date: 2/28/2010 Perf: $1,389.87 Date: 1/31/2010 Perf: $1,337.06 Date: 12/31/2009 Perf: $1,319.77 Date: 11/30/2009 Perf: $1,302.83 Date: 10/31/2009 Perf: $1,217.94 Date: 9/30/2009 Perf: $1,320.26 Date: 8/31/2009 Perf: $1,395.77 Date: 7/31/2009 Perf: $1,381.27 Date: 6/30/2009 Perf: $1,357.51 Date: 5/31/2009 Perf: $1,329.98 Date: 4/30/2009 Perf: $1,303.14 Date: 3/31/2009 Perf: $1,276.46 Date: 2/28/2009 Perf: $1,248.13 Date: 1/31/2009 Perf: $1,238.47 Date: 12/31/2008 Perf: $1,218.60 Date: 11/30/2008 Perf: $1,207.37 Date: 10/31/2008 Perf: $1,176.32 Date: 9/30/2008 Perf: $1,129.66 Date: 8/31/2008 Perf: $1,103.62 Date: 7/31/2008 Perf: $1,080.28 Date: 6/30/2008 Perf: $1,051.88 Date: 5/31/2008 Perf: $1,039.00 Date: 4/30/2008 Perf: $1,006.10 Date: 3/31/2008 Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 03/08 - 04/13
Date: 4/30/2013 Return: 1.59 % Date: 3/31/2013 Return: 0.92 % Date: 2/28/2013 Return: 0.84 % Date: 1/31/2013 Return: 0.26 % Date: 12/31/2012 Return: 1.00 % Date: 11/30/2012 Return: 1.10 % Date: 10/31/2012 Return: 1.20 % Date: 9/30/2012 Return: 0.71 % Date: 8/31/2012 Return: 0.63 % Date: 7/31/2012 Return: 0.71 % Date: 6/30/2012 Return: 1.63 % Date: 5/31/2012 Return: 1.71 % Date: 4/30/2012 Return: 1.82 % Date: 3/31/2012 Return: 1.49 % Date: 2/29/2012 Return: 0.60 % Date: 1/31/2012 Return: 0.29 % Date: 12/31/2011 Return: 1.88 % Date: 11/30/2011 Return: 2.26 % Date: 10/31/2011 Return: 1.04 % Date: 9/30/2011 Return: 2.65 % Date: 8/31/2011 Return: 4.56 % Date: 7/31/2011 Return: 0.69 % Date: 6/30/2011 Return: 2.66 % Date: 5/31/2011 Return: 1.44 % Date: 4/30/2011 Return: 1.30 % Date: 3/31/2011 Return: 0.51 % Date: 2/28/2011 Return: 1.67 % Date: 1/31/2011 Return: 0.26 % Date: 12/31/2010 Return: 0.91 % Date: 11/30/2010 Return: 0.75 % Date: 10/31/2010 Return: 0.63 % Date: 9/30/2010 Return: 1.42 % Date: 8/31/2010 Return: 1.30 % Date: 7/31/2010 Return: 2.13 % Date: 6/30/2010 Return: 0.74 % Date: 5/31/2010 Return: 6.46 % Date: 4/30/2010 Return: 0.95 % Date: 3/31/2010 Return: 1.85 % Date: 2/28/2010 Return: 3.95 % Date: 1/31/2010 Return: 1.31 % Date: 12/31/2009 Return: 1.30 % Date: 11/30/2009 Return: 6.97 % Date: 10/31/2009 Return: -7.75 % Date: 9/30/2009 Return: -5.41 % Date: 8/31/2009 Return: 1.05 % Date: 7/31/2009 Return: 1.75 % Date: 6/30/2009 Return: 2.07 % Date: 5/31/2009 Return: 2.06 % Date: 4/30/2009 Return: 2.09 % Date: 3/31/2009 Return: 2.27 % Date: 2/28/2009 Return: 0.78 % Date: 1/31/2009 Return: 1.63 % Date: 12/31/2008 Return: 0.93 % Date: 11/30/2008 Return: 2.64 % Date: 10/31/2008 Return: 4.13 % Date: 9/30/2008 Return: 2.36 % Date: 8/31/2008 Return: 2.16 % Date: 7/31/2008 Return: 2.70 % Date: 6/30/2008 Return: 1.24 % Date: 5/31/2008 Return: 3.27 % Date: 4/30/2008 Return: 0.61 % Date: 3/31/2008 Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 03/08 - 04/13
Return: 5.00 % Count: 1 Return: 6.00 % Count: 1 Return: 7.00 % Count: 1 Return: -8.00 % Count: 1 Return: -5.00 % Count: 1 Return: 4.00 % Count: 2 Return: 2.00 % Count: 17 Return: 3.00 % Count: 5 Return: 1.00 % Count: 29 Return: 0.00 % Count: 4
Note: All performance data is since program inception.

Underwater Curve
Date Range: 03/08 - 04/13
Date: 4/30/2013 Drawdown: 0.00 % Date: 3/31/2013 Drawdown: 0.00 % Date: 2/28/2013 Drawdown: 0.00 % Date: 1/31/2013 Drawdown: 0.00 % Date: 12/31/2012 Drawdown: 0.00 % Date: 11/30/2012 Drawdown: 0.00 % Date: 10/31/2012 Drawdown: 0.00 % Date: 9/30/2012 Drawdown: 0.00 % Date: 8/31/2012 Drawdown: 0.00 % Date: 7/31/2012 Drawdown: 0.00 % Date: 6/30/2012 Drawdown: 0.00 % 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: 0.00 % Date: 11/30/2011 Drawdown: 0.00 % Date: 10/31/2011 Drawdown: 0.00 % Date: 9/30/2011 Drawdown: 0.00 % Date: 8/31/2011 Drawdown: 0.00 % Date: 7/31/2011 Drawdown: 0.00 % Date: 6/30/2011 Drawdown: 0.00 % Date: 5/31/2011 Drawdown: 0.00 % Date: 4/30/2011 Drawdown: 0.00 % Date: 3/31/2011 Drawdown: 0.00 % Date: 2/28/2011 Drawdown: 0.00 % Date: 1/31/2011 Drawdown: 0.00 % Date: 12/31/2010 Drawdown: 0.00 % Date: 11/30/2010 Drawdown: 0.00 % Date: 10/31/2010 Drawdown: 0.00 % Date: 9/30/2010 Drawdown: 0.00 % Date: 8/31/2010 Drawdown: 0.00 % Date: 7/31/2010 Drawdown: 0.00 % Date: 6/30/2010 Drawdown: 0.00 % Date: 5/31/2010 Drawdown: 0.00 % Date: 4/30/2010 Drawdown: 0.00 % Date: 3/31/2010 Drawdown: 0.00 % Date: 2/28/2010 Drawdown: -0.42 % Date: 1/31/2010 Drawdown: -4.21 % Date: 12/31/2009 Drawdown: -5.45 % Date: 11/30/2009 Drawdown: -6.66 % Date: 10/31/2009 Drawdown: -12.74 % Date: 9/30/2009 Drawdown: -5.41 % 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: 0.00 % 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: 0.00 % Date: 11/30/2008 Drawdown: 0.00 % Date: 10/31/2008 Drawdown: 0.00 % Date: 9/30/2008 Drawdown: 0.00 % 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: 0.00 % Date: 4/30/2008 Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Esulep LLC
Address: 111 W. Jackson Blvd. Ste 1138
City: Chicago
State: IL
Zip: 60604
Country: United States
Key People
Name:  John Matthew Peluse
Position:  Principal
Biography: 

Matt Peluse has managed hedge funds for over eight years, employing his fundamentally conservative philosophy of earning small profits each month for a given risk profile, to return an average of over 20% per year to his investors with a low standard deviation of monthly returns. Since 2008, his Permo Fund has returned an average of about 1.70% per month with a standard deviation under 2.5%, while adhering to a strict, conservative risk profile and using no additional leverage. From 2003 to 2007, he was a trader for, and ran the trading desks of, two proprietary futures trading firms in the Chicago Board of Trade. The largest portfolio size during these years was approximately $22.5M nominal. His own funds have been successful since 2003, and are now managed by Esulep LLC, a Chicago, Illinois limited liability company, where he is Principal. Specializing in futures and options on U.S. listed investment products, he currently focuses in broad market equity indices, utilizing proprietary entry and exit points for optimized profit. Active cash management of capital in excess of the trading strategies has also beaten all of the major risk-free averages for the last eight years. He graduated from Princeton University, completing a five-year chemical engineering course in four years where he developed microscale rockets for NASA and the U.S. Navy, while running a prestigious Eating Club and earning All-Ivy honors in athletics.

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.