Altegris Clearing Solutions Estlander & Partners Ltd. Alpha Trend Program *QEP*
Monthly Performance (%)
Date Range: 12/00 - 11/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -2.65 -1.16 -2.49 0.11 -3.06 -2.14 2.28 -0.96 -2.79 2.82 -0.49 -10.22
2016 5.52 4.47 -3.79 -1.44 -4.68 4.28 0.37 -3.60 -3.03 -2.99 2.66 1.40 -1.55
2015 6.83 0.20 -0.90 -2.35 -2.27 -1.36 3.33 0.46 2.82 -6.02 2.81 -2.16 0.76
2014 -2.98 2.41 -3.14 -1.09 2.43 -0.01 0.19 3.20 2.63 -2.05 5.62 2.88 10.11
2013 6.46 2.66 1.48 1.85 1.54 -2.32 -1.23 -5.95 -4.58 0.69 -1.13 2.49 1.33
2012 0.32 1.85 -4.03 2.39 4.96 -5.21 3.87 -2.45 -0.75 -6.95 -2.52 0.38 -8.53
2011 -0.38 1.94 -1.35 3.27 -8.13 -0.79 -1.51 3.56 2.14 -6.77 -5.39 -0.30 -13.61
2010 -6.29 -2.08 2.84 -0.82 6.39 2.62 -0.88 2.68 0.08 5.30 -1.20 5.03 13.73
2009 -3.02 -1.40 -2.49 -0.96 10.31 -2.87 1.29 3.99 0.87 -2.90 3.26 -4.14 1.04
2008 8.35 13.86 -4.08 4.21 2.02 2.20 -6.98 1.63 -3.74 7.01 5.30 4.57 37.87
2007 0.07 -0.40 -1.33 3.00 3.78 0.11 -0.98 -6.04 8.04 2.66 -0.59 1.19 9.24
2006 6.69 -4.25 5.07 7.86 0.05 -5.05 -5.35 3.70 -3.87 2.27 2.33 -1.21 7.28
2005 -2.92 7.53 -0.52 -4.16 3.16 0.93 -0.32 0.88 -0.63 1.22 6.36 3.27 15.12
2004 3.43 6.74 1.71 -5.25 -0.23 -3.06 0.32 -3.48 -0.87 0.67 5.06 1.70 6.24
2003 7.16 5.21 -7.48 5.05 6.43 -2.16 2.18 0.09 -0.57 10.37 -3.71 4.89 29.34
2002 -4.60 -2.22 3.14 -3.29 6.27 7.14 3.62 1.49 1.43 -4.42 -0.43 1.11 8.74
2001 1.15 -1.61 5.97 -3.40 1.26 -1.81 -1.45 -2.89 5.99 5.30 -3.57 0.72 5.08
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Alpha Trend is a CTA program capitalising on price trends in multiple markets. Alpha Trend has 20 years of verified track record and a solid annualised return of 12% (12/2011). The investment decisions of the programme are 100% systematic and focus on generating high returns that are uncorrelated to traditional investments and have a low correlation to other CTAs. The programme uses a unique combination of level identification and trend filtering in order to identify solid trends. The 70+ exchange traded futures markets within the portfolio are traded both on the long and the short side. The programme applies a prudent risk management method conducted on several layers of the investment process. Ongoing research seeks to maintain the profitability.

Performance Statistics
Date Range: 12/00 - 11/17
  Program SP500 TR Altegris 40
Total Return 163.49% 182.06% 123.43%
Annualized Return 5.89% 6.29% 4.84%
Annualized Std. Deviation 13.27% 14.32% 10.25%
Correlation -0.05 0.70
Sharpe Ratio (rf=2.5%) 0.26 0.26 0.23
Worst Month -8.13% -16.79% -7.77%
Date of Worst Month 05/2011 10/2008 11/2001
Worst Drawdown -26.33% -50.95% -15.74%
Date of Worst Drawdown 4/11 - 4/14 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 12/00 - 11/17
Year or YTD Program SP500 TR Altegris 40
2017 -10.22 20.51 0.15
2016 -1.55 11.98 -3.13
2015 0.76 1.41 0.09
2014 10.11 13.69 15.75
2013 1.33 32.41 -2.45
2012 -8.53 15.98 -4.75
2011 -13.61 2.12 -3.23
2010 13.73 15.06 11.33
2009 1.04 26.45 -7.98
2008 37.87 -36.99 15.47
2007 9.24 5.50 7.18
2006 7.28 15.79 6.70
2005 15.12 4.89 4.51
2004 6.24 10.87 2.57
2003 29.34 28.69 15.99
2002 8.74 -22.10 15.22
2001 5.08 -11.88 5.39
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 12/00 - 11/17
Date: 11/30/2017
Perf: $2,064.37 Date: 10/31/2017
Perf: $2,061.69 Date: 9/30/2017
Perf: $1,978.78 Date: 8/31/2017
Perf: $2,021.43 Date: 7/31/2017
Perf: $1,988.42 Date: 6/30/2017
Perf: $1,980.70 Date: 5/31/2017
Perf: $2,040.27 Date: 4/30/2017
Perf: $2,036.40 Date: 3/31/2017
Perf: $2,048.70 Date: 2/28/2017
Perf: $2,079.05 Date: 1/31/2017
Perf: $2,034.69 Date: 12/31/2016
Perf: $2,061.28 Date: 11/30/2016
Perf: $2,045.74 Date: 10/31/2016
Perf: $2,068.49 Date: 9/30/2016
Perf: $2,123.27 Date: 8/31/2016
Perf: $2,151.02 Date: 7/31/2016
Perf: $2,210.48 Date: 6/30/2016
Perf: $2,188.16 Date: 5/31/2016
Perf: $2,098.96 Date: 4/30/2016
Perf: $2,136.34 Date: 3/31/2016
Perf: $2,191.34 Date: 2/29/2016
Perf: $2,256.09 Date: 1/31/2016
Perf: $2,201.93 Date: 12/31/2015
Perf: $2,127.88 Date: 11/30/2015
Perf: $2,177.97 Date: 10/31/2015
Perf: $2,106.15 Date: 9/30/2015
Perf: $2,143.45 Date: 8/31/2015
Perf: $2,097.92 Date: 7/31/2015
Perf: $2,134.85 Date: 6/30/2015
Perf: $2,054.52 Date: 5/31/2015
Perf: $2,167.22 Date: 4/30/2015
Perf: $2,182.93 Date: 3/31/2015
Perf: $2,270.58 Date: 2/28/2015
Perf: $2,221.48 Date: 1/31/2015
Perf: $2,225.04 Date: 12/31/2014
Perf: $2,125.97 Date: 11/30/2014
Perf: $2,089.20 Date: 10/31/2014
Perf: $1,971.88 Date: 9/30/2014
Perf: $1,943.31 Date: 8/31/2014
Perf: $1,914.78 Date: 7/31/2014
Perf: $1,837.07 Date: 6/30/2014
Perf: $1,851.89 Date: 5/31/2014
Perf: $1,836.10 Date: 4/30/2014
Perf: $1,790.27 Date: 3/31/2014
Perf: $1,776.76 Date: 2/28/2014
Perf: $1,803.45 Date: 1/31/2014
Perf: $1,788.79 Date: 12/31/2013
Perf: $1,836.72 Date: 11/30/2013
Perf: $1,839.30 Date: 10/31/2013
Perf: $1,806.60 Date: 9/30/2013
Perf: $1,766.15 Date: 8/31/2013
Perf: $1,776.82 Date: 7/31/2013
Perf: $1,811.60 Date: 6/30/2013
Perf: $1,827.50 Date: 5/31/2013
Perf: $1,899.49 Date: 4/30/2013
Perf: $1,984.84 Date: 3/31/2013
Perf: $1,934.92 Date: 2/28/2013
Perf: $1,907.45 Date: 1/31/2013
Perf: $1,918.58 Date: 12/31/2012
Perf: $1,882.80 Date: 11/30/2012
Perf: $1,873.62 Date: 10/31/2012
Perf: $1,868.39 Date: 9/30/2012
Perf: $1,938.57 Date: 8/31/2012
Perf: $1,971.09 Date: 7/31/2012
Perf: $1,998.27 Date: 6/30/2012
Perf: $1,919.75 Date: 5/31/2012
Perf: $1,994.75 Date: 4/30/2012
Perf: $1,957.56 Date: 3/31/2012
Perf: $1,945.88 Date: 2/29/2012
Perf: $1,991.08 Date: 1/31/2012
Perf: $1,982.95 Date: 12/31/2011
Perf: $1,976.62 Date: 11/30/2011
Perf: $1,957.83 Date: 10/31/2011
Perf: $1,951.97 Date: 9/30/2011
Perf: $2,032.46 Date: 8/31/2011
Perf: $2,033.68 Date: 7/31/2011
Perf: $2,037.75 Date: 6/30/2011
Perf: $1,967.13 Date: 5/31/2011
Perf: $2,019.64 Date: 4/30/2011
Perf: $2,096.15 Date: 3/31/2011
Perf: $2,017.47 Date: 2/28/2011
Perf: $2,048.82 Date: 1/31/2011
Perf: $2,014.57 Date: 12/31/2010
Perf: $2,042.55 Date: 11/30/2010
Perf: $1,958.53 Date: 10/31/2010
Perf: $2,030.41 Date: 9/30/2010
Perf: $1,954.57 Date: 8/31/2010
Perf: $1,919.64 Date: 7/31/2010
Perf: $1,843.32 Date: 6/30/2010
Perf: $1,867.41 Date: 5/31/2010
Perf: $1,860.34 Date: 4/30/2010
Perf: $1,906.48 Date: 3/31/2010
Perf: $1,877.56 Date: 2/28/2010
Perf: $1,805.87 Date: 1/31/2010
Perf: $1,789.05 Date: 12/31/2009
Perf: $1,834.74 Date: 11/30/2009
Perf: $1,911.19 Date: 10/31/2009
Perf: $1,837.15 Date: 9/30/2009
Perf: $1,885.42 Date: 8/31/2009
Perf: $1,841.59 Date: 7/31/2009
Perf: $1,835.53 Date: 6/30/2009
Perf: $1,837.55 Date: 5/31/2009
Perf: $1,887.77 Date: 4/30/2009
Perf: $1,862.07 Date: 3/31/2009
Perf: $1,925.02 Date: 2/28/2009
Perf: $1,979.86 Date: 1/31/2009
Perf: $1,980.85 Date: 12/31/2008
Perf: $1,993.81 Date: 11/30/2008
Perf: $1,943.85 Date: 10/31/2008
Perf: $1,875.04 Date: 9/30/2008
Perf: $1,783.20 Date: 8/31/2008
Perf: $1,779.47 Date: 7/31/2008
Perf: $1,828.28 Date: 6/30/2008
Perf: $1,916.24 Date: 5/31/2008
Perf: $1,866.40 Date: 4/30/2008
Perf: $1,828.73 Date: 3/31/2008
Perf: $1,850.01 Date: 2/29/2008
Perf: $1,858.18 Date: 1/31/2008
Perf: $1,758.14 Date: 12/31/2007
Perf: $1,726.72 Date: 11/30/2007
Perf: $1,730.70 Date: 10/31/2007
Perf: $1,742.02 Date: 9/30/2007
Perf: $1,670.04 Date: 8/31/2007
Perf: $1,595.53 Date: 7/31/2007
Perf: $1,657.35 Date: 6/30/2007
Perf: $1,710.20 Date: 5/31/2007
Perf: $1,662.16 Date: 4/30/2007
Perf: $1,604.87 Date: 3/31/2007
Perf: $1,540.18 Date: 2/28/2007
Perf: $1,577.08 Date: 1/31/2007
Perf: $1,638.53 Date: 12/31/2006
Perf: $1,610.98 Date: 11/30/2006
Perf: $1,558.31 Date: 10/31/2006
Perf: $1,521.04 Date: 9/30/2006
Perf: $1,504.49 Date: 8/31/2006
Perf: $1,520.61 Date: 7/31/2006
Perf: $1,503.77 Date: 6/30/2006
Perf: $1,526.36 Date: 5/31/2006
Perf: $1,547.56 Date: 4/30/2006
Perf: $1,589.69 Date: 3/31/2006
Perf: $1,551.82 Date: 2/28/2006
Perf: $1,511.32 Date: 1/31/2006
Perf: $1,538.71 Date: 12/31/2005
Perf: $1,509.87 Date: 11/30/2005
Perf: $1,537.70 Date: 10/31/2005
Perf: $1,474.45 Date: 9/30/2005
Perf: $1,472.09 Date: 8/31/2005
Perf: $1,449.77 Date: 7/31/2005
Perf: $1,441.98 Date: 6/30/2005
Perf: $1,441.12 Date: 5/31/2005
Perf: $1,393.59 Date: 4/30/2005
Perf: $1,351.82 Date: 3/31/2005
Perf: $1,385.77 Date: 2/28/2005
Perf: $1,393.58 Date: 1/31/2005
Perf: $1,384.03 Date: 12/31/2004
Perf: $1,444.71 Date: 11/30/2004
Perf: $1,439.95 Date: 10/31/2004
Perf: $1,366.05 Date: 9/30/2004
Perf: $1,320.88 Date: 8/31/2004
Perf: $1,303.28 Date: 7/31/2004
Perf: $1,312.34 Date: 6/30/2004
Perf: $1,327.47 Date: 5/31/2004
Perf: $1,372.77 Date: 4/30/2004
Perf: $1,394.95 Date: 3/31/2004
Perf: $1,487.47 Date: 2/29/2004
Perf: $1,502.20 Date: 1/31/2004
Perf: $1,421.99 Date: 12/31/2003
Perf: $1,408.47 Date: 11/30/2003
Perf: $1,350.02 Date: 10/31/2003
Perf: $1,354.08 Date: 9/30/2003
Perf: $1,324.28 Date: 8/31/2003
Perf: $1,330.40 Date: 7/31/2003
Perf: $1,318.01 Date: 6/30/2003
Perf: $1,348.49 Date: 5/31/2003
Perf: $1,383.21 Date: 4/30/2003
Perf: $1,306.52 Date: 3/31/2003
Perf: $1,287.59 Date: 2/28/2003
Perf: $1,365.71 Date: 1/31/2003
Perf: $1,288.77 Date: 12/31/2002
Perf: $1,214.33 Date: 11/30/2002
Perf: $1,144.62 Date: 10/31/2002
Perf: $1,177.11 Date: 9/30/2002
Perf: $1,241.41 Date: 8/31/2002
Perf: $1,186.71 Date: 7/31/2002
Perf: $1,158.78 Date: 6/30/2002
Perf: $1,100.04 Date: 5/31/2002
Perf: $1,010.69 Date: 4/30/2002
Perf: $985.18 Date: 3/31/2002
Perf: $1,008.99 Date: 2/28/2002
Perf: $1,011.92 Date: 1/31/2002
Perf: $1,041.29 Date: 12/31/2001
Perf: $1,053.94 Date: 11/30/2001
Perf: $1,032.16 Date: 10/31/2001
Perf: $1,119.11 Date: 9/30/2001
Perf: $1,072.77 Date: 8/31/2001
Perf: $1,040.71 Date: 7/31/2001
Perf: $1,010.50 Date: 6/30/2001
Perf: $1,008.28 Date: 5/31/2001
Perf: $1,019.50 Date: 4/30/2001
Perf: $1,019.19 Date: 3/31/2001
Perf: $1,086.09 Date: 2/28/2001
Perf: $1,020.00 Date: 1/31/2001
Perf: $1,010.40 Date: 12/31/2000
Perf: $1,000.00 Date: 11/30/2017
Perf: $2,806.84 Date: 10/31/2017
Perf: $2,723.24 Date: 9/30/2017
Perf: $2,661.23 Date: 8/31/2017
Perf: $2,607.51 Date: 7/31/2017
Perf: $2,599.46 Date: 6/30/2017
Perf: $2,546.99 Date: 5/31/2017
Perf: $2,531.29 Date: 4/30/2017
Perf: $2,496.10 Date: 3/31/2017
Perf: $2,470.65 Date: 2/28/2017
Perf: $2,467.69 Date: 1/31/2017
Perf: $2,373.46 Date: 12/31/2016
Perf: $2,329.21 Date: 11/30/2016
Perf: $2,283.99 Date: 10/31/2016
Perf: $2,202.49 Date: 9/30/2016
Perf: $2,243.32 Date: 8/31/2016
Perf: $2,242.87 Date: 7/31/2016
Perf: $2,239.74 Date: 6/30/2016
Perf: $2,160.03 Date: 5/31/2016
Perf: $2,154.43 Date: 4/30/2016
Perf: $2,116.34 Date: 3/31/2016
Perf: $2,108.12 Date: 2/29/2016
Perf: $1,974.26 Date: 1/31/2016
Perf: $1,976.83 Date: 12/31/2015
Perf: $2,080.00 Date: 11/30/2015
Perf: $2,113.39 Date: 10/31/2015
Perf: $2,107.07 Date: 9/30/2015
Perf: $1,943.07 Date: 8/31/2015
Perf: $1,992.28 Date: 7/31/2015
Perf: $2,120.13 Date: 6/30/2015
Perf: $2,076.52 Date: 5/31/2015
Perf: $2,117.60 Date: 4/30/2015
Perf: $2,090.63 Date: 3/31/2015
Perf: $2,070.75 Date: 2/28/2015
Perf: $2,104.00 Date: 1/31/2015
Perf: $1,989.59 Date: 12/31/2014
Perf: $2,051.13 Date: 11/30/2014
Perf: $2,056.27 Date: 10/31/2014
Perf: $2,002.40 Date: 9/30/2014
Perf: $1,954.71 Date: 8/31/2014
Perf: $1,982.46 Date: 7/31/2014
Perf: $1,906.21 Date: 6/30/2014
Perf: $1,932.89 Date: 5/31/2014
Perf: $1,893.69 Date: 4/30/2014
Perf: $1,850.21 Date: 3/31/2014
Perf: $1,836.62 Date: 2/28/2014
Perf: $1,821.32 Date: 1/31/2014
Perf: $1,741.72 Date: 12/31/2013
Perf: $1,804.15 Date: 11/30/2013
Perf: $1,759.63 Date: 10/31/2013
Perf: $1,707.55 Date: 9/30/2013
Perf: $1,632.45 Date: 8/31/2013
Perf: $1,582.76 Date: 7/31/2013
Perf: $1,630.03 Date: 6/30/2013
Perf: $1,551.08 Date: 5/31/2013
Perf: $1,572.14 Date: 4/30/2013
Perf: $1,536.20 Date: 3/31/2013
Perf: $1,507.11 Date: 2/28/2013
Perf: $1,452.64 Date: 1/31/2013
Perf: $1,433.14 Date: 12/31/2012
Perf: $1,362.56 Date: 11/30/2012
Perf: $1,350.28 Date: 10/31/2012
Perf: $1,342.49 Date: 9/30/2012
Perf: $1,367.79 Date: 8/31/2012
Perf: $1,333.39 Date: 7/31/2012
Perf: $1,304.05 Date: 6/30/2012
Perf: $1,286.17 Date: 5/31/2012
Perf: $1,235.28 Date: 4/30/2012
Perf: $1,314.27 Date: 3/31/2012
Perf: $1,322.60 Date: 2/29/2012
Perf: $1,280.47 Date: 1/31/2012
Perf: $1,227.45 Date: 12/31/2011
Perf: $1,174.81 Date: 11/30/2011
Perf: $1,162.95 Date: 10/31/2011
Perf: $1,165.52 Date: 9/30/2011
Perf: $1,050.68 Date: 8/31/2011
Perf: $1,130.13 Date: 7/31/2011
Perf: $1,195.01 Date: 6/30/2011
Perf: $1,219.78 Date: 5/31/2011
Perf: $1,240.49 Date: 4/30/2011
Perf: $1,254.67 Date: 3/31/2011
Perf: $1,218.60 Date: 2/28/2011
Perf: $1,218.11 Date: 1/31/2011
Perf: $1,177.72 Date: 12/31/2010
Perf: $1,150.45 Date: 11/30/2010
Perf: $1,078.41 Date: 10/31/2010
Perf: $1,078.31 Date: 9/30/2010
Perf: $1,038.73 Date: 8/31/2010
Perf: $953.66 Date: 7/31/2010
Perf: $998.70 Date: 6/30/2010
Perf: $933.28 Date: 5/31/2010
Perf: $984.79 Date: 4/30/2010
Perf: $1,070.30 Date: 3/31/2010
Perf: $1,053.66 Date: 2/28/2010
Perf: $993.73 Date: 1/31/2010
Perf: $963.85 Date: 12/31/2009
Perf: $999.85 Date: 11/30/2009
Perf: $980.92 Date: 10/31/2009
Perf: $925.39 Date: 9/30/2009
Perf: $942.93 Date: 8/31/2009
Perf: $909.02 Date: 7/31/2009
Perf: $877.35 Date: 6/30/2009
Perf: $815.69 Date: 5/31/2009
Perf: $814.06 Date: 4/30/2009
Perf: $770.96 Date: 3/31/2009
Perf: $703.62 Date: 2/28/2009
Perf: $646.95 Date: 1/31/2009
Perf: $724.06 Date: 12/31/2008
Perf: $790.72 Date: 11/30/2008
Perf: $782.43 Date: 10/31/2008
Perf: $842.95 Date: 9/30/2008
Perf: $1,013.04 Date: 8/31/2008
Perf: $1,112.13 Date: 7/31/2008
Perf: $1,096.24 Date: 6/30/2008
Perf: $1,105.52 Date: 5/31/2008
Perf: $1,207.30 Date: 4/30/2008
Perf: $1,191.81 Date: 3/31/2008
Perf: $1,136.46 Date: 2/29/2008
Perf: $1,141.37 Date: 1/31/2008
Perf: $1,179.71 Date: 12/31/2007
Perf: $1,255.01 Date: 11/30/2007
Perf: $1,263.73 Date: 10/31/2007
Perf: $1,318.86 Date: 9/30/2007
Perf: $1,298.22 Date: 8/31/2007
Perf: $1,251.41 Date: 7/31/2007
Perf: $1,232.92 Date: 6/30/2007
Perf: $1,272.36 Date: 5/31/2007
Perf: $1,293.84 Date: 4/30/2007
Perf: $1,250.21 Date: 3/31/2007
Perf: $1,197.17 Date: 2/28/2007
Perf: $1,183.91 Date: 1/31/2007
Perf: $1,207.58 Date: 12/31/2006
Perf: $1,189.62 Date: 11/30/2006
Perf: $1,173.19 Date: 10/31/2006
Perf: $1,151.32 Date: 9/30/2006
Perf: $1,114.97 Date: 8/31/2006
Perf: $1,086.93 Date: 7/31/2006
Perf: $1,061.66 Date: 6/30/2006
Perf: $1,055.12 Date: 5/31/2006
Perf: $1,053.64 Date: 4/30/2006
Perf: $1,084.89 Date: 3/31/2006
Perf: $1,070.54 Date: 2/28/2006
Perf: $1,057.43 Date: 1/31/2006
Perf: $1,054.58 Date: 12/31/2005
Perf: $1,027.36 Date: 11/30/2005
Perf: $1,027.05 Date: 10/31/2005
Perf: $989.64 Date: 9/30/2005
Perf: $1,006.45 Date: 8/31/2005
Perf: $998.36 Date: 7/31/2005
Perf: $1,007.53 Date: 6/30/2005
Perf: $971.40 Date: 5/31/2005
Perf: $970.04 Date: 4/30/2005
Perf: $940.14 Date: 3/31/2005
Perf: $958.35 Date: 2/28/2005
Perf: $975.62 Date: 1/31/2005
Perf: $955.55 Date: 12/31/2004
Perf: $979.45 Date: 11/30/2004
Perf: $947.24 Date: 10/31/2004
Perf: $910.37 Date: 9/30/2004
Perf: $896.66 Date: 8/31/2004
Perf: $887.08 Date: 7/31/2004
Perf: $883.54 Date: 6/30/2004
Perf: $913.79 Date: 5/31/2004
Perf: $896.40 Date: 4/30/2004
Perf: $884.28 Date: 3/31/2004
Perf: $898.39 Date: 2/29/2004
Perf: $912.16 Date: 1/31/2004
Perf: $899.66 Date: 12/31/2003
Perf: $883.40 Date: 11/30/2003
Perf: $839.42 Date: 10/31/2003
Perf: $832.09 Date: 9/30/2003
Perf: $787.52 Date: 8/31/2003
Perf: $795.96 Date: 7/31/2003
Perf: $780.73 Date: 6/30/2003
Perf: $767.23 Date: 5/31/2003
Perf: $757.53 Date: 4/30/2003
Perf: $719.61 Date: 3/31/2003
Perf: $664.83 Date: 2/28/2003
Perf: $658.44 Date: 1/31/2003
Perf: $668.47 Date: 12/31/2002
Perf: $686.45 Date: 11/30/2002
Perf: $729.26 Date: 10/31/2002
Perf: $688.70 Date: 9/30/2002
Perf: $632.99 Date: 8/31/2002
Perf: $710.19 Date: 7/31/2002
Perf: $705.53 Date: 6/30/2002
Perf: $765.22 Date: 5/31/2002
Perf: $823.88 Date: 4/30/2002
Perf: $830.02 Date: 3/31/2002
Perf: $883.57 Date: 2/28/2002
Perf: $851.55 Date: 1/31/2002
Perf: $868.31 Date: 12/31/2001
Perf: $881.17 Date: 11/30/2001
Perf: $873.49 Date: 10/31/2001
Perf: $811.26 Date: 9/30/2001
Perf: $796.06 Date: 8/31/2001
Perf: $866.03 Date: 7/31/2001
Perf: $923.87 Date: 6/30/2001
Perf: $933.01 Date: 5/31/2001
Perf: $956.25 Date: 4/30/2001
Perf: $949.88 Date: 3/31/2001
Perf: $881.40 Date: 2/28/2001
Perf: $941.06 Date: 1/31/2001
Perf: $1,035.50 Date: 12/31/2000
Perf: $1,000.00 Date: 11/30/2017
Perf: $2,634.92 Date: 10/31/2017
Perf: $2,647.89 Date: 9/30/2017
Perf: $2,575.27 Date: 8/31/2017
Perf: $2,649.18 Date: 7/31/2017
Perf: $2,674.86 Date: 6/30/2017
Perf: $2,615.23 Date: 5/31/2017
Perf: $2,672.42 Date: 4/30/2017
Perf: $2,756.78 Date: 3/31/2017
Perf: $2,753.75 Date: 2/28/2017
Perf: $2,824.07 Date: 1/31/2017
Perf: $2,857.21 Date: 12/31/2016
Perf: $2,934.99 Date: 11/30/2016
Perf: $2,894.47 Date: 10/31/2016
Perf: $2,819.47 Date: 9/30/2016
Perf: $2,906.37 Date: 8/31/2016
Perf: $2,997.18 Date: 7/31/2016
Perf: $3,109.11 Date: 6/30/2016
Perf: $3,097.65 Date: 5/31/2016
Perf: $2,970.51 Date: 4/30/2016
Perf: $3,116.36 Date: 3/31/2016
Perf: $3,161.89 Date: 2/29/2016
Perf: $3,286.45 Date: 1/31/2016
Perf: $3,145.83 Date: 12/31/2015
Perf: $2,981.26 Date: 11/30/2015
Perf: $3,047.08 Date: 10/31/2015
Perf: $2,963.80 Date: 9/30/2015
Perf: $3,153.65 Date: 8/31/2015
Perf: $3,067.15 Date: 7/31/2015
Perf: $3,053.11 Date: 6/30/2015
Perf: $2,954.72 Date: 5/31/2015
Perf: $2,995.45 Date: 4/30/2015
Perf: $3,065.03 Date: 3/31/2015
Perf: $3,138.79 Date: 2/28/2015
Perf: $3,167.30 Date: 1/31/2015
Perf: $3,160.98 Date: 12/31/2014
Perf: $2,958.88 Date: 11/30/2014
Perf: $2,876.05 Date: 10/31/2014
Perf: $2,723.02 Date: 9/30/2014
Perf: $2,780.01 Date: 8/31/2014
Perf: $2,708.77 Date: 7/31/2014
Perf: $2,624.78 Date: 6/30/2014
Perf: $2,619.80 Date: 5/31/2014
Perf: $2,620.06 Date: 4/30/2014
Perf: $2,557.90 Date: 3/31/2014
Perf: $2,586.09 Date: 2/28/2014
Perf: $2,669.93 Date: 1/31/2014
Perf: $2,607.10 Date: 12/31/2013
Perf: $2,687.17 Date: 11/30/2013
Perf: $2,621.89 Date: 10/31/2013
Perf: $2,651.86 Date: 9/30/2013
Perf: $2,633.68 Date: 8/31/2013
Perf: $2,760.10 Date: 7/31/2013
Perf: $2,934.71 Date: 6/30/2013
Perf: $2,971.26 Date: 5/31/2013
Perf: $3,041.83 Date: 4/30/2013
Perf: $2,995.69 Date: 3/31/2013
Perf: $2,941.28 Date: 2/28/2013
Perf: $2,898.38 Date: 1/31/2013
Perf: $2,823.29 Date: 12/31/2012
Perf: $2,651.97 Date: 11/30/2012
Perf: $2,641.93 Date: 10/31/2012
Perf: $2,710.23 Date: 9/30/2012
Perf: $2,912.66 Date: 8/31/2012
Perf: $2,934.67 Date: 7/31/2012
Perf: $3,008.37 Date: 6/30/2012
Perf: $2,896.28 Date: 5/31/2012
Perf: $3,055.48 Date: 4/30/2012
Perf: $2,911.09 Date: 3/31/2012
Perf: $2,843.13 Date: 2/29/2012
Perf: $2,962.52 Date: 1/31/2012
Perf: $2,908.71 Date: 12/31/2011
Perf: $2,899.43 Date: 11/30/2011
Perf: $2,908.16 Date: 10/31/2011
Perf: $3,073.84 Date: 9/30/2011
Perf: $3,297.05 Date: 8/31/2011
Perf: $3,227.97 Date: 7/31/2011
Perf: $3,117.01 Date: 6/30/2011
Perf: $3,164.79 Date: 5/31/2011
Perf: $3,189.99 Date: 4/30/2011
Perf: $3,472.29 Date: 3/31/2011
Perf: $3,362.34 Date: 2/28/2011
Perf: $3,408.36 Date: 1/31/2011
Perf: $3,343.49 Date: 12/31/2010
Perf: $3,356.25 Date: 11/30/2010
Perf: $3,195.51 Date: 10/31/2010
Perf: $3,234.32 Date: 9/30/2010
Perf: $3,071.53 Date: 8/31/2010
Perf: $3,069.08 Date: 7/31/2010
Perf: $2,988.97 Date: 6/30/2010
Perf: $3,015.51 Date: 5/31/2010
Perf: $2,938.52 Date: 4/30/2010
Perf: $2,762.03 Date: 3/31/2010
Perf: $2,784.86 Date: 2/28/2010
Perf: $2,707.96 Date: 1/31/2010
Perf: $2,765.48 Date: 12/31/2009
Perf: $2,951.10 Date: 11/30/2009
Perf: $3,078.56 Date: 10/31/2009
Perf: $2,981.36 Date: 9/30/2009
Perf: $3,070.40 Date: 8/31/2009
Perf: $3,043.92 Date: 7/31/2009
Perf: $2,927.13 Date: 6/30/2009
Perf: $2,889.85 Date: 5/31/2009
Perf: $2,975.24 Date: 4/30/2009
Perf: $2,697.16 Date: 3/31/2009
Perf: $2,723.31 Date: 2/28/2009
Perf: $2,792.85 Date: 1/31/2009
Perf: $2,832.50 Date: 12/31/2008
Perf: $2,920.71 Date: 11/30/2008
Perf: $2,793.07 Date: 10/31/2008
Perf: $2,652.48 Date: 9/30/2008
Perf: $2,478.73 Date: 8/31/2008
Perf: $2,575.03 Date: 7/31/2008
Perf: $2,533.73 Date: 6/30/2008
Perf: $2,723.86 Date: 5/31/2008
Perf: $2,665.22 Date: 4/30/2008
Perf: $2,612.45 Date: 3/31/2008
Perf: $2,506.91 Date: 2/29/2008
Perf: $2,613.54 Date: 1/31/2008
Perf: $2,295.40 Date: 12/31/2007
Perf: $2,118.50 Date: 11/30/2007
Perf: $2,093.59 Date: 10/31/2007
Perf: $2,106.02 Date: 9/30/2007
Perf: $2,051.45 Date: 8/31/2007
Perf: $1,898.79 Date: 7/31/2007
Perf: $2,020.84 Date: 6/30/2007
Perf: $2,040.84 Date: 5/31/2007
Perf: $2,038.60 Date: 4/30/2007
Perf: $1,964.35 Date: 3/31/2007
Perf: $1,907.14 Date: 2/28/2007
Perf: $1,932.84 Date: 1/31/2007
Perf: $1,940.61 Date: 12/31/2006
Perf: $1,939.25 Date: 11/30/2006
Perf: $1,963.00 Date: 10/31/2006
Perf: $1,918.30 Date: 9/30/2006
Perf: $1,875.72 Date: 8/31/2006
Perf: $1,951.24 Date: 7/31/2006
Perf: $1,881.62 Date: 6/30/2006
Perf: $1,987.97 Date: 5/31/2006
Perf: $2,093.71 Date: 4/30/2006
Perf: $2,092.66 Date: 3/31/2006
Perf: $1,940.16 Date: 2/28/2006
Perf: $1,846.54 Date: 1/31/2006
Perf: $1,928.50 Date: 12/31/2005
Perf: $1,807.58 Date: 11/30/2005
Perf: $1,750.34 Date: 10/31/2005
Perf: $1,645.68 Date: 9/30/2005
Perf: $1,625.84 Date: 8/31/2005
Perf: $1,636.15 Date: 7/31/2005
Perf: $1,621.88 Date: 6/30/2005
Perf: $1,627.08 Date: 5/31/2005
Perf: $1,612.09 Date: 4/30/2005
Perf: $1,562.71 Date: 3/31/2005
Perf: $1,630.54 Date: 2/28/2005
Perf: $1,639.06 Date: 1/31/2005
Perf: $1,524.28 Date: 12/31/2004
Perf: $1,570.13 Date: 11/30/2004
Perf: $1,543.89 Date: 10/31/2004
Perf: $1,469.53 Date: 9/30/2004
Perf: $1,459.75 Date: 8/31/2004
Perf: $1,472.56 Date: 7/31/2004
Perf: $1,525.65 Date: 6/30/2004
Perf: $1,520.79 Date: 5/31/2004
Perf: $1,568.79 Date: 4/30/2004
Perf: $1,572.41 Date: 3/31/2004
Perf: $1,659.53 Date: 2/29/2004
Perf: $1,631.63 Date: 1/31/2004
Perf: $1,528.60 Date: 12/31/2003
Perf: $1,477.91 Date: 11/30/2003
Perf: $1,409.01 Date: 10/31/2003
Perf: $1,463.30 Date: 9/30/2003
Perf: $1,325.81 Date: 8/31/2003
Perf: $1,333.41 Date: 7/31/2003
Perf: $1,332.21 Date: 6/30/2003
Perf: $1,303.79 Date: 5/31/2003
Perf: $1,332.57 Date: 4/30/2003
Perf: $1,252.07 Date: 3/31/2003
Perf: $1,191.88 Date: 2/28/2003
Perf: $1,288.24 Date: 1/31/2003
Perf: $1,224.44 Date: 12/31/2002
Perf: $1,142.63 Date: 11/30/2002
Perf: $1,130.09 Date: 10/31/2002
Perf: $1,134.97 Date: 9/30/2002
Perf: $1,187.45 Date: 8/31/2002
Perf: $1,170.71 Date: 7/31/2002
Perf: $1,153.52 Date: 6/30/2002
Perf: $1,113.23 Date: 5/31/2002
Perf: $1,039.04 Date: 4/30/2002
Perf: $977.73 Date: 3/31/2002
Perf: $1,011.00 Date: 2/28/2002
Perf: $980.22 Date: 1/31/2002
Perf: $1,002.47 Date: 12/31/2001
Perf: $1,050.81 Date: 11/30/2001
Perf: $1,043.30 Date: 10/31/2001
Perf: $1,081.92 Date: 9/30/2001
Perf: $1,027.47 Date: 8/31/2001
Perf: $969.40 Date: 7/31/2001
Perf: $998.25 Date: 6/30/2001
Perf: $1,012.94 Date: 5/31/2001
Perf: $1,031.61 Date: 4/30/2001
Perf: $1,018.77 Date: 3/31/2001
Perf: $1,054.63 Date: 2/28/2001
Perf: $995.21 Date: 1/31/2001
Perf: $1,011.50 Date: 12/31/2000
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 12/00 - 11/17
Date: 11/30/2017
Return: -0.49 % Date: 10/31/2017
Return: 2.82 % Date: 9/30/2017
Return: -2.79 % Date: 8/31/2017
Return: -0.96 % Date: 7/31/2017
Return: 2.28 % Date: 6/30/2017
Return: -2.14 % Date: 5/31/2017
Return: -3.06 % Date: 4/30/2017
Return: 0.11 % Date: 3/31/2017
Return: -2.49 % Date: 2/28/2017
Return: -1.16 % Date: 1/31/2017
Return: -2.65 % Date: 12/31/2016
Return: 1.40 % Date: 11/30/2016
Return: 2.66 % Date: 10/31/2016
Return: -2.99 % Date: 9/30/2016
Return: -3.03 % Date: 8/31/2016
Return: -3.60 % Date: 7/31/2016
Return: 0.37 % Date: 6/30/2016
Return: 4.28 % Date: 5/31/2016
Return: -4.68 % Date: 4/30/2016
Return: -1.44 % Date: 3/31/2016
Return: -3.79 % Date: 2/29/2016
Return: 4.47 % Date: 1/31/2016
Return: 5.52 % Date: 12/31/2015
Return: -2.16 % Date: 11/30/2015
Return: 2.81 % Date: 10/31/2015
Return: -6.02 % Date: 9/30/2015
Return: 2.82 % Date: 8/31/2015
Return: 0.46 % Date: 7/31/2015
Return: 3.33 % Date: 6/30/2015
Return: -1.36 % Date: 5/31/2015
Return: -2.27 % Date: 4/30/2015
Return: -2.35 % Date: 3/31/2015
Return: -0.90 % Date: 2/28/2015
Return: 0.20 % Date: 1/31/2015
Return: 6.83 % Date: 12/31/2014
Return: 2.88 % Date: 11/30/2014
Return: 5.62 % Date: 10/31/2014
Return: -2.05 % Date: 9/30/2014
Return: 2.63 % Date: 8/31/2014
Return: 3.20 % Date: 7/31/2014
Return: 0.19 % Date: 6/30/2014
Return: -0.01 % Date: 5/31/2014
Return: 2.43 % Date: 4/30/2014
Return: -1.09 % Date: 3/31/2014
Return: -3.14 % Date: 2/28/2014
Return: 2.41 % Date: 1/31/2014
Return: -2.98 % Date: 12/31/2013
Return: 2.49 % Date: 11/30/2013
Return: -1.13 % Date: 10/31/2013
Return: 0.69 % Date: 9/30/2013
Return: -4.58 % Date: 8/31/2013
Return: -5.95 % Date: 7/31/2013
Return: -1.23 % Date: 6/30/2013
Return: -2.32 % Date: 5/31/2013
Return: 1.54 % Date: 4/30/2013
Return: 1.85 % Date: 3/31/2013
Return: 1.48 % Date: 2/28/2013
Return: 2.66 % Date: 1/31/2013
Return: 6.46 % Date: 12/31/2012
Return: 0.38 % Date: 11/30/2012
Return: -2.52 % Date: 10/31/2012
Return: -6.95 % Date: 9/30/2012
Return: -0.75 % Date: 8/31/2012
Return: -2.45 % Date: 7/31/2012
Return: 3.87 % Date: 6/30/2012
Return: -5.21 % Date: 5/31/2012
Return: 4.96 % Date: 4/30/2012
Return: 2.39 % Date: 3/31/2012
Return: -4.03 % Date: 2/29/2012
Return: 1.85 % Date: 1/31/2012
Return: 0.32 % Date: 12/31/2011
Return: -0.30 % Date: 11/30/2011
Return: -5.39 % Date: 10/31/2011
Return: -6.77 % Date: 9/30/2011
Return: 2.14 % Date: 8/31/2011
Return: 3.56 % Date: 7/31/2011
Return: -1.51 % Date: 6/30/2011
Return: -0.79 % Date: 5/31/2011
Return: -8.13 % Date: 4/30/2011
Return: 3.27 % Date: 3/31/2011
Return: -1.35 % Date: 2/28/2011
Return: 1.94 % Date: 1/31/2011
Return: -0.38 % Date: 12/31/2010
Return: 5.03 % Date: 11/30/2010
Return: -1.20 % Date: 10/31/2010
Return: 5.30 % Date: 9/30/2010
Return: 0.08 % Date: 8/31/2010
Return: 2.68 % Date: 7/31/2010
Return: -0.88 % Date: 6/30/2010
Return: 2.62 % Date: 5/31/2010
Return: 6.39 % Date: 4/30/2010
Return: -0.82 % Date: 3/31/2010
Return: 2.84 % Date: 2/28/2010
Return: -2.08 % Date: 1/31/2010
Return: -6.29 % Date: 12/31/2009
Return: -4.14 % Date: 11/30/2009
Return: 3.26 % Date: 10/31/2009
Return: -2.90 % Date: 9/30/2009
Return: 0.87 % Date: 8/31/2009
Return: 3.99 % Date: 7/31/2009
Return: 1.29 % Date: 6/30/2009
Return: -2.87 % Date: 5/31/2009
Return: 10.31 % Date: 4/30/2009
Return: -0.96 % Date: 3/31/2009
Return: -2.49 % Date: 2/28/2009
Return: -1.40 % Date: 1/31/2009
Return: -3.02 % Date: 12/31/2008
Return: 4.57 % Date: 11/30/2008
Return: 5.30 % Date: 10/31/2008
Return: 7.01 % Date: 9/30/2008
Return: -3.74 % Date: 8/31/2008
Return: 1.63 % Date: 7/31/2008
Return: -6.98 % Date: 6/30/2008
Return: 2.20 % Date: 5/31/2008
Return: 2.02 % Date: 4/30/2008
Return: 4.21 % Date: 3/31/2008
Return: -4.08 % Date: 2/29/2008
Return: 13.86 % Date: 1/31/2008
Return: 8.35 % Date: 12/31/2007
Return: 1.19 % Date: 11/30/2007
Return: -0.59 % Date: 10/31/2007
Return: 2.66 % Date: 9/30/2007
Return: 8.04 % Date: 8/31/2007
Return: -6.04 % Date: 7/31/2007
Return: -0.98 % Date: 6/30/2007
Return: 0.11 % Date: 5/31/2007
Return: 3.78 % Date: 4/30/2007
Return: 3.00 % Date: 3/31/2007
Return: -1.33 % Date: 2/28/2007
Return: -0.40 % Date: 1/31/2007
Return: 0.07 % Date: 12/31/2006
Return: -1.21 % Date: 11/30/2006
Return: 2.33 % Date: 10/31/2006
Return: 2.27 % Date: 9/30/2006
Return: -3.87 % Date: 8/31/2006
Return: 3.70 % Date: 7/31/2006
Return: -5.35 % Date: 6/30/2006
Return: -5.05 % Date: 5/31/2006
Return: 0.05 % Date: 4/30/2006
Return: 7.86 % Date: 3/31/2006
Return: 5.07 % Date: 2/28/2006
Return: -4.25 % Date: 1/31/2006
Return: 6.69 % Date: 12/31/2005
Return: 3.27 % Date: 11/30/2005
Return: 6.36 % Date: 10/31/2005
Return: 1.22 % Date: 9/30/2005
Return: -0.63 % Date: 8/31/2005
Return: 0.88 % Date: 7/31/2005
Return: -0.32 % Date: 6/30/2005
Return: 0.93 % Date: 5/31/2005
Return: 3.16 % Date: 4/30/2005
Return: -4.16 % Date: 3/31/2005
Return: -0.52 % Date: 2/28/2005
Return: 7.53 % Date: 1/31/2005
Return: -2.92 % Date: 12/31/2004
Return: 1.70 % Date: 11/30/2004
Return: 5.06 % Date: 10/31/2004
Return: 0.67 % Date: 9/30/2004
Return: -0.87 % Date: 8/31/2004
Return: -3.48 % Date: 7/31/2004
Return: 0.32 % Date: 6/30/2004
Return: -3.06 % Date: 5/31/2004
Return: -0.23 % Date: 4/30/2004
Return: -5.25 % Date: 3/31/2004
Return: 1.71 % Date: 2/29/2004
Return: 6.74 % Date: 1/31/2004
Return: 3.43 % Date: 12/31/2003
Return: 4.89 % Date: 11/30/2003
Return: -3.71 % Date: 10/31/2003
Return: 10.37 % Date: 9/30/2003
Return: -0.57 % Date: 8/31/2003
Return: 0.09 % Date: 7/31/2003
Return: 2.18 % Date: 6/30/2003
Return: -2.16 % Date: 5/31/2003
Return: 6.43 % Date: 4/30/2003
Return: 5.05 % Date: 3/31/2003
Return: -7.48 % Date: 2/28/2003
Return: 5.21 % Date: 1/31/2003
Return: 7.16 % Date: 12/31/2002
Return: 1.11 % Date: 11/30/2002
Return: -0.43 % Date: 10/31/2002
Return: -4.42 % Date: 9/30/2002
Return: 1.43 % Date: 8/31/2002
Return: 1.49 % Date: 7/31/2002
Return: 3.62 % Date: 6/30/2002
Return: 7.14 % Date: 5/31/2002
Return: 6.27 % Date: 4/30/2002
Return: -3.29 % Date: 3/31/2002
Return: 3.14 % Date: 2/28/2002
Return: -2.22 % Date: 1/31/2002
Return: -4.60 % Date: 12/31/2001
Return: 0.72 % Date: 11/30/2001
Return: -3.57 % Date: 10/31/2001
Return: 5.30 % Date: 9/30/2001
Return: 5.99 % Date: 8/31/2001
Return: -2.89 % Date: 7/31/2001
Return: -1.45 % Date: 6/30/2001
Return: -1.81 % Date: 5/31/2001
Return: 1.26 % Date: 4/30/2001
Return: -3.40 % Date: 3/31/2001
Return: 5.97 % Date: 2/28/2001
Return: -1.61 % Date: 1/31/2001
Return: 1.15 % Date: 12/31/2000
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 12/00 - 11/17
Return: -8.00 %
Count: 1 Return: 14.00 %
Count: 1 Return: -6.00 %
Count: 4 Return: 8.00 %
Count: 4 Return: 10.00 %
Count: 2 Return: 2.00 %
Count: 18 Return: -7.00 %
Count: 4 Return: 4.00 %
Count: 9 Return: 7.00 %
Count: 6 Return: 3.00 %
Count: 20 Return: -5.00 %
Count: 8 Return: -4.00 %
Count: 12 Return: 5.00 %
Count: 11 Return: -1.00 %
Count: 25 Return: -3.00 %
Count: 17 Return: 6.00 %
Count: 9 Return: -2.00 %
Count: 15 Return: 1.00 %
Count: 16 Return: 0.00 %
Count: 22
Note: All performance data is since program inception.

Underwater Curve
Date Range: 12/00 - 11/17
Date: 11/30/2017
Drawdown: -24.12 % Date: 10/31/2017
Drawdown: -23.74 % Date: 9/30/2017
Drawdown: -25.83 % Date: 8/31/2017
Drawdown: -23.71 % Date: 7/31/2017
Drawdown: -22.97 % Date: 6/30/2017
Drawdown: -24.68 % Date: 5/31/2017
Drawdown: -23.04 % Date: 4/30/2017
Drawdown: -20.61 % Date: 3/31/2017
Drawdown: -20.69 % Date: 2/28/2017
Drawdown: -18.67 % Date: 1/31/2017
Drawdown: -17.71 % Date: 12/31/2016
Drawdown: -15.47 % Date: 11/30/2016
Drawdown: -16.64 % Date: 10/31/2016
Drawdown: -18.80 % Date: 9/30/2016
Drawdown: -16.30 % Date: 8/31/2016
Drawdown: -13.68 % Date: 7/31/2016
Drawdown: -10.46 % Date: 6/30/2016
Drawdown: -10.79 % Date: 5/31/2016
Drawdown: -14.45 % Date: 4/30/2016
Drawdown: -10.25 % Date: 3/31/2016
Drawdown: -8.94 % Date: 2/29/2016
Drawdown: -5.35 % Date: 1/31/2016
Drawdown: -9.40 % Date: 12/31/2015
Drawdown: -14.14 % Date: 11/30/2015
Drawdown: -12.25 % Date: 10/31/2015
Drawdown: -14.64 % Date: 9/30/2015
Drawdown: -9.18 % Date: 8/31/2015
Drawdown: -11.67 % Date: 7/31/2015
Drawdown: -12.07 % Date: 6/30/2015
Drawdown: -14.91 % Date: 5/31/2015
Drawdown: -13.73 % Date: 4/30/2015
Drawdown: -11.73 % Date: 3/31/2015
Drawdown: -9.60 % Date: 2/28/2015
Drawdown: -8.78 % Date: 1/31/2015
Drawdown: -8.97 % Date: 12/31/2014
Drawdown: -14.79 % Date: 11/30/2014
Drawdown: -17.17 % Date: 10/31/2014
Drawdown: -21.58 % Date: 9/30/2014
Drawdown: -19.94 % Date: 8/31/2014
Drawdown: -21.99 % Date: 7/31/2014
Drawdown: -24.41 % Date: 6/30/2014
Drawdown: -24.55 % Date: 5/31/2014
Drawdown: -24.54 % Date: 4/30/2014
Drawdown: -26.33 % Date: 3/31/2014
Drawdown: -25.52 % Date: 2/28/2014
Drawdown: -23.11 % Date: 1/31/2014
Drawdown: -24.92 % Date: 12/31/2013
Drawdown: -22.61 % Date: 11/30/2013
Drawdown: -24.49 % Date: 10/31/2013
Drawdown: -23.63 % Date: 9/30/2013
Drawdown: -24.15 % Date: 8/31/2013
Drawdown: -20.51 % Date: 7/31/2013
Drawdown: -15.48 % Date: 6/30/2013
Drawdown: -14.43 % Date: 5/31/2013
Drawdown: -12.40 % Date: 4/30/2013
Drawdown: -13.73 % Date: 3/31/2013
Drawdown: -15.29 % Date: 2/28/2013
Drawdown: -16.53 % Date: 1/31/2013
Drawdown: -18.69 % Date: 12/31/2012
Drawdown: -23.62 % Date: 11/30/2012
Drawdown: -23.91 % Date: 10/31/2012
Drawdown: -21.95 % Date: 9/30/2012
Drawdown: -16.12 % Date: 8/31/2012
Drawdown: -15.48 % Date: 7/31/2012
Drawdown: -13.36 % Date: 6/30/2012
Drawdown: -16.59 % Date: 5/31/2012
Drawdown: -12.00 % Date: 4/30/2012
Drawdown: -16.16 % Date: 3/31/2012
Drawdown: -18.12 % Date: 2/29/2012
Drawdown: -14.68 % Date: 1/31/2012
Drawdown: -16.23 % Date: 12/31/2011
Drawdown: -16.50 % Date: 11/30/2011
Drawdown: -16.25 % Date: 10/31/2011
Drawdown: -11.48 % Date: 9/30/2011
Drawdown: -5.05 % Date: 8/31/2011
Drawdown: -7.04 % Date: 7/31/2011
Drawdown: -10.23 % Date: 6/30/2011
Drawdown: -8.86 % Date: 5/31/2011
Drawdown: -8.13 % Date: 4/30/2011
Drawdown: 0.00 % Date: 3/31/2011
Drawdown: -1.35 % Date: 2/28/2011
Drawdown: 0.00 % Date: 1/31/2011
Drawdown: -0.38 % Date: 12/31/2010
Drawdown: 0.00 % Date: 11/30/2010
Drawdown: -1.20 % Date: 10/31/2010
Drawdown: 0.00 % Date: 9/30/2010
Drawdown: -0.23 % Date: 8/31/2010
Drawdown: -0.31 % Date: 7/31/2010
Drawdown: -2.91 % Date: 6/30/2010
Drawdown: -2.05 % Date: 5/31/2010
Drawdown: -4.55 % Date: 4/30/2010
Drawdown: -10.28 % Date: 3/31/2010
Drawdown: -9.54 % Date: 2/28/2010
Drawdown: -12.04 % Date: 1/31/2010
Drawdown: -10.17 % Date: 12/31/2009
Drawdown: -4.14 % Date: 11/30/2009
Drawdown: 0.00 % Date: 10/31/2009
Drawdown: -2.90 % Date: 9/30/2009
Drawdown: 0.00 % Date: 8/31/2009
Drawdown: 0.00 % Date: 7/31/2009
Drawdown: -1.62 % Date: 6/30/2009
Drawdown: -2.87 % Date: 5/31/2009
Drawdown: 0.00 % Date: 4/30/2009
Drawdown: -7.65 % Date: 3/31/2009
Drawdown: -6.76 % Date: 2/28/2009
Drawdown: -4.38 % Date: 1/31/2009
Drawdown: -3.02 % Date: 12/31/2008
Drawdown: 0.00 % Date: 11/30/2008
Drawdown: 0.00 % Date: 10/31/2008
Drawdown: -2.62 % Date: 9/30/2008
Drawdown: -9.00 % Date: 8/31/2008
Drawdown: -5.46 % Date: 7/31/2008
Drawdown: -6.98 % Date: 6/30/2008
Drawdown: 0.00 % Date: 5/31/2008
Drawdown: 0.00 % Date: 4/30/2008
Drawdown: -0.04 % Date: 3/31/2008
Drawdown: -4.08 % Date: 2/29/2008
Drawdown: 0.00 % Date: 1/31/2008
Drawdown: 0.00 % Date: 12/31/2007
Drawdown: 0.00 % Date: 11/30/2007
Drawdown: -0.59 % Date: 10/31/2007
Drawdown: 0.00 % Date: 9/30/2007
Drawdown: -2.02 % Date: 8/31/2007
Drawdown: -9.31 % Date: 7/31/2007
Drawdown: -3.48 % Date: 6/30/2007
Drawdown: -2.52 % Date: 5/31/2007
Drawdown: -2.63 % Date: 4/30/2007
Drawdown: -6.18 % Date: 3/31/2007
Drawdown: -8.91 % Date: 2/28/2007
Drawdown: -7.68 % Date: 1/31/2007
Drawdown: -7.31 % Date: 12/31/2006
Drawdown: -7.38 % Date: 11/30/2006
Drawdown: -6.24 % Date: 10/31/2006
Drawdown: -8.38 % Date: 9/30/2006
Drawdown: -10.41 % Date: 8/31/2006
Drawdown: -6.80 % Date: 7/31/2006
Drawdown: -10.13 % Date: 6/30/2006
Drawdown: -5.05 % Date: 5/31/2006
Drawdown: 0.00 % Date: 4/30/2006
Drawdown: 0.00 % Date: 3/31/2006
Drawdown: 0.00 % Date: 2/28/2006
Drawdown: -4.25 % 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: -0.83 % Date: 9/30/2005
Drawdown: -2.03 % Date: 8/31/2005
Drawdown: -1.41 % Date: 7/31/2005
Drawdown: -2.27 % Date: 6/30/2005
Drawdown: -1.96 % Date: 5/31/2005
Drawdown: -2.86 % Date: 4/30/2005
Drawdown: -5.83 % Date: 3/31/2005
Drawdown: -1.75 % Date: 2/28/2005
Drawdown: -1.23 % Date: 1/31/2005
Drawdown: -8.15 % Date: 12/31/2004
Drawdown: -5.39 % Date: 11/30/2004
Drawdown: -6.97 % Date: 10/31/2004
Drawdown: -11.45 % Date: 9/30/2004
Drawdown: -12.04 % Date: 8/31/2004
Drawdown: -11.27 % Date: 7/31/2004
Drawdown: -8.07 % Date: 6/30/2004
Drawdown: -8.36 % Date: 5/31/2004
Drawdown: -5.47 % Date: 4/30/2004
Drawdown: -5.25 % Date: 3/31/2004
Drawdown: 0.00 % Date: 2/29/2004
Drawdown: 0.00 % Date: 1/31/2004
Drawdown: 0.00 % Date: 12/31/2003
Drawdown: 0.00 % Date: 11/30/2003
Drawdown: -3.71 % Date: 10/31/2003
Drawdown: 0.00 % Date: 9/30/2003
Drawdown: -0.57 % Date: 8/31/2003
Drawdown: 0.00 % Date: 7/31/2003
Drawdown: -0.03 % Date: 6/30/2003
Drawdown: -2.16 % Date: 5/31/2003
Drawdown: 0.00 % Date: 4/30/2003
Drawdown: -2.81 % Date: 3/31/2003
Drawdown: -7.48 % Date: 2/28/2003
Drawdown: 0.00 % Date: 1/31/2003
Drawdown: 0.00 % Date: 12/31/2002
Drawdown: -3.77 % Date: 11/30/2002
Drawdown: -4.83 % Date: 10/31/2002
Drawdown: -4.42 % 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: -3.96 % Date: 4/30/2002
Drawdown: -9.63 % Date: 3/31/2002
Drawdown: -6.56 % Date: 2/28/2002
Drawdown: -9.40 % Date: 1/31/2002
Drawdown: -7.34 % Date: 12/31/2001
Drawdown: -2.88 % Date: 11/30/2001
Drawdown: -3.57 % Date: 10/31/2001
Drawdown: 0.00 % Date: 9/30/2001
Drawdown: -2.58 % Date: 8/31/2001
Drawdown: -8.08 % Date: 7/31/2001
Drawdown: -5.35 % Date: 6/30/2001
Drawdown: -3.95 % Date: 5/31/2001
Drawdown: -2.18 % Date: 4/30/2001
Drawdown: -3.40 % Date: 3/31/2001
Drawdown: 0.00 % Date: 2/28/2001
Drawdown: -1.61 % Date: 1/31/2001
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Estlander & Partners Ltd.
Address: Aleksanterinkatu 48A
City: Helsinki
State:
Zip: 00100
Country: Finland
Key People
Name:  Martin Estlander
Position:  Chief Executive Officer
Biography: 


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.