Altegris Clearing Solutions Non Correlated Capital Positive Theta Program *QEP*
Monthly Performance (%)
Date Range: 09/07 - 04/13
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 1.06 0.26 1.12 -3.10 -0.72
2012 4.22 1.68 1.43 3.63 0.34 -0.46 2.00 2.67 1.62 2.03 2.34 1.18 25.08
2011 -5.20 -5.31 3.66 3.66 -6.29 2.86 1.15 -0.89 4.23 5.84 5.29 2.86 11.36
2010 8.89 8.29 8.26 3.15 -8.04 8.94 4.79 -3.39 12.27 2.46 -0.58 2.69 56.84
2009 18.40 -1.54 3.97 13.35 -7.88 7.41 10.00 5.22 10.34 9.21 10.30 14.81 140.09
2008 -14.08 2.52 5.96 3.19 3.75 2.25 8.63 7.93 -4.18 -5.94 17.83 -12.03 11.91
2007 -0.62 4.49 2.84 6.79
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Non Correlated Capital utilises an aggressive volatility strategy. Tactical allocation remains flexible and can be adjusted to benefit from expansion in market volatility as well as the typical volatility compression that occurs when markets remain range-bound for long periods of time. Program capital is deployed across two allocations - the “Core Allocation” and the “Macro Allocation”. The Core Allocation presides over the energy market complex and utilises hedging and risk management methods appropriate for those markets. The Macro Allocation contains a subset of ten strategies with broad exposure to thirteen of the most liquid US futures contracts. The Macro Allocation derives benefit from strategic diversification and attention to inter-market correlation. In combination, the Core Allocation and the Macro Allocation has provided the Positive Theta Program with solid returns, since inception, through a diverse range of market conditions.
Performance Statistics
Date Range: 09/07 - 04/13
  Program SP500 TR Altegris 40
Total Return 522.38% 22.74% 24.40%
Annualized Return 38.75% 3.68% 3.93%
Annualized Std. Deviation 21.27% 18.09% 9.11%
Correlation 0.22 -0.16
Sharpe Ratio (rf=2.5%) 1.70 0.07 0.16
Worst Month -14.08% -16.80% -4.59%
Date of Worst Month 01/2008 10/2008 07/2008
Worst Drawdown -14.08% -50.95% -10.87%
Date of Worst Drawdown 12/07 - 1/08 10/07 - 2/09 4/11 - 10/12
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 09/07 - 04/13
Year or YTD Program SP500 TR Altegris 40
2013 -0.72 12.74 5.42
2012 25.08 15.98 -4.75
2011 11.36 2.12 -3.23
2010 56.84 15.06 11.33
2009 140.09 26.45 -7.98
2008 11.91 -37.00 15.47
2007 6.79 -3.33 3.39
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 09/07 - 04/13
Date: 4/30/2013 Perf: $1,188.49 Date: 3/31/2013 Perf: $1,158.60 Date: 2/28/2013 Perf: $1,142.15 Date: 1/31/2013 Perf: $1,148.82 Date: 12/31/2012 Perf: $1,127.40 Date: 11/30/2012 Perf: $1,121.90 Date: 10/31/2012 Perf: $1,118.77 Date: 9/30/2012 Perf: $1,160.79 Date: 8/31/2012 Perf: $1,180.26 Date: 7/31/2012 Perf: $1,196.54 Date: 6/30/2012 Perf: $1,149.52 Date: 5/31/2012 Perf: $1,194.43 Date: 4/30/2012 Perf: $1,172.16 Date: 3/31/2012 Perf: $1,165.17 Date: 2/29/2012 Perf: $1,192.23 Date: 1/31/2012 Perf: $1,187.36 Date: 12/31/2011 Perf: $1,183.58 Date: 11/30/2011 Perf: $1,172.32 Date: 10/31/2011 Perf: $1,168.82 Date: 9/30/2011 Perf: $1,217.01 Date: 8/31/2011 Perf: $1,217.74 Date: 7/31/2011 Perf: $1,220.18 Date: 6/30/2011 Perf: $1,177.89 Date: 5/31/2011 Perf: $1,209.34 Date: 4/30/2011 Perf: $1,255.15 Date: 3/31/2011 Perf: $1,208.04 Date: 2/28/2011 Perf: $1,226.81 Date: 1/31/2011 Perf: $1,206.30 Date: 12/31/2010 Perf: $1,223.06 Date: 11/30/2010 Perf: $1,172.74 Date: 10/31/2010 Perf: $1,215.78 Date: 9/30/2010 Perf: $1,170.37 Date: 8/31/2010 Perf: $1,149.45 Date: 7/31/2010 Perf: $1,103.76 Date: 6/30/2010 Perf: $1,118.18 Date: 5/31/2010 Perf: $1,113.95 Date: 4/30/2010 Perf: $1,141.57 Date: 3/31/2010 Perf: $1,124.26 Date: 2/28/2010 Perf: $1,081.33 Date: 1/31/2010 Perf: $1,071.26 Date: 12/31/2009 Perf: $1,098.62 Date: 11/30/2009 Perf: $1,144.39 Date: 10/31/2009 Perf: $1,100.06 Date: 9/30/2009 Perf: $1,128.96 Date: 8/31/2009 Perf: $1,102.72 Date: 7/31/2009 Perf: $1,099.09 Date: 6/30/2009 Perf: $1,100.30 Date: 5/31/2009 Perf: $1,130.37 Date: 4/30/2009 Perf: $1,114.98 Date: 3/31/2009 Perf: $1,152.67 Date: 2/28/2009 Perf: $1,185.51 Date: 1/31/2009 Perf: $1,186.11 Date: 12/31/2008 Perf: $1,193.87 Date: 11/30/2008 Perf: $1,163.95 Date: 10/31/2008 Perf: $1,122.75 Date: 9/30/2008 Perf: $1,067.76 Date: 8/31/2008 Perf: $1,065.52 Date: 7/31/2008 Perf: $1,094.75 Date: 6/30/2008 Perf: $1,147.42 Date: 5/31/2008 Perf: $1,117.58 Date: 4/30/2008 Perf: $1,095.02 Date: 3/31/2008 Perf: $1,107.76 Date: 2/29/2008 Perf: $1,112.66 Date: 1/31/2008 Perf: $1,052.75 Date: 12/31/2007 Perf: $1,033.94 Date: 11/30/2007 Perf: $1,036.32 Date: 10/31/2007 Perf: $1,043.10 Date: 9/30/2007 Perf: $1,000.00 Date: 4/30/2013 Perf: $1,183.17 Date: 3/31/2013 Perf: $1,160.77 Date: 2/28/2013 Perf: $1,118.81 Date: 1/31/2013 Perf: $1,103.80 Date: 12/31/2012 Perf: $1,049.44 Date: 11/30/2012 Perf: $1,039.98 Date: 10/31/2012 Perf: $1,033.98 Date: 9/30/2012 Perf: $1,053.47 Date: 8/31/2012 Perf: $1,026.97 Date: 7/31/2012 Perf: $1,004.37 Date: 6/30/2012 Perf: $990.60 Date: 5/31/2012 Perf: $951.41 Date: 4/30/2012 Perf: $1,012.24 Date: 3/31/2012 Perf: $1,018.66 Date: 2/29/2012 Perf: $986.21 Date: 1/31/2012 Perf: $945.37 Date: 12/31/2011 Perf: $904.84 Date: 11/30/2011 Perf: $895.70 Date: 10/31/2011 Perf: $897.68 Date: 9/30/2011 Perf: $809.23 Date: 8/31/2011 Perf: $870.42 Date: 7/31/2011 Perf: $920.39 Date: 6/30/2011 Perf: $939.47 Date: 5/31/2011 Perf: $955.42 Date: 4/30/2011 Perf: $966.34 Date: 3/31/2011 Perf: $938.56 Date: 2/28/2011 Perf: $938.18 Date: 1/31/2011 Perf: $907.07 Date: 12/31/2010 Perf: $886.07 Date: 11/30/2010 Perf: $830.59 Date: 10/31/2010 Perf: $830.51 Date: 9/30/2010 Perf: $800.02 Date: 8/31/2010 Perf: $734.51 Date: 7/31/2010 Perf: $769.20 Date: 6/30/2010 Perf: $718.81 Date: 5/31/2010 Perf: $758.48 Date: 4/30/2010 Perf: $824.34 Date: 3/31/2010 Perf: $811.52 Date: 2/28/2010 Perf: $765.37 Date: 1/31/2010 Perf: $742.36 Date: 12/31/2009 Perf: $770.08 Date: 11/30/2009 Perf: $755.50 Date: 10/31/2009 Perf: $712.73 Date: 9/30/2009 Perf: $726.24 Date: 8/31/2009 Perf: $700.13 Date: 7/31/2009 Perf: $675.73 Date: 6/30/2009 Perf: $628.24 Date: 5/31/2009 Perf: $626.98 Date: 4/30/2009 Perf: $593.79 Date: 3/31/2009 Perf: $541.93 Date: 2/28/2009 Perf: $498.28 Date: 1/31/2009 Perf: $557.67 Date: 12/31/2008 Perf: $609.01 Date: 11/30/2008 Perf: $602.62 Date: 10/31/2008 Perf: $649.24 Date: 9/30/2008 Perf: $780.33 Date: 8/31/2008 Perf: $856.66 Date: 7/31/2008 Perf: $844.42 Date: 6/30/2008 Perf: $851.57 Date: 5/31/2008 Perf: $929.97 Date: 4/30/2008 Perf: $918.03 Date: 3/31/2008 Perf: $875.40 Date: 2/29/2008 Perf: $879.18 Date: 1/31/2008 Perf: $908.72 Date: 12/31/2007 Perf: $966.72 Date: 11/30/2007 Perf: $973.44 Date: 10/31/2007 Perf: $1,015.90 Date: 9/30/2007 Perf: $1,000.00 Date: 4/30/2013 Perf: $6,223.75 Date: 3/31/2013 Perf: $6,422.86 Date: 2/28/2013 Perf: $6,351.72 Date: 1/31/2013 Perf: $6,335.25 Date: 12/31/2012 Perf: $6,268.80 Date: 11/30/2012 Perf: $6,195.69 Date: 10/31/2012 Perf: $6,054.03 Date: 9/30/2012 Perf: $5,933.58 Date: 8/31/2012 Perf: $5,838.98 Date: 7/31/2012 Perf: $5,687.14 Date: 6/30/2012 Perf: $5,575.63 Date: 5/31/2012 Perf: $5,601.39 Date: 4/30/2012 Perf: $5,582.41 Date: 3/31/2012 Perf: $5,386.87 Date: 2/29/2012 Perf: $5,310.92 Date: 1/31/2012 Perf: $5,223.17 Date: 12/31/2011 Perf: $5,011.68 Date: 11/30/2011 Perf: $4,872.33 Date: 10/31/2011 Perf: $4,627.53 Date: 9/30/2011 Perf: $4,372.20 Date: 8/31/2011 Perf: $4,194.76 Date: 7/31/2011 Perf: $4,232.43 Date: 6/30/2011 Perf: $4,184.31 Date: 5/31/2011 Perf: $4,067.97 Date: 4/30/2011 Perf: $4,341.01 Date: 3/31/2011 Perf: $4,187.74 Date: 2/28/2011 Perf: $4,039.88 Date: 1/31/2011 Perf: $4,266.43 Date: 12/31/2010 Perf: $4,500.45 Date: 11/30/2010 Perf: $4,382.56 Date: 10/31/2010 Perf: $4,408.13 Date: 9/30/2010 Perf: $4,302.29 Date: 8/31/2010 Perf: $3,832.10 Date: 7/31/2010 Perf: $3,966.56 Date: 6/30/2010 Perf: $3,785.25 Date: 5/31/2010 Perf: $3,474.62 Date: 4/30/2010 Perf: $3,778.40 Date: 3/31/2010 Perf: $3,663.02 Date: 2/28/2010 Perf: $3,383.54 Date: 1/31/2010 Perf: $3,124.51 Date: 12/31/2009 Perf: $2,869.42 Date: 11/30/2009 Perf: $2,499.28 Date: 10/31/2009 Perf: $2,265.89 Date: 9/30/2009 Perf: $2,074.80 Date: 8/31/2009 Perf: $1,880.37 Date: 7/31/2009 Perf: $1,787.09 Date: 6/30/2009 Perf: $1,624.62 Date: 5/31/2009 Perf: $1,512.54 Date: 4/30/2009 Perf: $1,641.93 Date: 3/31/2009 Perf: $1,448.55 Date: 2/28/2009 Perf: $1,393.24 Date: 1/31/2009 Perf: $1,415.03 Date: 12/31/2008 Perf: $1,195.12 Date: 11/30/2008 Perf: $1,358.56 Date: 10/31/2008 Perf: $1,152.98 Date: 9/30/2008 Perf: $1,225.79 Date: 8/31/2008 Perf: $1,279.27 Date: 7/31/2008 Perf: $1,185.28 Date: 6/30/2008 Perf: $1,091.11 Date: 5/31/2008 Perf: $1,067.10 Date: 4/30/2008 Perf: $1,028.53 Date: 3/31/2008 Perf: $996.74 Date: 2/29/2008 Perf: $940.67 Date: 1/31/2008 Perf: $917.55 Date: 12/31/2007 Perf: $1,067.91 Date: 11/30/2007 Perf: $1,038.42 Date: 10/31/2007 Perf: $993.80 Date: 9/30/2007 Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 09/07 - 04/13
Date: 4/30/2013 Return: -3.10 % Date: 3/31/2013 Return: 1.12 % Date: 2/28/2013 Return: 0.26 % Date: 1/31/2013 Return: 1.06 % Date: 12/31/2012 Return: 1.18 % Date: 11/30/2012 Return: 2.34 % Date: 10/31/2012 Return: 2.03 % Date: 9/30/2012 Return: 1.62 % Date: 8/31/2012 Return: 2.67 % Date: 7/31/2012 Return: 2.00 % Date: 6/30/2012 Return: -0.46 % Date: 5/31/2012 Return: 0.34 % Date: 4/30/2012 Return: 3.63 % Date: 3/31/2012 Return: 1.43 % Date: 2/29/2012 Return: 1.68 % Date: 1/31/2012 Return: 4.22 % Date: 12/31/2011 Return: 2.86 % Date: 11/30/2011 Return: 5.29 % Date: 10/31/2011 Return: 5.84 % Date: 9/30/2011 Return: 4.23 % Date: 8/31/2011 Return: -0.89 % Date: 7/31/2011 Return: 1.15 % Date: 6/30/2011 Return: 2.86 % Date: 5/31/2011 Return: -6.29 % Date: 4/30/2011 Return: 3.66 % Date: 3/31/2011 Return: 3.66 % Date: 2/28/2011 Return: -5.31 % Date: 1/31/2011 Return: -5.20 % Date: 12/31/2010 Return: 2.69 % Date: 11/30/2010 Return: -0.58 % Date: 10/31/2010 Return: 2.46 % Date: 9/30/2010 Return: 12.27 % Date: 8/31/2010 Return: -3.39 % Date: 7/31/2010 Return: 4.79 % Date: 6/30/2010 Return: 8.94 % Date: 5/31/2010 Return: -8.04 % Date: 4/30/2010 Return: 3.15 % Date: 3/31/2010 Return: 8.26 % Date: 2/28/2010 Return: 8.29 % Date: 1/31/2010 Return: 8.89 % Date: 12/31/2009 Return: 14.81 % Date: 11/30/2009 Return: 10.30 % Date: 10/31/2009 Return: 9.21 % Date: 9/30/2009 Return: 10.34 % Date: 8/31/2009 Return: 5.22 % Date: 7/31/2009 Return: 10.00 % Date: 6/30/2009 Return: 7.41 % Date: 5/31/2009 Return: -7.88 % Date: 4/30/2009 Return: 13.35 % Date: 3/31/2009 Return: 3.97 % Date: 2/28/2009 Return: -1.54 % Date: 1/31/2009 Return: 18.40 % Date: 12/31/2008 Return: -12.03 % Date: 11/30/2008 Return: 17.83 % Date: 10/31/2008 Return: -5.94 % Date: 9/30/2008 Return: -4.18 % Date: 8/31/2008 Return: 7.93 % Date: 7/31/2008 Return: 8.63 % Date: 6/30/2008 Return: 2.25 % Date: 5/31/2008 Return: 3.75 % Date: 4/30/2008 Return: 3.19 % Date: 3/31/2008 Return: 5.96 % Date: 2/29/2008 Return: 2.52 % Date: 1/31/2008 Return: -14.08 % Date: 12/31/2007 Return: 2.84 % Date: 11/30/2007 Return: 4.49 % Date: 10/31/2007 Return: -0.62 % Date: 9/30/2007 Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 09/07 - 04/13
Return: 1.00 % Count: 5 Return: -5.00 % Count: 2 Return: 12.00 % Count: 1 Return: -3.00 % Count: 2 Return: 15.00 % Count: 1 Return: 5.00 % Count: 3 Return: 10.00 % Count: 3 Return: 7.00 % Count: 1 Return: -8.00 % Count: 2 Return: 13.00 % Count: 1 Return: -2.00 % Count: 1 Return: -12.00 % Count: 1 Return: 18.00 % Count: 2 Return: -6.00 % Count: 2 Return: -4.00 % Count: 1 Return: 8.00 % Count: 3 Return: 9.00 % Count: 4 Return: 2.00 % Count: 7 Return: 6.00 % Count: 2 Return: -14.00 % Count: 1 Return: 3.00 % Count: 8 Return: 4.00 % Count: 8 Return: -1.00 % Count: 3 Return: 0.00 % Count: 4
Note: All performance data is since program inception.

Underwater Curve
Date Range: 09/07 - 04/13
Date: 4/30/2013 Drawdown: -3.10 % 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: -0.46 % 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: -2.85 % Date: 8/31/2011 Drawdown: -6.79 % Date: 7/31/2011 Drawdown: -5.96 % Date: 6/30/2011 Drawdown: -7.02 % Date: 5/31/2011 Drawdown: -9.61 % Date: 4/30/2011 Drawdown: -3.54 % Date: 3/31/2011 Drawdown: -6.95 % Date: 2/28/2011 Drawdown: -10.23 % Date: 1/31/2011 Drawdown: -5.20 % Date: 12/31/2010 Drawdown: 0.00 % Date: 11/30/2010 Drawdown: -0.58 % Date: 10/31/2010 Drawdown: 0.00 % Date: 9/30/2010 Drawdown: 0.00 % Date: 8/31/2010 Drawdown: -3.39 % Date: 7/31/2010 Drawdown: 0.00 % Date: 6/30/2010 Drawdown: 0.00 % Date: 5/31/2010 Drawdown: -8.04 % Date: 4/30/2010 Drawdown: 0.00 % 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: -1.05 % Date: 5/31/2009 Drawdown: -7.88 % Date: 4/30/2009 Drawdown: 0.00 % Date: 3/31/2009 Drawdown: 0.00 % Date: 2/28/2009 Drawdown: -1.54 % Date: 1/31/2009 Drawdown: 0.00 % Date: 12/31/2008 Drawdown: -12.03 % Date: 11/30/2008 Drawdown: 0.00 % Date: 10/31/2008 Drawdown: -9.87 % Date: 9/30/2008 Drawdown: -4.18 % 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: -0.08 % Date: 4/30/2008 Drawdown: -3.69 % Date: 3/31/2008 Drawdown: -6.66 % Date: 2/29/2008 Drawdown: -11.91 % Date: 1/31/2008 Drawdown: -14.08 % Date: 12/31/2007 Drawdown: 0.00 % Date: 11/30/2007 Drawdown: 0.00 % Date: 10/31/2007 Drawdown: -0.62 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Non Correlated Capital
Address: 430 Little Collins Street
City: Melbourne
State: Not
Zip: 3000
Country: Australia
Key People
Name:  Troy Burns
Position:  Principal
Biography: 

Troy is a co-founder and Director of NCC. Troy has a civil engineering background. He founded a company, “Burns Civil Pty Ltd”, which provided civil engineering design services to companies such as BHP Billiton, Rio Tinto, GHD and Bechtel. Troy has been a proprietary private trader for over 10 years, having specialised in futures and option contracts. Through the practical application of his ideas, Troy became pivotal in the development of the strategies now traded by the Advisor. Troy’s systematic and procedural mind set makes him a primary asset in the management of new investment and growth strategies for NCC.

Name:  Kevin Saunders
Position:  Principal
Biography: 

Kevin is a co-founder and Director of NCC. Educated through FINSIA, (an Australian financial services industry association), Kevin was awarded the Victorian Dux (an award for the best course mark in the state) and was the national subject prize winner for “Derivatives: Applying theory to Practice”. Kevin has been a private trader since 1999. In 2001, Kevin founded a private business, “Know the Ropes” for the purpose of providing financial consultation and content creation. Since 2001, Kevin has worked closely with several trader education companies and associations as a content provider and speaker. Over the last ten years, Kevin has gained extensive experience in risk management, trade planning and execution, money management and trading system design. This knowledge has seen practical application in the market place both with his own capital and with capital managed by the Advisor.

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.