Altegris Clearing Solutions Degraves Capital Management Degraves Global Diversified Program *QEP*
Monthly Performance (%)
Date Range: 12/12 - 11/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -4.71 -3.61 2.53 0.11 -0.89 1.50 0.48 0.47 1.18 -1.46 -1.75 -6.21
2016 0.70 3.56 -1.74 2.64 0.19 -0.75 3.91 -2.99 3.02 -5.60 -0.80 -1.83 -0.15
2015 -1.57 0.01 4.31 1.93 0.68 -3.35 -2.58 -3.28 3.85 4.69 -0.52 3.55 7.47
2014 3.43 0.39 1.57 0.67 -0.89 -3.17 -0.08 1.20 4.76 0.95 0.01 2.46 11.65
2013 0.02 6.74 -2.50 6.61 -0.27 -2.79 -0.23 0.90 -2.42 3.84 -1.52 3.15 11.48
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Degraves Capital Management employs a fully systematic and automated trading strategy across a diversified portfolio of international futures markets. Systems are short term in trade length and designed to profit from intraday reversals and trends. Profitability is optimal under high intraday volatility conditions. Trading risk is confined to a single trading day as no positions are held overnight. The trading methodologies utilized by Degraves Capital Management were developed by its principals through advanced statistical and mathematical analysis applied to over ten years of historical market data. --- Performance figures presented are NET of a 2% management fee and 20% performance fee.

Performance Statistics
Date Range: 12/12 - 11/17
  Program SP500 TR Altegris 40
Total Return 25.27% 107.87% 10.18%
Annualized Return 4.69% 15.76% 1.96%
Annualized Std. Deviation 9.36% 9.42% 8.51%
Correlation -0.01 0.08
Sharpe Ratio (rf=2.5%) 0.23 1.41 -0.06
Worst Month -5.60% -6.03% -5.20%
Date of Worst Month 10/2016 08/2015 06/2015
Worst Drawdown -15.61% -8.35% -12.85%
Date of Worst Drawdown 7/16 - 2/17 7/15 - 9/15 3/15 - 9/17
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 12/12 - 11/17
Year or YTD Program SP500 TR Altegris 40
2017 -6.21 20.51 0.15
2016 -0.15 11.98 -3.13
2015 7.47 1.41 0.09
2014 11.65 13.69 15.75
2013 11.48 32.41 -2.45
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 12/12 - 11/17
Date: 11/30/2017
Perf: $1,096.43 Date: 10/31/2017
Perf: $1,095.01 Date: 9/30/2017
Perf: $1,050.97 Date: 8/31/2017
Perf: $1,073.63 Date: 7/31/2017
Perf: $1,056.10 Date: 6/30/2017
Perf: $1,051.99 Date: 5/31/2017
Perf: $1,083.64 Date: 4/30/2017
Perf: $1,081.58 Date: 3/31/2017
Perf: $1,088.11 Date: 2/28/2017
Perf: $1,104.23 Date: 1/31/2017
Perf: $1,080.67 Date: 12/31/2016
Perf: $1,094.80 Date: 11/30/2016
Perf: $1,086.54 Date: 10/31/2016
Perf: $1,098.62 Date: 9/30/2016
Perf: $1,127.72 Date: 8/31/2016
Perf: $1,142.46 Date: 7/31/2016
Perf: $1,174.04 Date: 6/30/2016
Perf: $1,162.18 Date: 5/31/2016
Perf: $1,114.80 Date: 4/30/2016
Perf: $1,134.66 Date: 3/31/2016
Perf: $1,163.87 Date: 2/29/2016
Perf: $1,198.26 Date: 1/31/2016
Perf: $1,169.49 Date: 12/31/2015
Perf: $1,130.16 Date: 11/30/2015
Perf: $1,156.77 Date: 10/31/2015
Perf: $1,118.62 Date: 9/30/2015
Perf: $1,138.43 Date: 8/31/2015
Perf: $1,114.25 Date: 7/31/2015
Perf: $1,133.87 Date: 6/30/2015
Perf: $1,091.20 Date: 5/31/2015
Perf: $1,151.06 Date: 4/30/2015
Perf: $1,159.41 Date: 3/31/2015
Perf: $1,205.96 Date: 2/28/2015
Perf: $1,179.88 Date: 1/31/2015
Perf: $1,181.77 Date: 12/31/2014
Perf: $1,129.15 Date: 11/30/2014
Perf: $1,109.62 Date: 10/31/2014
Perf: $1,047.31 Date: 9/30/2014
Perf: $1,032.14 Date: 8/31/2014
Perf: $1,016.98 Date: 7/31/2014
Perf: $975.71 Date: 6/30/2014
Perf: $983.58 Date: 5/31/2014
Perf: $975.19 Date: 4/30/2014
Perf: $950.85 Date: 3/31/2014
Perf: $943.68 Date: 2/28/2014
Perf: $957.86 Date: 1/31/2014
Perf: $950.07 Date: 12/31/2013
Perf: $975.53 Date: 11/30/2013
Perf: $976.89 Date: 10/31/2013
Perf: $959.53 Date: 9/30/2013
Perf: $938.05 Date: 8/31/2013
Perf: $943.71 Date: 7/31/2013
Perf: $962.18 Date: 6/30/2013
Perf: $970.63 Date: 5/31/2013
Perf: $1,008.86 Date: 4/30/2013
Perf: $1,054.19 Date: 3/31/2013
Perf: $1,027.68 Date: 2/28/2013
Perf: $1,013.09 Date: 1/31/2013
Perf: $1,019.00 Date: 12/31/2012
Perf: $1,000.00 Date: 11/30/2017
Perf: $2,059.97 Date: 10/31/2017
Perf: $1,998.61 Date: 9/30/2017
Perf: $1,953.10 Date: 8/31/2017
Perf: $1,913.68 Date: 7/31/2017
Perf: $1,907.77 Date: 6/30/2017
Perf: $1,869.26 Date: 5/31/2017
Perf: $1,857.74 Date: 4/30/2017
Perf: $1,831.91 Date: 3/31/2017
Perf: $1,813.24 Date: 2/28/2017
Perf: $1,811.06 Date: 1/31/2017
Perf: $1,741.91 Date: 12/31/2016
Perf: $1,709.43 Date: 11/30/2016
Perf: $1,676.24 Date: 10/31/2016
Perf: $1,616.43 Date: 9/30/2016
Perf: $1,646.40 Date: 8/31/2016
Perf: $1,646.07 Date: 7/31/2016
Perf: $1,643.77 Date: 6/30/2016
Perf: $1,585.27 Date: 5/31/2016
Perf: $1,581.16 Date: 4/30/2016
Perf: $1,553.20 Date: 3/31/2016
Perf: $1,547.17 Date: 2/29/2016
Perf: $1,448.93 Date: 1/31/2016
Perf: $1,450.82 Date: 12/31/2015
Perf: $1,526.53 Date: 11/30/2015
Perf: $1,551.04 Date: 10/31/2015
Perf: $1,546.40 Date: 9/30/2015
Perf: $1,426.04 Date: 8/31/2015
Perf: $1,462.16 Date: 7/31/2015
Perf: $1,555.98 Date: 6/30/2015
Perf: $1,523.98 Date: 5/31/2015
Perf: $1,554.13 Date: 4/30/2015
Perf: $1,534.34 Date: 3/31/2015
Perf: $1,519.75 Date: 2/28/2015
Perf: $1,544.14 Date: 1/31/2015
Perf: $1,460.18 Date: 12/31/2014
Perf: $1,505.34 Date: 11/30/2014
Perf: $1,509.12 Date: 10/31/2014
Perf: $1,469.59 Date: 9/30/2014
Perf: $1,434.58 Date: 8/31/2014
Perf: $1,454.95 Date: 7/31/2014
Perf: $1,398.99 Date: 6/30/2014
Perf: $1,418.57 Date: 5/31/2014
Perf: $1,389.80 Date: 4/30/2014
Perf: $1,357.89 Date: 3/31/2014
Perf: $1,347.91 Date: 2/28/2014
Perf: $1,336.69 Date: 1/31/2014
Perf: $1,278.27 Date: 12/31/2013
Perf: $1,324.08 Date: 11/30/2013
Perf: $1,291.41 Date: 10/31/2013
Perf: $1,253.19 Date: 9/30/2013
Perf: $1,198.08 Date: 8/31/2013
Perf: $1,161.60 Date: 7/31/2013
Perf: $1,196.29 Date: 6/30/2013
Perf: $1,138.35 Date: 5/31/2013
Perf: $1,153.81 Date: 4/30/2013
Perf: $1,127.43 Date: 3/31/2013
Perf: $1,106.08 Date: 2/28/2013
Perf: $1,066.10 Date: 1/31/2013
Perf: $1,051.80 Date: 12/31/2012
Perf: $1,000.00 Date: 11/30/2017
Perf: $1,252.65 Date: 10/31/2017
Perf: $1,274.96 Date: 9/30/2017
Perf: $1,293.85 Date: 8/31/2017
Perf: $1,278.76 Date: 7/31/2017
Perf: $1,272.78 Date: 6/30/2017
Perf: $1,266.70 Date: 5/31/2017
Perf: $1,247.98 Date: 4/30/2017
Perf: $1,259.19 Date: 3/31/2017
Perf: $1,257.81 Date: 2/28/2017
Perf: $1,226.77 Date: 1/31/2017
Perf: $1,272.71 Date: 12/31/2016
Perf: $1,335.62 Date: 11/30/2016
Perf: $1,360.52 Date: 10/31/2016
Perf: $1,371.49 Date: 9/30/2016
Perf: $1,452.85 Date: 8/31/2016
Perf: $1,410.26 Date: 7/31/2016
Perf: $1,453.73 Date: 6/30/2016
Perf: $1,399.03 Date: 5/31/2016
Perf: $1,409.60 Date: 4/30/2016
Perf: $1,406.92 Date: 3/31/2016
Perf: $1,370.74 Date: 2/29/2016
Perf: $1,395.01 Date: 1/31/2016
Perf: $1,347.05 Date: 12/31/2015
Perf: $1,337.69 Date: 11/30/2015
Perf: $1,291.83 Date: 10/31/2015
Perf: $1,298.58 Date: 9/30/2015
Perf: $1,240.41 Date: 8/31/2015
Perf: $1,194.42 Date: 7/31/2015
Perf: $1,234.93 Date: 6/30/2015
Perf: $1,267.63 Date: 5/31/2015
Perf: $1,311.57 Date: 4/30/2015
Perf: $1,302.71 Date: 3/31/2015
Perf: $1,278.05 Date: 2/28/2015
Perf: $1,225.24 Date: 1/31/2015
Perf: $1,225.12 Date: 12/31/2014
Perf: $1,244.66 Date: 11/30/2014
Perf: $1,214.77 Date: 10/31/2014
Perf: $1,214.65 Date: 9/30/2014
Perf: $1,203.22 Date: 8/31/2014
Perf: $1,148.55 Date: 7/31/2014
Perf: $1,134.93 Date: 6/30/2014
Perf: $1,135.84 Date: 5/31/2014
Perf: $1,173.03 Date: 4/30/2014
Perf: $1,183.56 Date: 3/31/2014
Perf: $1,175.68 Date: 2/28/2014
Perf: $1,157.51 Date: 1/31/2014
Perf: $1,153.01 Date: 12/31/2013
Perf: $1,114.78 Date: 11/30/2013
Perf: $1,080.73 Date: 10/31/2013
Perf: $1,097.41 Date: 9/30/2013
Perf: $1,056.83 Date: 8/31/2013
Perf: $1,083.04 Date: 7/31/2013
Perf: $1,073.38 Date: 6/30/2013
Perf: $1,075.85 Date: 5/31/2013
Perf: $1,106.73 Date: 4/30/2013
Perf: $1,109.73 Date: 3/31/2013
Perf: $1,040.92 Date: 2/28/2013
Perf: $1,067.61 Date: 1/31/2013
Perf: $1,000.20 Date: 12/31/2012
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 12/12 - 11/17
Date: 11/30/2017
Return: -1.75 % Date: 10/31/2017
Return: -1.46 % Date: 9/30/2017
Return: 1.18 % Date: 8/31/2017
Return: 0.47 % Date: 7/31/2017
Return: 0.48 % Date: 6/30/2017
Return: 1.50 % Date: 5/31/2017
Return: -0.89 % Date: 4/30/2017
Return: 0.11 % Date: 3/31/2017
Return: 2.53 % Date: 2/28/2017
Return: -3.61 % Date: 1/31/2017
Return: -4.71 % Date: 12/31/2016
Return: -1.83 % Date: 11/30/2016
Return: -0.80 % Date: 10/31/2016
Return: -5.60 % Date: 9/30/2016
Return: 3.02 % Date: 8/31/2016
Return: -2.99 % Date: 7/31/2016
Return: 3.91 % Date: 6/30/2016
Return: -0.75 % Date: 5/31/2016
Return: 0.19 % Date: 4/30/2016
Return: 2.64 % Date: 3/31/2016
Return: -1.74 % Date: 2/29/2016
Return: 3.56 % Date: 1/31/2016
Return: 0.70 % Date: 12/31/2015
Return: 3.55 % Date: 11/30/2015
Return: -0.52 % Date: 10/31/2015
Return: 4.69 % Date: 9/30/2015
Return: 3.85 % Date: 8/31/2015
Return: -3.28 % Date: 7/31/2015
Return: -2.58 % Date: 6/30/2015
Return: -3.35 % Date: 5/31/2015
Return: 0.68 % Date: 4/30/2015
Return: 1.93 % Date: 3/31/2015
Return: 4.31 % Date: 2/28/2015
Return: 0.01 % Date: 1/31/2015
Return: -1.57 % Date: 12/31/2014
Return: 2.46 % Date: 11/30/2014
Return: 0.01 % Date: 10/31/2014
Return: 0.95 % Date: 9/30/2014
Return: 4.76 % Date: 8/31/2014
Return: 1.20 % Date: 7/31/2014
Return: -0.08 % Date: 6/30/2014
Return: -3.17 % Date: 5/31/2014
Return: -0.89 % Date: 4/30/2014
Return: 0.67 % Date: 3/31/2014
Return: 1.57 % Date: 2/28/2014
Return: 0.39 % Date: 1/31/2014
Return: 3.43 % Date: 12/31/2013
Return: 3.15 % Date: 11/30/2013
Return: -1.52 % Date: 10/31/2013
Return: 3.84 % Date: 9/30/2013
Return: -2.42 % Date: 8/31/2013
Return: 0.90 % Date: 7/31/2013
Return: -0.23 % Date: 6/30/2013
Return: -2.79 % Date: 5/31/2013
Return: -0.27 % Date: 4/30/2013
Return: 6.61 % Date: 3/31/2013
Return: -2.50 % Date: 2/28/2013
Return: 6.74 % Date: 1/31/2013
Return: 0.02 % Date: 12/31/2012
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 12/12 - 11/17
Return: -4.00 %
Count: 1 Return: -5.00 %
Count: 1 Return: -6.00 %
Count: 1 Return: 5.00 %
Count: 2 Return: -1.00 %
Count: 6 Return: 2.00 %
Count: 3 Return: 3.00 %
Count: 5 Return: 4.00 %
Count: 6 Return: -2.00 %
Count: 6 Return: 1.00 %
Count: 8 Return: -3.00 %
Count: 7 Return: 7.00 %
Count: 2 Return: 0.00 %
Count: 12
Note: All performance data is since program inception.

Underwater Curve
Date Range: 12/12 - 11/17
Date: 11/30/2017
Drawdown: -13.83 % Date: 10/31/2017
Drawdown: -12.30 % Date: 9/30/2017
Drawdown: -11.00 % Date: 8/31/2017
Drawdown: -12.04 % Date: 7/31/2017
Drawdown: -12.45 % Date: 6/30/2017
Drawdown: -12.87 % Date: 5/31/2017
Drawdown: -14.15 % Date: 4/30/2017
Drawdown: -13.38 % Date: 3/31/2017
Drawdown: -13.48 % Date: 2/28/2017
Drawdown: -15.61 % Date: 1/31/2017
Drawdown: -12.45 % Date: 12/31/2016
Drawdown: -8.12 % Date: 11/30/2016
Drawdown: -6.41 % Date: 10/31/2016
Drawdown: -5.66 % Date: 9/30/2016
Drawdown: -0.06 % Date: 8/31/2016
Drawdown: -2.99 % Date: 7/31/2016
Drawdown: 0.00 % Date: 6/30/2016
Drawdown: -0.75 % Date: 5/31/2016
Drawdown: 0.00 % Date: 4/30/2016
Drawdown: 0.00 % Date: 3/31/2016
Drawdown: -1.74 % Date: 2/29/2016
Drawdown: 0.00 % Date: 1/31/2016
Drawdown: 0.00 % Date: 12/31/2015
Drawdown: 0.00 % Date: 11/30/2015
Drawdown: -1.51 % Date: 10/31/2015
Drawdown: -0.99 % Date: 9/30/2015
Drawdown: -5.43 % Date: 8/31/2015
Drawdown: -8.93 % Date: 7/31/2015
Drawdown: -5.84 % Date: 6/30/2015
Drawdown: -3.35 % Date: 5/31/2015
Drawdown: 0.00 % Date: 4/30/2015
Drawdown: 0.00 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: -1.56 % Date: 1/31/2015
Drawdown: -1.57 % Date: 12/31/2014
Drawdown: 0.00 % Date: 11/30/2014
Drawdown: 0.00 % Date: 10/31/2014
Drawdown: 0.00 % Date: 9/30/2014
Drawdown: 0.00 % Date: 8/31/2014
Drawdown: -2.96 % Date: 7/31/2014
Drawdown: -4.11 % Date: 6/30/2014
Drawdown: -4.03 % Date: 5/31/2014
Drawdown: -0.89 % Date: 4/30/2014
Drawdown: 0.00 % Date: 3/31/2014
Drawdown: 0.00 % Date: 2/28/2014
Drawdown: 0.00 % Date: 1/31/2014
Drawdown: 0.00 % Date: 12/31/2013
Drawdown: 0.00 % Date: 11/30/2013
Drawdown: -2.61 % Date: 10/31/2013
Drawdown: -1.11 % Date: 9/30/2013
Drawdown: -4.77 % Date: 8/31/2013
Drawdown: -2.40 % Date: 7/31/2013
Drawdown: -3.28 % Date: 6/30/2013
Drawdown: -3.05 % Date: 5/31/2013
Drawdown: -0.27 % Date: 4/30/2013
Drawdown: 0.00 % Date: 3/31/2013
Drawdown: -2.50 % Date: 2/28/2013
Drawdown: 0.00 % Date: 1/31/2013
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Degraves Capital Management
Address: Suite 2, Level 10, 365 Little Collins St
City: Melbourne
State: VIC
Zip: 3000
Country: Australia
Key People

Employee information is not available.
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.