Altegris Clearing Solutions Covenant Capital Management LLC CCM Tactical Growth Program *QEP*
Monthly Performance (%)
Date Range: 11/16 - 10/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 2.01 0.05 0.23 7.10 1.00 -1.10 3.64 -3.18 0.99 -0.18 10.70
2016 -1.22 -1.22
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

CCM Tactical Growth is a market neutral trading strategy that employs proprietary, systematic and quantitative metrics in the S&P 500 and the VIX to forecast moves in the S&P. The Program utilizes, among other statistical inputs, present and future volatility expectations and will occasionally utilize VIX futures contracts as a hedge to its S&P exposure. The Program is designed to be non-cyclical and to profit during bullish, bearish, and flat S&P market conditions. Tactical Growth is non-trend-following and designed to be consistently productive during periods of high, low, or intermittent market volatility and we believe the Program is well suited for periods of market crisis.

Performance Statistics
Date Range: 11/16 - 10/17
  Program SP500 TR Altegris 40
Total Return 9.35% 23.64% -0.33%
Annualized Return 9.35% 23.64% -0.33%
Annualized Std. Deviation 9.02% 3.99% 6.65%
Correlation 0.03 -0.19
Sharpe Ratio (rf=2.5%) 0.86 5.29 -0.43
Worst Month -3.18% 0.12% -2.92%
Date of Worst Month 08/2017 03/2017 06/2017
Worst Drawdown -3.18% 0.00% -4.82%
Date of Worst Drawdown 7/17 - 8/17 10/17 - 10/17 2/17 - 9/17
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 11/16 - 10/17
Year or YTD Program SP500 TR Altegris 40
2017 10.70 16.92 0.02
2016 -1.22 1.98 0.76
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 11/16 - 10/17
Date: 10/31/2017
Perf: $1,007.80 Date: 9/30/2017
Perf: $967.27 Date: 8/31/2017
Perf: $988.12 Date: 7/31/2017
Perf: $971.98 Date: 6/30/2017
Perf: $968.21 Date: 5/31/2017
Perf: $997.33 Date: 4/30/2017
Perf: $995.44 Date: 3/31/2017
Perf: $1,001.45 Date: 2/28/2017
Perf: $1,016.28 Date: 1/31/2017
Perf: $994.60 Date: 12/31/2016
Perf: $1,007.60 Date: 11/30/2016
Perf: $1,000.00 Date: 10/31/2017
Perf: $1,192.32 Date: 9/30/2017
Perf: $1,165.17 Date: 8/31/2017
Perf: $1,141.65 Date: 7/31/2017
Perf: $1,138.12 Date: 6/30/2017
Perf: $1,115.15 Date: 5/31/2017
Perf: $1,108.28 Date: 4/30/2017
Perf: $1,092.87 Date: 3/31/2017
Perf: $1,081.73 Date: 2/28/2017
Perf: $1,080.43 Date: 1/31/2017
Perf: $1,039.18 Date: 12/31/2016
Perf: $1,019.80 Date: 11/30/2016
Perf: $1,000.00 Date: 10/31/2017
Perf: $1,093.51 Date: 9/30/2017
Perf: $1,095.48 Date: 8/31/2017
Perf: $1,084.74 Date: 7/31/2017
Perf: $1,120.37 Date: 6/30/2017
Perf: $1,081.02 Date: 5/31/2017
Perf: $1,093.04 Date: 4/30/2017
Perf: $1,082.22 Date: 3/31/2017
Perf: $1,010.48 Date: 2/28/2017
Perf: $1,008.16 Date: 1/31/2017
Perf: $1,007.65 Date: 12/31/2016
Perf: $987.80 Date: 11/30/2016
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 11/16 - 10/17
Date: 10/31/2017
Return: -0.18 % Date: 9/30/2017
Return: 0.99 % Date: 8/31/2017
Return: -3.18 % Date: 7/31/2017
Return: 3.64 % Date: 6/30/2017
Return: -1.10 % Date: 5/31/2017
Return: 1.00 % Date: 4/30/2017
Return: 7.10 % Date: 3/31/2017
Return: 0.23 % Date: 2/28/2017
Return: 0.05 % Date: 1/31/2017
Return: 2.01 % Date: 12/31/2016
Return: -1.22 % Date: 11/30/2016
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 11/16 - 10/17
Return: -3.00 %
Count: 1 Return: 4.00 %
Count: 1 Return: 1.00 %
Count: 2 Return: 7.00 %
Count: 1 Return: 2.00 %
Count: 1 Return: -1.00 %
Count: 2 Return: 0.00 %
Count: 4
Note: All performance data is since program inception.

Underwater Curve
Date Range: 11/16 - 10/17
Date: 10/31/2017
Drawdown: -2.40 % Date: 9/30/2017
Drawdown: -2.22 % Date: 8/31/2017
Drawdown: -3.18 % Date: 7/31/2017
Drawdown: 0.00 % Date: 6/30/2017
Drawdown: -1.10 % Date: 5/31/2017
Drawdown: 0.00 % Date: 4/30/2017
Drawdown: 0.00 % Date: 3/31/2017
Drawdown: 0.00 % Date: 2/28/2017
Drawdown: 0.00 % Date: 1/31/2017
Drawdown: 0.00 % Date: 12/31/2016
Drawdown: -1.22 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Covenant Capital Management LLC
Address: 3100 West End Avenue, Ste. 1090
City: Nashville
State: TN
Zip: 37203
Country: USA
Key People
Name:  Scot Billington
Position:  Principal
Biography: 

Scot Billington is the Chief Manager, the Head Trader, and a 45.05% equity holder of CCM. Mr. Billington is registered with the CFTC as a principal and associated person of CCM. Mr. Billington developed the trading systems that will be used by CCM. He is actively involved in every aspect of CCM’s business and trading. Mr. Billington worked as an assistant trader from for Bradford & Co., Incorporated, a Futures Commission Merchant (FCM) and division of J. C. Bradford & Co July 1993 until May 1999 when he began forming CCM. At J.C. Bradford he was responsible for executing client orders, advising clients, and developing systems. Beginning in April of 2002, Mr. Billington worked for Ronin Capital, an Option Trading Investment Company at the Chicago Board Options Exchange where his main function was making markets in the OEX 100 Index options market. Mr. Billington was a member of the Chicago Board Options Exchange and a Market Maker at Ronin Capital in OEX 100 Index options until January 4, 2005. Mr. Billington has been a principal and associated person of the advisor since inception, and he became a branch office manager of the advisor on July 13, 2005.


Name:  Brince Wilford
Position:  Principal
Biography: 

Brince Wilford is the Secretary and is a 45.05% equity holder of CCM. He is registered with the CFTC as a principal and associated person of CCM. Mr. Wilford assists in the execution of trades as directed by Mr. Billington. He is actively involved in every aspect of CCM’s business and trading. Mr. Wilford has worked in a number of development, management, consulting and finance roles in the healthcare industry since 1990. From August of 1999 to July of 2002 he served as Director of Business Development for Inphact, Inc. His primary responsiblity was directing sales and national accounts. Inphact was a provider of radiology services over the Internet. Mr. Wilford worked for Healthcare Realty Trust, Inc. in the Investments Department from August of 2002 through January of 2006 where his primary responsibilities included business development, financial modeling, consulting and acquisitions work. Healthcare Realty Trust is a publicly traded Real Estate Investment Trust (NYSE:HR). Mr. Wilford resigned from Healthcare Realty in 2006 to focus full time on the advisory. He returned to part-time employment at Healthcare Realty in January of 2008 where he manages the Acquisitions Department. Presently, Mr. Wilford provides investment consulting services to various firms in the healthcare, real estate, and entertainment industries. Mr. Wilford has been registered as a principal and associated person of the advisor since July 30, 1999.


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.