Altegris Clearing Solutions Bensboro Advisors, LLC Bensboro Seasonal Spread Trading Program *QEP*
Monthly Performance (%)
Date Range: 12/14 - 10/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 2.82 -0.68 -6.84 7.08 -1.45 -5.03 -4.87 -0.90 -4.12 -0.18 -13.97
2016 -6.34 -3.56 2.18 -3.43 7.06 -0.82 2.87 4.24 0.91 2.15 0.80 -2.45 2.86
2015 3.08 3.90 0.76 -3.17 -0.27 -1.16 -3.44 -1.23 -4.74 -2.65 3.24 4.61 -1.61
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

We invest only in spreads that exhibit some seasonal tendencies, using only futures contracts in eight major categories. Equities, equity futures and/or equity derivatives are not used. Listed within each category below are some of the respective individual futures used at various times: Currencies: Australian Dollar, British Pound, Canadian Dollar, Euro, Japanese Yen, and the Swiss Franc. Energy: Crude Oil, Heating Oil, Gasoline, and Natural Gas. Grains: Corn and Wheat. Interest Rates: US Treasury Bills, Notes, & Bonds, and Euro Dollars. Livestock: Feeder Cattle, Lean Hogs, and Live Cattle. Metals: Copper, Gold, Palladium, Platinum, and Silver. Softs: Cocoa, Coffee, Cotton, Orange Juice, and Sugar. Soybean Complex: Soybeans, Soybean Meal, and Soybean Oil. If a spread’s current pattern is similar to its long-term and intermediate-term seasonal patterns then we expect, generally, past patterns will repeat to a significant degree based on similar economic and fundamental conditions. The seasonal spread trading program uses time targets rather than price targets when determining optimal entry and exit points for trade execution.

Performance Statistics
Date Range: 12/14 - 10/17
  Program SP500 TR Altegris 40
Total Return -12.94% 32.44% -1.32%
Annualized Return -4.77% 10.11% -0.45%
Annualized Std. Deviation 12.46% 10.01% 8.87%
Correlation 0.14 -0.08
Sharpe Ratio (rf=2.5%) -0.58 0.76 -0.33
Worst Month -6.84% -6.03% -5.20%
Date of Worst Month 03/2017 08/2015 06/2015
Worst Drawdown -19.32% -8.35% -12.85%
Date of Worst Drawdown 3/15 - 10/17 7/15 - 9/15 3/15 - 9/17
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 12/14 - 10/17
Year or YTD Program SP500 TR Altegris 40
2017 -13.97 16.92 0.02
2016 2.86 11.98 -3.13
2015 -1.61 1.41 0.09
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 12/14 - 10/17
Date: 10/31/2017
Perf: $969.76 Date: 9/30/2017
Perf: $930.76 Date: 8/31/2017
Perf: $950.82 Date: 7/31/2017
Perf: $935.30 Date: 6/30/2017
Perf: $931.67 Date: 5/31/2017
Perf: $959.69 Date: 4/30/2017
Perf: $957.87 Date: 3/31/2017
Perf: $963.65 Date: 2/28/2017
Perf: $977.93 Date: 1/31/2017
Perf: $957.06 Date: 12/31/2016
Perf: $969.57 Date: 11/30/2016
Perf: $962.26 Date: 10/31/2016
Perf: $972.96 Date: 9/30/2016
Perf: $998.73 Date: 8/31/2016
Perf: $1,011.78 Date: 7/31/2016
Perf: $1,039.75 Date: 6/30/2016
Perf: $1,029.25 Date: 5/31/2016
Perf: $987.29 Date: 4/30/2016
Perf: $1,004.88 Date: 3/31/2016
Perf: $1,030.75 Date: 2/29/2016
Perf: $1,061.20 Date: 1/31/2016
Perf: $1,035.73 Date: 12/31/2015
Perf: $1,000.89 Date: 11/30/2015
Perf: $1,024.46 Date: 10/31/2015
Perf: $990.68 Date: 9/30/2015
Perf: $1,008.22 Date: 8/31/2015
Perf: $986.80 Date: 7/31/2015
Perf: $1,004.18 Date: 6/30/2015
Perf: $966.39 Date: 5/31/2015
Perf: $1,019.40 Date: 4/30/2015
Perf: $1,026.79 Date: 3/31/2015
Perf: $1,068.02 Date: 2/28/2015
Perf: $1,044.93 Date: 1/31/2015
Perf: $1,046.60 Date: 12/31/2014
Perf: $1,000.00 Date: 10/31/2017
Perf: $1,327.68 Date: 9/30/2017
Perf: $1,297.45 Date: 8/31/2017
Perf: $1,271.26 Date: 7/31/2017
Perf: $1,267.33 Date: 6/30/2017
Perf: $1,241.75 Date: 5/31/2017
Perf: $1,234.10 Date: 4/30/2017
Perf: $1,216.94 Date: 3/31/2017
Perf: $1,204.53 Date: 2/28/2017
Perf: $1,203.09 Date: 1/31/2017
Perf: $1,157.15 Date: 12/31/2016
Perf: $1,135.57 Date: 11/30/2016
Perf: $1,113.53 Date: 10/31/2016
Perf: $1,073.80 Date: 9/30/2016
Perf: $1,093.70 Date: 8/31/2016
Perf: $1,093.48 Date: 7/31/2016
Perf: $1,091.95 Date: 6/30/2016
Perf: $1,053.10 Date: 5/31/2016
Perf: $1,050.36 Date: 4/30/2016
Perf: $1,031.79 Date: 3/31/2016
Perf: $1,027.78 Date: 2/29/2016
Perf: $962.52 Date: 1/31/2016
Perf: $963.78 Date: 12/31/2015
Perf: $1,014.08 Date: 11/30/2015
Perf: $1,030.36 Date: 10/31/2015
Perf: $1,027.27 Date: 9/30/2015
Perf: $947.32 Date: 8/31/2015
Perf: $971.31 Date: 7/31/2015
Perf: $1,033.64 Date: 6/30/2015
Perf: $1,012.38 Date: 5/31/2015
Perf: $1,032.41 Date: 4/30/2015
Perf: $1,019.26 Date: 3/31/2015
Perf: $1,009.57 Date: 2/28/2015
Perf: $1,025.77 Date: 1/31/2015
Perf: $970.00 Date: 12/31/2014
Perf: $1,000.00 Date: 10/31/2017
Perf: $870.61 Date: 9/30/2017
Perf: $872.18 Date: 8/31/2017
Perf: $909.66 Date: 7/31/2017
Perf: $917.92 Date: 6/30/2017
Perf: $964.91 Date: 5/31/2017
Perf: $1,016.01 Date: 4/30/2017
Perf: $1,030.96 Date: 3/31/2017
Perf: $962.80 Date: 2/28/2017
Perf: $1,033.49 Date: 1/31/2017
Perf: $1,040.56 Date: 12/31/2016
Perf: $1,012.02 Date: 11/30/2016
Perf: $1,037.44 Date: 10/31/2016
Perf: $1,029.21 Date: 9/30/2016
Perf: $1,007.55 Date: 8/31/2016
Perf: $998.46 Date: 7/31/2016
Perf: $957.85 Date: 6/30/2016
Perf: $931.12 Date: 5/31/2016
Perf: $938.82 Date: 4/30/2016
Perf: $876.91 Date: 3/31/2016
Perf: $908.06 Date: 2/29/2016
Perf: $888.69 Date: 1/31/2016
Perf: $921.49 Date: 12/31/2015
Perf: $983.87 Date: 11/30/2015
Perf: $940.51 Date: 10/31/2015
Perf: $910.99 Date: 9/30/2015
Perf: $935.79 Date: 8/31/2015
Perf: $982.36 Date: 7/31/2015
Perf: $994.59 Date: 6/30/2015
Perf: $1,030.02 Date: 5/31/2015
Perf: $1,042.11 Date: 4/30/2015
Perf: $1,044.93 Date: 3/31/2015
Perf: $1,079.14 Date: 2/28/2015
Perf: $1,071.00 Date: 1/31/2015
Perf: $1,030.80 Date: 12/31/2014
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 12/14 - 10/17
Date: 10/31/2017
Return: -0.18 % Date: 9/30/2017
Return: -4.12 % Date: 8/31/2017
Return: -0.90 % Date: 7/31/2017
Return: -4.87 % Date: 6/30/2017
Return: -5.03 % Date: 5/31/2017
Return: -1.45 % Date: 4/30/2017
Return: 7.08 % Date: 3/31/2017
Return: -6.84 % Date: 2/28/2017
Return: -0.68 % Date: 1/31/2017
Return: 2.82 % Date: 12/31/2016
Return: -2.45 % Date: 11/30/2016
Return: 0.80 % Date: 10/31/2016
Return: 2.15 % Date: 9/30/2016
Return: 0.91 % Date: 8/31/2016
Return: 4.24 % Date: 7/31/2016
Return: 2.87 % Date: 6/30/2016
Return: -0.82 % Date: 5/31/2016
Return: 7.06 % Date: 4/30/2016
Return: -3.43 % Date: 3/31/2016
Return: 2.18 % Date: 2/29/2016
Return: -3.56 % Date: 1/31/2016
Return: -6.34 % Date: 12/31/2015
Return: 4.61 % Date: 11/30/2015
Return: 3.24 % Date: 10/31/2015
Return: -2.65 % Date: 9/30/2015
Return: -4.74 % Date: 8/31/2015
Return: -1.23 % Date: 7/31/2015
Return: -3.44 % Date: 6/30/2015
Return: -1.16 % Date: 5/31/2015
Return: -0.27 % Date: 4/30/2015
Return: -3.17 % Date: 3/31/2015
Return: 0.76 % Date: 2/28/2015
Return: 3.90 % Date: 1/31/2015
Return: 3.08 % Date: 12/31/2014
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 12/14 - 10/17
Return: -7.00 %
Count: 1 Return: -2.00 %
Count: 1 Return: 7.00 %
Count: 2 Return: 2.00 %
Count: 2 Return: -4.00 %
Count: 2 Return: -6.00 %
Count: 1 Return: 5.00 %
Count: 1 Return: -5.00 %
Count: 3 Return: -1.00 %
Count: 6 Return: -3.00 %
Count: 4 Return: 1.00 %
Count: 3 Return: 4.00 %
Count: 2 Return: 3.00 %
Count: 4 Return: 0.00 %
Count: 3
Note: All performance data is since program inception.

Underwater Curve
Date Range: 12/14 - 10/17
Date: 10/31/2017
Drawdown: -19.32 % Date: 9/30/2017
Drawdown: -19.18 % Date: 8/31/2017
Drawdown: -15.71 % Date: 7/31/2017
Drawdown: -14.94 % Date: 6/30/2017
Drawdown: -10.59 % Date: 5/31/2017
Drawdown: -5.85 % Date: 4/30/2017
Drawdown: -4.46 % Date: 3/31/2017
Drawdown: -10.78 % Date: 2/28/2017
Drawdown: -4.23 % Date: 1/31/2017
Drawdown: -3.57 % Date: 12/31/2016
Drawdown: -6.22 % Date: 11/30/2016
Drawdown: -3.86 % Date: 10/31/2016
Drawdown: -4.63 % Date: 9/30/2016
Drawdown: -6.63 % Date: 8/31/2016
Drawdown: -7.48 % Date: 7/31/2016
Drawdown: -11.24 % Date: 6/30/2016
Drawdown: -13.72 % Date: 5/31/2016
Drawdown: -13.00 % Date: 4/30/2016
Drawdown: -18.74 % Date: 3/31/2016
Drawdown: -15.85 % Date: 2/29/2016
Drawdown: -17.65 % Date: 1/31/2016
Drawdown: -14.61 % Date: 12/31/2015
Drawdown: -8.83 % Date: 11/30/2015
Drawdown: -12.85 % Date: 10/31/2015
Drawdown: -15.58 % Date: 9/30/2015
Drawdown: -13.28 % Date: 8/31/2015
Drawdown: -8.97 % Date: 7/31/2015
Drawdown: -7.84 % Date: 6/30/2015
Drawdown: -4.55 % Date: 5/31/2015
Drawdown: -3.43 % Date: 4/30/2015
Drawdown: -3.17 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: 0.00 % Date: 1/31/2015
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Bensboro Advisors, LLC
Address: 120 East Basse Rd, Ste 102
City: San Antonio
State: TX
Zip: 78209
Country: United States
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.