Altegris Clearing Solutions Orion Capital Advisors Inc Beta opportunity Strategy *QEP*
Monthly Performance (%)
Date Range: 04/17 - 11/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 0.71 -0.12 0.28 1.53 0.16 -0.59 0.92 2.91
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The Beta Opportunity Strategy pursues capital growth and absolute returns over time through a systematic macro approach. The strategy is managed in individual separately managed accounts that are transparent and titled in the name of the investor. The Beta Opportunity Strategy is systematic and is based Orion Capital's timing model connected to the movement in volatility and S&P pricing. Positions are determined using a combination of fundamental and technical analysis. Orion Capital's timing model takes into account several macro and technical factors to determine when a trade is to be placed with the highest potential profit .The program will transact primarily in equity index futures options and the e-mini futures contract. The program thrives in high volatility environments. The Beta Opportunity Strategy has a negative correlation to the index and delivers returns independent of market direction. The trades selected by the timing model use time decay to its advantage and also uses a portion of the premium to buy insurance for risk management. Trades are held between 8-65 calendar days. The program aggressively manages risk by buying options, executing conditional exits according to the changing probabilities of each trade, and the Orion's Timing model. Risk is further reduced by the use of option spreads and e-mini futures. Pre-defined risk models are managed for new positions and the overall portfolio in order to control risk to be within downside volatility parameters. The program is fully systematic but has no automated components. All positions are placed and monitored by Orion’s trading principals.

Performance Statistics
Date Range: 04/17 - 11/17
  Program SP500 TR Altegris 40
Total Return 2.91% 13.61% 0.76%
Annualized Return 2.91% 13.61% 0.76%
Annualized Std. Deviation 2.25% 3.03% 7.11%
Correlation -0.21 0.01
Sharpe Ratio (rf=2.5%) 1.13 6.14 -0.19
Worst Month -0.59% 0.31% -2.92%
Date of Worst Month 10/2017 08/2017 06/2017
Worst Drawdown -0.59% 0.00% -3.41%
Date of Worst Drawdown 9/17 - 10/17 11/17 - 11/17 5/17 - 9/17
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 04/17 - 11/17
Year or YTD Program SP500 TR Altegris 40
2017 2.91 12.45 1.37
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 04/17 - 11/17
Date: 11/30/2017
Perf: $1,013.73 Date: 10/31/2017
Perf: $1,012.42 Date: 9/30/2017
Perf: $971.70 Date: 8/31/2017
Perf: $992.65 Date: 7/31/2017
Perf: $976.44 Date: 6/30/2017
Perf: $972.64 Date: 5/31/2017
Perf: $1,001.90 Date: 4/30/2017
Perf: $1,000.00 Date: 11/30/2017
Perf: $1,124.49 Date: 10/31/2017
Perf: $1,091.00 Date: 9/30/2017
Perf: $1,066.16 Date: 8/31/2017
Perf: $1,044.64 Date: 7/31/2017
Perf: $1,041.41 Date: 6/30/2017
Perf: $1,020.39 Date: 5/31/2017
Perf: $1,014.10 Date: 4/30/2017
Perf: $1,000.00 Date: 11/30/2017
Perf: $1,029.11 Date: 10/31/2017
Perf: $1,019.73 Date: 9/30/2017
Perf: $1,025.78 Date: 8/31/2017
Perf: $1,024.14 Date: 7/31/2017
Perf: $1,008.71 Date: 6/30/2017
Perf: $1,005.89 Date: 5/31/2017
Perf: $1,007.10 Date: 4/30/2017
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 04/17 - 11/17
Date: 11/30/2017
Return: 0.92 % Date: 10/31/2017
Return: -0.59 % Date: 9/30/2017
Return: 0.16 % Date: 8/31/2017
Return: 1.53 % Date: 7/31/2017
Return: 0.28 % Date: 6/30/2017
Return: -0.12 % Date: 5/31/2017
Return: 0.71 % Date: 4/30/2017
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 04/17 - 11/17
Return: -1.00 %
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: 04/17 - 11/17
Date: 11/30/2017
Drawdown: 0.00 % Date: 10/31/2017
Drawdown: -0.59 % Date: 9/30/2017
Drawdown: 0.00 % Date: 8/31/2017
Drawdown: 0.00 % Date: 7/31/2017
Drawdown: 0.00 % Date: 6/30/2017
Drawdown: -0.12 % Date: 5/31/2017
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Orion Capital Advisors Inc
Address: 2462 Emmie Lane
City: Tetonia
State: ID
Zip: 83452
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.