Altegris Clearing Solutions ISAM Systematic Management Systematic Program
Important 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.

Manager Selection

Monthly Performance (%)
Date Range: 05/01 - 09/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -1.38 1.21 -3.23 -0.10 -0.19 -4.09 0.01 5.30 -5.15 -7.73
2016 5.83 4.59 -7.43 -4.90 -2.77 3.24 1.37 -3.48 -0.75 -4.50 -0.61 -1.54 -11.23
2015 14.82 -3.23 3.90 -6.16 -1.61 -5.49 7.04 -1.13 5.10 -3.74 5.19 1.20 14.82
2014 -2.50 0.54 -1.54 2.96 3.89 3.97 3.64 9.06 5.47 -0.89 14.48 11.55 61.95
2013 -0.20 -0.44 1.11 1.92 -3.98 -5.94 -2.65 -3.28 -1.55 3.33 0.81 0.05 -10.66
2012 -3.64 1.92 -3.10 -1.44 3.01 -7.30 4.12 -4.68 -1.24 -4.80 -1.11 -0.14 -17.47
2011 2.78 2.67 -3.73 2.81 -4.74 -4.80 2.54 1.49 2.70 -8.79 4.11 1.18 -2.74
2010 -2.48 1.63 5.50 1.85 0.30 -0.44 -3.49 6.80 0.42 4.98 -4.65 6.82 17.70
2009 -1.25 3.48 -3.03 -5.90 8.54 -7.08 7.39 4.40 2.71 1.60 5.29 -3.77 11.48
2008 13.85 6.90 0.17 -6.55 2.63 0.43 -7.27 -0.54 9.63 24.70 13.16 6.11 77.78
2007 0.43 -5.71 -1.42 3.98 6.61 9.05 -6.15 -5.23 1.56 3.57 3.45 1.50 10.85
2006 3.86 -0.92 9.51 9.08 -3.81 -3.42 -6.99 1.48 0.26 2.50 4.84 0.28 16.45
2005 1.30 -0.96 -4.04 -0.64 -0.30 2.59 -2.76 0.99 2.00 -2.87 6.80 -2.81 -1.19
2004 2.73 4.40 -2.91 -6.16 -1.78 -4.17 2.11 -10.51 3.94 2.43 10.28 4.18 2.80
2003 9.78 5.56 -5.56 0.14 10.16 -2.17 -3.65 -1.02 0.87 0.50 0.70 4.78 20.48
2002 0.96 -3.84 -7.75 1.47 -0.37 10.72 4.65 4.01 6.53 -5.88 -5.54 14.80 18.64
2001 0.43 1.72 7.18 8.37 4.26 -6.84 -1.81 13.16
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

ISAM Systematic Trend captures profits from market divergence, utilizing adaptive trend-trading models on a medium-term time frame with a shorter-term focus on risk management. The trading systems have been developed and refined by the principals during the last 30 years of active fund management. The systems are pure trend following and applied to over 130 global financial and commodity futures markets. The trading runs continuously, 24 hours a day, with trades generated automatically in response to changing market conditions. The fund targets an annualized volatility in the 15-20% range, and has an impressive historical track record stretching back more than 30 years, with a return stream which exhibits a low correlation to traditional asset classes and attractive skew.

Performance Statistics
Date Range: 05/01 - 09/17
  Program SP500 TR Altegris 40
Total Return 440.35% 180.16% 94.15%
Annualized Return 10.88% 6.48% 4.12%
Annualized Std. Deviation 18.02% 14.13% 9.97%
Correlation -0.31 0.78
Sharpe Ratio (rf=2.5%) 0.47 0.28 0.16
Worst Month -10.51% -16.79% -7.77%
Date of Worst Month 08/2004 10/2008 11/2001
Worst Drawdown -34.79% -50.95% -15.74%
Date of Worst Drawdown 2/11 - 9/13 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 05/01 - 09/17
Year or YTD Program SP500 TR Altegris 40
2017 -7.73 14.25 -4.00
2016 -11.23 11.98 -3.13
2015 14.82 1.41 0.09
2014 61.95 13.69 15.75
2013 -10.66 32.41 -2.45
2012 -17.47 15.98 -4.75
2011 -2.74 2.12 -3.23
2010 17.70 15.06 11.33
2009 11.48 26.45 -7.98
2008 77.78 -36.99 15.47
2007 10.85 5.50 7.18
2006 16.45 15.79 6.70
2005 -1.19 4.89 4.51
2004 2.80 10.87 2.57
2003 20.48 28.69 15.99
2002 18.64 -22.10 15.22
2001 13.16 -7.85 3.38
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 05/01 - 09/17
Date: 9/30/2017
Perf: $1,940.93 Date: 8/31/2017
Perf: $1,982.77 Date: 7/31/2017
Perf: $1,950.39 Date: 6/30/2017
Perf: $1,942.82 Date: 5/31/2017
Perf: $2,001.25 Date: 4/30/2017
Perf: $1,997.46 Date: 3/31/2017
Perf: $2,009.52 Date: 2/28/2017
Perf: $2,039.29 Date: 1/31/2017
Perf: $1,995.78 Date: 12/31/2016
Perf: $2,021.86 Date: 11/30/2016
Perf: $2,006.61 Date: 10/31/2016
Perf: $2,028.93 Date: 9/30/2016
Perf: $2,082.66 Date: 8/31/2016
Perf: $2,109.88 Date: 7/31/2016
Perf: $2,168.21 Date: 6/30/2016
Perf: $2,146.31 Date: 5/31/2016
Perf: $2,058.81 Date: 4/30/2016
Perf: $2,095.49 Date: 3/31/2016
Perf: $2,149.44 Date: 2/29/2016
Perf: $2,212.95 Date: 1/31/2016
Perf: $2,159.82 Date: 12/31/2015
Perf: $2,087.18 Date: 11/30/2015
Perf: $2,136.32 Date: 10/31/2015
Perf: $2,065.87 Date: 9/30/2015
Perf: $2,102.45 Date: 8/31/2015
Perf: $2,057.80 Date: 7/31/2015
Perf: $2,094.03 Date: 6/30/2015
Perf: $2,015.23 Date: 5/31/2015
Perf: $2,125.77 Date: 4/30/2015
Perf: $2,141.19 Date: 3/31/2015
Perf: $2,227.16 Date: 2/28/2015
Perf: $2,179.00 Date: 1/31/2015
Perf: $2,182.49 Date: 12/31/2014
Perf: $2,085.32 Date: 11/30/2014
Perf: $2,049.25 Date: 10/31/2014
Perf: $1,934.17 Date: 9/30/2014
Perf: $1,906.15 Date: 8/31/2014
Perf: $1,878.16 Date: 7/31/2014
Perf: $1,801.94 Date: 6/30/2014
Perf: $1,816.47 Date: 5/31/2014
Perf: $1,800.98 Date: 4/30/2014
Perf: $1,756.03 Date: 3/31/2014
Perf: $1,742.78 Date: 2/28/2014
Perf: $1,768.96 Date: 1/31/2014
Perf: $1,754.58 Date: 12/31/2013
Perf: $1,801.60 Date: 11/30/2013
Perf: $1,804.12 Date: 10/31/2013
Perf: $1,772.05 Date: 9/30/2013
Perf: $1,732.38 Date: 8/31/2013
Perf: $1,742.84 Date: 7/31/2013
Perf: $1,776.95 Date: 6/30/2013
Perf: $1,792.55 Date: 5/31/2013
Perf: $1,863.16 Date: 4/30/2013
Perf: $1,946.88 Date: 3/31/2013
Perf: $1,897.91 Date: 2/28/2013
Perf: $1,870.97 Date: 1/31/2013
Perf: $1,881.88 Date: 12/31/2012
Perf: $1,846.80 Date: 11/30/2012
Perf: $1,837.79 Date: 10/31/2012
Perf: $1,832.66 Date: 9/30/2012
Perf: $1,901.49 Date: 8/31/2012
Perf: $1,933.39 Date: 7/31/2012
Perf: $1,960.05 Date: 6/30/2012
Perf: $1,883.03 Date: 5/31/2012
Perf: $1,956.60 Date: 4/30/2012
Perf: $1,920.12 Date: 3/31/2012
Perf: $1,908.67 Date: 2/29/2012
Perf: $1,953.00 Date: 1/31/2012
Perf: $1,945.03 Date: 12/31/2011
Perf: $1,938.82 Date: 11/30/2011
Perf: $1,920.39 Date: 10/31/2011
Perf: $1,914.64 Date: 9/30/2011
Perf: $1,993.59 Date: 8/31/2011
Perf: $1,994.79 Date: 7/31/2011
Perf: $1,998.78 Date: 6/30/2011
Perf: $1,929.51 Date: 5/31/2011
Perf: $1,981.02 Date: 4/30/2011
Perf: $2,056.07 Date: 3/31/2011
Perf: $1,978.89 Date: 2/28/2011
Perf: $2,009.64 Date: 1/31/2011
Perf: $1,976.04 Date: 12/31/2010
Perf: $2,003.49 Date: 11/30/2010
Perf: $1,921.08 Date: 10/31/2010
Perf: $1,991.58 Date: 9/30/2010
Perf: $1,917.19 Date: 8/31/2010
Perf: $1,882.92 Date: 7/31/2010
Perf: $1,808.07 Date: 6/30/2010
Perf: $1,831.70 Date: 5/31/2010
Perf: $1,824.76 Date: 4/30/2010
Perf: $1,870.02 Date: 3/31/2010
Perf: $1,841.66 Date: 2/28/2010
Perf: $1,771.34 Date: 1/31/2010
Perf: $1,754.84 Date: 12/31/2009
Perf: $1,799.65 Date: 11/30/2009
Perf: $1,874.64 Date: 10/31/2009
Perf: $1,802.02 Date: 9/30/2009
Perf: $1,849.36 Date: 8/31/2009
Perf: $1,806.37 Date: 7/31/2009
Perf: $1,800.43 Date: 6/30/2009
Perf: $1,802.41 Date: 5/31/2009
Perf: $1,851.66 Date: 4/30/2009
Perf: $1,826.46 Date: 3/31/2009
Perf: $1,888.20 Date: 2/28/2009
Perf: $1,942.00 Date: 1/31/2009
Perf: $1,942.97 Date: 12/31/2008
Perf: $1,955.68 Date: 11/30/2008
Perf: $1,906.68 Date: 10/31/2008
Perf: $1,839.18 Date: 9/30/2008
Perf: $1,749.10 Date: 8/31/2008
Perf: $1,745.44 Date: 7/31/2008
Perf: $1,793.32 Date: 6/30/2008
Perf: $1,879.59 Date: 5/31/2008
Perf: $1,830.71 Date: 4/30/2008
Perf: $1,793.76 Date: 3/31/2008
Perf: $1,814.63 Date: 2/29/2008
Perf: $1,822.65 Date: 1/31/2008
Perf: $1,724.52 Date: 12/31/2007
Perf: $1,693.70 Date: 11/30/2007
Perf: $1,697.60 Date: 10/31/2007
Perf: $1,708.71 Date: 9/30/2007
Perf: $1,638.10 Date: 8/31/2007
Perf: $1,565.02 Date: 7/31/2007
Perf: $1,625.66 Date: 6/30/2007
Perf: $1,677.49 Date: 5/31/2007
Perf: $1,630.37 Date: 4/30/2007
Perf: $1,574.17 Date: 3/31/2007
Perf: $1,510.72 Date: 2/28/2007
Perf: $1,546.92 Date: 1/31/2007
Perf: $1,607.19 Date: 12/31/2006
Perf: $1,580.17 Date: 11/30/2006
Perf: $1,528.51 Date: 10/31/2006
Perf: $1,491.95 Date: 9/30/2006
Perf: $1,475.72 Date: 8/31/2006
Perf: $1,491.53 Date: 7/31/2006
Perf: $1,475.01 Date: 6/30/2006
Perf: $1,497.17 Date: 5/31/2006
Perf: $1,517.97 Date: 4/30/2006
Perf: $1,559.29 Date: 3/31/2006
Perf: $1,522.15 Date: 2/28/2006
Perf: $1,482.42 Date: 1/31/2006
Perf: $1,509.28 Date: 12/31/2005
Perf: $1,481.00 Date: 11/30/2005
Perf: $1,508.30 Date: 10/31/2005
Perf: $1,446.25 Date: 9/30/2005
Perf: $1,443.94 Date: 8/31/2005
Perf: $1,422.04 Date: 7/31/2005
Perf: $1,414.40 Date: 6/30/2005
Perf: $1,413.56 Date: 5/31/2005
Perf: $1,366.94 Date: 4/30/2005
Perf: $1,325.97 Date: 3/31/2005
Perf: $1,359.27 Date: 2/28/2005
Perf: $1,366.93 Date: 1/31/2005
Perf: $1,357.56 Date: 12/31/2004
Perf: $1,417.08 Date: 11/30/2004
Perf: $1,412.42 Date: 10/31/2004
Perf: $1,339.93 Date: 9/30/2004
Perf: $1,295.62 Date: 8/31/2004
Perf: $1,278.36 Date: 7/31/2004
Perf: $1,287.24 Date: 6/30/2004
Perf: $1,302.08 Date: 5/31/2004
Perf: $1,346.52 Date: 4/30/2004
Perf: $1,368.28 Date: 3/31/2004
Perf: $1,459.03 Date: 2/29/2004
Perf: $1,473.47 Date: 1/31/2004
Perf: $1,394.80 Date: 12/31/2003
Perf: $1,381.54 Date: 11/30/2003
Perf: $1,324.20 Date: 10/31/2003
Perf: $1,328.18 Date: 9/30/2003
Perf: $1,298.96 Date: 8/31/2003
Perf: $1,304.96 Date: 7/31/2003
Perf: $1,292.81 Date: 6/30/2003
Perf: $1,322.70 Date: 5/31/2003
Perf: $1,356.76 Date: 4/30/2003
Perf: $1,281.53 Date: 3/31/2003
Perf: $1,262.96 Date: 2/28/2003
Perf: $1,339.59 Date: 1/31/2003
Perf: $1,264.12 Date: 12/31/2002
Perf: $1,191.11 Date: 11/30/2002
Perf: $1,122.73 Date: 10/31/2002
Perf: $1,154.60 Date: 9/30/2002
Perf: $1,217.67 Date: 8/31/2002
Perf: $1,164.01 Date: 7/31/2002
Perf: $1,136.62 Date: 6/30/2002
Perf: $1,079.00 Date: 5/31/2002
Perf: $991.37 Date: 4/30/2002
Perf: $966.34 Date: 3/31/2002
Perf: $989.69 Date: 2/28/2002
Perf: $992.57 Date: 1/31/2002
Perf: $1,021.37 Date: 12/31/2001
Perf: $1,033.78 Date: 11/30/2001
Perf: $1,012.42 Date: 10/31/2001
Perf: $1,097.71 Date: 9/30/2001
Perf: $1,052.25 Date: 8/31/2001
Perf: $1,020.81 Date: 7/31/2001
Perf: $991.18 Date: 6/30/2001
Perf: $989.00 Date: 5/31/2001
Perf: $1,000.00 Date: 9/30/2017
Perf: $2,782.99 Date: 8/31/2017
Perf: $2,726.82 Date: 7/31/2017
Perf: $2,718.39 Date: 6/30/2017
Perf: $2,663.52 Date: 5/31/2017
Perf: $2,647.11 Date: 4/30/2017
Perf: $2,610.30 Date: 3/31/2017
Perf: $2,583.69 Date: 2/28/2017
Perf: $2,580.60 Date: 1/31/2017
Perf: $2,482.06 Date: 12/31/2016
Perf: $2,435.78 Date: 11/30/2016
Perf: $2,388.49 Date: 10/31/2016
Perf: $2,303.27 Date: 9/30/2016
Perf: $2,345.96 Date: 8/31/2016
Perf: $2,345.49 Date: 7/31/2016
Perf: $2,342.21 Date: 6/30/2016
Perf: $2,258.86 Date: 5/31/2016
Perf: $2,253.00 Date: 4/30/2016
Perf: $2,213.17 Date: 3/31/2016
Perf: $2,204.57 Date: 2/29/2016
Perf: $2,064.59 Date: 1/31/2016
Perf: $2,067.28 Date: 12/31/2015
Perf: $2,175.17 Date: 11/30/2015
Perf: $2,210.09 Date: 10/31/2015
Perf: $2,203.47 Date: 9/30/2015
Perf: $2,031.98 Date: 8/31/2015
Perf: $2,083.44 Date: 7/31/2015
Perf: $2,217.13 Date: 6/30/2015
Perf: $2,171.53 Date: 5/31/2015
Perf: $2,214.49 Date: 4/30/2015
Perf: $2,186.29 Date: 3/31/2015
Perf: $2,165.50 Date: 2/28/2015
Perf: $2,200.26 Date: 1/31/2015
Perf: $2,080.63 Date: 12/31/2014
Perf: $2,144.97 Date: 11/30/2014
Perf: $2,150.35 Date: 10/31/2014
Perf: $2,094.02 Date: 9/30/2014
Perf: $2,044.14 Date: 8/31/2014
Perf: $2,073.17 Date: 7/31/2014
Perf: $1,993.43 Date: 6/30/2014
Perf: $2,021.33 Date: 5/31/2014
Perf: $1,980.33 Date: 4/30/2014
Perf: $1,934.86 Date: 3/31/2014
Perf: $1,920.65 Date: 2/28/2014
Perf: $1,904.65 Date: 1/31/2014
Perf: $1,821.41 Date: 12/31/2013
Perf: $1,886.69 Date: 11/30/2013
Perf: $1,840.14 Date: 10/31/2013
Perf: $1,785.67 Date: 9/30/2013
Perf: $1,707.15 Date: 8/31/2013
Perf: $1,655.17 Date: 7/31/2013
Perf: $1,704.61 Date: 6/30/2013
Perf: $1,622.04 Date: 5/31/2013
Perf: $1,644.07 Date: 4/30/2013
Perf: $1,606.48 Date: 3/31/2013
Perf: $1,576.07 Date: 2/28/2013
Perf: $1,519.10 Date: 1/31/2013
Perf: $1,498.72 Date: 12/31/2012
Perf: $1,424.91 Date: 11/30/2012
Perf: $1,412.06 Date: 10/31/2012
Perf: $1,403.91 Date: 9/30/2012
Perf: $1,430.38 Date: 8/31/2012
Perf: $1,394.40 Date: 7/31/2012
Perf: $1,363.72 Date: 6/30/2012
Perf: $1,345.02 Date: 5/31/2012
Perf: $1,291.80 Date: 4/30/2012
Perf: $1,374.40 Date: 3/31/2012
Perf: $1,383.11 Date: 2/29/2012
Perf: $1,339.06 Date: 1/31/2012
Perf: $1,283.61 Date: 12/31/2011
Perf: $1,228.57 Date: 11/30/2011
Perf: $1,216.16 Date: 10/31/2011
Perf: $1,218.84 Date: 9/30/2011
Perf: $1,098.75 Date: 8/31/2011
Perf: $1,181.83 Date: 7/31/2011
Perf: $1,249.69 Date: 6/30/2011
Perf: $1,275.59 Date: 5/31/2011
Perf: $1,297.25 Date: 4/30/2011
Perf: $1,312.08 Date: 3/31/2011
Perf: $1,274.36 Date: 2/28/2011
Perf: $1,273.85 Date: 1/31/2011
Perf: $1,231.60 Date: 12/31/2010
Perf: $1,203.09 Date: 11/30/2010
Perf: $1,127.75 Date: 10/31/2010
Perf: $1,127.64 Date: 9/30/2010
Perf: $1,086.26 Date: 8/31/2010
Perf: $997.30 Date: 7/31/2010
Perf: $1,044.40 Date: 6/30/2010
Perf: $975.98 Date: 5/31/2010
Perf: $1,029.84 Date: 4/30/2010
Perf: $1,119.27 Date: 3/31/2010
Perf: $1,101.86 Date: 2/28/2010
Perf: $1,039.20 Date: 1/31/2010
Perf: $1,007.95 Date: 12/31/2009
Perf: $1,045.60 Date: 11/30/2009
Perf: $1,025.80 Date: 10/31/2009
Perf: $967.73 Date: 9/30/2009
Perf: $986.07 Date: 8/31/2009
Perf: $950.62 Date: 7/31/2009
Perf: $917.49 Date: 6/30/2009
Perf: $853.01 Date: 5/31/2009
Perf: $851.30 Date: 4/30/2009
Perf: $806.24 Date: 3/31/2009
Perf: $735.82 Date: 2/28/2009
Perf: $676.55 Date: 1/31/2009
Perf: $757.19 Date: 12/31/2008
Perf: $826.90 Date: 11/30/2008
Perf: $818.23 Date: 10/31/2008
Perf: $881.52 Date: 9/30/2008
Perf: $1,059.39 Date: 8/31/2008
Perf: $1,163.02 Date: 7/31/2008
Perf: $1,146.40 Date: 6/30/2008
Perf: $1,156.11 Date: 5/31/2008
Perf: $1,262.54 Date: 4/30/2008
Perf: $1,246.34 Date: 3/31/2008
Perf: $1,188.46 Date: 2/29/2008
Perf: $1,193.59 Date: 1/31/2008
Perf: $1,233.69 Date: 12/31/2007
Perf: $1,312.43 Date: 11/30/2007
Perf: $1,321.55 Date: 10/31/2007
Perf: $1,379.20 Date: 9/30/2007
Perf: $1,357.61 Date: 8/31/2007
Perf: $1,308.67 Date: 7/31/2007
Perf: $1,289.33 Date: 6/30/2007
Perf: $1,330.58 Date: 5/31/2007
Perf: $1,353.04 Date: 4/30/2007
Perf: $1,307.41 Date: 3/31/2007
Perf: $1,251.95 Date: 2/28/2007
Perf: $1,238.08 Date: 1/31/2007
Perf: $1,262.83 Date: 12/31/2006
Perf: $1,244.05 Date: 11/30/2006
Perf: $1,226.87 Date: 10/31/2006
Perf: $1,204.00 Date: 9/30/2006
Perf: $1,165.99 Date: 8/31/2006
Perf: $1,136.66 Date: 7/31/2006
Perf: $1,110.24 Date: 6/30/2006
Perf: $1,103.40 Date: 5/31/2006
Perf: $1,101.85 Date: 4/30/2006
Perf: $1,134.53 Date: 3/31/2006
Perf: $1,119.53 Date: 2/28/2006
Perf: $1,105.81 Date: 1/31/2006
Perf: $1,102.84 Date: 12/31/2005
Perf: $1,074.36 Date: 11/30/2005
Perf: $1,074.04 Date: 10/31/2005
Perf: $1,034.92 Date: 9/30/2005
Perf: $1,052.50 Date: 8/31/2005
Perf: $1,044.04 Date: 7/31/2005
Perf: $1,053.63 Date: 6/30/2005
Perf: $1,015.84 Date: 5/31/2005
Perf: $1,014.42 Date: 4/30/2005
Perf: $983.16 Date: 3/31/2005
Perf: $1,002.20 Date: 2/28/2005
Perf: $1,020.26 Date: 1/31/2005
Perf: $999.27 Date: 12/31/2004
Perf: $1,024.26 Date: 11/30/2004
Perf: $990.58 Date: 10/31/2004
Perf: $952.03 Date: 9/30/2004
Perf: $937.68 Date: 8/31/2004
Perf: $927.66 Date: 7/31/2004
Perf: $923.97 Date: 6/30/2004
Perf: $955.60 Date: 5/31/2004
Perf: $937.41 Date: 4/30/2004
Perf: $924.74 Date: 3/31/2004
Perf: $939.49 Date: 2/29/2004
Perf: $953.90 Date: 1/31/2004
Perf: $940.82 Date: 12/31/2003
Perf: $923.82 Date: 11/30/2003
Perf: $877.82 Date: 10/31/2003
Perf: $870.16 Date: 9/30/2003
Perf: $823.55 Date: 8/31/2003
Perf: $832.37 Date: 7/31/2003
Perf: $816.45 Date: 6/30/2003
Perf: $802.33 Date: 5/31/2003
Perf: $792.19 Date: 4/30/2003
Perf: $752.53 Date: 3/31/2003
Perf: $695.25 Date: 2/28/2003
Perf: $688.57 Date: 1/31/2003
Perf: $699.05 Date: 12/31/2002
Perf: $717.86 Date: 11/30/2002
Perf: $762.63 Date: 10/31/2002
Perf: $720.21 Date: 9/30/2002
Perf: $661.95 Date: 8/31/2002
Perf: $742.68 Date: 7/31/2002
Perf: $737.81 Date: 6/30/2002
Perf: $800.23 Date: 5/31/2002
Perf: $861.58 Date: 4/30/2002
Perf: $868.00 Date: 3/31/2002
Perf: $923.99 Date: 2/28/2002
Perf: $890.51 Date: 1/31/2002
Perf: $908.04 Date: 12/31/2001
Perf: $921.49 Date: 11/30/2001
Perf: $913.45 Date: 10/31/2001
Perf: $848.38 Date: 9/30/2001
Perf: $832.48 Date: 8/31/2001
Perf: $905.66 Date: 7/31/2001
Perf: $966.14 Date: 6/30/2001
Perf: $975.70 Date: 5/31/2001
Perf: $1,000.00 Date: 9/30/2017
Perf: $5,403.51 Date: 8/31/2017
Perf: $5,696.90 Date: 7/31/2017
Perf: $5,410.16 Date: 6/30/2017
Perf: $5,409.62 Date: 5/31/2017
Perf: $5,640.31 Date: 4/30/2017
Perf: $5,651.04 Date: 3/31/2017
Perf: $5,656.70 Date: 2/28/2017
Perf: $5,845.51 Date: 1/31/2017
Perf: $5,775.63 Date: 12/31/2016
Perf: $5,856.44 Date: 11/30/2016
Perf: $5,948.04 Date: 10/31/2016
Perf: $5,984.55 Date: 9/30/2016
Perf: $6,266.54 Date: 8/31/2016
Perf: $6,313.90 Date: 7/31/2016
Perf: $6,541.54 Date: 6/30/2016
Perf: $6,453.14 Date: 5/31/2016
Perf: $6,250.62 Date: 4/30/2016
Perf: $6,428.69 Date: 3/31/2016
Perf: $6,759.93 Date: 2/29/2016
Perf: $7,302.50 Date: 1/31/2016
Perf: $6,982.03 Date: 12/31/2015
Perf: $6,597.40 Date: 11/30/2015
Perf: $6,519.17 Date: 10/31/2015
Perf: $6,197.52 Date: 9/30/2015
Perf: $6,438.31 Date: 8/31/2015
Perf: $6,125.89 Date: 7/31/2015
Perf: $6,195.90 Date: 6/30/2015
Perf: $5,788.40 Date: 5/31/2015
Perf: $6,124.64 Date: 4/30/2015
Perf: $6,224.86 Date: 3/31/2015
Perf: $6,633.49 Date: 2/28/2015
Perf: $6,384.49 Date: 1/31/2015
Perf: $6,597.59 Date: 12/31/2014
Perf: $5,746.03 Date: 11/30/2014
Perf: $5,151.08 Date: 10/31/2014
Perf: $4,499.55 Date: 9/30/2014
Perf: $4,539.95 Date: 8/31/2014
Perf: $4,304.50 Date: 7/31/2014
Perf: $3,946.91 Date: 6/30/2014
Perf: $3,808.29 Date: 5/31/2014
Perf: $3,662.87 Date: 4/30/2014
Perf: $3,525.72 Date: 3/31/2014
Perf: $3,424.36 Date: 2/28/2014
Perf: $3,477.92 Date: 1/31/2014
Perf: $3,459.24 Date: 12/31/2013
Perf: $3,547.94 Date: 11/30/2013
Perf: $3,546.16 Date: 10/31/2013
Perf: $3,517.67 Date: 9/30/2013
Perf: $3,404.31 Date: 8/31/2013
Perf: $3,457.91 Date: 7/31/2013
Perf: $3,575.17 Date: 6/30/2013
Perf: $3,672.49 Date: 5/31/2013
Perf: $3,904.41 Date: 4/30/2013
Perf: $4,066.25 Date: 3/31/2013
Perf: $3,989.65 Date: 2/28/2013
Perf: $3,945.85 Date: 1/31/2013
Perf: $3,963.29 Date: 12/31/2012
Perf: $3,971.23 Date: 11/30/2012
Perf: $3,976.80 Date: 10/31/2012
Perf: $4,021.44 Date: 9/30/2012
Perf: $4,224.20 Date: 8/31/2012
Perf: $4,277.24 Date: 7/31/2012
Perf: $4,487.24 Date: 6/30/2012
Perf: $4,309.68 Date: 5/31/2012
Perf: $4,649.06 Date: 4/30/2012
Perf: $4,513.21 Date: 3/31/2012
Perf: $4,579.15 Date: 2/29/2012
Perf: $4,725.65 Date: 1/31/2012
Perf: $4,636.63 Date: 12/31/2011
Perf: $4,811.77 Date: 11/30/2011
Perf: $4,755.66 Date: 10/31/2011
Perf: $4,567.92 Date: 9/30/2011
Perf: $5,008.13 Date: 8/31/2011
Perf: $4,876.47 Date: 7/31/2011
Perf: $4,804.87 Date: 6/30/2011
Perf: $4,685.85 Date: 5/31/2011
Perf: $4,922.11 Date: 4/30/2011
Perf: $5,167.03 Date: 3/31/2011
Perf: $5,025.81 Date: 2/28/2011
Perf: $5,220.53 Date: 1/31/2011
Perf: $5,084.77 Date: 12/31/2010
Perf: $4,947.24 Date: 11/30/2010
Perf: $4,631.38 Date: 10/31/2010
Perf: $4,857.24 Date: 9/30/2010
Perf: $4,626.82 Date: 8/31/2010
Perf: $4,607.47 Date: 7/31/2010
Perf: $4,314.11 Date: 6/30/2010
Perf: $4,470.12 Date: 5/31/2010
Perf: $4,489.87 Date: 4/30/2010
Perf: $4,476.44 Date: 3/31/2010
Perf: $4,395.13 Date: 2/28/2010
Perf: $4,166.00 Date: 1/31/2010
Perf: $4,099.19 Date: 12/31/2009
Perf: $4,203.43 Date: 11/30/2009
Perf: $4,368.11 Date: 10/31/2009
Perf: $4,148.65 Date: 9/30/2009
Perf: $4,083.31 Date: 8/31/2009
Perf: $3,975.58 Date: 7/31/2009
Perf: $3,808.02 Date: 6/30/2009
Perf: $3,545.98 Date: 5/31/2009
Perf: $3,816.16 Date: 4/30/2009
Perf: $3,515.90 Date: 3/31/2009
Perf: $3,736.35 Date: 2/28/2009
Perf: $3,853.09 Date: 1/31/2009
Perf: $3,723.52 Date: 12/31/2008
Perf: $3,770.65 Date: 11/30/2008
Perf: $3,553.53 Date: 10/31/2008
Perf: $3,140.27 Date: 9/30/2008
Perf: $2,518.26 Date: 8/31/2008
Perf: $2,297.05 Date: 7/31/2008
Perf: $2,309.52 Date: 6/30/2008
Perf: $2,490.59 Date: 5/31/2008
Perf: $2,479.93 Date: 4/30/2008
Perf: $2,416.38 Date: 3/31/2008
Perf: $2,585.74 Date: 2/29/2008
Perf: $2,581.35 Date: 1/31/2008
Perf: $2,414.74 Date: 12/31/2007
Perf: $2,120.98 Date: 11/30/2007
Perf: $2,089.64 Date: 10/31/2007
Perf: $2,019.95 Date: 9/30/2007
Perf: $1,950.32 Date: 8/31/2007
Perf: $1,920.36 Date: 7/31/2007
Perf: $2,026.34 Date: 6/30/2007
Perf: $2,159.13 Date: 5/31/2007
Perf: $1,979.94 Date: 4/30/2007
Perf: $1,857.18 Date: 3/31/2007
Perf: $1,786.10 Date: 2/28/2007
Perf: $1,811.82 Date: 1/31/2007
Perf: $1,921.54 Date: 12/31/2006
Perf: $1,913.32 Date: 11/30/2006
Perf: $1,907.98 Date: 10/31/2006
Perf: $1,819.89 Date: 9/30/2006
Perf: $1,775.50 Date: 8/31/2006
Perf: $1,770.90 Date: 7/31/2006
Perf: $1,745.07 Date: 6/30/2006
Perf: $1,876.22 Date: 5/31/2006
Perf: $1,942.66 Date: 4/30/2006
Perf: $2,019.61 Date: 3/31/2006
Perf: $1,851.49 Date: 2/28/2006
Perf: $1,690.71 Date: 1/31/2006
Perf: $1,706.40 Date: 12/31/2005
Perf: $1,642.99 Date: 11/30/2005
Perf: $1,690.49 Date: 10/31/2005
Perf: $1,582.85 Date: 9/30/2005
Perf: $1,629.62 Date: 8/31/2005
Perf: $1,597.67 Date: 7/31/2005
Perf: $1,582.01 Date: 6/30/2005
Perf: $1,626.91 Date: 5/31/2005
Perf: $1,585.84 Date: 4/30/2005
Perf: $1,590.61 Date: 3/31/2005
Perf: $1,600.86 Date: 2/28/2005
Perf: $1,668.25 Date: 1/31/2005
Perf: $1,684.42 Date: 12/31/2004
Perf: $1,662.81 Date: 11/30/2004
Perf: $1,596.09 Date: 10/31/2004
Perf: $1,447.31 Date: 9/30/2004
Perf: $1,412.97 Date: 8/31/2004
Perf: $1,359.41 Date: 7/31/2004
Perf: $1,519.07 Date: 6/30/2004
Perf: $1,487.68 Date: 5/31/2004
Perf: $1,552.41 Date: 4/30/2004
Perf: $1,580.54 Date: 3/31/2004
Perf: $1,684.30 Date: 2/29/2004
Perf: $1,734.78 Date: 1/31/2004
Perf: $1,661.67 Date: 12/31/2003
Perf: $1,617.51 Date: 11/30/2003
Perf: $1,543.72 Date: 10/31/2003
Perf: $1,532.99 Date: 9/30/2003
Perf: $1,525.36 Date: 8/31/2003
Perf: $1,512.20 Date: 7/31/2003
Perf: $1,527.79 Date: 6/30/2003
Perf: $1,585.66 Date: 5/31/2003
Perf: $1,620.84 Date: 4/30/2003
Perf: $1,471.35 Date: 3/31/2003
Perf: $1,469.29 Date: 2/28/2003
Perf: $1,555.79 Date: 1/31/2003
Perf: $1,473.85 Date: 12/31/2002
Perf: $1,342.55 Date: 11/30/2002
Perf: $1,169.47 Date: 10/31/2002
Perf: $1,238.05 Date: 9/30/2002
Perf: $1,315.40 Date: 8/31/2002
Perf: $1,234.77 Date: 7/31/2002
Perf: $1,187.16 Date: 6/30/2002
Perf: $1,134.41 Date: 5/31/2002
Perf: $1,024.58 Date: 4/30/2002
Perf: $1,028.38 Date: 3/31/2002
Perf: $1,013.48 Date: 2/28/2002
Perf: $1,098.63 Date: 1/31/2002
Perf: $1,142.50 Date: 12/31/2001
Perf: $1,131.64 Date: 11/30/2001
Perf: $1,152.50 Date: 10/31/2001
Perf: $1,237.12 Date: 9/30/2001
Perf: $1,186.57 Date: 8/31/2001
Perf: $1,094.92 Date: 7/31/2001
Perf: $1,021.57 Date: 6/30/2001
Perf: $1,004.30 Date: 5/31/2001
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 05/01 - 09/17
Date: 9/30/2017
Return: -5.15 % Date: 8/31/2017
Return: 5.30 % Date: 7/31/2017
Return: 0.01 % Date: 6/30/2017
Return: -4.09 % Date: 5/31/2017
Return: -0.19 % Date: 4/30/2017
Return: -0.10 % Date: 3/31/2017
Return: -3.23 % Date: 2/28/2017
Return: 1.21 % Date: 1/31/2017
Return: -1.38 % Date: 12/31/2016
Return: -1.54 % Date: 11/30/2016
Return: -0.61 % Date: 10/31/2016
Return: -4.50 % Date: 9/30/2016
Return: -0.75 % Date: 8/31/2016
Return: -3.48 % Date: 7/31/2016
Return: 1.37 % Date: 6/30/2016
Return: 3.24 % Date: 5/31/2016
Return: -2.77 % Date: 4/30/2016
Return: -4.90 % Date: 3/31/2016
Return: -7.43 % Date: 2/29/2016
Return: 4.59 % Date: 1/31/2016
Return: 5.83 % Date: 12/31/2015
Return: 1.20 % Date: 11/30/2015
Return: 5.19 % Date: 10/31/2015
Return: -3.74 % Date: 9/30/2015
Return: 5.10 % Date: 8/31/2015
Return: -1.13 % Date: 7/31/2015
Return: 7.04 % Date: 6/30/2015
Return: -5.49 % Date: 5/31/2015
Return: -1.61 % Date: 4/30/2015
Return: -6.16 % Date: 3/31/2015
Return: 3.90 % Date: 2/28/2015
Return: -3.23 % Date: 1/31/2015
Return: 14.82 % Date: 12/31/2014
Return: 11.55 % Date: 11/30/2014
Return: 14.48 % Date: 10/31/2014
Return: -0.89 % Date: 9/30/2014
Return: 5.47 % Date: 8/31/2014
Return: 9.06 % Date: 7/31/2014
Return: 3.64 % Date: 6/30/2014
Return: 3.97 % Date: 5/31/2014
Return: 3.89 % Date: 4/30/2014
Return: 2.96 % Date: 3/31/2014
Return: -1.54 % Date: 2/28/2014
Return: 0.54 % Date: 1/31/2014
Return: -2.50 % Date: 12/31/2013
Return: 0.05 % Date: 11/30/2013
Return: 0.81 % Date: 10/31/2013
Return: 3.33 % Date: 9/30/2013
Return: -1.55 % Date: 8/31/2013
Return: -3.28 % Date: 7/31/2013
Return: -2.65 % Date: 6/30/2013
Return: -5.94 % Date: 5/31/2013
Return: -3.98 % Date: 4/30/2013
Return: 1.92 % Date: 3/31/2013
Return: 1.11 % Date: 2/28/2013
Return: -0.44 % Date: 1/31/2013
Return: -0.20 % Date: 12/31/2012
Return: -0.14 % Date: 11/30/2012
Return: -1.11 % Date: 10/31/2012
Return: -4.80 % Date: 9/30/2012
Return: -1.24 % Date: 8/31/2012
Return: -4.68 % Date: 7/31/2012
Return: 4.12 % Date: 6/30/2012
Return: -7.30 % Date: 5/31/2012
Return: 3.01 % Date: 4/30/2012
Return: -1.44 % Date: 3/31/2012
Return: -3.10 % Date: 2/29/2012
Return: 1.92 % Date: 1/31/2012
Return: -3.64 % Date: 12/31/2011
Return: 1.18 % Date: 11/30/2011
Return: 4.11 % Date: 10/31/2011
Return: -8.79 % Date: 9/30/2011
Return: 2.70 % Date: 8/31/2011
Return: 1.49 % Date: 7/31/2011
Return: 2.54 % Date: 6/30/2011
Return: -4.80 % Date: 5/31/2011
Return: -4.74 % Date: 4/30/2011
Return: 2.81 % Date: 3/31/2011
Return: -3.73 % Date: 2/28/2011
Return: 2.67 % Date: 1/31/2011
Return: 2.78 % Date: 12/31/2010
Return: 6.82 % Date: 11/30/2010
Return: -4.65 % Date: 10/31/2010
Return: 4.98 % Date: 9/30/2010
Return: 0.42 % Date: 8/31/2010
Return: 6.80 % Date: 7/31/2010
Return: -3.49 % Date: 6/30/2010
Return: -0.44 % Date: 5/31/2010
Return: 0.30 % Date: 4/30/2010
Return: 1.85 % Date: 3/31/2010
Return: 5.50 % Date: 2/28/2010
Return: 1.63 % Date: 1/31/2010
Return: -2.48 % Date: 12/31/2009
Return: -3.77 % Date: 11/30/2009
Return: 5.29 % Date: 10/31/2009
Return: 1.60 % Date: 9/30/2009
Return: 2.71 % Date: 8/31/2009
Return: 4.40 % Date: 7/31/2009
Return: 7.39 % Date: 6/30/2009
Return: -7.08 % Date: 5/31/2009
Return: 8.54 % Date: 4/30/2009
Return: -5.90 % Date: 3/31/2009
Return: -3.03 % Date: 2/28/2009
Return: 3.48 % Date: 1/31/2009
Return: -1.25 % Date: 12/31/2008
Return: 6.11 % Date: 11/30/2008
Return: 13.16 % Date: 10/31/2008
Return: 24.70 % Date: 9/30/2008
Return: 9.63 % Date: 8/31/2008
Return: -0.54 % Date: 7/31/2008
Return: -7.27 % Date: 6/30/2008
Return: 0.43 % Date: 5/31/2008
Return: 2.63 % Date: 4/30/2008
Return: -6.55 % Date: 3/31/2008
Return: 0.17 % Date: 2/29/2008
Return: 6.90 % Date: 1/31/2008
Return: 13.85 % Date: 12/31/2007
Return: 1.50 % Date: 11/30/2007
Return: 3.45 % Date: 10/31/2007
Return: 3.57 % Date: 9/30/2007
Return: 1.56 % Date: 8/31/2007
Return: -5.23 % Date: 7/31/2007
Return: -6.15 % Date: 6/30/2007
Return: 9.05 % Date: 5/31/2007
Return: 6.61 % Date: 4/30/2007
Return: 3.98 % Date: 3/31/2007
Return: -1.42 % Date: 2/28/2007
Return: -5.71 % Date: 1/31/2007
Return: 0.43 % Date: 12/31/2006
Return: 0.28 % Date: 11/30/2006
Return: 4.84 % Date: 10/31/2006
Return: 2.50 % Date: 9/30/2006
Return: 0.26 % Date: 8/31/2006
Return: 1.48 % Date: 7/31/2006
Return: -6.99 % Date: 6/30/2006
Return: -3.42 % Date: 5/31/2006
Return: -3.81 % Date: 4/30/2006
Return: 9.08 % Date: 3/31/2006
Return: 9.51 % Date: 2/28/2006
Return: -0.92 % Date: 1/31/2006
Return: 3.86 % Date: 12/31/2005
Return: -2.81 % Date: 11/30/2005
Return: 6.80 % Date: 10/31/2005
Return: -2.87 % Date: 9/30/2005
Return: 2.00 % Date: 8/31/2005
Return: 0.99 % Date: 7/31/2005
Return: -2.76 % Date: 6/30/2005
Return: 2.59 % Date: 5/31/2005
Return: -0.30 % Date: 4/30/2005
Return: -0.64 % Date: 3/31/2005
Return: -4.04 % Date: 2/28/2005
Return: -0.96 % Date: 1/31/2005
Return: 1.30 % Date: 12/31/2004
Return: 4.18 % Date: 11/30/2004
Return: 10.28 % Date: 10/31/2004
Return: 2.43 % Date: 9/30/2004
Return: 3.94 % Date: 8/31/2004
Return: -10.51 % Date: 7/31/2004
Return: 2.11 % Date: 6/30/2004
Return: -4.17 % Date: 5/31/2004
Return: -1.78 % Date: 4/30/2004
Return: -6.16 % Date: 3/31/2004
Return: -2.91 % Date: 2/29/2004
Return: 4.40 % Date: 1/31/2004
Return: 2.73 % Date: 12/31/2003
Return: 4.78 % Date: 11/30/2003
Return: 0.70 % Date: 10/31/2003
Return: 0.50 % Date: 9/30/2003
Return: 0.87 % Date: 8/31/2003
Return: -1.02 % Date: 7/31/2003
Return: -3.65 % Date: 6/30/2003
Return: -2.17 % Date: 5/31/2003
Return: 10.16 % Date: 4/30/2003
Return: 0.14 % Date: 3/31/2003
Return: -5.56 % Date: 2/28/2003
Return: 5.56 % Date: 1/31/2003
Return: 9.78 % Date: 12/31/2002
Return: 14.80 % Date: 11/30/2002
Return: -5.54 % Date: 10/31/2002
Return: -5.88 % Date: 9/30/2002
Return: 6.53 % Date: 8/31/2002
Return: 4.01 % Date: 7/31/2002
Return: 4.65 % Date: 6/30/2002
Return: 10.72 % Date: 5/31/2002
Return: -0.37 % Date: 4/30/2002
Return: 1.47 % Date: 3/31/2002
Return: -7.75 % Date: 2/28/2002
Return: -3.84 % Date: 1/31/2002
Return: 0.96 % Date: 12/31/2001
Return: -1.81 % Date: 11/30/2001
Return: -6.84 % Date: 10/31/2001
Return: 4.26 % Date: 9/30/2001
Return: 8.37 % Date: 8/31/2001
Return: 7.18 % Date: 7/31/2001
Return: 1.72 % Date: 6/30/2001
Return: 0.43 % Date: 5/31/2001
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 05/01 - 09/17
Return: 12.00 %
Count: 1 Return: -9.00 %
Count: 1 Return: 13.00 %
Count: 1 Return: 25.00 %
Count: 1 Return: 14.00 %
Count: 2 Return: -5.00 %
Count: 10 Return: 9.00 %
Count: 4 Return: -11.00 %
Count: 1 Return: -3.00 %
Count: 14 Return: 3.00 %
Count: 15 Return: -1.00 %
Count: 15 Return: 6.00 %
Count: 3 Return: 10.00 %
Count: 5 Return: 15.00 %
Count: 2 Return: -6.00 %
Count: 9 Return: 5.00 %
Count: 11 Return: 11.00 %
Count: 1 Return: -8.00 %
Count: 1 Return: -4.00 %
Count: 11 Return: 1.00 %
Count: 16 Return: -2.00 %
Count: 9 Return: -7.00 %
Count: 7 Return: 4.00 %
Count: 15 Return: 8.00 %
Count: 1 Return: 7.00 %
Count: 9 Return: 2.00 %
Count: 11 Return: 0.00 %
Count: 21
Note: All performance data is since program inception.

Underwater Curve
Date Range: 05/01 - 09/17
Date: 9/30/2017
Drawdown: -26.00 % Date: 8/31/2017
Drawdown: -21.99 % Date: 7/31/2017
Drawdown: -25.91 % Date: 6/30/2017
Drawdown: -25.92 % Date: 5/31/2017
Drawdown: -22.76 % Date: 4/30/2017
Drawdown: -22.61 % Date: 3/31/2017
Drawdown: -22.54 % Date: 2/28/2017
Drawdown: -19.95 % Date: 1/31/2017
Drawdown: -20.91 % Date: 12/31/2016
Drawdown: -19.80 % Date: 11/30/2016
Drawdown: -18.55 % Date: 10/31/2016
Drawdown: -18.05 % Date: 9/30/2016
Drawdown: -14.19 % Date: 8/31/2016
Drawdown: -13.54 % Date: 7/31/2016
Drawdown: -10.42 % Date: 6/30/2016
Drawdown: -11.63 % Date: 5/31/2016
Drawdown: -14.40 % Date: 4/30/2016
Drawdown: -11.97 % Date: 3/31/2016
Drawdown: -7.43 % Date: 2/29/2016
Drawdown: 0.00 % Date: 1/31/2016
Drawdown: 0.00 % Date: 12/31/2015
Drawdown: -0.54 % Date: 11/30/2015
Drawdown: -1.72 % Date: 10/31/2015
Drawdown: -6.57 % Date: 9/30/2015
Drawdown: -2.94 % Date: 8/31/2015
Drawdown: -7.65 % Date: 7/31/2015
Drawdown: -6.60 % Date: 6/30/2015
Drawdown: -12.74 % Date: 5/31/2015
Drawdown: -7.67 % Date: 4/30/2015
Drawdown: -6.16 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: -3.23 % Date: 1/31/2015
Drawdown: 0.00 % Date: 12/31/2014
Drawdown: 0.00 % Date: 11/30/2014
Drawdown: -1.33 % Date: 10/31/2014
Drawdown: -13.81 % Date: 9/30/2014
Drawdown: -13.04 % Date: 8/31/2014
Drawdown: -17.55 % Date: 7/31/2014
Drawdown: -24.40 % Date: 6/30/2014
Drawdown: -27.05 % Date: 5/31/2014
Drawdown: -29.84 % Date: 4/30/2014
Drawdown: -32.46 % Date: 3/31/2014
Drawdown: -34.41 % Date: 2/28/2014
Drawdown: -33.38 % Date: 1/31/2014
Drawdown: -33.74 % Date: 12/31/2013
Drawdown: -32.04 % Date: 11/30/2013
Drawdown: -32.07 % Date: 10/31/2013
Drawdown: -32.62 % Date: 9/30/2013
Drawdown: -34.79 % Date: 8/31/2013
Drawdown: -33.76 % Date: 7/31/2013
Drawdown: -31.52 % Date: 6/30/2013
Drawdown: -29.65 % Date: 5/31/2013
Drawdown: -25.21 % Date: 4/30/2013
Drawdown: -22.11 % Date: 3/31/2013
Drawdown: -23.58 % Date: 2/28/2013
Drawdown: -24.42 % Date: 1/31/2013
Drawdown: -24.08 % Date: 12/31/2012
Drawdown: -23.93 % Date: 11/30/2012
Drawdown: -23.82 % Date: 10/31/2012
Drawdown: -22.97 % Date: 9/30/2012
Drawdown: -19.08 % Date: 8/31/2012
Drawdown: -18.07 % Date: 7/31/2012
Drawdown: -14.05 % Date: 6/30/2012
Drawdown: -17.45 % Date: 5/31/2012
Drawdown: -10.95 % Date: 4/30/2012
Drawdown: -13.55 % Date: 3/31/2012
Drawdown: -12.29 % Date: 2/29/2012
Drawdown: -9.48 % Date: 1/31/2012
Drawdown: -11.18 % Date: 12/31/2011
Drawdown: -7.83 % Date: 11/30/2011
Drawdown: -8.90 % Date: 10/31/2011
Drawdown: -12.50 % Date: 9/30/2011
Drawdown: -4.07 % Date: 8/31/2011
Drawdown: -6.59 % Date: 7/31/2011
Drawdown: -7.96 % Date: 6/30/2011
Drawdown: -10.24 % Date: 5/31/2011
Drawdown: -5.72 % Date: 4/30/2011
Drawdown: -1.02 % Date: 3/31/2011
Drawdown: -3.73 % Date: 2/28/2011
Drawdown: 0.00 % Date: 1/31/2011
Drawdown: 0.00 % Date: 12/31/2010
Drawdown: 0.00 % Date: 11/30/2010
Drawdown: -4.65 % Date: 10/31/2010
Drawdown: 0.00 % Date: 9/30/2010
Drawdown: 0.00 % Date: 8/31/2010
Drawdown: 0.00 % Date: 7/31/2010
Drawdown: -3.91 % Date: 6/30/2010
Drawdown: -0.44 % Date: 5/31/2010
Drawdown: 0.00 % Date: 4/30/2010
Drawdown: 0.00 % Date: 3/31/2010
Drawdown: 0.00 % Date: 2/28/2010
Drawdown: -4.63 % Date: 1/31/2010
Drawdown: -6.16 % Date: 12/31/2009
Drawdown: -3.77 % 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: -1.17 % Date: 6/30/2009
Drawdown: -7.97 % Date: 5/31/2009
Drawdown: -0.96 % Date: 4/30/2009
Drawdown: -8.75 % Date: 3/31/2009
Drawdown: -3.03 % Date: 2/28/2009
Drawdown: 0.00 % Date: 1/31/2009
Drawdown: -1.25 % Date: 12/31/2008
Drawdown: 0.00 % Date: 11/30/2008
Drawdown: 0.00 % Date: 10/31/2008
Drawdown: 0.00 % Date: 9/30/2008
Drawdown: -2.61 % Date: 8/31/2008
Drawdown: -11.16 % Date: 7/31/2008
Drawdown: -10.68 % Date: 6/30/2008
Drawdown: -3.68 % Date: 5/31/2008
Drawdown: -4.09 % Date: 4/30/2008
Drawdown: -6.55 % Date: 3/31/2008
Drawdown: 0.00 % Date: 2/29/2008
Drawdown: 0.00 % Date: 1/31/2008
Drawdown: 0.00 % Date: 12/31/2007
Drawdown: -1.77 % Date: 11/30/2007
Drawdown: -3.22 % Date: 10/31/2007
Drawdown: -6.45 % Date: 9/30/2007
Drawdown: -9.67 % Date: 8/31/2007
Drawdown: -11.06 % Date: 7/31/2007
Drawdown: -6.15 % Date: 6/30/2007
Drawdown: 0.00 % Date: 5/31/2007
Drawdown: -1.96 % Date: 4/30/2007
Drawdown: -8.04 % Date: 3/31/2007
Drawdown: -11.56 % Date: 2/28/2007
Drawdown: -10.29 % Date: 1/31/2007
Drawdown: -4.86 % Date: 12/31/2006
Drawdown: -5.26 % Date: 11/30/2006
Drawdown: -5.53 % Date: 10/31/2006
Drawdown: -9.89 % Date: 9/30/2006
Drawdown: -12.09 % Date: 8/31/2006
Drawdown: -12.31 % Date: 7/31/2006
Drawdown: -13.59 % Date: 6/30/2006
Drawdown: -7.10 % Date: 5/31/2006
Drawdown: -3.81 % Date: 4/30/2006
Drawdown: 0.00 % Date: 3/31/2006
Drawdown: 0.00 % Date: 2/28/2006
Drawdown: -2.54 % Date: 1/31/2006
Drawdown: -1.64 % Date: 12/31/2005
Drawdown: -5.29 % Date: 11/30/2005
Drawdown: -2.55 % Date: 10/31/2005
Drawdown: -8.76 % Date: 9/30/2005
Drawdown: -6.06 % Date: 8/31/2005
Drawdown: -7.90 % Date: 7/31/2005
Drawdown: -8.81 % Date: 6/30/2005
Drawdown: -6.22 % Date: 5/31/2005
Drawdown: -8.59 % Date: 4/30/2005
Drawdown: -8.31 % Date: 3/31/2005
Drawdown: -7.72 % Date: 2/28/2005
Drawdown: -3.83 % Date: 1/31/2005
Drawdown: -2.90 % Date: 12/31/2004
Drawdown: -4.15 % Date: 11/30/2004
Drawdown: -7.99 % Date: 10/31/2004
Drawdown: -16.57 % Date: 9/30/2004
Drawdown: -18.55 % Date: 8/31/2004
Drawdown: -21.64 % Date: 7/31/2004
Drawdown: -12.43 % Date: 6/30/2004
Drawdown: -14.24 % Date: 5/31/2004
Drawdown: -10.51 % Date: 4/30/2004
Drawdown: -8.89 % Date: 3/31/2004
Drawdown: -2.91 % Date: 2/29/2004
Drawdown: 0.00 % Date: 1/31/2004
Drawdown: 0.00 % Date: 12/31/2003
Drawdown: -0.21 % Date: 11/30/2003
Drawdown: -4.76 % Date: 10/31/2003
Drawdown: -5.42 % Date: 9/30/2003
Drawdown: -5.89 % Date: 8/31/2003
Drawdown: -6.70 % Date: 7/31/2003
Drawdown: -5.74 % Date: 6/30/2003
Drawdown: -2.17 % Date: 5/31/2003
Drawdown: 0.00 % Date: 4/30/2003
Drawdown: -5.43 % Date: 3/31/2003
Drawdown: -5.56 % Date: 2/28/2003
Drawdown: 0.00 % Date: 1/31/2003
Drawdown: 0.00 % Date: 12/31/2002
Drawdown: 0.00 % Date: 11/30/2002
Drawdown: -11.09 % Date: 10/31/2002
Drawdown: -5.88 % Date: 9/30/2002
Drawdown: 0.00 % Date: 8/31/2002
Drawdown: -0.19 % Date: 7/31/2002
Drawdown: -4.04 % Date: 6/30/2002
Drawdown: -8.30 % Date: 5/31/2002
Drawdown: -17.18 % Date: 4/30/2002
Drawdown: -16.87 % Date: 3/31/2002
Drawdown: -18.08 % Date: 2/28/2002
Drawdown: -11.19 % Date: 1/31/2002
Drawdown: -7.65 % Date: 12/31/2001
Drawdown: -8.53 % Date: 11/30/2001
Drawdown: -6.84 % Date: 10/31/2001
Drawdown: 0.00 % Date: 9/30/2001
Drawdown: 0.00 % Date: 8/31/2001
Drawdown: 0.00 % Date: 7/31/2001
Drawdown: 0.00 % Date: 6/30/2001
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

The Monthly Performance table represents performance results shown net of all fees and expenses. Performance results of individual accounts may vary as a result of differing fees, account size, the timing of the entry of orders and other factors. The performance results are not necessarily indicative of the results that may be achieved in the future. Past performance is not necessarily indicative of future results. No representation is being made that any account in the future will or is likely to achieve profits or losses similar to those shown.

Manager Information
Manager Name:  ISAM Systematic Management
Address: 55 Baker Street
City: London
State:
Zip: W1U 8EW
Country: United Kingdom
Key People
Name:  Stanley Fink
Position:  Chief Executive Officer
Biography: 

Stanley Fink is a member of the ISAM Systematic Investment Committee and of the ISAM Executive Committee. He stood down as Deputy Chairman of Man Group on 10 July 2008 after an illustrious career with them spanning more than 21 years. When he joined Man it was a medium sized private company which was largely an agricultural commodity trading business, with small operations in futures broking and hedge fund management. By 2007, when Stanley retired as Group Chief Executive, Man had disposed of its agricultural commodity businesses to management, floated its large brokerage business on the New York Stock Exchange, and grown the fund management business to what was believed to be the largest quoted hedge fund manager in the world. As of June 2008 it had a stock market capitalisation of 20 billion dollars and managed alternative assets of approaching 80 billion dollars. Educated at Manchester Grammar School and Trinity Hall Cambridge, where he gained a degree in law, Stanley qualified as a Chartered Accountant in 1982, worked for a year for Mars and then spent three years at Citibank NA as a Vice President. He joined Man in 1987, was appointed to the board later that year, with responsibility for planning, strategy and mergers and acquisitions. He was promoted to Group Finance Director 3 years later and led Man’s IPO on the London Stock Exchange in 1994. In 1996 Stanley took over as Managing Director of Man’s small fund management business which managed just under 1 billion dollars. The business grew rapidly under Stanley’s leadership and became the most profitable part of the Group by 2000. The group demerged its agricultural business in 2000 whereupon Stanley became Group Chief Executive. Stanley retired as CEO in 2007 after the IPO of Man’s brokerage business onto the New York Stock Exchange. During Stanley’s time as CEO, he received several awards as the leading CEO in the European financial sector and the company received many awards for hedge fund management, as well as accolades for being the fastest growing share in the FTSE with its share price growing by a factor of more than twenty between 1994 and 2008. Stanley is a committed philanthropist, whose passions include education, health and the reduction of Global warming via application of carbon markets and new technology. Stanley joined ISAM in August 2008 as Chief Executive Officer. Stanley is actively involved in fundraising and implementation of business strategy as well as planning and directing the organisation's activities in order to achieve targets. Stanley is also involved with recruiting and developing executive team members. He aims to develop organisational culture and values with all staff, investors, and regulatory bodies. Stanley was elevated to the peerage in January 2011.


Name:  Alex Greyserman, Ph.D.
Position:  Principal
Biography: 

Alex Greyserman is a member of the ISAM Systematic Investment Committee. He has 25 years of experience in the Managed Futures industry, having starting initially as Research Director at Mint Investment Management Co. (“Mint”) where he was responsible for research and development of trading strategies and overall portfolio risk management. In 2001, Alex together with Larry Hite formed Hite Capital Management, a family office operation in New York, where Alex served as CIO until 2010, when Hite Capital Management merged with ISAM. Alex holds an MS in Electrical Engineering from Columbia University, an MBA, and a Ph.D. in Statistics from Rutgers University. His dissertation focused on empirical data analysis and application of Bayesian statistics to portfolio selection. He also currently serves as visiting Professor in the Graduate Program in Mathematical Finance at Columbia University, teaching various courses and seminars in the field of Quantitative Investment Management. Alex co-authored an all inclusive guide to trend following, “Trend Following with Managed Futures: The Search for Crisis Alpha”, which was published by Wiley in August 2014.


Name:  Darren Upton
Position:  Chief Investment Officer
Biography: 

Darren Upton is Chairman of the ISAM Systematic Investment Committee which oversees theISAM Systematic fund and directs the continued research into the improvements. Darren joinedISAM in June 2012. Prior to ISAM from 2003 Darren worked at AHL, one of the world’s largest CTAs, and part of Man Group. At AHL he led an extensive group of researchers to develop and maintain the AHL Diversified and Evolution trading systems, which managed over $20bn AUM. Research efforts concentrated on developing and extending trading models across all asset classes, methods to target and measure portfolio risk, techniques to increase capacity, and the automated execution algorithms used to place and execute the significant order flow generated by all AHL trading systems. Darren was a member of the AHL Investments Committee, which was responsible for client investments, and Co-Chair of the Proprietary Trading Committee which oversaw the development and seeding of all new trading initiatives at AHL. Darren first started trading in the finance industry in 1997. He also has extensive academic experience and holds a BSc in Mathematics, a Masters in Financial Mathematics from Victoria University of Wellington and a PhD in Mathematics from the University of Cambridge. His dissertation focused on developing pricing solutions for a commoditized market for networked telecommunications bandwidth.


Additional Information

EACH PROGRAM PERFORMANCE SUMMARY PROVIDES A REPRESENTATIVE PERFORMANCE TRACK RECORD FOR ACCOUNTS TRADED BY THE MANAGER PURSUANT TO THAT SPECIFIC PROGRAM, BUT THE DATA HAS IN NO RESPECT BEEN ADJUSTED TO REFLECT CHARGES OF ANY FUND OR OF A PARTICULAR INVESTMENT OPPORTUNITY. CERTAIN OF THE ACCOUNTS INCLUDED IN THE PERFORMANCE SUMMARY PAID FEES MATERIALLY DIFFERENT FROM, AND IN SOME CASES MATERIALLY LOWER THAN, THOSE AVAILABLE TO A FUND OR PARTICULAR INVESTMENT OPPORTUNITY. THE RATES OF RETURN EARNED WHEN A COMMODITY TRADING ADVISOR (CTA) IS MANAGING A LIMITED AMOUNT OF EQUITY MAY HAVE LITTLE RELATIONSHIP TO THE RATES OF RETURN WHICH A CTA MAY BE ABLE TO ACHIEVE WHEN MANAGING LARGER AMOUNTS OF EQUITY. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.