Altegris Clearing Solutions Quality Capital Management Ltd Global Diversified Programme *QEP*
Monthly Performance (%)
Date Range: 11/95 - 04/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -1.30 4.65 -1.31 -0.85 1.07
2016 2.63 2.56 -5.29 -1.07 -0.15 4.37 0.80 -2.78 1.79 -5.94 -2.52 2.10 -4.02
2015 13.51 1.68 3.10 -9.34 -0.96 -7.90 2.35 -9.30 0.55 -0.45 1.35 -3.93 -10.97
2014 -4.78 2.26 -2.70 2.31 4.92 1.05 -3.07 5.12 -1.89 -3.72 11.94 1.74 12.65
2013 5.12 -3.25 -1.23 2.60 -3.54 -10.09 -0.99 -3.62 -0.40 3.30 2.29 -2.16 -12.17
2012 2.58 4.00 -1.44 -0.35 -1.25 -3.33 6.85 1.54 -0.31 -10.91 0.88 -0.76 -3.51
2011 -0.52 2.09 -2.85 5.04 -4.94 -3.98 3.62 -3.26 -9.58 -3.10 -4.00 -0.90 -20.96
2010 -10.20 -0.12 7.37 1.19 -5.99 -0.54 1.90 5.61 3.57 6.38 -0.69 8.36 16.26
2009 -6.15 -3.12 -4.63 -4.34 7.01 -3.30 -1.43 4.95 1.69 -3.53 8.71 -7.02 -11.95
2008 9.21 20.02 -6.28 2.11 2.00 7.65 -12.33 -3.14 -8.43 13.77 16.10 12.76 59.51
2007 -5.89 0.05 -5.16 8.21 -0.12 -0.21 -3.15 -6.49 20.44 7.33 0.40 3.78 17.48
2006 12.16 -5.00 5.11 16.83 -2.46 -0.13 -6.63 -0.45 0.42 10.39 4.41 -1.54 35.01
2005 -4.36 0.49 2.85 2.34 2.58 7.64 -4.12 8.93 -0.65 -9.14 7.36 7.61 21.66
2004 0.82 7.33 -2.39 -3.53 -2.98 -5.02 0.89 -6.37 -0.97 2.24 4.61 -3.90 -9.72
2003 4.18 4.44 -2.97 -1.60 10.74 -3.56 -0.46 -1.47 0.32 9.70 -0.89 4.99 24.61
2002 -2.49 -6.54 5.70 -8.43 1.34 6.93 4.90 4.26 6.92 -7.11 -5.49 7.50 5.49
2001 -0.42 2.52 10.51 -6.88 -0.27 -0.92 -0.52 1.85 9.84 5.35 -3.16 0.49 18.44
2000 -0.38 -0.40 -1.77 -2.52 2.46 -1.18 -3.00 2.64 -0.34 1.94 5.81 4.12 7.20
1999 -7.69 1.79 -3.35 5.92 -0.75 3.54 0.51 1.74 0.02 -5.50 6.81 2.01 4.10
1998 3.56 2.69 -0.72 -8.01 -1.35 3.72 -2.21 15.46 2.51 -1.50 2.98 5.73 23.36
1997 2.26 4.57 2.69 -5.46 5.56 -3.33 2.74 -5.75 -2.83 4.02 -1.24 7.58 10.16
1996 1.68 -8.50 11.62 6.18 -9.46 -0.14 -7.23 0.19 -1.59 15.22 4.97 4.64 15.41
1995 14.51 14.51
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The GLOBAL DIVERSIFIED PROGRAMME (‘GDP’), QCM’s flagship product, commenced trading in December 1995. The GDP trades 81 futures contracts (116 instruments) in recognised exchanges worldwide and across the two broad asset classes of Financial and Real (Commodities). Positions can be taken both from long and short side. The programme attempts to have low or no correlation to ma-jor asset classes such as stocks, bonds and commodities and is an ‘alpha’ generator. The investment process intends to find skewed bets. It aims to be highly robust and not curve-fitted relying on market dynamic to shape each trade based on expected return and risk.

Performance Statistics
Date Range: 11/95 - 04/17
  Program SP500 TR Altegris 40
Total Return 478.41% 516.31% 247.77%
Annualized Return 8.54% 8.83% 5.97%
Annualized Std. Deviation 19.51% 14.94% 10.40%
Correlation -0.02 0.72
Sharpe Ratio (rf=2.5%) 0.31 0.42 0.33
Worst Month -12.33% -16.79% -7.77%
Date of Worst Month 07/2008 10/2008 11/2001
Worst Drawdown -39.06% -50.95% -15.74%
Date of Worst Drawdown 4/11 - 11/16 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 11/95 - 04/17
Year or YTD Program SP500 TR Altegris 40
2017 1.07 7.17 -1.21
2016 -4.02 11.98 -3.13
2015 -10.97 1.41 0.09
2014 12.65 13.69 15.75
2013 -12.17 32.41 -2.45
2012 -3.51 15.98 -4.75
2011 -20.96 2.12 -3.23
2010 16.26 15.06 11.33
2009 -11.95 26.45 -7.98
2008 59.51 -36.99 15.47
2007 17.48 5.50 7.18
2006 35.01 15.79 6.70
2005 21.66 4.89 4.51
2004 -9.72 10.87 2.57
2003 24.61 28.69 15.99
2002 5.49 -22.10 15.22
2001 18.44 -11.88 5.39
2000 7.20 -9.09 10.63
1999 4.10 21.04 0.87
1998 23.36 28.58 12.61
1997 10.16 33.38 10.22
1996 15.41 22.96 16.04
1995 14.51 1.93 4.49
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 11/95 - 04/17
Date: 4/30/2017
Perf: $3,420.29 Date: 3/31/2017
Perf: $3,440.93 Date: 2/28/2017
Perf: $3,491.91 Date: 1/31/2017
Perf: $3,417.41 Date: 12/31/2016
Perf: $3,462.07 Date: 11/30/2016
Perf: $3,435.96 Date: 10/31/2016
Perf: $3,474.18 Date: 9/30/2016
Perf: $3,566.18 Date: 8/31/2016
Perf: $3,612.79 Date: 7/31/2016
Perf: $3,712.66 Date: 6/30/2016
Perf: $3,675.17 Date: 5/31/2016
Perf: $3,525.35 Date: 4/30/2016
Perf: $3,588.14 Date: 3/31/2016
Perf: $3,680.52 Date: 2/29/2016
Perf: $3,789.27 Date: 1/31/2016
Perf: $3,698.29 Date: 12/31/2015
Perf: $3,573.92 Date: 11/30/2015
Perf: $3,658.06 Date: 10/31/2015
Perf: $3,537.43 Date: 9/30/2015
Perf: $3,600.07 Date: 8/31/2015
Perf: $3,523.61 Date: 7/31/2015
Perf: $3,585.64 Date: 6/30/2015
Perf: $3,450.72 Date: 5/31/2015
Perf: $3,640.00 Date: 4/30/2015
Perf: $3,666.40 Date: 3/31/2015
Perf: $3,813.60 Date: 2/28/2015
Perf: $3,731.14 Date: 1/31/2015
Perf: $3,737.12 Date: 12/31/2014
Perf: $3,570.73 Date: 11/30/2014
Perf: $3,508.97 Date: 10/31/2014
Perf: $3,311.91 Date: 9/30/2014
Perf: $3,263.93 Date: 8/31/2014
Perf: $3,216.01 Date: 7/31/2014
Perf: $3,085.49 Date: 6/30/2014
Perf: $3,110.38 Date: 5/31/2014
Perf: $3,083.86 Date: 4/30/2014
Perf: $3,006.88 Date: 3/31/2014
Perf: $2,984.20 Date: 2/28/2014
Perf: $3,029.03 Date: 1/31/2014
Perf: $3,004.39 Date: 12/31/2013
Perf: $3,084.91 Date: 11/30/2013
Perf: $3,089.24 Date: 10/31/2013
Perf: $3,034.31 Date: 9/30/2013
Perf: $2,966.38 Date: 8/31/2013
Perf: $2,984.29 Date: 7/31/2013
Perf: $3,042.71 Date: 6/30/2013
Perf: $3,069.41 Date: 5/31/2013
Perf: $3,190.33 Date: 4/30/2013
Perf: $3,333.68 Date: 3/31/2013
Perf: $3,249.83 Date: 2/28/2013
Perf: $3,203.70 Date: 1/31/2013
Perf: $3,222.39 Date: 12/31/2012
Perf: $3,162.30 Date: 11/30/2012
Perf: $3,146.88 Date: 10/31/2012
Perf: $3,138.10 Date: 9/30/2012
Perf: $3,255.96 Date: 8/31/2012
Perf: $3,310.59 Date: 7/31/2012
Perf: $3,356.23 Date: 6/30/2012
Perf: $3,224.36 Date: 5/31/2012
Perf: $3,350.33 Date: 4/30/2012
Perf: $3,287.86 Date: 3/31/2012
Perf: $3,268.25 Date: 2/29/2012
Perf: $3,344.16 Date: 1/31/2012
Perf: $3,330.51 Date: 12/31/2011
Perf: $3,319.88 Date: 11/30/2011
Perf: $3,288.31 Date: 10/31/2011
Perf: $3,278.48 Date: 9/30/2011
Perf: $3,413.66 Date: 8/31/2011
Perf: $3,415.71 Date: 7/31/2011
Perf: $3,422.55 Date: 6/30/2011
Perf: $3,303.94 Date: 5/31/2011
Perf: $3,392.14 Date: 4/30/2011
Perf: $3,520.64 Date: 3/31/2011
Perf: $3,388.49 Date: 2/28/2011
Perf: $3,441.14 Date: 1/31/2011
Perf: $3,383.62 Date: 12/31/2010
Perf: $3,430.62 Date: 11/30/2010
Perf: $3,289.50 Date: 10/31/2010
Perf: $3,410.22 Date: 9/30/2010
Perf: $3,282.85 Date: 8/31/2010
Perf: $3,224.17 Date: 7/31/2010
Perf: $3,095.99 Date: 6/30/2010
Perf: $3,136.45 Date: 5/31/2010
Perf: $3,124.58 Date: 4/30/2010
Perf: $3,202.07 Date: 3/31/2010
Perf: $3,153.51 Date: 2/28/2010
Perf: $3,033.09 Date: 1/31/2010
Perf: $3,004.85 Date: 12/31/2009
Perf: $3,081.58 Date: 11/30/2009
Perf: $3,209.98 Date: 10/31/2009
Perf: $3,085.63 Date: 9/30/2009
Perf: $3,166.69 Date: 8/31/2009
Perf: $3,093.08 Date: 7/31/2009
Perf: $3,082.90 Date: 6/30/2009
Perf: $3,086.30 Date: 5/31/2009
Perf: $3,170.64 Date: 4/30/2009
Perf: $3,127.48 Date: 3/31/2009
Perf: $3,233.20 Date: 2/28/2009
Perf: $3,325.32 Date: 1/31/2009
Perf: $3,326.98 Date: 12/31/2008
Perf: $3,348.75 Date: 11/30/2008
Perf: $3,264.84 Date: 10/31/2008
Perf: $3,149.26 Date: 9/30/2008
Perf: $2,995.02 Date: 8/31/2008
Perf: $2,988.74 Date: 7/31/2008
Perf: $3,070.73 Date: 6/30/2008
Perf: $3,218.46 Date: 5/31/2008
Perf: $3,134.76 Date: 4/30/2008
Perf: $3,071.49 Date: 3/31/2008
Perf: $3,107.22 Date: 2/29/2008
Perf: $3,120.95 Date: 1/31/2008
Perf: $2,952.93 Date: 12/31/2007
Perf: $2,900.15 Date: 11/30/2007
Perf: $2,906.83 Date: 10/31/2007
Perf: $2,925.85 Date: 9/30/2007
Perf: $2,804.96 Date: 8/31/2007
Perf: $2,679.81 Date: 7/31/2007
Perf: $2,783.64 Date: 6/30/2007
Perf: $2,872.40 Date: 5/31/2007
Perf: $2,791.72 Date: 4/30/2007
Perf: $2,695.49 Date: 3/31/2007
Perf: $2,586.84 Date: 2/28/2007
Perf: $2,648.82 Date: 1/31/2007
Perf: $2,752.02 Date: 12/31/2006
Perf: $2,705.76 Date: 11/30/2006
Perf: $2,617.29 Date: 10/31/2006
Perf: $2,554.70 Date: 9/30/2006
Perf: $2,526.91 Date: 8/31/2006
Perf: $2,553.98 Date: 7/31/2006
Perf: $2,525.69 Date: 6/30/2006
Perf: $2,563.63 Date: 5/31/2006
Perf: $2,599.24 Date: 4/30/2006
Perf: $2,670.00 Date: 3/31/2006
Perf: $2,606.40 Date: 2/28/2006
Perf: $2,538.37 Date: 1/31/2006
Perf: $2,584.37 Date: 12/31/2005
Perf: $2,535.94 Date: 11/30/2005
Perf: $2,582.68 Date: 10/31/2005
Perf: $2,476.44 Date: 9/30/2005
Perf: $2,472.49 Date: 8/31/2005
Perf: $2,434.99 Date: 7/31/2005
Perf: $2,421.91 Date: 6/30/2005
Perf: $2,420.46 Date: 5/31/2005
Perf: $2,340.64 Date: 4/30/2005
Perf: $2,270.48 Date: 3/31/2005
Perf: $2,327.51 Date: 2/28/2005
Perf: $2,340.62 Date: 1/31/2005
Perf: $2,324.58 Date: 12/31/2004
Perf: $2,426.49 Date: 11/30/2004
Perf: $2,418.51 Date: 10/31/2004
Perf: $2,294.38 Date: 9/30/2004
Perf: $2,218.51 Date: 8/31/2004
Perf: $2,188.96 Date: 7/31/2004
Perf: $2,204.17 Date: 6/30/2004
Perf: $2,229.58 Date: 5/31/2004
Perf: $2,305.67 Date: 4/30/2004
Perf: $2,342.92 Date: 3/31/2004
Perf: $2,498.32 Date: 2/29/2004
Perf: $2,523.04 Date: 1/31/2004
Perf: $2,388.34 Date: 12/31/2003
Perf: $2,365.63 Date: 11/30/2003
Perf: $2,267.45 Date: 10/31/2003
Perf: $2,274.27 Date: 9/30/2003
Perf: $2,224.23 Date: 8/31/2003
Perf: $2,234.51 Date: 7/31/2003
Perf: $2,213.70 Date: 6/30/2003
Perf: $2,264.89 Date: 5/31/2003
Perf: $2,323.20 Date: 4/30/2003
Perf: $2,194.39 Date: 3/31/2003
Perf: $2,162.60 Date: 2/28/2003
Perf: $2,293.80 Date: 1/31/2003
Perf: $2,164.58 Date: 12/31/2002
Perf: $2,039.55 Date: 11/30/2002
Perf: $1,922.47 Date: 10/31/2002
Perf: $1,977.04 Date: 9/30/2002
Perf: $2,085.05 Date: 8/31/2002
Perf: $1,993.16 Date: 7/31/2002
Perf: $1,946.26 Date: 6/30/2002
Perf: $1,847.59 Date: 5/31/2002
Perf: $1,697.53 Date: 4/30/2002
Perf: $1,654.68 Date: 3/31/2002
Perf: $1,694.67 Date: 2/28/2002
Perf: $1,699.60 Date: 1/31/2002
Perf: $1,748.92 Date: 12/31/2001
Perf: $1,770.16 Date: 11/30/2001
Perf: $1,733.58 Date: 10/31/2001
Perf: $1,879.63 Date: 9/30/2001
Perf: $1,801.79 Date: 8/31/2001
Perf: $1,747.96 Date: 7/31/2001
Perf: $1,697.21 Date: 6/30/2001
Perf: $1,693.48 Date: 5/31/2001
Perf: $1,712.32 Date: 4/30/2001
Perf: $1,711.81 Date: 3/31/2001
Perf: $1,824.17 Date: 2/28/2001
Perf: $1,713.16 Date: 1/31/2001
Perf: $1,697.04 Date: 12/31/2000
Perf: $1,679.57 Date: 11/30/2000
Perf: $1,551.85 Date: 10/31/2000
Perf: $1,460.43 Date: 9/30/2000
Perf: $1,430.53 Date: 8/31/2000
Perf: $1,455.87 Date: 7/31/2000
Perf: $1,426.48 Date: 6/30/2000
Perf: $1,452.04 Date: 5/31/2000
Perf: $1,474.90 Date: 4/30/2000
Perf: $1,454.96 Date: 3/31/2000
Perf: $1,477.27 Date: 2/29/2000
Perf: $1,514.84 Date: 1/31/2000
Perf: $1,532.00 Date: 12/31/1999
Perf: $1,518.18 Date: 11/30/1999
Perf: $1,498.85 Date: 10/31/1999
Perf: $1,470.32 Date: 9/30/1999
Perf: $1,538.32 Date: 8/31/1999
Perf: $1,532.95 Date: 7/31/1999
Perf: $1,523.81 Date: 6/30/1999
Perf: $1,535.79 Date: 5/31/1999
Perf: $1,496.87 Date: 4/30/1999
Perf: $1,522.14 Date: 3/31/1999
Perf: $1,476.80 Date: 2/28/1999
Perf: $1,488.86 Date: 1/31/1999
Perf: $1,461.53 Date: 12/31/1998
Perf: $1,505.02 Date: 11/30/1998
Perf: $1,470.47 Date: 10/31/1998
Perf: $1,497.88 Date: 9/30/1998
Perf: $1,503.89 Date: 8/31/1998
Perf: $1,439.55 Date: 7/31/1998
Perf: $1,333.78 Date: 6/30/1998
Perf: $1,330.98 Date: 5/31/1998
Perf: $1,329.39 Date: 4/30/1998
Perf: $1,296.46 Date: 3/31/1998
Perf: $1,350.05 Date: 2/28/1998
Perf: $1,334.44 Date: 1/31/1998
Perf: $1,344.93 Date: 12/31/1997
Perf: $1,336.51 Date: 11/30/1997
Perf: $1,301.63 Date: 10/31/1997
Perf: $1,283.66 Date: 9/30/1997
Perf: $1,291.66 Date: 8/31/1997
Perf: $1,275.59 Date: 7/31/1997
Perf: $1,339.34 Date: 6/30/1997
Perf: $1,251.96 Date: 5/31/1997
Perf: $1,237.60 Date: 4/30/1997
Perf: $1,258.49 Date: 3/31/1997
Perf: $1,288.65 Date: 2/28/1997
Perf: $1,290.07 Date: 1/31/1997
Perf: $1,259.95 Date: 12/31/1996
Perf: $1,212.54 Date: 11/30/1996
Perf: $1,240.83 Date: 10/31/1996
Perf: $1,159.12 Date: 9/30/1996
Perf: $1,072.26 Date: 8/31/1996
Perf: $1,026.19 Date: 7/31/1996
Perf: $1,029.79 Date: 6/30/1996
Perf: $1,057.06 Date: 5/31/1996
Perf: $1,046.39 Date: 4/30/1996
Perf: $1,071.68 Date: 3/31/1996
Perf: $1,018.52 Date: 2/29/1996
Perf: $1,012.74 Date: 1/31/1996
Perf: $1,077.50 Date: 12/31/1995
Perf: $1,044.90 Date: 11/30/1995
Perf: $1,000.00 Date: 4/30/2017
Perf: $5,903.87 Date: 3/31/2017
Perf: $5,843.68 Date: 2/28/2017
Perf: $5,836.68 Date: 1/31/2017
Perf: $5,613.81 Date: 12/31/2016
Perf: $5,509.14 Date: 11/30/2016
Perf: $5,402.18 Date: 10/31/2016
Perf: $5,209.43 Date: 9/30/2016
Perf: $5,306.00 Date: 8/31/2016
Perf: $5,304.93 Date: 7/31/2016
Perf: $5,297.52 Date: 6/30/2016
Perf: $5,109.00 Date: 5/31/2016
Perf: $5,095.75 Date: 4/30/2016
Perf: $5,005.65 Date: 3/31/2016
Perf: $4,986.20 Date: 2/29/2016
Perf: $4,669.60 Date: 1/31/2016
Perf: $4,675.68 Date: 12/31/2015
Perf: $4,919.70 Date: 11/30/2015
Perf: $4,998.67 Date: 10/31/2015
Perf: $4,983.72 Date: 9/30/2015
Perf: $4,595.84 Date: 8/31/2015
Perf: $4,712.23 Date: 7/31/2015
Perf: $5,014.61 Date: 6/30/2015
Perf: $4,911.47 Date: 5/31/2015
Perf: $5,008.63 Date: 4/30/2015
Perf: $4,944.85 Date: 3/31/2015
Perf: $4,897.83 Date: 2/28/2015
Perf: $4,976.46 Date: 1/31/2015
Perf: $4,705.87 Date: 12/31/2014
Perf: $4,851.41 Date: 11/30/2014
Perf: $4,863.57 Date: 10/31/2014
Perf: $4,736.17 Date: 9/30/2014
Perf: $4,623.36 Date: 8/31/2014
Perf: $4,689.00 Date: 7/31/2014
Perf: $4,508.66 Date: 6/30/2014
Perf: $4,571.75 Date: 5/31/2014
Perf: $4,479.03 Date: 4/30/2014
Perf: $4,376.19 Date: 3/31/2014
Perf: $4,344.04 Date: 2/28/2014
Perf: $4,307.86 Date: 1/31/2014
Perf: $4,119.59 Date: 12/31/2013
Perf: $4,267.24 Date: 11/30/2013
Perf: $4,161.94 Date: 10/31/2013
Perf: $4,038.76 Date: 9/30/2013
Perf: $3,861.15 Date: 8/31/2013
Perf: $3,743.60 Date: 7/31/2013
Perf: $3,855.40 Date: 6/30/2013
Perf: $3,668.67 Date: 5/31/2013
Perf: $3,718.50 Date: 4/30/2013
Perf: $3,633.47 Date: 3/31/2013
Perf: $3,564.68 Date: 2/28/2013
Perf: $3,435.83 Date: 1/31/2013
Perf: $3,389.73 Date: 12/31/2012
Perf: $3,222.79 Date: 11/30/2012
Perf: $3,193.73 Date: 10/31/2012
Perf: $3,175.31 Date: 9/30/2012
Perf: $3,235.16 Date: 8/31/2012
Perf: $3,153.79 Date: 7/31/2012
Perf: $3,084.39 Date: 6/30/2012
Perf: $3,042.11 Date: 5/31/2012
Perf: $2,921.73 Date: 4/30/2012
Perf: $3,108.56 Date: 3/31/2012
Perf: $3,128.27 Date: 2/29/2012
Perf: $3,028.62 Date: 1/31/2012
Perf: $2,903.21 Date: 12/31/2011
Perf: $2,778.72 Date: 11/30/2011
Perf: $2,750.66 Date: 10/31/2011
Perf: $2,756.73 Date: 9/30/2011
Perf: $2,485.11 Date: 8/31/2011
Perf: $2,673.02 Date: 7/31/2011
Perf: $2,826.50 Date: 6/30/2011
Perf: $2,885.06 Date: 5/31/2011
Perf: $2,934.06 Date: 4/30/2011
Perf: $2,967.60 Date: 3/31/2011
Perf: $2,882.28 Date: 2/28/2011
Perf: $2,881.13 Date: 1/31/2011
Perf: $2,785.58 Date: 12/31/2010
Perf: $2,721.09 Date: 11/30/2010
Perf: $2,550.71 Date: 10/31/2010
Perf: $2,550.45 Date: 9/30/2010
Perf: $2,456.85 Date: 8/31/2010
Perf: $2,255.64 Date: 7/31/2010
Perf: $2,362.18 Date: 6/30/2010
Perf: $2,207.44 Date: 5/31/2010
Perf: $2,329.26 Date: 4/30/2010
Perf: $2,531.52 Date: 3/31/2010
Perf: $2,492.15 Date: 2/28/2010
Perf: $2,350.42 Date: 1/31/2010
Perf: $2,279.75 Date: 12/31/2009
Perf: $2,364.88 Date: 11/30/2009
Perf: $2,320.10 Date: 10/31/2009
Perf: $2,188.78 Date: 9/30/2009
Perf: $2,230.26 Date: 8/31/2009
Perf: $2,150.06 Date: 7/31/2009
Perf: $2,075.15 Date: 6/30/2009
Perf: $1,929.29 Date: 5/31/2009
Perf: $1,925.44 Date: 4/30/2009
Perf: $1,823.51 Date: 3/31/2009
Perf: $1,664.24 Date: 2/28/2009
Perf: $1,530.20 Date: 1/31/2009
Perf: $1,712.59 Date: 12/31/2008
Perf: $1,870.25 Date: 11/30/2008
Perf: $1,850.63 Date: 10/31/2008
Perf: $1,993.79 Date: 9/30/2008
Perf: $2,396.09 Date: 8/31/2008
Perf: $2,630.46 Date: 7/31/2008
Perf: $2,592.87 Date: 6/30/2008
Perf: $2,614.83 Date: 5/31/2008
Perf: $2,855.56 Date: 4/30/2008
Perf: $2,818.91 Date: 3/31/2008
Perf: $2,688.00 Date: 2/29/2008
Perf: $2,699.61 Date: 1/31/2008
Perf: $2,790.30 Date: 12/31/2007
Perf: $2,968.40 Date: 11/30/2007
Perf: $2,989.03 Date: 10/31/2007
Perf: $3,119.42 Date: 9/30/2007
Perf: $3,070.59 Date: 8/31/2007
Perf: $2,959.89 Date: 7/31/2007
Perf: $2,916.15 Date: 6/30/2007
Perf: $3,009.44 Date: 5/31/2007
Perf: $3,060.25 Date: 4/30/2007
Perf: $2,957.04 Date: 3/31/2007
Perf: $2,831.60 Date: 2/28/2007
Perf: $2,800.24 Date: 1/31/2007
Perf: $2,856.22 Date: 12/31/2006
Perf: $2,813.74 Date: 11/30/2006
Perf: $2,774.89 Date: 10/31/2006
Perf: $2,723.15 Date: 9/30/2006
Perf: $2,637.18 Date: 8/31/2006
Perf: $2,570.85 Date: 7/31/2006
Perf: $2,511.08 Date: 6/30/2006
Perf: $2,495.61 Date: 5/31/2006
Perf: $2,492.12 Date: 4/30/2006
Perf: $2,566.02 Date: 3/31/2006
Perf: $2,532.09 Date: 2/28/2006
Perf: $2,501.08 Date: 1/31/2006
Perf: $2,494.35 Date: 12/31/2005
Perf: $2,429.95 Date: 11/30/2005
Perf: $2,429.22 Date: 10/31/2005
Perf: $2,340.74 Date: 9/30/2005
Perf: $2,380.50 Date: 8/31/2005
Perf: $2,361.37 Date: 7/31/2005
Perf: $2,383.06 Date: 6/30/2005
Perf: $2,297.59 Date: 5/31/2005
Perf: $2,294.37 Date: 4/30/2005
Perf: $2,223.66 Date: 3/31/2005
Perf: $2,266.73 Date: 2/28/2005
Perf: $2,307.57 Date: 1/31/2005
Perf: $2,260.11 Date: 12/31/2004
Perf: $2,316.64 Date: 11/30/2004
Perf: $2,240.46 Date: 10/31/2004
Perf: $2,153.25 Date: 9/30/2004
Perf: $2,120.81 Date: 8/31/2004
Perf: $2,098.15 Date: 7/31/2004
Perf: $2,089.79 Date: 6/30/2004
Perf: $2,161.33 Date: 5/31/2004
Perf: $2,120.20 Date: 4/30/2004
Perf: $2,091.54 Date: 3/31/2004
Perf: $2,124.90 Date: 2/29/2004
Perf: $2,157.48 Date: 1/31/2004
Perf: $2,127.90 Date: 12/31/2003
Perf: $2,089.46 Date: 11/30/2003
Perf: $1,985.42 Date: 10/31/2003
Perf: $1,968.10 Date: 9/30/2003
Perf: $1,862.67 Date: 8/31/2003
Perf: $1,882.63 Date: 7/31/2003
Perf: $1,846.62 Date: 6/30/2003
Perf: $1,814.68 Date: 5/31/2003
Perf: $1,791.75 Date: 4/30/2003
Perf: $1,702.05 Date: 3/31/2003
Perf: $1,572.48 Date: 2/28/2003
Perf: $1,557.37 Date: 1/31/2003
Perf: $1,581.09 Date: 12/31/2002
Perf: $1,623.63 Date: 11/30/2002
Perf: $1,724.88 Date: 10/31/2002
Perf: $1,628.93 Date: 9/30/2002
Perf: $1,497.18 Date: 8/31/2002
Perf: $1,679.77 Date: 7/31/2002
Perf: $1,668.76 Date: 6/30/2002
Perf: $1,809.93 Date: 5/31/2002
Perf: $1,948.68 Date: 4/30/2002
Perf: $1,963.21 Date: 3/31/2002
Perf: $2,089.85 Date: 2/28/2002
Perf: $2,014.12 Date: 1/31/2002
Perf: $2,053.76 Date: 12/31/2001
Perf: $2,084.19 Date: 11/30/2001
Perf: $2,066.01 Date: 10/31/2001
Perf: $1,918.83 Date: 9/30/2001
Perf: $1,882.87 Date: 8/31/2001
Perf: $2,048.38 Date: 7/31/2001
Perf: $2,185.17 Date: 6/30/2001
Perf: $2,206.80 Date: 5/31/2001
Perf: $2,261.76 Date: 4/30/2001
Perf: $2,246.70 Date: 3/31/2001
Perf: $2,084.72 Date: 2/28/2001
Perf: $2,225.84 Date: 1/31/2001
Perf: $2,449.21 Date: 12/31/2000
Perf: $2,365.24 Date: 11/30/2000
Perf: $2,353.71 Date: 10/31/2000
Perf: $2,555.05 Date: 9/30/2000
Perf: $2,565.82 Date: 8/31/2000
Perf: $2,708.85 Date: 7/31/2000
Perf: $2,550.46 Date: 6/30/2000
Perf: $2,590.88 Date: 5/31/2000
Perf: $2,528.43 Date: 4/30/2000
Perf: $2,581.35 Date: 3/31/2000
Perf: $2,661.46 Date: 2/29/2000
Perf: $2,424.36 Date: 1/31/2000
Perf: $2,471.06 Date: 12/31/1999
Perf: $2,601.66 Date: 11/30/1999
Perf: $2,456.95 Date: 10/31/1999
Perf: $2,408.06 Date: 9/30/1999
Perf: $2,264.71 Date: 8/31/1999
Perf: $2,328.51 Date: 7/31/1999
Perf: $2,339.98 Date: 6/30/1999
Perf: $2,415.33 Date: 5/31/1999
Perf: $2,288.33 Date: 4/30/1999
Perf: $2,343.64 Date: 3/31/1999
Perf: $2,256.32 Date: 2/28/1999
Perf: $2,169.54 Date: 1/31/1999
Perf: $2,239.18 Date: 12/31/1998
Perf: $2,149.34 Date: 11/30/1998
Perf: $2,032.28 Date: 10/31/1998
Perf: $1,916.16 Date: 9/30/1998
Perf: $1,772.09 Date: 8/31/1998
Perf: $1,665.34 Date: 7/31/1998
Perf: $1,946.85 Date: 6/30/1998
Perf: $1,967.71 Date: 5/31/1998
Perf: $1,890.94 Date: 4/30/1998
Perf: $1,924.03 Date: 3/31/1998
Perf: $1,904.79 Date: 2/28/1998
Perf: $1,812.02 Date: 1/31/1998
Perf: $1,690.16 Date: 12/31/1997
Perf: $1,671.60 Date: 11/30/1997
Perf: $1,643.34 Date: 10/31/1997
Perf: $1,570.62 Date: 9/30/1997
Perf: $1,624.89 Date: 8/31/1997
Perf: $1,540.47 Date: 7/31/1997
Perf: $1,631.86 Date: 6/30/1997
Perf: $1,511.54 Date: 5/31/1997
Perf: $1,446.72 Date: 4/30/1997
Perf: $1,363.68 Date: 3/31/1997
Perf: $1,286.85 Date: 2/28/1997
Perf: $1,342.01 Date: 1/31/1997
Perf: $1,331.62 Date: 12/31/1996
Perf: $1,253.29 Date: 11/30/1996
Perf: $1,278.61 Date: 10/31/1996
Perf: $1,188.74 Date: 9/30/1996
Perf: $1,156.81 Date: 8/31/1996
Perf: $1,095.15 Date: 7/31/1996
Perf: $1,072.52 Date: 6/30/1996
Perf: $1,122.12 Date: 5/31/1996
Perf: $1,117.87 Date: 4/30/1996
Perf: $1,089.76 Date: 3/31/1996
Perf: $1,073.97 Date: 2/29/1996
Perf: $1,063.76 Date: 1/31/1996
Perf: $1,053.96 Date: 12/31/1995
Perf: $1,019.30 Date: 11/30/1995
Perf: $1,000.00 Date: 4/30/2017
Perf: $5,784.11 Date: 3/31/2017
Perf: $5,833.69 Date: 2/28/2017
Perf: $5,911.13 Date: 1/31/2017
Perf: $5,648.47 Date: 12/31/2016
Perf: $5,722.87 Date: 11/30/2016
Perf: $5,605.16 Date: 10/31/2016
Perf: $5,750.07 Date: 9/30/2016
Perf: $6,113.19 Date: 8/31/2016
Perf: $6,005.69 Date: 7/31/2016
Perf: $6,177.42 Date: 6/30/2016
Perf: $6,128.39 Date: 5/31/2016
Perf: $5,871.79 Date: 4/30/2016
Perf: $5,880.62 Date: 3/31/2016
Perf: $5,944.22 Date: 2/29/2016
Perf: $6,276.23 Date: 1/31/2016
Perf: $6,119.57 Date: 12/31/2015
Perf: $5,962.75 Date: 11/30/2015
Perf: $6,206.67 Date: 10/31/2015
Perf: $6,124.00 Date: 9/30/2015
Perf: $6,151.68 Date: 8/31/2015
Perf: $6,118.03 Date: 7/31/2015
Perf: $6,745.35 Date: 6/30/2015
Perf: $6,590.47 Date: 5/31/2015
Perf: $7,155.78 Date: 4/30/2015
Perf: $7,225.14 Date: 3/31/2015
Perf: $7,969.49 Date: 2/28/2015
Perf: $7,729.87 Date: 1/31/2015
Perf: $7,602.15 Date: 12/31/2014
Perf: $6,697.34 Date: 11/30/2014
Perf: $6,582.80 Date: 10/31/2014
Perf: $5,880.65 Date: 9/30/2014
Perf: $6,107.86 Date: 8/31/2014
Perf: $6,225.52 Date: 7/31/2014
Perf: $5,922.30 Date: 6/30/2014
Perf: $6,109.87 Date: 5/31/2014
Perf: $6,046.39 Date: 4/30/2014
Perf: $5,762.86 Date: 3/31/2014
Perf: $5,632.74 Date: 2/28/2014
Perf: $5,789.04 Date: 1/31/2014
Perf: $5,661.10 Date: 12/31/2013
Perf: $5,945.29 Date: 11/30/2013
Perf: $6,076.54 Date: 10/31/2013
Perf: $5,940.50 Date: 9/30/2013
Perf: $5,750.73 Date: 8/31/2013
Perf: $5,773.82 Date: 7/31/2013
Perf: $5,990.69 Date: 6/30/2013
Perf: $6,050.59 Date: 5/31/2013
Perf: $6,729.60 Date: 4/30/2013
Perf: $6,976.58 Date: 3/31/2013
Perf: $6,799.78 Date: 2/28/2013
Perf: $6,884.46 Date: 1/31/2013
Perf: $7,115.72 Date: 12/31/2012
Perf: $6,769.14 Date: 11/30/2012
Perf: $6,820.98 Date: 10/31/2012
Perf: $6,761.48 Date: 9/30/2012
Perf: $7,589.49 Date: 8/31/2012
Perf: $7,613.09 Date: 7/31/2012
Perf: $7,497.63 Date: 6/30/2012
Perf: $7,016.97 Date: 5/31/2012
Perf: $7,258.68 Date: 4/30/2012
Perf: $7,350.56 Date: 3/31/2012
Perf: $7,376.38 Date: 2/29/2012
Perf: $7,484.15 Date: 1/31/2012
Perf: $7,196.30 Date: 12/31/2011
Perf: $7,015.31 Date: 11/30/2011
Perf: $7,079.02 Date: 10/31/2011
Perf: $7,373.98 Date: 9/30/2011
Perf: $7,609.88 Date: 8/31/2011
Perf: $8,416.15 Date: 7/31/2011
Perf: $8,699.76 Date: 6/30/2011
Perf: $8,395.83 Date: 5/31/2011
Perf: $8,743.84 Date: 4/30/2011
Perf: $9,198.23 Date: 3/31/2011
Perf: $8,756.88 Date: 2/28/2011
Perf: $9,013.78 Date: 1/31/2011
Perf: $8,829.24 Date: 12/31/2010
Perf: $8,875.40 Date: 11/30/2010
Perf: $8,190.66 Date: 10/31/2010
Perf: $8,247.57 Date: 9/30/2010
Perf: $7,752.93 Date: 8/31/2010
Perf: $7,485.69 Date: 7/31/2010
Perf: $7,088.05 Date: 6/30/2010
Perf: $6,955.89 Date: 5/31/2010
Perf: $6,993.65 Date: 4/30/2010
Perf: $7,439.27 Date: 3/31/2010
Perf: $7,351.78 Date: 2/28/2010
Perf: $6,847.15 Date: 1/31/2010
Perf: $6,855.37 Date: 12/31/2009
Perf: $7,634.04 Date: 11/30/2009
Perf: $8,210.42 Date: 10/31/2009
Perf: $7,552.59 Date: 9/30/2009
Perf: $7,828.95 Date: 8/31/2009
Perf: $7,698.84 Date: 7/31/2009
Perf: $7,335.72 Date: 6/30/2009
Perf: $7,442.14 Date: 5/31/2009
Perf: $7,696.11 Date: 4/30/2009
Perf: $7,191.96 Date: 3/31/2009
Perf: $7,518.25 Date: 2/28/2009
Perf: $7,883.24 Date: 1/31/2009
Perf: $8,137.12 Date: 12/31/2008
Perf: $8,670.35 Date: 11/30/2008
Perf: $7,689.21 Date: 10/31/2008
Perf: $6,622.92 Date: 9/30/2008
Perf: $5,821.32 Date: 8/31/2008
Perf: $6,357.23 Date: 7/31/2008
Perf: $6,563.32 Date: 6/30/2008
Perf: $7,486.40 Date: 5/31/2008
Perf: $6,954.39 Date: 4/30/2008
Perf: $6,818.02 Date: 3/31/2008
Perf: $6,677.14 Date: 2/29/2008
Perf: $7,124.56 Date: 1/31/2008
Perf: $5,936.14 Date: 12/31/2007
Perf: $5,435.53 Date: 11/30/2007
Perf: $5,237.55 Date: 10/31/2007
Perf: $5,216.69 Date: 9/30/2007
Perf: $4,860.42 Date: 8/31/2007
Perf: $4,035.55 Date: 7/31/2007
Perf: $4,315.63 Date: 6/30/2007
Perf: $4,456.00 Date: 5/31/2007
Perf: $4,465.38 Date: 4/30/2007
Perf: $4,470.74 Date: 3/31/2007
Perf: $4,131.54 Date: 2/28/2007
Perf: $4,356.33 Date: 1/31/2007
Perf: $4,354.15 Date: 12/31/2006
Perf: $4,626.66 Date: 11/30/2006
Perf: $4,699.03 Date: 10/31/2006
Perf: $4,500.55 Date: 9/30/2006
Perf: $4,076.96 Date: 8/31/2006
Perf: $4,059.90 Date: 7/31/2006
Perf: $4,078.26 Date: 6/30/2006
Perf: $4,367.84 Date: 5/31/2006
Perf: $4,373.53 Date: 4/30/2006
Perf: $4,483.83 Date: 3/31/2006
Perf: $3,837.91 Date: 2/28/2006
Perf: $3,651.33 Date: 1/31/2006
Perf: $3,843.50 Date: 12/31/2005
Perf: $3,426.80 Date: 11/30/2005
Perf: $3,184.47 Date: 10/31/2005
Perf: $2,966.16 Date: 9/30/2005
Perf: $3,264.54 Date: 8/31/2005
Perf: $3,285.89 Date: 7/31/2005
Perf: $3,016.52 Date: 6/30/2005
Perf: $3,146.14 Date: 5/31/2005
Perf: $2,922.84 Date: 4/30/2005
Perf: $2,849.32 Date: 3/31/2005
Perf: $2,784.17 Date: 2/28/2005
Perf: $2,707.02 Date: 1/31/2005
Perf: $2,693.82 Date: 12/31/2004
Perf: $2,816.63 Date: 11/30/2004
Perf: $2,930.94 Date: 10/31/2004
Perf: $2,801.77 Date: 9/30/2004
Perf: $2,740.39 Date: 8/31/2004
Perf: $2,767.23 Date: 7/31/2004
Perf: $2,955.50 Date: 6/30/2004
Perf: $2,929.42 Date: 5/31/2004
Perf: $3,084.25 Date: 4/30/2004
Perf: $3,178.99 Date: 3/31/2004
Perf: $3,295.31 Date: 2/29/2004
Perf: $3,376.00 Date: 1/31/2004
Perf: $3,145.44 Date: 12/31/2003
Perf: $3,119.85 Date: 11/30/2003
Perf: $2,971.57 Date: 10/31/2003
Perf: $2,998.26 Date: 9/30/2003
Perf: $2,733.14 Date: 8/31/2003
Perf: $2,724.42 Date: 7/31/2003
Perf: $2,765.07 Date: 6/30/2003
Perf: $2,777.85 Date: 5/31/2003
Perf: $2,880.39 Date: 4/30/2003
Perf: $2,601.04 Date: 3/31/2003
Perf: $2,643.33 Date: 2/28/2003
Perf: $2,724.24 Date: 1/31/2003
Perf: $2,608.43 Date: 12/31/2002
Perf: $2,503.77 Date: 11/30/2002
Perf: $2,329.09 Date: 10/31/2002
Perf: $2,464.38 Date: 9/30/2002
Perf: $2,653.01 Date: 8/31/2002
Perf: $2,481.31 Date: 7/31/2002
Perf: $2,379.92 Date: 6/30/2002
Perf: $2,268.75 Date: 5/31/2002
Perf: $2,121.72 Date: 4/30/2002
Perf: $2,093.66 Date: 3/31/2002
Perf: $2,286.41 Date: 2/28/2002
Perf: $2,163.11 Date: 1/31/2002
Perf: $2,314.48 Date: 12/31/2001
Perf: $2,373.58 Date: 11/30/2001
Perf: $2,362.01 Date: 10/31/2001
Perf: $2,439.08 Date: 9/30/2001
Perf: $2,315.22 Date: 8/31/2001
Perf: $2,107.81 Date: 7/31/2001
Perf: $2,069.52 Date: 6/30/2001
Perf: $2,080.34 Date: 5/31/2001
Perf: $2,099.66 Date: 4/30/2001
Perf: $2,105.34 Date: 3/31/2001
Perf: $2,260.89 Date: 2/28/2001
Perf: $2,045.87 Date: 1/31/2001
Perf: $1,995.58 Date: 12/31/2000
Perf: $2,004.00 Date: 11/30/2000
Perf: $1,924.70 Date: 10/31/2000
Perf: $1,819.01 Date: 9/30/2000
Perf: $1,784.40 Date: 8/31/2000
Perf: $1,790.49 Date: 7/31/2000
Perf: $1,744.43 Date: 6/30/2000
Perf: $1,798.38 Date: 5/31/2000
Perf: $1,819.86 Date: 4/30/2000
Perf: $1,776.16 Date: 3/31/2000
Perf: $1,822.08 Date: 2/29/2000
Perf: $1,854.91 Date: 1/31/2000
Perf: $1,862.36 Date: 12/31/1999
Perf: $1,869.47 Date: 11/30/1999
Perf: $1,832.63 Date: 10/31/1999
Perf: $1,715.79 Date: 9/30/1999
Perf: $1,815.65 Date: 8/31/1999
Perf: $1,815.28 Date: 7/31/1999
Perf: $1,784.24 Date: 6/30/1999
Perf: $1,775.18 Date: 5/31/1999
Perf: $1,714.49 Date: 4/30/1999
Perf: $1,727.45 Date: 3/31/1999
Perf: $1,630.90 Date: 2/28/1999
Perf: $1,687.43 Date: 1/31/1999
Perf: $1,657.75 Date: 12/31/1998
Perf: $1,795.85 Date: 11/30/1998
Perf: $1,698.53 Date: 10/31/1998
Perf: $1,649.38 Date: 9/30/1998
Perf: $1,674.49 Date: 8/31/1998
Perf: $1,633.49 Date: 7/31/1998
Perf: $1,414.77 Date: 6/30/1998
Perf: $1,446.74 Date: 5/31/1998
Perf: $1,394.85 Date: 4/30/1998
Perf: $1,413.94 Date: 3/31/1998
Perf: $1,537.06 Date: 2/28/1998
Perf: $1,548.21 Date: 1/31/1998
Perf: $1,507.65 Date: 12/31/1997
Perf: $1,455.82 Date: 11/30/1997
Perf: $1,353.25 Date: 10/31/1997
Perf: $1,370.24 Date: 9/30/1997
Perf: $1,317.28 Date: 8/31/1997
Perf: $1,355.65 Date: 7/31/1997
Perf: $1,438.36 Date: 6/30/1997
Perf: $1,400.00 Date: 5/31/1997
Perf: $1,448.22 Date: 4/30/1997
Perf: $1,371.94 Date: 3/31/1997
Perf: $1,451.18 Date: 2/28/1997
Perf: $1,413.16 Date: 1/31/1997
Perf: $1,351.40 Date: 12/31/1996
Perf: $1,321.54 Date: 11/30/1996
Perf: $1,262.94 Date: 10/31/1996
Perf: $1,203.14 Date: 9/30/1996
Perf: $1,044.21 Date: 8/31/1996
Perf: $1,061.08 Date: 7/31/1996
Perf: $1,059.07 Date: 6/30/1996
Perf: $1,141.61 Date: 5/31/1996
Perf: $1,143.21 Date: 4/30/1996
Perf: $1,262.66 Date: 3/31/1996
Perf: $1,189.16 Date: 2/29/1996
Perf: $1,065.37 Date: 1/31/1996
Perf: $1,164.34 Date: 12/31/1995
Perf: $1,145.10 Date: 11/30/1995
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 11/95 - 04/17
Date: 4/30/2017
Return: -0.85 % Date: 3/31/2017
Return: -1.31 % Date: 2/28/2017
Return: 4.65 % Date: 1/31/2017
Return: -1.30 % Date: 12/31/2016
Return: 2.10 % Date: 11/30/2016
Return: -2.52 % Date: 10/31/2016
Return: -5.94 % Date: 9/30/2016
Return: 1.79 % Date: 8/31/2016
Return: -2.78 % Date: 7/31/2016
Return: 0.80 % Date: 6/30/2016
Return: 4.37 % Date: 5/31/2016
Return: -0.15 % Date: 4/30/2016
Return: -1.07 % Date: 3/31/2016
Return: -5.29 % Date: 2/29/2016
Return: 2.56 % Date: 1/31/2016
Return: 2.63 % Date: 12/31/2015
Return: -3.93 % Date: 11/30/2015
Return: 1.35 % Date: 10/31/2015
Return: -0.45 % Date: 9/30/2015
Return: 0.55 % Date: 8/31/2015
Return: -9.30 % Date: 7/31/2015
Return: 2.35 % Date: 6/30/2015
Return: -7.90 % Date: 5/31/2015
Return: -0.96 % Date: 4/30/2015
Return: -9.34 % Date: 3/31/2015
Return: 3.10 % Date: 2/28/2015
Return: 1.68 % Date: 1/31/2015
Return: 13.51 % Date: 12/31/2014
Return: 1.74 % Date: 11/30/2014
Return: 11.94 % Date: 10/31/2014
Return: -3.72 % Date: 9/30/2014
Return: -1.89 % Date: 8/31/2014
Return: 5.12 % Date: 7/31/2014
Return: -3.07 % Date: 6/30/2014
Return: 1.05 % Date: 5/31/2014
Return: 4.92 % Date: 4/30/2014
Return: 2.31 % Date: 3/31/2014
Return: -2.70 % Date: 2/28/2014
Return: 2.26 % Date: 1/31/2014
Return: -4.78 % Date: 12/31/2013
Return: -2.16 % Date: 11/30/2013
Return: 2.29 % Date: 10/31/2013
Return: 3.30 % Date: 9/30/2013
Return: -0.40 % Date: 8/31/2013
Return: -3.62 % Date: 7/31/2013
Return: -0.99 % Date: 6/30/2013
Return: -10.09 % Date: 5/31/2013
Return: -3.54 % Date: 4/30/2013
Return: 2.60 % Date: 3/31/2013
Return: -1.23 % Date: 2/28/2013
Return: -3.25 % Date: 1/31/2013
Return: 5.12 % Date: 12/31/2012
Return: -0.76 % Date: 11/30/2012
Return: 0.88 % Date: 10/31/2012
Return: -10.91 % Date: 9/30/2012
Return: -0.31 % Date: 8/31/2012
Return: 1.54 % Date: 7/31/2012
Return: 6.85 % Date: 6/30/2012
Return: -3.33 % Date: 5/31/2012
Return: -1.25 % Date: 4/30/2012
Return: -0.35 % Date: 3/31/2012
Return: -1.44 % Date: 2/29/2012
Return: 4.00 % Date: 1/31/2012
Return: 2.58 % Date: 12/31/2011
Return: -0.90 % Date: 11/30/2011
Return: -4.00 % Date: 10/31/2011
Return: -3.10 % Date: 9/30/2011
Return: -9.58 % Date: 8/31/2011
Return: -3.26 % Date: 7/31/2011
Return: 3.62 % Date: 6/30/2011
Return: -3.98 % Date: 5/31/2011
Return: -4.94 % Date: 4/30/2011
Return: 5.04 % Date: 3/31/2011
Return: -2.85 % Date: 2/28/2011
Return: 2.09 % Date: 1/31/2011
Return: -0.52 % Date: 12/31/2010
Return: 8.36 % Date: 11/30/2010
Return: -0.69 % Date: 10/31/2010
Return: 6.38 % Date: 9/30/2010
Return: 3.57 % Date: 8/31/2010
Return: 5.61 % Date: 7/31/2010
Return: 1.90 % Date: 6/30/2010
Return: -0.54 % Date: 5/31/2010
Return: -5.99 % Date: 4/30/2010
Return: 1.19 % Date: 3/31/2010
Return: 7.37 % Date: 2/28/2010
Return: -0.12 % Date: 1/31/2010
Return: -10.20 % Date: 12/31/2009
Return: -7.02 % Date: 11/30/2009
Return: 8.71 % Date: 10/31/2009
Return: -3.53 % Date: 9/30/2009
Return: 1.69 % Date: 8/31/2009
Return: 4.95 % Date: 7/31/2009
Return: -1.43 % Date: 6/30/2009
Return: -3.30 % Date: 5/31/2009
Return: 7.01 % Date: 4/30/2009
Return: -4.34 % Date: 3/31/2009
Return: -4.63 % Date: 2/28/2009
Return: -3.12 % Date: 1/31/2009
Return: -6.15 % Date: 12/31/2008
Return: 12.76 % Date: 11/30/2008
Return: 16.10 % Date: 10/31/2008
Return: 13.77 % Date: 9/30/2008
Return: -8.43 % Date: 8/31/2008
Return: -3.14 % Date: 7/31/2008
Return: -12.33 % Date: 6/30/2008
Return: 7.65 % Date: 5/31/2008
Return: 2.00 % Date: 4/30/2008
Return: 2.11 % Date: 3/31/2008
Return: -6.28 % Date: 2/29/2008
Return: 20.02 % Date: 1/31/2008
Return: 9.21 % Date: 12/31/2007
Return: 3.78 % Date: 11/30/2007
Return: 0.40 % Date: 10/31/2007
Return: 7.33 % Date: 9/30/2007
Return: 20.44 % Date: 8/31/2007
Return: -6.49 % Date: 7/31/2007
Return: -3.15 % Date: 6/30/2007
Return: -0.21 % Date: 5/31/2007
Return: -0.12 % Date: 4/30/2007
Return: 8.21 % Date: 3/31/2007
Return: -5.16 % Date: 2/28/2007
Return: 0.05 % Date: 1/31/2007
Return: -5.89 % Date: 12/31/2006
Return: -1.54 % Date: 11/30/2006
Return: 4.41 % Date: 10/31/2006
Return: 10.39 % Date: 9/30/2006
Return: 0.42 % Date: 8/31/2006
Return: -0.45 % Date: 7/31/2006
Return: -6.63 % Date: 6/30/2006
Return: -0.13 % Date: 5/31/2006
Return: -2.46 % Date: 4/30/2006
Return: 16.83 % Date: 3/31/2006
Return: 5.11 % Date: 2/28/2006
Return: -5.00 % Date: 1/31/2006
Return: 12.16 % Date: 12/31/2005
Return: 7.61 % Date: 11/30/2005
Return: 7.36 % Date: 10/31/2005
Return: -9.14 % Date: 9/30/2005
Return: -0.65 % Date: 8/31/2005
Return: 8.93 % Date: 7/31/2005
Return: -4.12 % Date: 6/30/2005
Return: 7.64 % Date: 5/31/2005
Return: 2.58 % Date: 4/30/2005
Return: 2.34 % Date: 3/31/2005
Return: 2.85 % Date: 2/28/2005
Return: 0.49 % Date: 1/31/2005
Return: -4.36 % Date: 12/31/2004
Return: -3.90 % Date: 11/30/2004
Return: 4.61 % Date: 10/31/2004
Return: 2.24 % Date: 9/30/2004
Return: -0.97 % Date: 8/31/2004
Return: -6.37 % Date: 7/31/2004
Return: 0.89 % Date: 6/30/2004
Return: -5.02 % Date: 5/31/2004
Return: -2.98 % Date: 4/30/2004
Return: -3.53 % Date: 3/31/2004
Return: -2.39 % Date: 2/29/2004
Return: 7.33 % Date: 1/31/2004
Return: 0.82 % Date: 12/31/2003
Return: 4.99 % Date: 11/30/2003
Return: -0.89 % Date: 10/31/2003
Return: 9.70 % Date: 9/30/2003
Return: 0.32 % Date: 8/31/2003
Return: -1.47 % Date: 7/31/2003
Return: -0.46 % Date: 6/30/2003
Return: -3.56 % Date: 5/31/2003
Return: 10.74 % Date: 4/30/2003
Return: -1.60 % Date: 3/31/2003
Return: -2.97 % Date: 2/28/2003
Return: 4.44 % Date: 1/31/2003
Return: 4.18 % Date: 12/31/2002
Return: 7.50 % Date: 11/30/2002
Return: -5.49 % Date: 10/31/2002
Return: -7.11 % Date: 9/30/2002
Return: 6.92 % Date: 8/31/2002
Return: 4.26 % Date: 7/31/2002
Return: 4.90 % Date: 6/30/2002
Return: 6.93 % Date: 5/31/2002
Return: 1.34 % Date: 4/30/2002
Return: -8.43 % Date: 3/31/2002
Return: 5.70 % Date: 2/28/2002
Return: -6.54 % Date: 1/31/2002
Return: -2.49 % Date: 12/31/2001
Return: 0.49 % Date: 11/30/2001
Return: -3.16 % Date: 10/31/2001
Return: 5.35 % Date: 9/30/2001
Return: 9.84 % Date: 8/31/2001
Return: 1.85 % Date: 7/31/2001
Return: -0.52 % Date: 6/30/2001
Return: -0.92 % Date: 5/31/2001
Return: -0.27 % Date: 4/30/2001
Return: -6.88 % Date: 3/31/2001
Return: 10.51 % Date: 2/28/2001
Return: 2.52 % Date: 1/31/2001
Return: -0.42 % Date: 12/31/2000
Return: 4.12 % Date: 11/30/2000
Return: 5.81 % Date: 10/31/2000
Return: 1.94 % Date: 9/30/2000
Return: -0.34 % Date: 8/31/2000
Return: 2.64 % Date: 7/31/2000
Return: -3.00 % Date: 6/30/2000
Return: -1.18 % Date: 5/31/2000
Return: 2.46 % Date: 4/30/2000
Return: -2.52 % Date: 3/31/2000
Return: -1.77 % Date: 2/29/2000
Return: -0.40 % Date: 1/31/2000
Return: -0.38 % Date: 12/31/1999
Return: 2.01 % Date: 11/30/1999
Return: 6.81 % Date: 10/31/1999
Return: -5.50 % Date: 9/30/1999
Return: 0.02 % Date: 8/31/1999
Return: 1.74 % Date: 7/31/1999
Return: 0.51 % Date: 6/30/1999
Return: 3.54 % Date: 5/31/1999
Return: -0.75 % Date: 4/30/1999
Return: 5.92 % Date: 3/31/1999
Return: -3.35 % Date: 2/28/1999
Return: 1.79 % Date: 1/31/1999
Return: -7.69 % Date: 12/31/1998
Return: 5.73 % Date: 11/30/1998
Return: 2.98 % Date: 10/31/1998
Return: -1.50 % Date: 9/30/1998
Return: 2.51 % Date: 8/31/1998
Return: 15.46 % Date: 7/31/1998
Return: -2.21 % Date: 6/30/1998
Return: 3.72 % Date: 5/31/1998
Return: -1.35 % Date: 4/30/1998
Return: -8.01 % Date: 3/31/1998
Return: -0.72 % Date: 2/28/1998
Return: 2.69 % Date: 1/31/1998
Return: 3.56 % Date: 12/31/1997
Return: 7.58 % Date: 11/30/1997
Return: -1.24 % Date: 10/31/1997
Return: 4.02 % Date: 9/30/1997
Return: -2.83 % Date: 8/31/1997
Return: -5.75 % Date: 7/31/1997
Return: 2.74 % Date: 6/30/1997
Return: -3.33 % Date: 5/31/1997
Return: 5.56 % Date: 4/30/1997
Return: -5.46 % Date: 3/31/1997
Return: 2.69 % Date: 2/28/1997
Return: 4.57 % Date: 1/31/1997
Return: 2.26 % Date: 12/31/1996
Return: 4.64 % Date: 11/30/1996
Return: 4.97 % Date: 10/31/1996
Return: 15.22 % Date: 9/30/1996
Return: -1.59 % Date: 8/31/1996
Return: 0.19 % Date: 7/31/1996
Return: -7.23 % Date: 6/30/1996
Return: -0.14 % Date: 5/31/1996
Return: -9.46 % Date: 4/30/1996
Return: 6.18 % Date: 3/31/1996
Return: 11.62 % Date: 2/29/1996
Return: -8.50 % Date: 1/31/1996
Return: 1.68 % Date: 12/31/1995
Return: 14.51 % Date: 11/30/1995
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 11/95 - 04/17
Return: -11.00 %
Count: 1 Return: -10.00 %
Count: 3 Return: 13.00 %
Count: 1 Return: 16.00 %
Count: 1 Return: 14.00 %
Count: 2 Return: -12.00 %
Count: 1 Return: 20.00 %
Count: 2 Return: 17.00 %
Count: 1 Return: 9.00 %
Count: 3 Return: -4.00 %
Count: 13 Return: 10.00 %
Count: 3 Return: 11.00 %
Count: 2 Return: 7.00 %
Count: 10 Return: 1.00 %
Count: 10 Return: 8.00 %
Count: 6 Return: -1.00 %
Count: 26 Return: 4.00 %
Count: 14 Return: -6.00 %
Count: 8 Return: -3.00 %
Count: 21 Return: -5.00 %
Count: 10 Return: 3.00 %
Count: 15 Return: 5.00 %
Count: 14 Return: -2.00 %
Count: 11 Return: -7.00 %
Count: 6 Return: -9.00 %
Count: 4 Return: 6.00 %
Count: 8 Return: 12.00 %
Count: 3 Return: -8.00 %
Count: 6 Return: 2.00 %
Count: 24 Return: 15.00 %
Count: 3 Return: 0.00 %
Count: 26
Note: All performance data is since program inception.

Underwater Curve
Date Range: 11/95 - 04/17
Date: 4/30/2017
Drawdown: -37.12 % Date: 3/31/2017
Drawdown: -36.58 % Date: 2/28/2017
Drawdown: -35.74 % Date: 1/31/2017
Drawdown: -38.59 % Date: 12/31/2016
Drawdown: -37.78 % Date: 11/30/2016
Drawdown: -39.06 % Date: 10/31/2016
Drawdown: -37.49 % Date: 9/30/2016
Drawdown: -33.54 % Date: 8/31/2016
Drawdown: -34.71 % Date: 7/31/2016
Drawdown: -32.84 % Date: 6/30/2016
Drawdown: -33.37 % Date: 5/31/2016
Drawdown: -36.16 % Date: 4/30/2016
Drawdown: -36.07 % Date: 3/31/2016
Drawdown: -35.38 % Date: 2/29/2016
Drawdown: -31.77 % Date: 1/31/2016
Drawdown: -33.47 % Date: 12/31/2015
Drawdown: -35.18 % Date: 11/30/2015
Drawdown: -32.52 % Date: 10/31/2015
Drawdown: -33.42 % Date: 9/30/2015
Drawdown: -33.12 % Date: 8/31/2015
Drawdown: -33.49 % Date: 7/31/2015
Drawdown: -26.67 % Date: 6/30/2015
Drawdown: -28.35 % Date: 5/31/2015
Drawdown: -22.20 % Date: 4/30/2015
Drawdown: -21.45 % Date: 3/31/2015
Drawdown: -13.36 % Date: 2/28/2015
Drawdown: -15.96 % Date: 1/31/2015
Drawdown: -17.35 % Date: 12/31/2014
Drawdown: -27.19 % Date: 11/30/2014
Drawdown: -28.43 % Date: 10/31/2014
Drawdown: -36.07 % Date: 9/30/2014
Drawdown: -33.60 % Date: 8/31/2014
Drawdown: -32.32 % Date: 7/31/2014
Drawdown: -35.61 % Date: 6/30/2014
Drawdown: -33.58 % Date: 5/31/2014
Drawdown: -34.27 % Date: 4/30/2014
Drawdown: -37.35 % Date: 3/31/2014
Drawdown: -38.76 % Date: 2/28/2014
Drawdown: -37.06 % Date: 1/31/2014
Drawdown: -38.45 % Date: 12/31/2013
Drawdown: -35.36 % Date: 11/30/2013
Drawdown: -33.94 % Date: 10/31/2013
Drawdown: -35.42 % Date: 9/30/2013
Drawdown: -37.48 % Date: 8/31/2013
Drawdown: -37.23 % Date: 7/31/2013
Drawdown: -34.87 % Date: 6/30/2013
Drawdown: -34.22 % Date: 5/31/2013
Drawdown: -26.84 % Date: 4/30/2013
Drawdown: -24.15 % Date: 3/31/2013
Drawdown: -26.08 % Date: 2/28/2013
Drawdown: -25.15 % Date: 1/31/2013
Drawdown: -22.64 % Date: 12/31/2012
Drawdown: -26.41 % Date: 11/30/2012
Drawdown: -25.84 % Date: 10/31/2012
Drawdown: -26.49 % Date: 9/30/2012
Drawdown: -17.49 % Date: 8/31/2012
Drawdown: -17.23 % Date: 7/31/2012
Drawdown: -18.49 % Date: 6/30/2012
Drawdown: -23.71 % Date: 5/31/2012
Drawdown: -21.09 % Date: 4/30/2012
Drawdown: -20.09 % Date: 3/31/2012
Drawdown: -19.81 % Date: 2/29/2012
Drawdown: -18.63 % Date: 1/31/2012
Drawdown: -21.76 % Date: 12/31/2011
Drawdown: -23.73 % Date: 11/30/2011
Drawdown: -23.04 % Date: 10/31/2011
Drawdown: -19.83 % Date: 9/30/2011
Drawdown: -17.27 % Date: 8/31/2011
Drawdown: -8.50 % Date: 7/31/2011
Drawdown: -5.42 % Date: 6/30/2011
Drawdown: -8.72 % Date: 5/31/2011
Drawdown: -4.94 % Date: 4/30/2011
Drawdown: 0.00 % Date: 3/31/2011
Drawdown: -2.85 % Date: 2/28/2011
Drawdown: 0.00 % Date: 1/31/2011
Drawdown: -0.52 % Date: 12/31/2010
Drawdown: 0.00 % Date: 11/30/2010
Drawdown: -5.53 % Date: 10/31/2010
Drawdown: -4.88 % Date: 9/30/2010
Drawdown: -10.58 % Date: 8/31/2010
Drawdown: -13.66 % Date: 7/31/2010
Drawdown: -18.25 % Date: 6/30/2010
Drawdown: -19.77 % Date: 5/31/2010
Drawdown: -19.34 % Date: 4/30/2010
Drawdown: -14.20 % Date: 3/31/2010
Drawdown: -15.21 % Date: 2/28/2010
Drawdown: -21.03 % Date: 1/31/2010
Drawdown: -20.93 % Date: 12/31/2009
Drawdown: -11.95 % Date: 11/30/2009
Drawdown: -5.30 % Date: 10/31/2009
Drawdown: -12.89 % Date: 9/30/2009
Drawdown: -9.70 % Date: 8/31/2009
Drawdown: -11.20 % Date: 7/31/2009
Drawdown: -15.39 % Date: 6/30/2009
Drawdown: -14.17 % Date: 5/31/2009
Drawdown: -11.24 % Date: 4/30/2009
Drawdown: -17.05 % Date: 3/31/2009
Drawdown: -13.29 % Date: 2/28/2009
Drawdown: -9.08 % Date: 1/31/2009
Drawdown: -6.15 % Date: 12/31/2008
Drawdown: 0.00 % Date: 11/30/2008
Drawdown: 0.00 % Date: 10/31/2008
Drawdown: -11.53 % Date: 9/30/2008
Drawdown: -22.24 % Date: 8/31/2008
Drawdown: -15.08 % Date: 7/31/2008
Drawdown: -12.33 % Date: 6/30/2008
Drawdown: 0.00 % Date: 5/31/2008
Drawdown: -2.39 % Date: 4/30/2008
Drawdown: -4.30 % Date: 3/31/2008
Drawdown: -6.28 % Date: 2/29/2008
Drawdown: 0.00 % Date: 1/31/2008
Drawdown: 0.00 % Date: 12/31/2007
Drawdown: 0.00 % Date: 11/30/2007
Drawdown: 0.00 % Date: 10/31/2007
Drawdown: 0.00 % Date: 9/30/2007
Drawdown: 0.00 % Date: 8/31/2007
Drawdown: -14.12 % Date: 7/31/2007
Drawdown: -8.16 % Date: 6/30/2007
Drawdown: -5.17 % Date: 5/31/2007
Drawdown: -4.97 % Date: 4/30/2007
Drawdown: -4.86 % Date: 3/31/2007
Drawdown: -12.08 % Date: 2/28/2007
Drawdown: -7.29 % Date: 1/31/2007
Drawdown: -7.34 % Date: 12/31/2006
Drawdown: -1.54 % Date: 11/30/2006
Drawdown: 0.00 % Date: 10/31/2006
Drawdown: 0.00 % Date: 9/30/2006
Drawdown: -9.07 % Date: 8/31/2006
Drawdown: -9.45 % Date: 7/31/2006
Drawdown: -9.05 % Date: 6/30/2006
Drawdown: -2.59 % Date: 5/31/2006
Drawdown: -2.46 % Date: 4/30/2006
Drawdown: 0.00 % Date: 3/31/2006
Drawdown: -0.15 % Date: 2/28/2006
Drawdown: -5.00 % Date: 1/31/2006
Drawdown: 0.00 % Date: 12/31/2005
Drawdown: 0.00 % Date: 11/30/2005
Drawdown: -5.67 % Date: 10/31/2005
Drawdown: -12.14 % Date: 9/30/2005
Drawdown: -3.30 % Date: 8/31/2005
Drawdown: -2.67 % Date: 7/31/2005
Drawdown: -10.65 % Date: 6/30/2005
Drawdown: -6.81 % Date: 5/31/2005
Drawdown: -13.42 % Date: 4/30/2005
Drawdown: -15.60 % Date: 3/31/2005
Drawdown: -17.53 % Date: 2/28/2005
Drawdown: -19.82 % Date: 1/31/2005
Drawdown: -20.21 % Date: 12/31/2004
Drawdown: -16.57 % Date: 11/30/2004
Drawdown: -13.18 % Date: 10/31/2004
Drawdown: -17.01 % Date: 9/30/2004
Drawdown: -18.83 % Date: 8/31/2004
Drawdown: -18.03 % Date: 7/31/2004
Drawdown: -12.46 % Date: 6/30/2004
Drawdown: -13.23 % Date: 5/31/2004
Drawdown: -8.64 % Date: 4/30/2004
Drawdown: -5.84 % Date: 3/31/2004
Drawdown: -2.39 % Date: 2/29/2004
Drawdown: 0.00 % Date: 1/31/2004
Drawdown: 0.00 % Date: 12/31/2003
Drawdown: 0.00 % Date: 11/30/2003
Drawdown: -0.89 % Date: 10/31/2003
Drawdown: 0.00 % Date: 9/30/2003
Drawdown: -5.11 % Date: 8/31/2003
Drawdown: -5.41 % Date: 7/31/2003
Drawdown: -4.00 % Date: 6/30/2003
Drawdown: -3.56 % Date: 5/31/2003
Drawdown: 0.00 % Date: 4/30/2003
Drawdown: -4.52 % Date: 3/31/2003
Drawdown: -2.97 % Date: 2/28/2003
Drawdown: 0.00 % Date: 1/31/2003
Drawdown: -1.68 % Date: 12/31/2002
Drawdown: -5.63 % Date: 11/30/2002
Drawdown: -12.21 % Date: 10/31/2002
Drawdown: -7.11 % Date: 9/30/2002
Drawdown: 0.00 % Date: 8/31/2002
Drawdown: 0.00 % Date: 7/31/2002
Drawdown: -2.43 % Date: 6/30/2002
Drawdown: -6.98 % Date: 5/31/2002
Drawdown: -13.01 % Date: 4/30/2002
Drawdown: -14.16 % Date: 3/31/2002
Drawdown: -6.26 % Date: 2/28/2002
Drawdown: -11.31 % Date: 1/31/2002
Drawdown: -5.11 % Date: 12/31/2001
Drawdown: -2.69 % Date: 11/30/2001
Drawdown: -3.16 % Date: 10/31/2001
Drawdown: 0.00 % Date: 9/30/2001
Drawdown: 0.00 % Date: 8/31/2001
Drawdown: -6.77 % Date: 7/31/2001
Drawdown: -8.46 % Date: 6/30/2001
Drawdown: -7.99 % Date: 5/31/2001
Drawdown: -7.13 % Date: 4/30/2001
Drawdown: -6.88 % Date: 3/31/2001
Drawdown: 0.00 % Date: 2/28/2001
Drawdown: 0.00 % Date: 1/31/2001
Drawdown: -0.42 % Date: 12/31/2000
Drawdown: 0.00 % Date: 11/30/2000
Drawdown: 0.00 % Date: 10/31/2000
Drawdown: -2.70 % Date: 9/30/2000
Drawdown: -4.55 % Date: 8/31/2000
Drawdown: -4.22 % Date: 7/31/2000
Drawdown: -6.69 % Date: 6/30/2000
Drawdown: -3.80 % Date: 5/31/2000
Drawdown: -2.65 % Date: 4/30/2000
Drawdown: -4.99 % Date: 3/31/2000
Drawdown: -2.53 % Date: 2/29/2000
Drawdown: -0.78 % Date: 1/31/2000
Drawdown: -0.38 % Date: 12/31/1999
Drawdown: 0.00 % Date: 11/30/1999
Drawdown: 0.00 % Date: 10/31/1999
Drawdown: -5.50 % Date: 9/30/1999
Drawdown: 0.00 % Date: 8/31/1999
Drawdown: 0.00 % Date: 7/31/1999
Drawdown: -0.65 % Date: 6/30/1999
Drawdown: -1.15 % Date: 5/31/1999
Drawdown: -4.53 % Date: 4/30/1999
Drawdown: -3.81 % Date: 3/31/1999
Drawdown: -9.19 % Date: 2/28/1999
Drawdown: -6.04 % Date: 1/31/1999
Drawdown: -7.69 % Date: 12/31/1998
Drawdown: 0.00 % Date: 11/30/1998
Drawdown: 0.00 % Date: 10/31/1998
Drawdown: -1.50 % Date: 9/30/1998
Drawdown: 0.00 % Date: 8/31/1998
Drawdown: 0.00 % Date: 7/31/1998
Drawdown: -8.62 % Date: 6/30/1998
Drawdown: -6.55 % Date: 5/31/1998
Drawdown: -9.91 % Date: 4/30/1998
Drawdown: -8.67 % Date: 3/31/1998
Drawdown: -0.72 % Date: 2/28/1998
Drawdown: 0.00 % Date: 1/31/1998
Drawdown: 0.00 % Date: 12/31/1997
Drawdown: 0.00 % Date: 11/30/1997
Drawdown: -6.75 % Date: 10/31/1997
Drawdown: -5.58 % Date: 9/30/1997
Drawdown: -9.23 % Date: 8/31/1997
Drawdown: -6.58 % Date: 7/31/1997
Drawdown: -0.88 % Date: 6/30/1997
Drawdown: -3.53 % Date: 5/31/1997
Drawdown: -0.20 % Date: 4/30/1997
Drawdown: -5.46 % Date: 3/31/1997
Drawdown: 0.00 % Date: 2/28/1997
Drawdown: 0.00 % Date: 1/31/1997
Drawdown: 0.00 % Date: 12/31/1996
Drawdown: 0.00 % Date: 11/30/1996
Drawdown: 0.00 % Date: 10/31/1996
Drawdown: -4.71 % Date: 9/30/1996
Drawdown: -17.30 % Date: 8/31/1996
Drawdown: -15.96 % Date: 7/31/1996
Drawdown: -16.12 % Date: 6/30/1996
Drawdown: -9.59 % Date: 5/31/1996
Drawdown: -9.46 % Date: 4/30/1996
Drawdown: 0.00 % Date: 3/31/1996
Drawdown: 0.00 % Date: 2/29/1996
Drawdown: -8.50 % Date: 1/31/1996
Drawdown: 0.00 % Date: 12/31/1995
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Quality Capital Management Ltd
Address: 3 The Heights, Brooklands
City: Weybridge Surrey
State:
Zip: KT13 ONY
Country: United Kingdom
Key People
Name:  Aref Karim
Position:  Principal
Biography: 

Aref Karim, FCA, Founder and Board Member, is a thirty year veteran of the Alternative Investment industry. He is the company’s Chief Executive Officer and its Chief Investment Officer, carrying responsibility for the firm’s investment strategies and research. Mr Karim qualified as a Chartered Accountant and holds a Fellowship of its Institute in the UK. After working in London with a public practice as Senior Audit Manager, he moved overseas to join the Alternative Investment Department of Abu Dhabi Investment Authority (‘ADIA’), the largest Sovereign Wealth Fund worldwide. The institution invests globally in all asset classes, including equities, fixed income, real estate and alternative investments. As Senior Investment Manager, he was responsible for launching ADIA’s multi-billion dollar Alternative Portfolio and looking after its investment policies, strategies and asset allocation. He was with ADIA from 1982 to 1995 before returning to the UK to found QCM.


Name:  Ershad Haq
Position:  Managing Director
Biography: 

Ershad Haq, CFA, Board Member and Director of Macro Research joined QCM in June 2000. Mr Haq is also a member of the firm's Investment Committee. Mr Haq is a Chartered Financial Analyst and works closely with the CIO to assist in all aspects of macroeconomic research including investment strategies for the firm. Graduating at the top of his class with distinction, he holds a MSc. in Mathematical Trading and Finance from the Cass Business School, as well as a MA in Economics and BSc. in Actuarial Mathematics and Statistics from the University of Toronto. Mr. Haq received numerous awards during his academic career. He previously worked with Northwater Capital Management Inc. and at Concordia, a hedge fund group. Graduating at the top of his class with distinction, Mr. Haq holds a MSc. in Mathematical Trading and Finance from the Sir John Cass School of Business at the City University in London, as well as a MA in Economics and BSc. in Actuarial Mathematics and Statistics from the University of Toronto. Mr. Haq qualified as a Chartered Financial Analyst receiving his Charter in 2003. Mr. Haq received numerous academic awards during his career: the Dickson Scholarship for outstanding academic achievement; the first recipient of Institute for Policy Analysis fellowship; Mary Elizabeth Mahoney fellowship for all-round merit, and the University of Toronto Open Master’s fellowship. Mr. Haq has extensive quantitative trading and analytical experience using various derivative instruments across different asset classes. Between 1996 and 1998, Mr. Haq was an Investment Associate with Newcastle Capital Management Inc, one of the largest alternative investment management firms in Canada. There he conducted extensive analysis of proprietary investment strategies and structured as well as executed innovative strategies for large global institutional clients. Prior to joining QCM, Mr. Haq worked for Concordia, a large European hedge fund group that operates a range of arbitrage type strategies for its investors. He analysed and executed trading strategies for the convertible bond and risk arbitrage books while there.


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.