Altegris Clearing Solutions FORT LP Global Contrarian Program
Monthly Performance (%)
Date Range: 09/02 - 02/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -0.59 4.42 3.80
2016 0.59 3.78 -3.39 -2.53 1.33 4.97 1.15 -0.87 1.19 -3.41 -2.74 1.09 0.75
2015 2.64 -0.16 0.70 -1.98 1.30 -2.36 1.35 -4.43 3.58 1.13 0.65 -3.43 -1.34
2014 0.19 1.61 -0.22 0.78 3.05 0.59 -0.38 3.19 -1.65 2.33 2.59 -0.24 12.36
2013 -0.23 -0.14 2.39 2.52 -3.17 -5.67 2.43 -2.38 4.31 3.20 1.25 -2.39 1.62
2012 2.68 -0.19 -0.98 1.47 -1.01 -1.96 5.50 -2.01 -0.14 -2.58 1.32 0.98 2.83
2011 -3.92 3.44 -1.32 6.70 0.98 -0.10 8.73 4.90 -0.89 -0.39 3.42 4.69 28.70
2010 1.42 5.64 3.03 3.05 1.78 3.76 2.34 7.92 -0.74 -0.72 -3.42 1.25 27.86
2009 -2.48 1.21 3.16 -2.53 -0.18 -0.83 1.48 2.85 4.28 -0.37 6.54 -5.05 7.77
2008 1.13 6.64 0.68 -5.55 -1.88 1.97 -1.31 -5.53 1.62 -7.76 7.22 5.36 1.30
2007 1.87 0.01 1.43 3.84 1.86 -0.14 -4.37 -5.87 3.17 5.26 -3.30 0.65 3.85
2006 1.93 -0.39 0.10 0.62 -3.51 0.98 0.66 4.63 0.52 1.20 3.05 0.99 11.10
2005 1.25 -0.44 -0.16 1.52 1.78 1.13 0.29 -0.97 1.17 -3.35 4.20 0.79 7.26
2004 0.59 7.13 3.05 -8.70 -1.77 -0.30 2.67 3.39 2.72 4.58 3.12 1.45 18.45
2003 7.21 1.35 1.35 0.03 4.79 0.66 -2.83 -0.95 4.77 -5.02 2.56 9.28 24.73
2002 2.98 -5.01 13.35 10.88
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Global Contrarian is a systematic, trend-anticipating trading program that seeks to capitalize on medium to long-term trends. It trades a spectrum of futures contracts that includes: interest rates, bonds, currencies, equity indices, energy, and metals in the global markets. Its typical holding period is between 2 and 8 weeks. Unlike trend-following programs that attempt to identify existing trends, Global Contrarian attempts to anticipate trends by identifying price behaviors that signal possible turning points. Global Contrarian is not a counter-trend program; it is designed to purchase as prices decline toward support levels and sell as prices rise toward resistance levels. Global Contrarian dynamically and systematically shifts risk allocations among asset classes and underlying parameter choices.

Performance Statistics
Date Range: 09/02 - 02/17
  Program SP500 TR Altegris 40
Total Return 341.17% 247.47% 75.19%
Annualized Return 10.84% 8.97% 3.94%
Annualized Std. Deviation 11.25% 14.10% 9.76%
Correlation 0.06 0.59
Sharpe Ratio (rf=2.5%) 0.74 0.46 0.15
Worst Month -8.70% -16.79% -6.22%
Date of Worst Month 04/2004 10/2008 04/2004
Worst Drawdown -17.42% -50.95% -15.74%
Date of Worst Drawdown 3/08 - 10/08 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 09/02 - 02/17
Year or YTD Program SP500 TR Altegris 40
2017 3.80 5.95 0.86
2016 0.75 11.98 -3.13
2015 -1.34 1.41 0.09
2014 12.36 13.69 15.75
2013 1.62 32.41 -2.45
2012 2.83 15.98 -4.75
2011 28.70 2.12 -3.23
2010 27.86 15.06 11.33
2009 7.77 26.45 -7.98
2008 1.30 -36.99 15.47
2007 3.85 5.50 7.18
2006 11.10 15.79 6.70
2005 7.26 4.89 4.51
2004 18.45 10.87 2.57
2003 24.73 28.69 15.99
2002 10.88 8.45 -2.18
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 09/02 - 02/17
Date: 2/28/2017
Perf: $1,674.74 Date: 1/31/2017
Perf: $1,639.01 Date: 12/31/2016
Perf: $1,660.43 Date: 11/30/2016
Perf: $1,647.91 Date: 10/31/2016
Perf: $1,666.24 Date: 9/30/2016
Perf: $1,710.36 Date: 8/31/2016
Perf: $1,732.71 Date: 7/31/2016
Perf: $1,780.61 Date: 6/30/2016
Perf: $1,762.63 Date: 5/31/2016
Perf: $1,690.78 Date: 4/30/2016
Perf: $1,720.89 Date: 3/31/2016
Perf: $1,765.20 Date: 2/29/2016
Perf: $1,817.36 Date: 1/31/2016
Perf: $1,773.72 Date: 12/31/2015
Perf: $1,714.07 Date: 11/30/2015
Perf: $1,754.43 Date: 10/31/2015
Perf: $1,696.57 Date: 9/30/2015
Perf: $1,726.62 Date: 8/31/2015
Perf: $1,689.94 Date: 7/31/2015
Perf: $1,719.69 Date: 6/30/2015
Perf: $1,654.98 Date: 5/31/2015
Perf: $1,745.76 Date: 4/30/2015
Perf: $1,758.42 Date: 3/31/2015
Perf: $1,829.02 Date: 2/28/2015
Perf: $1,789.48 Date: 1/31/2015
Perf: $1,792.35 Date: 12/31/2014
Perf: $1,712.54 Date: 11/30/2014
Perf: $1,682.92 Date: 10/31/2014
Perf: $1,588.41 Date: 9/30/2014
Perf: $1,565.40 Date: 8/31/2014
Perf: $1,542.42 Date: 7/31/2014
Perf: $1,479.82 Date: 6/30/2014
Perf: $1,491.76 Date: 5/31/2014
Perf: $1,479.04 Date: 4/30/2014
Perf: $1,442.12 Date: 3/31/2014
Perf: $1,431.24 Date: 2/28/2014
Perf: $1,452.74 Date: 1/31/2014
Perf: $1,440.92 Date: 12/31/2013
Perf: $1,479.54 Date: 11/30/2013
Perf: $1,481.62 Date: 10/31/2013
Perf: $1,455.27 Date: 9/30/2013
Perf: $1,422.69 Date: 8/31/2013
Perf: $1,431.28 Date: 7/31/2013
Perf: $1,459.30 Date: 6/30/2013
Perf: $1,472.11 Date: 5/31/2013
Perf: $1,530.10 Date: 4/30/2013
Perf: $1,598.85 Date: 3/31/2013
Perf: $1,558.64 Date: 2/28/2013
Perf: $1,536.51 Date: 1/31/2013
Perf: $1,545.47 Date: 12/31/2012
Perf: $1,516.66 Date: 11/30/2012
Perf: $1,509.26 Date: 10/31/2012
Perf: $1,505.05 Date: 9/30/2012
Perf: $1,561.58 Date: 8/31/2012
Perf: $1,587.78 Date: 7/31/2012
Perf: $1,609.67 Date: 6/30/2012
Perf: $1,546.42 Date: 5/31/2012
Perf: $1,606.84 Date: 4/30/2012
Perf: $1,576.88 Date: 3/31/2012
Perf: $1,567.47 Date: 2/29/2012
Perf: $1,603.88 Date: 1/31/2012
Perf: $1,597.33 Date: 12/31/2011
Perf: $1,592.23 Date: 11/30/2011
Perf: $1,577.09 Date: 10/31/2011
Perf: $1,572.38 Date: 9/30/2011
Perf: $1,637.21 Date: 8/31/2011
Perf: $1,638.19 Date: 7/31/2011
Perf: $1,641.48 Date: 6/30/2011
Perf: $1,584.59 Date: 5/31/2011
Perf: $1,626.89 Date: 4/30/2011
Perf: $1,688.52 Date: 3/31/2011
Perf: $1,625.14 Date: 2/28/2011
Perf: $1,650.39 Date: 1/31/2011
Perf: $1,622.80 Date: 12/31/2010
Perf: $1,645.34 Date: 11/30/2010
Perf: $1,577.66 Date: 10/31/2010
Perf: $1,635.56 Date: 9/30/2010
Perf: $1,574.47 Date: 8/31/2010
Perf: $1,546.33 Date: 7/31/2010
Perf: $1,484.86 Date: 6/30/2010
Perf: $1,504.26 Date: 5/31/2010
Perf: $1,498.57 Date: 4/30/2010
Perf: $1,535.73 Date: 3/31/2010
Perf: $1,512.44 Date: 2/28/2010
Perf: $1,454.69 Date: 1/31/2010
Perf: $1,441.14 Date: 12/31/2009
Perf: $1,477.94 Date: 11/30/2009
Perf: $1,539.52 Date: 10/31/2009
Perf: $1,479.88 Date: 9/30/2009
Perf: $1,518.76 Date: 8/31/2009
Perf: $1,483.46 Date: 7/31/2009
Perf: $1,478.58 Date: 6/30/2009
Perf: $1,480.21 Date: 5/31/2009
Perf: $1,520.66 Date: 4/30/2009
Perf: $1,499.96 Date: 3/31/2009
Perf: $1,550.66 Date: 2/28/2009
Perf: $1,594.84 Date: 1/31/2009
Perf: $1,595.64 Date: 12/31/2008
Perf: $1,606.08 Date: 11/30/2008
Perf: $1,565.84 Date: 10/31/2008
Perf: $1,510.40 Date: 9/30/2008
Perf: $1,436.43 Date: 8/31/2008
Perf: $1,433.42 Date: 7/31/2008
Perf: $1,472.74 Date: 6/30/2008
Perf: $1,543.59 Date: 5/31/2008
Perf: $1,503.45 Date: 4/30/2008
Perf: $1,473.10 Date: 3/31/2008
Perf: $1,490.24 Date: 2/29/2008
Perf: $1,496.83 Date: 1/31/2008
Perf: $1,416.24 Date: 12/31/2007
Perf: $1,390.93 Date: 11/30/2007
Perf: $1,394.13 Date: 10/31/2007
Perf: $1,403.26 Date: 9/30/2007
Perf: $1,345.27 Date: 8/31/2007
Perf: $1,285.25 Date: 7/31/2007
Perf: $1,335.05 Date: 6/30/2007
Perf: $1,377.62 Date: 5/31/2007
Perf: $1,338.92 Date: 4/30/2007
Perf: $1,292.77 Date: 3/31/2007
Perf: $1,240.66 Date: 2/28/2007
Perf: $1,270.39 Date: 1/31/2007
Perf: $1,319.89 Date: 12/31/2006
Perf: $1,297.70 Date: 11/30/2006
Perf: $1,255.27 Date: 10/31/2006
Perf: $1,225.25 Date: 9/30/2006
Perf: $1,211.92 Date: 8/31/2006
Perf: $1,224.90 Date: 7/31/2006
Perf: $1,211.34 Date: 6/30/2006
Perf: $1,229.53 Date: 5/31/2006
Perf: $1,246.61 Date: 4/30/2006
Perf: $1,280.55 Date: 3/31/2006
Perf: $1,250.04 Date: 2/28/2006
Perf: $1,217.42 Date: 1/31/2006
Perf: $1,239.48 Date: 12/31/2005
Perf: $1,216.25 Date: 11/30/2005
Perf: $1,238.67 Date: 10/31/2005
Perf: $1,187.72 Date: 9/30/2005
Perf: $1,185.82 Date: 8/31/2005
Perf: $1,167.83 Date: 7/31/2005
Perf: $1,161.56 Date: 6/30/2005
Perf: $1,160.87 Date: 5/31/2005
Perf: $1,122.59 Date: 4/30/2005
Perf: $1,088.94 Date: 3/31/2005
Perf: $1,116.29 Date: 2/28/2005
Perf: $1,122.57 Date: 1/31/2005
Perf: $1,114.88 Date: 12/31/2004
Perf: $1,163.76 Date: 11/30/2004
Perf: $1,159.93 Date: 10/31/2004
Perf: $1,100.40 Date: 9/30/2004
Perf: $1,064.01 Date: 8/31/2004
Perf: $1,049.84 Date: 7/31/2004
Perf: $1,057.13 Date: 6/30/2004
Perf: $1,069.32 Date: 5/31/2004
Perf: $1,105.81 Date: 4/30/2004
Perf: $1,123.68 Date: 3/31/2004
Perf: $1,198.21 Date: 2/29/2004
Perf: $1,210.07 Date: 1/31/2004
Perf: $1,145.46 Date: 12/31/2003
Perf: $1,134.57 Date: 11/30/2003
Perf: $1,087.48 Date: 10/31/2003
Perf: $1,090.76 Date: 9/30/2003
Perf: $1,066.75 Date: 8/31/2003
Perf: $1,071.68 Date: 7/31/2003
Perf: $1,061.70 Date: 6/30/2003
Perf: $1,086.25 Date: 5/31/2003
Perf: $1,114.22 Date: 4/30/2003
Perf: $1,052.44 Date: 3/31/2003
Perf: $1,037.19 Date: 2/28/2003
Perf: $1,100.12 Date: 1/31/2003
Perf: $1,038.14 Date: 12/31/2002
Perf: $978.18 Date: 11/30/2002
Perf: $922.03 Date: 10/31/2002
Perf: $948.20 Date: 9/30/2002
Perf: $1,000.00 Date: 2/28/2017
Perf: $3,898.45 Date: 1/31/2017
Perf: $3,749.59 Date: 12/31/2016
Perf: $3,679.68 Date: 11/30/2016
Perf: $3,608.23 Date: 10/31/2016
Perf: $3,479.49 Date: 9/30/2016
Perf: $3,543.99 Date: 8/31/2016
Perf: $3,543.28 Date: 7/31/2016
Perf: $3,538.33 Date: 6/30/2016
Perf: $3,412.41 Date: 5/31/2016
Perf: $3,403.56 Date: 4/30/2016
Perf: $3,343.38 Date: 3/31/2016
Perf: $3,330.39 Date: 2/29/2016
Perf: $3,118.93 Date: 1/31/2016
Perf: $3,122.99 Date: 12/31/2015
Perf: $3,285.97 Date: 11/30/2015
Perf: $3,338.73 Date: 10/31/2015
Perf: $3,328.74 Date: 9/30/2015
Perf: $3,069.66 Date: 8/31/2015
Perf: $3,147.40 Date: 7/31/2015
Perf: $3,349.37 Date: 6/30/2015
Perf: $3,280.48 Date: 5/31/2015
Perf: $3,345.38 Date: 4/30/2015
Perf: $3,302.77 Date: 3/31/2015
Perf: $3,271.37 Date: 2/28/2015
Perf: $3,323.88 Date: 1/31/2015
Perf: $3,143.15 Date: 12/31/2014
Perf: $3,240.36 Date: 11/30/2014
Perf: $3,248.49 Date: 10/31/2014
Perf: $3,163.39 Date: 9/30/2014
Perf: $3,088.04 Date: 8/31/2014
Perf: $3,131.89 Date: 7/31/2014
Perf: $3,011.43 Date: 6/30/2014
Perf: $3,053.57 Date: 5/31/2014
Perf: $2,991.64 Date: 4/30/2014
Perf: $2,922.95 Date: 3/31/2014
Perf: $2,901.48 Date: 2/28/2014
Perf: $2,877.31 Date: 1/31/2014
Perf: $2,751.57 Date: 12/31/2013
Perf: $2,850.18 Date: 11/30/2013
Perf: $2,779.85 Date: 10/31/2013
Perf: $2,697.58 Date: 9/30/2013
Perf: $2,578.95 Date: 8/31/2013
Perf: $2,500.43 Date: 7/31/2013
Perf: $2,575.11 Date: 6/30/2013
Perf: $2,450.39 Date: 5/31/2013
Perf: $2,483.67 Date: 4/30/2013
Perf: $2,426.88 Date: 3/31/2013
Perf: $2,380.93 Date: 2/28/2013
Perf: $2,294.87 Date: 1/31/2013
Perf: $2,264.08 Date: 12/31/2012
Perf: $2,152.57 Date: 11/30/2012
Perf: $2,133.16 Date: 10/31/2012
Perf: $2,120.86 Date: 9/30/2012
Perf: $2,160.84 Date: 8/31/2012
Perf: $2,106.49 Date: 7/31/2012
Perf: $2,060.14 Date: 6/30/2012
Perf: $2,031.89 Date: 5/31/2012
Perf: $1,951.49 Date: 4/30/2012
Perf: $2,076.28 Date: 3/31/2012
Perf: $2,089.44 Date: 2/29/2012
Perf: $2,022.89 Date: 1/31/2012
Perf: $1,939.12 Date: 12/31/2011
Perf: $1,855.97 Date: 11/30/2011
Perf: $1,837.23 Date: 10/31/2011
Perf: $1,841.28 Date: 9/30/2011
Perf: $1,659.86 Date: 8/31/2011
Perf: $1,785.37 Date: 7/31/2011
Perf: $1,887.88 Date: 6/30/2011
Perf: $1,927.00 Date: 5/31/2011
Perf: $1,959.73 Date: 4/30/2011
Perf: $1,982.12 Date: 3/31/2011
Perf: $1,925.14 Date: 2/28/2011
Perf: $1,924.37 Date: 1/31/2011
Perf: $1,860.55 Date: 12/31/2010
Perf: $1,817.48 Date: 11/30/2010
Perf: $1,703.67 Date: 10/31/2010
Perf: $1,703.50 Date: 9/30/2010
Perf: $1,640.98 Date: 8/31/2010
Perf: $1,506.59 Date: 7/31/2010
Perf: $1,577.75 Date: 6/30/2010
Perf: $1,474.40 Date: 5/31/2010
Perf: $1,555.76 Date: 4/30/2010
Perf: $1,690.86 Date: 3/31/2010
Perf: $1,664.56 Date: 2/28/2010
Perf: $1,569.90 Date: 1/31/2010
Perf: $1,522.69 Date: 12/31/2009
Perf: $1,579.56 Date: 11/30/2009
Perf: $1,549.65 Date: 10/31/2009
Perf: $1,461.93 Date: 9/30/2009
Perf: $1,489.64 Date: 8/31/2009
Perf: $1,436.07 Date: 7/31/2009
Perf: $1,386.04 Date: 6/30/2009
Perf: $1,288.62 Date: 5/31/2009
Perf: $1,286.05 Date: 4/30/2009
Perf: $1,217.96 Date: 3/31/2009
Perf: $1,111.58 Date: 2/28/2009
Perf: $1,022.05 Date: 1/31/2009
Perf: $1,143.88 Date: 12/31/2008
Perf: $1,249.18 Date: 11/30/2008
Perf: $1,236.08 Date: 10/31/2008
Perf: $1,331.69 Date: 9/30/2008
Perf: $1,600.40 Date: 8/31/2008
Perf: $1,756.95 Date: 7/31/2008
Perf: $1,731.83 Date: 6/30/2008
Perf: $1,746.50 Date: 5/31/2008
Perf: $1,907.29 Date: 4/30/2008
Perf: $1,882.81 Date: 3/31/2008
Perf: $1,795.38 Date: 2/29/2008
Perf: $1,803.13 Date: 1/31/2008
Perf: $1,863.70 Date: 12/31/2007
Perf: $1,982.66 Date: 11/30/2007
Perf: $1,996.44 Date: 10/31/2007
Perf: $2,083.53 Date: 9/30/2007
Perf: $2,050.92 Date: 8/31/2007
Perf: $1,976.98 Date: 7/31/2007
Perf: $1,947.76 Date: 6/30/2007
Perf: $2,010.08 Date: 5/31/2007
Perf: $2,044.01 Date: 4/30/2007
Perf: $1,975.08 Date: 3/31/2007
Perf: $1,891.29 Date: 2/28/2007
Perf: $1,870.34 Date: 1/31/2007
Perf: $1,907.73 Date: 12/31/2006
Perf: $1,879.36 Date: 11/30/2006
Perf: $1,853.41 Date: 10/31/2006
Perf: $1,818.85 Date: 9/30/2006
Perf: $1,761.43 Date: 8/31/2006
Perf: $1,717.13 Date: 7/31/2006
Perf: $1,677.21 Date: 6/30/2006
Perf: $1,666.87 Date: 5/31/2006
Perf: $1,664.54 Date: 4/30/2006
Perf: $1,713.90 Date: 3/31/2006
Perf: $1,691.24 Date: 2/28/2006
Perf: $1,670.53 Date: 1/31/2006
Perf: $1,666.03 Date: 12/31/2005
Perf: $1,623.02 Date: 11/30/2005
Perf: $1,622.53 Date: 10/31/2005
Perf: $1,563.43 Date: 9/30/2005
Perf: $1,589.99 Date: 8/31/2005
Perf: $1,577.21 Date: 7/31/2005
Perf: $1,591.70 Date: 6/30/2005
Perf: $1,534.61 Date: 5/31/2005
Perf: $1,532.46 Date: 4/30/2005
Perf: $1,485.23 Date: 3/31/2005
Perf: $1,514.00 Date: 2/28/2005
Perf: $1,541.28 Date: 1/31/2005
Perf: $1,509.58 Date: 12/31/2004
Perf: $1,547.33 Date: 11/30/2004
Perf: $1,496.45 Date: 10/31/2004
Perf: $1,438.21 Date: 9/30/2004
Perf: $1,416.53 Date: 8/31/2004
Perf: $1,401.40 Date: 7/31/2004
Perf: $1,395.82 Date: 6/30/2004
Perf: $1,443.60 Date: 5/31/2004
Perf: $1,416.13 Date: 4/30/2004
Perf: $1,396.99 Date: 3/31/2004
Perf: $1,419.27 Date: 2/29/2004
Perf: $1,441.03 Date: 1/31/2004
Perf: $1,421.27 Date: 12/31/2003
Perf: $1,395.59 Date: 11/30/2003
Perf: $1,326.11 Date: 10/31/2003
Perf: $1,314.54 Date: 9/30/2003
Perf: $1,244.12 Date: 8/31/2003
Perf: $1,257.45 Date: 7/31/2003
Perf: $1,233.40 Date: 6/30/2003
Perf: $1,212.07 Date: 5/31/2003
Perf: $1,196.75 Date: 4/30/2003
Perf: $1,136.84 Date: 3/31/2003
Perf: $1,050.29 Date: 2/28/2003
Perf: $1,040.20 Date: 1/31/2003
Perf: $1,056.04 Date: 12/31/2002
Perf: $1,084.46 Date: 11/30/2002
Perf: $1,152.08 Date: 10/31/2002
Perf: $1,088.00 Date: 9/30/2002
Perf: $1,000.00 Date: 2/28/2017
Perf: $4,411.66 Date: 1/31/2017
Perf: $4,224.92 Date: 12/31/2016
Perf: $4,249.99 Date: 11/30/2016
Perf: $4,204.17 Date: 10/31/2016
Perf: $4,322.61 Date: 9/30/2016
Perf: $4,475.21 Date: 8/31/2016
Perf: $4,422.58 Date: 7/31/2016
Perf: $4,461.40 Date: 6/30/2016
Perf: $4,410.67 Date: 5/31/2016
Perf: $4,201.84 Date: 4/30/2016
Perf: $4,146.69 Date: 3/31/2016
Perf: $4,254.33 Date: 2/29/2016
Perf: $4,403.61 Date: 1/31/2016
Perf: $4,243.21 Date: 12/31/2015
Perf: $4,218.33 Date: 11/30/2015
Perf: $4,368.15 Date: 10/31/2015
Perf: $4,339.94 Date: 9/30/2015
Perf: $4,291.45 Date: 8/31/2015
Perf: $4,143.13 Date: 7/31/2015
Perf: $4,335.18 Date: 6/30/2015
Perf: $4,277.43 Date: 5/31/2015
Perf: $4,380.82 Date: 4/30/2015
Perf: $4,324.60 Date: 3/31/2015
Perf: $4,411.95 Date: 2/28/2015
Perf: $4,381.28 Date: 1/31/2015
Perf: $4,388.31 Date: 12/31/2014
Perf: $4,275.43 Date: 11/30/2014
Perf: $4,285.72 Date: 10/31/2014
Perf: $4,177.52 Date: 9/30/2014
Perf: $4,082.40 Date: 8/31/2014
Perf: $4,150.89 Date: 7/31/2014
Perf: $4,022.57 Date: 6/30/2014
Perf: $4,037.92 Date: 5/31/2014
Perf: $4,014.23 Date: 4/30/2014
Perf: $3,895.42 Date: 3/31/2014
Perf: $3,865.27 Date: 2/28/2014
Perf: $3,873.80 Date: 1/31/2014
Perf: $3,812.42 Date: 12/31/2013
Perf: $3,805.19 Date: 11/30/2013
Perf: $3,898.36 Date: 10/31/2013
Perf: $3,850.23 Date: 9/30/2013
Perf: $3,730.84 Date: 8/31/2013
Perf: $3,576.69 Date: 7/31/2013
Perf: $3,663.89 Date: 6/30/2013
Perf: $3,576.97 Date: 5/31/2013
Perf: $3,791.97 Date: 4/30/2013
Perf: $3,916.11 Date: 3/31/2013
Perf: $3,819.85 Date: 2/28/2013
Perf: $3,730.69 Date: 1/31/2013
Perf: $3,735.92 Date: 12/31/2012
Perf: $3,744.53 Date: 11/30/2012
Perf: $3,708.19 Date: 10/31/2012
Perf: $3,659.88 Date: 9/30/2012
Perf: $3,756.81 Date: 8/31/2012
Perf: $3,762.07 Date: 7/31/2012
Perf: $3,839.24 Date: 6/30/2012
Perf: $3,639.09 Date: 5/31/2012
Perf: $3,711.84 Date: 4/30/2012
Perf: $3,749.72 Date: 3/31/2012
Perf: $3,695.39 Date: 2/29/2012
Perf: $3,731.97 Date: 1/31/2012
Perf: $3,739.07 Date: 12/31/2011
Perf: $3,641.48 Date: 11/30/2011
Perf: $3,478.35 Date: 10/31/2011
Perf: $3,363.32 Date: 9/30/2011
Perf: $3,376.49 Date: 8/31/2011
Perf: $3,406.81 Date: 7/31/2011
Perf: $3,247.67 Date: 6/30/2011
Perf: $2,986.91 Date: 5/31/2011
Perf: $2,989.90 Date: 4/30/2011
Perf: $2,960.89 Date: 3/31/2011
Perf: $2,774.97 Date: 2/28/2011
Perf: $2,812.08 Date: 1/31/2011
Perf: $2,718.57 Date: 12/31/2010
Perf: $2,829.48 Date: 11/30/2010
Perf: $2,794.55 Date: 10/31/2010
Perf: $2,893.51 Date: 9/30/2010
Perf: $2,914.49 Date: 8/31/2010
Perf: $2,936.22 Date: 7/31/2010
Perf: $2,720.74 Date: 6/30/2010
Perf: $2,658.53 Date: 5/31/2010
Perf: $2,562.19 Date: 4/30/2010
Perf: $2,517.38 Date: 3/31/2010
Perf: $2,442.87 Date: 2/28/2010
Perf: $2,371.03 Date: 1/31/2010
Perf: $2,244.44 Date: 12/31/2009
Perf: $2,213.02 Date: 11/30/2009
Perf: $2,330.72 Date: 10/31/2009
Perf: $2,187.65 Date: 9/30/2009
Perf: $2,195.77 Date: 8/31/2009
Perf: $2,105.65 Date: 7/31/2009
Perf: $2,047.30 Date: 6/30/2009
Perf: $2,017.44 Date: 5/31/2009
Perf: $2,034.33 Date: 4/30/2009
Perf: $2,038.00 Date: 3/31/2009
Perf: $2,090.90 Date: 2/28/2009
Perf: $2,026.85 Date: 1/31/2009
Perf: $2,002.62 Date: 12/31/2008
Perf: $2,053.55 Date: 11/30/2008
Perf: $1,949.08 Date: 10/31/2008
Perf: $1,817.83 Date: 9/30/2008
Perf: $1,970.76 Date: 8/31/2008
Perf: $1,939.34 Date: 7/31/2008
Perf: $2,052.86 Date: 6/30/2008
Perf: $2,080.11 Date: 5/31/2008
Perf: $2,039.93 Date: 4/30/2008
Perf: $2,079.01 Date: 3/31/2008
Perf: $2,201.18 Date: 2/29/2008
Perf: $2,186.31 Date: 1/31/2008
Perf: $2,050.18 Date: 12/31/2007
Perf: $2,027.27 Date: 11/30/2007
Perf: $2,014.18 Date: 10/31/2007
Perf: $2,082.92 Date: 9/30/2007
Perf: $1,978.83 Date: 8/31/2007
Perf: $1,918.03 Date: 7/31/2007
Perf: $2,037.64 Date: 6/30/2007
Perf: $2,130.75 Date: 5/31/2007
Perf: $2,133.74 Date: 4/30/2007
Perf: $2,094.78 Date: 3/31/2007
Perf: $2,017.31 Date: 2/28/2007
Perf: $1,988.87 Date: 1/31/2007
Perf: $1,988.67 Date: 12/31/2006
Perf: $1,952.17 Date: 11/30/2006
Perf: $1,933.03 Date: 10/31/2006
Perf: $1,875.82 Date: 9/30/2006
Perf: $1,853.57 Date: 8/31/2006
Perf: $1,843.98 Date: 7/31/2006
Perf: $1,762.39 Date: 6/30/2006
Perf: $1,750.83 Date: 5/31/2006
Perf: $1,733.84 Date: 4/30/2006
Perf: $1,796.91 Date: 3/31/2006
Perf: $1,785.84 Date: 2/28/2006
Perf: $1,784.05 Date: 1/31/2006
Perf: $1,791.04 Date: 12/31/2005
Perf: $1,757.13 Date: 11/30/2005
Perf: $1,743.35 Date: 10/31/2005
Perf: $1,673.08 Date: 9/30/2005
Perf: $1,731.08 Date: 8/31/2005
Perf: $1,711.06 Date: 7/31/2005
Perf: $1,727.82 Date: 6/30/2005
Perf: $1,722.82 Date: 5/31/2005
Perf: $1,703.57 Date: 4/30/2005
Perf: $1,673.78 Date: 3/31/2005
Perf: $1,648.72 Date: 2/28/2005
Perf: $1,651.36 Date: 1/31/2005
Perf: $1,658.66 Date: 12/31/2004
Perf: $1,638.18 Date: 11/30/2004
Perf: $1,614.76 Date: 10/31/2004
Perf: $1,565.91 Date: 9/30/2004
Perf: $1,497.33 Date: 8/31/2004
Perf: $1,457.68 Date: 7/31/2004
Perf: $1,409.89 Date: 6/30/2004
Perf: $1,373.22 Date: 5/31/2004
Perf: $1,377.35 Date: 4/30/2004
Perf: $1,402.17 Date: 3/31/2004
Perf: $1,535.79 Date: 2/29/2004
Perf: $1,490.33 Date: 1/31/2004
Perf: $1,391.14 Date: 12/31/2003
Perf: $1,382.98 Date: 11/30/2003
Perf: $1,265.54 Date: 10/31/2003
Perf: $1,233.95 Date: 9/30/2003
Perf: $1,299.17 Date: 8/31/2003
Perf: $1,240.02 Date: 7/31/2003
Perf: $1,251.91 Date: 6/30/2003
Perf: $1,288.37 Date: 5/31/2003
Perf: $1,279.93 Date: 4/30/2003
Perf: $1,221.42 Date: 3/31/2003
Perf: $1,221.05 Date: 2/28/2003
Perf: $1,204.79 Date: 1/31/2003
Perf: $1,188.74 Date: 12/31/2002
Perf: $1,108.80 Date: 11/30/2002
Perf: $978.21 Date: 10/31/2002
Perf: $1,029.80 Date: 9/30/2002
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 09/02 - 02/17
Date: 2/28/2017
Return: 4.42 % Date: 1/31/2017
Return: -0.59 % Date: 12/31/2016
Return: 1.09 % Date: 11/30/2016
Return: -2.74 % Date: 10/31/2016
Return: -3.41 % Date: 9/30/2016
Return: 1.19 % Date: 8/31/2016
Return: -0.87 % Date: 7/31/2016
Return: 1.15 % Date: 6/30/2016
Return: 4.97 % Date: 5/31/2016
Return: 1.33 % Date: 4/30/2016
Return: -2.53 % Date: 3/31/2016
Return: -3.39 % Date: 2/29/2016
Return: 3.78 % Date: 1/31/2016
Return: 0.59 % Date: 12/31/2015
Return: -3.43 % Date: 11/30/2015
Return: 0.65 % Date: 10/31/2015
Return: 1.13 % Date: 9/30/2015
Return: 3.58 % Date: 8/31/2015
Return: -4.43 % Date: 7/31/2015
Return: 1.35 % Date: 6/30/2015
Return: -2.36 % Date: 5/31/2015
Return: 1.30 % Date: 4/30/2015
Return: -1.98 % Date: 3/31/2015
Return: 0.70 % Date: 2/28/2015
Return: -0.16 % Date: 1/31/2015
Return: 2.64 % Date: 12/31/2014
Return: -0.24 % Date: 11/30/2014
Return: 2.59 % Date: 10/31/2014
Return: 2.33 % Date: 9/30/2014
Return: -1.65 % Date: 8/31/2014
Return: 3.19 % Date: 7/31/2014
Return: -0.38 % Date: 6/30/2014
Return: 0.59 % Date: 5/31/2014
Return: 3.05 % Date: 4/30/2014
Return: 0.78 % Date: 3/31/2014
Return: -0.22 % Date: 2/28/2014
Return: 1.61 % Date: 1/31/2014
Return: 0.19 % Date: 12/31/2013
Return: -2.39 % Date: 11/30/2013
Return: 1.25 % Date: 10/31/2013
Return: 3.20 % Date: 9/30/2013
Return: 4.31 % Date: 8/31/2013
Return: -2.38 % Date: 7/31/2013
Return: 2.43 % Date: 6/30/2013
Return: -5.67 % Date: 5/31/2013
Return: -3.17 % Date: 4/30/2013
Return: 2.52 % Date: 3/31/2013
Return: 2.39 % Date: 2/28/2013
Return: -0.14 % Date: 1/31/2013
Return: -0.23 % Date: 12/31/2012
Return: 0.98 % Date: 11/30/2012
Return: 1.32 % Date: 10/31/2012
Return: -2.58 % Date: 9/30/2012
Return: -0.14 % Date: 8/31/2012
Return: -2.01 % Date: 7/31/2012
Return: 5.50 % Date: 6/30/2012
Return: -1.96 % Date: 5/31/2012
Return: -1.01 % Date: 4/30/2012
Return: 1.47 % Date: 3/31/2012
Return: -0.98 % Date: 2/29/2012
Return: -0.19 % Date: 1/31/2012
Return: 2.68 % Date: 12/31/2011
Return: 4.69 % Date: 11/30/2011
Return: 3.42 % Date: 10/31/2011
Return: -0.39 % Date: 9/30/2011
Return: -0.89 % Date: 8/31/2011
Return: 4.90 % Date: 7/31/2011
Return: 8.73 % Date: 6/30/2011
Return: -0.10 % Date: 5/31/2011
Return: 0.98 % Date: 4/30/2011
Return: 6.70 % Date: 3/31/2011
Return: -1.32 % Date: 2/28/2011
Return: 3.44 % Date: 1/31/2011
Return: -3.92 % Date: 12/31/2010
Return: 1.25 % Date: 11/30/2010
Return: -3.42 % Date: 10/31/2010
Return: -0.72 % Date: 9/30/2010
Return: -0.74 % Date: 8/31/2010
Return: 7.92 % Date: 7/31/2010
Return: 2.34 % Date: 6/30/2010
Return: 3.76 % Date: 5/31/2010
Return: 1.78 % Date: 4/30/2010
Return: 3.05 % Date: 3/31/2010
Return: 3.03 % Date: 2/28/2010
Return: 5.64 % Date: 1/31/2010
Return: 1.42 % Date: 12/31/2009
Return: -5.05 % Date: 11/30/2009
Return: 6.54 % Date: 10/31/2009
Return: -0.37 % Date: 9/30/2009
Return: 4.28 % Date: 8/31/2009
Return: 2.85 % Date: 7/31/2009
Return: 1.48 % Date: 6/30/2009
Return: -0.83 % Date: 5/31/2009
Return: -0.18 % Date: 4/30/2009
Return: -2.53 % Date: 3/31/2009
Return: 3.16 % Date: 2/28/2009
Return: 1.21 % Date: 1/31/2009
Return: -2.48 % Date: 12/31/2008
Return: 5.36 % Date: 11/30/2008
Return: 7.22 % Date: 10/31/2008
Return: -7.76 % Date: 9/30/2008
Return: 1.62 % Date: 8/31/2008
Return: -5.53 % Date: 7/31/2008
Return: -1.31 % Date: 6/30/2008
Return: 1.97 % Date: 5/31/2008
Return: -1.88 % Date: 4/30/2008
Return: -5.55 % Date: 3/31/2008
Return: 0.68 % Date: 2/29/2008
Return: 6.64 % Date: 1/31/2008
Return: 1.13 % Date: 12/31/2007
Return: 0.65 % Date: 11/30/2007
Return: -3.30 % Date: 10/31/2007
Return: 5.26 % Date: 9/30/2007
Return: 3.17 % Date: 8/31/2007
Return: -5.87 % Date: 7/31/2007
Return: -4.37 % Date: 6/30/2007
Return: -0.14 % Date: 5/31/2007
Return: 1.86 % Date: 4/30/2007
Return: 3.84 % Date: 3/31/2007
Return: 1.43 % Date: 2/28/2007
Return: 0.01 % Date: 1/31/2007
Return: 1.87 % Date: 12/31/2006
Return: 0.99 % Date: 11/30/2006
Return: 3.05 % Date: 10/31/2006
Return: 1.20 % Date: 9/30/2006
Return: 0.52 % Date: 8/31/2006
Return: 4.63 % Date: 7/31/2006
Return: 0.66 % Date: 6/30/2006
Return: 0.98 % Date: 5/31/2006
Return: -3.51 % Date: 4/30/2006
Return: 0.62 % Date: 3/31/2006
Return: 0.10 % Date: 2/28/2006
Return: -0.39 % Date: 1/31/2006
Return: 1.93 % Date: 12/31/2005
Return: 0.79 % Date: 11/30/2005
Return: 4.20 % Date: 10/31/2005
Return: -3.35 % Date: 9/30/2005
Return: 1.17 % Date: 8/31/2005
Return: -0.97 % Date: 7/31/2005
Return: 0.29 % Date: 6/30/2005
Return: 1.13 % Date: 5/31/2005
Return: 1.78 % Date: 4/30/2005
Return: 1.52 % Date: 3/31/2005
Return: -0.16 % Date: 2/28/2005
Return: -0.44 % Date: 1/31/2005
Return: 1.25 % Date: 12/31/2004
Return: 1.45 % Date: 11/30/2004
Return: 3.12 % Date: 10/31/2004
Return: 4.58 % Date: 9/30/2004
Return: 2.72 % Date: 8/31/2004
Return: 3.39 % Date: 7/31/2004
Return: 2.67 % Date: 6/30/2004
Return: -0.30 % Date: 5/31/2004
Return: -1.77 % Date: 4/30/2004
Return: -8.70 % Date: 3/31/2004
Return: 3.05 % Date: 2/29/2004
Return: 7.13 % Date: 1/31/2004
Return: 0.59 % Date: 12/31/2003
Return: 9.28 % Date: 11/30/2003
Return: 2.56 % Date: 10/31/2003
Return: -5.02 % Date: 9/30/2003
Return: 4.77 % Date: 8/31/2003
Return: -0.95 % Date: 7/31/2003
Return: -2.83 % Date: 6/30/2003
Return: 0.66 % Date: 5/31/2003
Return: 4.79 % Date: 4/30/2003
Return: 0.03 % Date: 3/31/2003
Return: 1.35 % Date: 2/28/2003
Return: 1.35 % Date: 1/31/2003
Return: 7.21 % Date: 12/31/2002
Return: 13.35 % Date: 11/30/2002
Return: -5.01 % Date: 10/31/2002
Return: 2.98 % Date: 9/30/2002
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 09/02 - 02/17
Return: 8.00 %
Count: 1 Return: 6.00 %
Count: 2 Return: -8.00 %
Count: 1 Return: -6.00 %
Count: 4 Return: -4.00 %
Count: 4 Return: 4.00 %
Count: 8 Return: 2.00 %
Count: 13 Return: -2.00 %
Count: 10 Return: -9.00 %
Count: 1 Return: 9.00 %
Count: 2 Return: -1.00 %
Count: 12 Return: -3.00 %
Count: 12 Return: 5.00 %
Count: 9 Return: 1.00 %
Count: 40 Return: 7.00 %
Count: 6 Return: 13.00 %
Count: 1 Return: -5.00 %
Count: 3 Return: 3.00 %
Count: 22 Return: 0.00 %
Count: 23
Note: All performance data is since program inception.

Underwater Curve
Date Range: 09/02 - 02/17
Date: 2/28/2017
Drawdown: -1.42 % Date: 1/31/2017
Drawdown: -5.59 % Date: 12/31/2016
Drawdown: -5.03 % Date: 11/30/2016
Drawdown: -6.06 % Date: 10/31/2016
Drawdown: -3.41 % Date: 9/30/2016
Drawdown: 0.00 % Date: 8/31/2016
Drawdown: -0.87 % Date: 7/31/2016
Drawdown: 0.00 % Date: 6/30/2016
Drawdown: -0.03 % Date: 5/31/2016
Drawdown: -4.76 % Date: 4/30/2016
Drawdown: -6.01 % Date: 3/31/2016
Drawdown: -3.57 % Date: 2/29/2016
Drawdown: -0.19 % Date: 1/31/2016
Drawdown: -3.82 % Date: 12/31/2015
Drawdown: -4.39 % Date: 11/30/2015
Drawdown: -0.99 % Date: 10/31/2015
Drawdown: -1.63 % Date: 9/30/2015
Drawdown: -2.73 % Date: 8/31/2015
Drawdown: -6.09 % Date: 7/31/2015
Drawdown: -1.74 % Date: 6/30/2015
Drawdown: -3.05 % Date: 5/31/2015
Drawdown: -0.71 % Date: 4/30/2015
Drawdown: -1.98 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: -0.16 % Date: 1/31/2015
Drawdown: 0.00 % Date: 12/31/2014
Drawdown: -0.24 % Date: 11/30/2014
Drawdown: 0.00 % Date: 10/31/2014
Drawdown: 0.00 % Date: 9/30/2014
Drawdown: -1.65 % Date: 8/31/2014
Drawdown: 0.00 % Date: 7/31/2014
Drawdown: -0.38 % Date: 6/30/2014
Drawdown: 0.00 % Date: 5/31/2014
Drawdown: 0.00 % Date: 4/30/2014
Drawdown: -0.53 % Date: 3/31/2014
Drawdown: -1.30 % Date: 2/28/2014
Drawdown: -1.08 % Date: 1/31/2014
Drawdown: -2.65 % Date: 12/31/2013
Drawdown: -2.83 % Date: 11/30/2013
Drawdown: -0.45 % Date: 10/31/2013
Drawdown: -1.68 % Date: 9/30/2013
Drawdown: -4.73 % Date: 8/31/2013
Drawdown: -8.67 % Date: 7/31/2013
Drawdown: -6.44 % Date: 6/30/2013
Drawdown: -8.66 % Date: 5/31/2013
Drawdown: -3.17 % Date: 4/30/2013
Drawdown: 0.00 % Date: 3/31/2013
Drawdown: -0.51 % Date: 2/28/2013
Drawdown: -2.83 % Date: 1/31/2013
Drawdown: -2.69 % Date: 12/31/2012
Drawdown: -2.47 % Date: 11/30/2012
Drawdown: -3.41 % Date: 10/31/2012
Drawdown: -4.67 % Date: 9/30/2012
Drawdown: -2.15 % Date: 8/31/2012
Drawdown: -2.01 % Date: 7/31/2012
Drawdown: 0.00 % Date: 6/30/2012
Drawdown: -2.95 % Date: 5/31/2012
Drawdown: -1.01 % Date: 4/30/2012
Drawdown: 0.00 % Date: 3/31/2012
Drawdown: -1.17 % Date: 2/29/2012
Drawdown: -0.19 % Date: 1/31/2012
Drawdown: 0.00 % Date: 12/31/2011
Drawdown: 0.00 % Date: 11/30/2011
Drawdown: 0.00 % Date: 10/31/2011
Drawdown: -1.28 % Date: 9/30/2011
Drawdown: -0.89 % Date: 8/31/2011
Drawdown: 0.00 % Date: 7/31/2011
Drawdown: 0.00 % Date: 6/30/2011
Drawdown: -0.10 % Date: 5/31/2011
Drawdown: 0.00 % Date: 4/30/2011
Drawdown: 0.00 % Date: 3/31/2011
Drawdown: -5.49 % Date: 2/28/2011
Drawdown: -4.23 % Date: 1/31/2011
Drawdown: -7.41 % Date: 12/31/2010
Drawdown: -3.64 % Date: 11/30/2010
Drawdown: -4.82 % Date: 10/31/2010
Drawdown: -1.45 % Date: 9/30/2010
Drawdown: -0.74 % Date: 8/31/2010
Drawdown: 0.00 % Date: 7/31/2010
Drawdown: 0.00 % Date: 6/30/2010
Drawdown: 0.00 % 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: 0.00 % Date: 1/31/2010
Drawdown: -3.70 % Date: 12/31/2009
Drawdown: -5.05 % Date: 11/30/2009
Drawdown: 0.00 % Date: 10/31/2009
Drawdown: -0.61 % Date: 9/30/2009
Drawdown: -0.25 % Date: 8/31/2009
Drawdown: -4.34 % Date: 7/31/2009
Drawdown: -6.99 % Date: 6/30/2009
Drawdown: -8.35 % Date: 5/31/2009
Drawdown: -7.58 % Date: 4/30/2009
Drawdown: -7.41 % Date: 3/31/2009
Drawdown: -5.01 % Date: 2/28/2009
Drawdown: -7.92 % Date: 1/31/2009
Drawdown: -9.02 % Date: 12/31/2008
Drawdown: -6.71 % Date: 11/30/2008
Drawdown: -11.45 % Date: 10/31/2008
Drawdown: -17.42 % Date: 9/30/2008
Drawdown: -10.47 % Date: 8/31/2008
Drawdown: -11.90 % Date: 7/31/2008
Drawdown: -6.74 % Date: 6/30/2008
Drawdown: -5.50 % Date: 5/31/2008
Drawdown: -7.33 % Date: 4/30/2008
Drawdown: -5.55 % Date: 3/31/2008
Drawdown: 0.00 % Date: 2/29/2008
Drawdown: 0.00 % Date: 1/31/2008
Drawdown: -3.92 % Date: 12/31/2007
Drawdown: -4.99 % Date: 11/30/2007
Drawdown: -5.60 % Date: 10/31/2007
Drawdown: -2.38 % Date: 9/30/2007
Drawdown: -7.26 % Date: 8/31/2007
Drawdown: -10.11 % Date: 7/31/2007
Drawdown: -4.50 % Date: 6/30/2007
Drawdown: -0.14 % Date: 5/31/2007
Drawdown: 0.00 % Date: 4/30/2007
Drawdown: 0.00 % Date: 3/31/2007
Drawdown: 0.00 % Date: 2/28/2007
Drawdown: 0.00 % Date: 1/31/2007
Drawdown: 0.00 % Date: 12/31/2006
Drawdown: 0.00 % Date: 11/30/2006
Drawdown: 0.00 % Date: 10/31/2006
Drawdown: 0.00 % Date: 9/30/2006
Drawdown: 0.00 % Date: 8/31/2006
Drawdown: 0.00 % Date: 7/31/2006
Drawdown: -1.92 % Date: 6/30/2006
Drawdown: -2.56 % Date: 5/31/2006
Drawdown: -3.51 % Date: 4/30/2006
Drawdown: 0.00 % Date: 3/31/2006
Drawdown: -0.29 % Date: 2/28/2006
Drawdown: -0.39 % Date: 1/31/2006
Drawdown: 0.00 % Date: 12/31/2005
Drawdown: 0.00 % Date: 11/30/2005
Drawdown: 0.00 % Date: 10/31/2005
Drawdown: -3.35 % Date: 9/30/2005
Drawdown: 0.00 % Date: 8/31/2005
Drawdown: -0.97 % Date: 7/31/2005
Drawdown: 0.00 % Date: 6/30/2005
Drawdown: 0.00 % Date: 5/31/2005
Drawdown: 0.00 % Date: 4/30/2005
Drawdown: 0.00 % Date: 3/31/2005
Drawdown: -0.60 % Date: 2/28/2005
Drawdown: -0.44 % Date: 1/31/2005
Drawdown: 0.00 % Date: 12/31/2004
Drawdown: 0.00 % Date: 11/30/2004
Drawdown: 0.00 % Date: 10/31/2004
Drawdown: 0.00 % Date: 9/30/2004
Drawdown: -2.50 % Date: 8/31/2004
Drawdown: -5.09 % Date: 7/31/2004
Drawdown: -8.20 % Date: 6/30/2004
Drawdown: -10.59 % Date: 5/31/2004
Drawdown: -10.32 % Date: 4/30/2004
Drawdown: -8.70 % Date: 3/31/2004
Drawdown: 0.00 % 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: -2.59 % Date: 10/31/2003
Drawdown: -5.02 % Date: 9/30/2003
Drawdown: 0.00 % Date: 8/31/2003
Drawdown: -3.75 % Date: 7/31/2003
Drawdown: -2.83 % Date: 6/30/2003
Drawdown: 0.00 % Date: 5/31/2003
Drawdown: 0.00 % Date: 4/30/2003
Drawdown: 0.00 % Date: 3/31/2003
Drawdown: 0.00 % 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: -5.01 % Date: 10/31/2002
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

The performance information shown is the performance of the advisor's fund, FORT Global Contrarian LP, which trades this program and charges the fees standard to managed account, and does not reflect the performance of any single account. The results shown are 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.

Manager Information
Manager Name:  FORT LP
Address: 2 Wisconsin Circle Suite 850
City: Chevy Chase
State: MD
Zip: 20815
Country: USA
Key People
Name:  Yves Balcer, Ph.D.
Position:  Principal
Biography: 

Yves Balcer has been a principal of FORT since its inception. Mr. Balcer was formerly a Senior Manager of Investment at The World Bank, where he worked from 1985 to 1987 and 1988 to 1992. During his last two years at The World Bank, he directed research for and implementation of systembased trading strategies in global bond markets. Prior to that, he served at various times as Senior Manager for the North American, European and Asian portfolios, where he managed professional traders overseeing $20 billion in fixed income assets. From 1977 to 1985, he was a professor of economics at the University of Wisconsin, Madison. Mr. Balcer has published more than twenty-five finance and economics articles in professional journals. He holds a Ph.D. in Economics and Finance from M.I.T., a Ph.D. in Operations Research and a M.S. in Statistics from Stanford University and a M.S. in Mathematics from Universite de Montreal, Canada.


Name:  Sanjiv Kumar, Ph.D.
Position:  Principal
Biography: 

Sanjiv Kumar has been a principal of FORT since its inception. Mr. Kumar was formerly a Senior Manager responsible for investing $10 billion in US and Canadian dollar securities at The World Bank. He joined The World Bank in 1987 and, during his tenure, he managed large fixed income portfolios in all the major currencies. From 1985 to 1986, he was Vice-President with Free Market, Inc., an economic and financial advisory firm for institutional money managers in Chicago. Mr. Kumar has a Ph.D. in Economics from the University of Chicago and a B.A. in Mathematics from the University of Delhi, India.


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.