Altegris Clearing Solutions Blackwater Capital Management LLC Blackwater Global Program
Monthly Performance (%)
Date Range: 06/05 - 02/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -0.21 0.36 0.15
2016 0.42 4.68 -1.56 -0.36 -5.04 5.82 1.01 -5.12 0.47 -4.40 -4.75 0.16 -9.01
2015 4.19 -2.47 -1.35 -1.20 0.21 -1.74 0.16 -1.07 3.09 -1.99 1.25 -0.24 -1.38
2014 -6.39 -0.68 -0.28 0.12 2.78 2.45 0.61 5.77 1.07 -3.05 -0.27 -1.84 -0.23
2013 -0.30 -0.70 2.72 2.03 -0.42 -4.83 0.23 -2.03 -2.65 4.10 0.26 0.26 -1.64
2012 -3.18 2.63 -5.12 -0.91 4.53 -12.41 5.98 -2.35 -2.96 -2.16 0.67 3.62 -12.33
2011 2.27 1.57 -1.05 8.06 -5.40 -4.47 7.29 -2.73 10.25 -10.12 -3.57 0.92 1.02
2010 -5.71 0.58 5.50 -3.60 -1.71 1.46 -4.71 -0.10 9.17 1.18 -4.61 12.12 8.17
2009 -0.80 -1.42 -7.53 2.24 14.90 -1.25 5.23 0.72 3.86 -2.36 5.56 -2.38 16.18
2008 9.70 10.90 2.87 0.17 2.29 3.62 -5.62 1.01 8.31 10.96 1.36 1.03 55.90
2007 1.59 0.21 2.23 3.72 3.87 6.74 0.29 -8.94 7.57 7.43 -1.92 -0.58 23.16
2006 -2.96 0.13 -0.96 11.18 -0.12 1.17 -3.71 -0.89 1.04 2.39 1.23 3.86 12.23
2005 0.64 3.91 -1.60 -2.47 -0.44 -8.81 -8.88
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Blackwater Capital Management (BCM) utilizes medium and long term, systematic, technical models developed to capitalize on directional moves in the global futures and FX markets. The program is based on price and volatility patterns observed over many years of research and trading. It incorporates chart-based rules that interpret market behavior. The model is designed to establish positions when markets exhibit a high probability of a developing, sustained move, while quickly exiting after profit targets have been reached, limiting sharp reversals and draw downs. Proprietary indicators reduce trading in range bound, trend-less markets. BCM's strategy incorporates strict money management techniques based on the individual market, sector, and portfolio levels.

Performance Statistics
Date Range: 06/05 - 02/17
  Program SP500 TR Altegris 40
Total Return 92.73% 154.39% 49.19%
Annualized Return 5.79% 8.27% 3.46%
Annualized Std. Deviation 15.38% 14.25% 9.01%
Correlation -0.09 0.63
Sharpe Ratio (rf=2.5%) 0.21 0.40 0.11
Worst Month -12.41% -16.79% -5.20%
Date of Worst Month 06/2012 10/2008 06/2015
Worst Drawdown -32.61% -50.95% -15.74%
Date of Worst Drawdown 9/11 - 1/17 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 06/05 - 02/17
Year or YTD Program SP500 TR Altegris 40
2017 0.15 5.95 0.86
2016 -9.01 11.98 -3.13
2015 -1.38 1.41 0.09
2014 -0.23 13.69 15.75
2013 -1.64 32.41 -2.45
2012 -12.33 15.98 -4.75
2011 1.02 2.12 -3.23
2010 8.17 15.06 11.33
2009 16.18 26.45 -7.98
2008 55.90 -36.99 15.47
2007 23.16 5.50 7.18
2006 12.23 15.79 6.70
2005 -8.88 5.76 4.77
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 06/05 - 02/17
Date: 2/28/2017
Perf: $1,442.67 Date: 1/31/2017
Perf: $1,411.89 Date: 12/31/2016
Perf: $1,430.34 Date: 11/30/2016
Perf: $1,419.55 Date: 10/31/2016
Perf: $1,435.34 Date: 9/30/2016
Perf: $1,473.35 Date: 8/31/2016
Perf: $1,492.61 Date: 7/31/2016
Perf: $1,533.87 Date: 6/30/2016
Perf: $1,518.38 Date: 5/31/2016
Perf: $1,456.48 Date: 4/30/2016
Perf: $1,482.42 Date: 3/31/2016
Perf: $1,520.59 Date: 2/29/2016
Perf: $1,565.52 Date: 1/31/2016
Perf: $1,527.93 Date: 12/31/2015
Perf: $1,476.55 Date: 11/30/2015
Perf: $1,511.31 Date: 10/31/2015
Perf: $1,461.47 Date: 9/30/2015
Perf: $1,487.35 Date: 8/31/2015
Perf: $1,455.76 Date: 7/31/2015
Perf: $1,481.39 Date: 6/30/2015
Perf: $1,425.65 Date: 5/31/2015
Perf: $1,503.85 Date: 4/30/2015
Perf: $1,514.75 Date: 3/31/2015
Perf: $1,575.57 Date: 2/28/2015
Perf: $1,541.50 Date: 1/31/2015
Perf: $1,543.97 Date: 12/31/2014
Perf: $1,475.23 Date: 11/30/2014
Perf: $1,449.71 Date: 10/31/2014
Perf: $1,368.30 Date: 9/30/2014
Perf: $1,348.48 Date: 8/31/2014
Perf: $1,328.68 Date: 7/31/2014
Perf: $1,274.76 Date: 6/30/2014
Perf: $1,285.04 Date: 5/31/2014
Perf: $1,274.08 Date: 4/30/2014
Perf: $1,242.28 Date: 3/31/2014
Perf: $1,232.91 Date: 2/28/2014
Perf: $1,251.43 Date: 1/31/2014
Perf: $1,241.25 Date: 12/31/2013
Perf: $1,274.51 Date: 11/30/2013
Perf: $1,276.30 Date: 10/31/2013
Perf: $1,253.61 Date: 9/30/2013
Perf: $1,225.55 Date: 8/31/2013
Perf: $1,232.94 Date: 7/31/2013
Perf: $1,257.08 Date: 6/30/2013
Perf: $1,268.11 Date: 5/31/2013
Perf: $1,318.07 Date: 4/30/2013
Perf: $1,377.29 Date: 3/31/2013
Perf: $1,342.65 Date: 2/28/2013
Perf: $1,323.59 Date: 1/31/2013
Perf: $1,331.31 Date: 12/31/2012
Perf: $1,306.49 Date: 11/30/2012
Perf: $1,300.12 Date: 10/31/2012
Perf: $1,296.49 Date: 9/30/2012
Perf: $1,345.18 Date: 8/31/2012
Perf: $1,367.75 Date: 7/31/2012
Perf: $1,386.61 Date: 6/30/2012
Perf: $1,332.13 Date: 5/31/2012
Perf: $1,384.17 Date: 4/30/2012
Perf: $1,358.36 Date: 3/31/2012
Perf: $1,350.26 Date: 2/29/2012
Perf: $1,381.62 Date: 1/31/2012
Perf: $1,375.98 Date: 12/31/2011
Perf: $1,371.59 Date: 11/30/2011
Perf: $1,358.55 Date: 10/31/2011
Perf: $1,354.49 Date: 9/30/2011
Perf: $1,410.34 Date: 8/31/2011
Perf: $1,411.18 Date: 7/31/2011
Perf: $1,414.01 Date: 6/30/2011
Perf: $1,365.01 Date: 5/31/2011
Perf: $1,401.44 Date: 4/30/2011
Perf: $1,454.54 Date: 3/31/2011
Perf: $1,399.94 Date: 2/28/2011
Perf: $1,421.69 Date: 1/31/2011
Perf: $1,397.92 Date: 12/31/2010
Perf: $1,417.34 Date: 11/30/2010
Perf: $1,359.04 Date: 10/31/2010
Perf: $1,408.92 Date: 9/30/2010
Perf: $1,356.29 Date: 8/31/2010
Perf: $1,332.05 Date: 7/31/2010
Perf: $1,279.09 Date: 6/30/2010
Perf: $1,295.81 Date: 5/31/2010
Perf: $1,290.90 Date: 4/30/2010
Perf: $1,322.92 Date: 3/31/2010
Perf: $1,302.85 Date: 2/28/2010
Perf: $1,253.11 Date: 1/31/2010
Perf: $1,241.44 Date: 12/31/2009
Perf: $1,273.14 Date: 11/30/2009
Perf: $1,326.19 Date: 10/31/2009
Perf: $1,274.81 Date: 9/30/2009
Perf: $1,308.30 Date: 8/31/2009
Perf: $1,277.89 Date: 7/31/2009
Perf: $1,273.69 Date: 6/30/2009
Perf: $1,275.09 Date: 5/31/2009
Perf: $1,309.93 Date: 4/30/2009
Perf: $1,292.10 Date: 3/31/2009
Perf: $1,335.78 Date: 2/28/2009
Perf: $1,373.84 Date: 1/31/2009
Perf: $1,374.52 Date: 12/31/2008
Perf: $1,383.52 Date: 11/30/2008
Perf: $1,348.85 Date: 10/31/2008
Perf: $1,301.10 Date: 9/30/2008
Perf: $1,237.38 Date: 8/31/2008
Perf: $1,234.78 Date: 7/31/2008
Perf: $1,268.66 Date: 6/30/2008
Perf: $1,329.69 Date: 5/31/2008
Perf: $1,295.11 Date: 4/30/2008
Perf: $1,268.97 Date: 3/31/2008
Perf: $1,283.73 Date: 2/29/2008
Perf: $1,289.41 Date: 1/31/2008
Perf: $1,219.99 Date: 12/31/2007
Perf: $1,198.18 Date: 11/30/2007
Perf: $1,200.94 Date: 10/31/2007
Perf: $1,208.80 Date: 9/30/2007
Perf: $1,158.85 Date: 8/31/2007
Perf: $1,107.15 Date: 7/31/2007
Perf: $1,150.05 Date: 6/30/2007
Perf: $1,186.72 Date: 5/31/2007
Perf: $1,153.38 Date: 4/30/2007
Perf: $1,113.63 Date: 3/31/2007
Perf: $1,068.74 Date: 2/28/2007
Perf: $1,094.35 Date: 1/31/2007
Perf: $1,136.98 Date: 12/31/2006
Perf: $1,117.87 Date: 11/30/2006
Perf: $1,081.32 Date: 10/31/2006
Perf: $1,055.46 Date: 9/30/2006
Perf: $1,043.98 Date: 8/31/2006
Perf: $1,055.16 Date: 7/31/2006
Perf: $1,043.48 Date: 6/30/2006
Perf: $1,059.15 Date: 5/31/2006
Perf: $1,073.86 Date: 4/30/2006
Perf: $1,103.10 Date: 3/31/2006
Perf: $1,076.82 Date: 2/28/2006
Perf: $1,048.72 Date: 1/31/2006
Perf: $1,067.72 Date: 12/31/2005
Perf: $1,047.71 Date: 11/30/2005
Perf: $1,067.02 Date: 10/31/2005
Perf: $1,023.13 Date: 9/30/2005
Perf: $1,021.50 Date: 8/31/2005
Perf: $1,006.00 Date: 7/31/2005
Perf: $1,000.60 Date: 6/30/2005
Perf: $1,000.00 Date: 2/28/2017
Perf: $2,540.35 Date: 1/31/2017
Perf: $2,443.35 Date: 12/31/2016
Perf: $2,397.79 Date: 11/30/2016
Perf: $2,351.24 Date: 10/31/2016
Perf: $2,267.35 Date: 9/30/2016
Perf: $2,309.38 Date: 8/31/2016
Perf: $2,308.92 Date: 7/31/2016
Perf: $2,305.69 Date: 6/30/2016
Perf: $2,223.64 Date: 5/31/2016
Perf: $2,217.87 Date: 4/30/2016
Perf: $2,178.65 Date: 3/31/2016
Perf: $2,170.19 Date: 2/29/2016
Perf: $2,032.39 Date: 1/31/2016
Perf: $2,035.04 Date: 12/31/2015
Perf: $2,141.25 Date: 11/30/2015
Perf: $2,175.62 Date: 10/31/2015
Perf: $2,169.11 Date: 9/30/2015
Perf: $2,000.29 Date: 8/31/2015
Perf: $2,050.95 Date: 7/31/2015
Perf: $2,182.56 Date: 6/30/2015
Perf: $2,137.66 Date: 5/31/2015
Perf: $2,179.96 Date: 4/30/2015
Perf: $2,152.19 Date: 3/31/2015
Perf: $2,131.73 Date: 2/28/2015
Perf: $2,165.95 Date: 1/31/2015
Perf: $2,048.18 Date: 12/31/2014
Perf: $2,111.52 Date: 11/30/2014
Perf: $2,116.82 Date: 10/31/2014
Perf: $2,061.37 Date: 9/30/2014
Perf: $2,012.27 Date: 8/31/2014
Perf: $2,040.84 Date: 7/31/2014
Perf: $1,962.34 Date: 6/30/2014
Perf: $1,989.80 Date: 5/31/2014
Perf: $1,949.45 Date: 4/30/2014
Perf: $1,904.69 Date: 3/31/2014
Perf: $1,890.70 Date: 2/28/2014
Perf: $1,874.95 Date: 1/31/2014
Perf: $1,793.01 Date: 12/31/2013
Perf: $1,857.27 Date: 11/30/2013
Perf: $1,811.44 Date: 10/31/2013
Perf: $1,757.83 Date: 9/30/2013
Perf: $1,680.52 Date: 8/31/2013
Perf: $1,629.36 Date: 7/31/2013
Perf: $1,678.02 Date: 6/30/2013
Perf: $1,596.75 Date: 5/31/2013
Perf: $1,618.44 Date: 4/30/2013
Perf: $1,581.43 Date: 3/31/2013
Perf: $1,551.49 Date: 2/28/2013
Perf: $1,495.41 Date: 1/31/2013
Perf: $1,475.34 Date: 12/31/2012
Perf: $1,402.69 Date: 11/30/2012
Perf: $1,390.04 Date: 10/31/2012
Perf: $1,382.02 Date: 9/30/2012
Perf: $1,408.07 Date: 8/31/2012
Perf: $1,372.66 Date: 7/31/2012
Perf: $1,342.45 Date: 6/30/2012
Perf: $1,324.05 Date: 5/31/2012
Perf: $1,271.65 Date: 4/30/2012
Perf: $1,352.97 Date: 3/31/2012
Perf: $1,361.54 Date: 2/29/2012
Perf: $1,318.18 Date: 1/31/2012
Perf: $1,263.59 Date: 12/31/2011
Perf: $1,209.41 Date: 11/30/2011
Perf: $1,197.20 Date: 10/31/2011
Perf: $1,199.84 Date: 9/30/2011
Perf: $1,081.62 Date: 8/31/2011
Perf: $1,163.40 Date: 7/31/2011
Perf: $1,230.20 Date: 6/30/2011
Perf: $1,255.69 Date: 5/31/2011
Perf: $1,277.02 Date: 4/30/2011
Perf: $1,291.62 Date: 3/31/2011
Perf: $1,254.48 Date: 2/28/2011
Perf: $1,253.98 Date: 1/31/2011
Perf: $1,212.40 Date: 12/31/2010
Perf: $1,184.33 Date: 11/30/2010
Perf: $1,110.17 Date: 10/31/2010
Perf: $1,110.06 Date: 9/30/2010
Perf: $1,069.32 Date: 8/31/2010
Perf: $981.74 Date: 7/31/2010
Perf: $1,028.11 Date: 6/30/2010
Perf: $960.76 Date: 5/31/2010
Perf: $1,013.78 Date: 4/30/2010
Perf: $1,101.82 Date: 3/31/2010
Perf: $1,084.68 Date: 2/28/2010
Perf: $1,022.99 Date: 1/31/2010
Perf: $992.24 Date: 12/31/2009
Perf: $1,029.29 Date: 11/30/2009
Perf: $1,009.80 Date: 10/31/2009
Perf: $952.64 Date: 9/30/2009
Perf: $970.70 Date: 8/31/2009
Perf: $935.79 Date: 7/31/2009
Perf: $903.19 Date: 6/30/2009
Perf: $839.71 Date: 5/31/2009
Perf: $838.03 Date: 4/30/2009
Perf: $793.66 Date: 3/31/2009
Perf: $724.34 Date: 2/28/2009
Perf: $666.00 Date: 1/31/2009
Perf: $745.39 Date: 12/31/2008
Perf: $814.01 Date: 11/30/2008
Perf: $805.47 Date: 10/31/2008
Perf: $867.77 Date: 9/30/2008
Perf: $1,042.87 Date: 8/31/2008
Perf: $1,144.88 Date: 7/31/2008
Perf: $1,128.52 Date: 6/30/2008
Perf: $1,138.08 Date: 5/31/2008
Perf: $1,242.85 Date: 4/30/2008
Perf: $1,226.90 Date: 3/31/2008
Perf: $1,169.93 Date: 2/29/2008
Perf: $1,174.98 Date: 1/31/2008
Perf: $1,214.45 Date: 12/31/2007
Perf: $1,291.97 Date: 11/30/2007
Perf: $1,300.94 Date: 10/31/2007
Perf: $1,357.69 Date: 9/30/2007
Perf: $1,336.44 Date: 8/31/2007
Perf: $1,288.26 Date: 7/31/2007
Perf: $1,269.22 Date: 6/30/2007
Perf: $1,309.83 Date: 5/31/2007
Perf: $1,331.94 Date: 4/30/2007
Perf: $1,287.02 Date: 3/31/2007
Perf: $1,232.43 Date: 2/28/2007
Perf: $1,218.78 Date: 1/31/2007
Perf: $1,243.14 Date: 12/31/2006
Perf: $1,224.65 Date: 11/30/2006
Perf: $1,207.74 Date: 10/31/2006
Perf: $1,185.22 Date: 9/30/2006
Perf: $1,147.80 Date: 8/31/2006
Perf: $1,118.93 Date: 7/31/2006
Perf: $1,092.92 Date: 6/30/2006
Perf: $1,086.19 Date: 5/31/2006
Perf: $1,084.67 Date: 4/30/2006
Perf: $1,116.83 Date: 3/31/2006
Perf: $1,102.07 Date: 2/28/2006
Perf: $1,088.57 Date: 1/31/2006
Perf: $1,085.64 Date: 12/31/2005
Perf: $1,057.61 Date: 11/30/2005
Perf: $1,057.29 Date: 10/31/2005
Perf: $1,018.78 Date: 9/30/2005
Perf: $1,036.09 Date: 8/31/2005
Perf: $1,027.76 Date: 7/31/2005
Perf: $1,037.20 Date: 6/30/2005
Perf: $1,000.00 Date: 2/28/2017
Perf: $1,927.30 Date: 1/31/2017
Perf: $1,920.38 Date: 12/31/2016
Perf: $1,924.43 Date: 11/30/2016
Perf: $1,921.35 Date: 10/31/2016
Perf: $2,017.17 Date: 9/30/2016
Perf: $2,110.01 Date: 8/31/2016
Perf: $2,100.14 Date: 7/31/2016
Perf: $2,213.47 Date: 6/30/2016
Perf: $2,191.33 Date: 5/31/2016
Perf: $2,070.81 Date: 4/30/2016
Perf: $2,180.72 Date: 3/31/2016
Perf: $2,188.60 Date: 2/29/2016
Perf: $2,223.28 Date: 1/31/2016
Perf: $2,123.89 Date: 12/31/2015
Perf: $2,115.00 Date: 11/30/2015
Perf: $2,120.09 Date: 10/31/2015
Perf: $2,093.92 Date: 9/30/2015
Perf: $2,136.43 Date: 8/31/2015
Perf: $2,072.39 Date: 7/31/2015
Perf: $2,094.81 Date: 6/30/2015
Perf: $2,091.46 Date: 5/31/2015
Perf: $2,128.50 Date: 4/30/2015
Perf: $2,124.04 Date: 3/31/2015
Perf: $2,149.84 Date: 2/28/2015
Perf: $2,179.26 Date: 1/31/2015
Perf: $2,234.45 Date: 12/31/2014
Perf: $2,144.59 Date: 11/30/2014
Perf: $2,184.79 Date: 10/31/2014
Perf: $2,190.70 Date: 9/30/2014
Perf: $2,259.62 Date: 8/31/2014
Perf: $2,235.70 Date: 7/31/2014
Perf: $2,113.74 Date: 6/30/2014
Perf: $2,100.92 Date: 5/31/2014
Perf: $2,050.68 Date: 4/30/2014
Perf: $1,995.21 Date: 3/31/2014
Perf: $1,992.82 Date: 2/28/2014
Perf: $1,998.42 Date: 1/31/2014
Perf: $2,012.10 Date: 12/31/2013
Perf: $2,149.45 Date: 11/30/2013
Perf: $2,143.88 Date: 10/31/2013
Perf: $2,138.32 Date: 9/30/2013
Perf: $2,054.10 Date: 8/31/2013
Perf: $2,110.01 Date: 7/31/2013
Perf: $2,153.73 Date: 6/30/2013
Perf: $2,148.79 Date: 5/31/2013
Perf: $2,257.85 Date: 4/30/2013
Perf: $2,267.37 Date: 3/31/2013
Perf: $2,222.26 Date: 2/28/2013
Perf: $2,163.41 Date: 1/31/2013
Perf: $2,178.66 Date: 12/31/2012
Perf: $2,185.22 Date: 11/30/2012
Perf: $2,108.88 Date: 10/31/2012
Perf: $2,094.84 Date: 9/30/2012
Perf: $2,141.09 Date: 8/31/2012
Perf: $2,206.40 Date: 7/31/2012
Perf: $2,259.50 Date: 6/30/2012
Perf: $2,132.00 Date: 5/31/2012
Perf: $2,434.07 Date: 4/30/2012
Perf: $2,328.59 Date: 3/31/2012
Perf: $2,349.97 Date: 2/29/2012
Perf: $2,476.78 Date: 1/31/2012
Perf: $2,413.31 Date: 12/31/2011
Perf: $2,492.58 Date: 11/30/2011
Perf: $2,469.85 Date: 10/31/2011
Perf: $2,561.29 Date: 9/30/2011
Perf: $2,849.68 Date: 8/31/2011
Perf: $2,584.74 Date: 7/31/2011
Perf: $2,657.29 Date: 6/30/2011
Perf: $2,476.73 Date: 5/31/2011
Perf: $2,592.62 Date: 4/30/2011
Perf: $2,740.62 Date: 3/31/2011
Perf: $2,536.20 Date: 2/28/2011
Perf: $2,563.11 Date: 1/31/2011
Perf: $2,523.49 Date: 12/31/2010
Perf: $2,467.48 Date: 11/30/2010
Perf: $2,200.75 Date: 10/31/2010
Perf: $2,307.11 Date: 9/30/2010
Perf: $2,280.20 Date: 8/31/2010
Perf: $2,088.67 Date: 7/31/2010
Perf: $2,090.76 Date: 6/30/2010
Perf: $2,194.10 Date: 5/31/2010
Perf: $2,162.53 Date: 4/30/2010
Perf: $2,200.15 Date: 3/31/2010
Perf: $2,282.32 Date: 2/28/2010
Perf: $2,163.33 Date: 1/31/2010
Perf: $2,150.86 Date: 12/31/2009
Perf: $2,281.11 Date: 11/30/2009
Perf: $2,336.72 Date: 10/31/2009
Perf: $2,213.64 Date: 9/30/2009
Perf: $2,267.15 Date: 8/31/2009
Perf: $2,182.89 Date: 7/31/2009
Perf: $2,167.29 Date: 6/30/2009
Perf: $2,059.57 Date: 5/31/2009
Perf: $2,085.64 Date: 4/30/2009
Perf: $1,815.18 Date: 3/31/2009
Perf: $1,775.41 Date: 2/28/2009
Perf: $1,919.98 Date: 1/31/2009
Perf: $1,947.64 Date: 12/31/2008
Perf: $1,963.35 Date: 11/30/2008
Perf: $1,943.33 Date: 10/31/2008
Perf: $1,917.26 Date: 9/30/2008
Perf: $1,727.88 Date: 8/31/2008
Perf: $1,595.31 Date: 7/31/2008
Perf: $1,579.36 Date: 6/30/2008
Perf: $1,673.40 Date: 5/31/2008
Perf: $1,614.94 Date: 4/30/2008
Perf: $1,578.79 Date: 3/31/2008
Perf: $1,576.11 Date: 2/29/2008
Perf: $1,532.14 Date: 1/31/2008
Perf: $1,381.55 Date: 12/31/2007
Perf: $1,259.39 Date: 11/30/2007
Perf: $1,266.74 Date: 10/31/2007
Perf: $1,291.53 Date: 9/30/2007
Perf: $1,202.21 Date: 8/31/2007
Perf: $1,117.61 Date: 7/31/2007
Perf: $1,227.33 Date: 6/30/2007
Perf: $1,223.78 Date: 5/31/2007
Perf: $1,146.51 Date: 4/30/2007
Perf: $1,103.79 Date: 3/31/2007
Perf: $1,064.20 Date: 2/28/2007
Perf: $1,040.99 Date: 1/31/2007
Perf: $1,038.81 Date: 12/31/2006
Perf: $1,022.55 Date: 11/30/2006
Perf: $984.54 Date: 10/31/2006
Perf: $972.58 Date: 9/30/2006
Perf: $949.88 Date: 8/31/2006
Perf: $940.10 Date: 7/31/2006
Perf: $948.54 Date: 6/30/2006
Perf: $985.09 Date: 5/31/2006
Perf: $973.70 Date: 4/30/2006
Perf: $974.87 Date: 3/31/2006
Perf: $876.84 Date: 2/28/2006
Perf: $885.34 Date: 1/31/2006
Perf: $884.19 Date: 12/31/2005
Perf: $911.16 Date: 11/30/2005
Perf: $999.19 Date: 10/31/2005
Perf: $1,003.60 Date: 9/30/2005
Perf: $1,029.02 Date: 8/31/2005
Perf: $1,045.75 Date: 7/31/2005
Perf: $1,006.40 Date: 6/30/2005
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 06/05 - 02/17
Date: 2/28/2017
Return: 0.36 % Date: 1/31/2017
Return: -0.21 % Date: 12/31/2016
Return: 0.16 % Date: 11/30/2016
Return: -4.75 % Date: 10/31/2016
Return: -4.40 % Date: 9/30/2016
Return: 0.47 % Date: 8/31/2016
Return: -5.12 % Date: 7/31/2016
Return: 1.01 % Date: 6/30/2016
Return: 5.82 % Date: 5/31/2016
Return: -5.04 % Date: 4/30/2016
Return: -0.36 % Date: 3/31/2016
Return: -1.56 % Date: 2/29/2016
Return: 4.68 % Date: 1/31/2016
Return: 0.42 % Date: 12/31/2015
Return: -0.24 % Date: 11/30/2015
Return: 1.25 % Date: 10/31/2015
Return: -1.99 % Date: 9/30/2015
Return: 3.09 % Date: 8/31/2015
Return: -1.07 % Date: 7/31/2015
Return: 0.16 % Date: 6/30/2015
Return: -1.74 % Date: 5/31/2015
Return: 0.21 % Date: 4/30/2015
Return: -1.20 % Date: 3/31/2015
Return: -1.35 % Date: 2/28/2015
Return: -2.47 % Date: 1/31/2015
Return: 4.19 % Date: 12/31/2014
Return: -1.84 % Date: 11/30/2014
Return: -0.27 % Date: 10/31/2014
Return: -3.05 % Date: 9/30/2014
Return: 1.07 % Date: 8/31/2014
Return: 5.77 % Date: 7/31/2014
Return: 0.61 % Date: 6/30/2014
Return: 2.45 % Date: 5/31/2014
Return: 2.78 % Date: 4/30/2014
Return: 0.12 % Date: 3/31/2014
Return: -0.28 % Date: 2/28/2014
Return: -0.68 % Date: 1/31/2014
Return: -6.39 % Date: 12/31/2013
Return: 0.26 % Date: 11/30/2013
Return: 0.26 % Date: 10/31/2013
Return: 4.10 % Date: 9/30/2013
Return: -2.65 % Date: 8/31/2013
Return: -2.03 % Date: 7/31/2013
Return: 0.23 % Date: 6/30/2013
Return: -4.83 % Date: 5/31/2013
Return: -0.42 % Date: 4/30/2013
Return: 2.03 % Date: 3/31/2013
Return: 2.72 % Date: 2/28/2013
Return: -0.70 % Date: 1/31/2013
Return: -0.30 % Date: 12/31/2012
Return: 3.62 % Date: 11/30/2012
Return: 0.67 % Date: 10/31/2012
Return: -2.16 % Date: 9/30/2012
Return: -2.96 % Date: 8/31/2012
Return: -2.35 % Date: 7/31/2012
Return: 5.98 % Date: 6/30/2012
Return: -12.41 % Date: 5/31/2012
Return: 4.53 % Date: 4/30/2012
Return: -0.91 % Date: 3/31/2012
Return: -5.12 % Date: 2/29/2012
Return: 2.63 % Date: 1/31/2012
Return: -3.18 % Date: 12/31/2011
Return: 0.92 % Date: 11/30/2011
Return: -3.57 % Date: 10/31/2011
Return: -10.12 % Date: 9/30/2011
Return: 10.25 % Date: 8/31/2011
Return: -2.73 % Date: 7/31/2011
Return: 7.29 % Date: 6/30/2011
Return: -4.47 % Date: 5/31/2011
Return: -5.40 % Date: 4/30/2011
Return: 8.06 % Date: 3/31/2011
Return: -1.05 % Date: 2/28/2011
Return: 1.57 % Date: 1/31/2011
Return: 2.27 % Date: 12/31/2010
Return: 12.12 % Date: 11/30/2010
Return: -4.61 % Date: 10/31/2010
Return: 1.18 % Date: 9/30/2010
Return: 9.17 % Date: 8/31/2010
Return: -0.10 % Date: 7/31/2010
Return: -4.71 % Date: 6/30/2010
Return: 1.46 % Date: 5/31/2010
Return: -1.71 % Date: 4/30/2010
Return: -3.60 % Date: 3/31/2010
Return: 5.50 % Date: 2/28/2010
Return: 0.58 % Date: 1/31/2010
Return: -5.71 % Date: 12/31/2009
Return: -2.38 % Date: 11/30/2009
Return: 5.56 % Date: 10/31/2009
Return: -2.36 % Date: 9/30/2009
Return: 3.86 % Date: 8/31/2009
Return: 0.72 % Date: 7/31/2009
Return: 5.23 % Date: 6/30/2009
Return: -1.25 % Date: 5/31/2009
Return: 14.90 % Date: 4/30/2009
Return: 2.24 % Date: 3/31/2009
Return: -7.53 % Date: 2/28/2009
Return: -1.42 % Date: 1/31/2009
Return: -0.80 % Date: 12/31/2008
Return: 1.03 % Date: 11/30/2008
Return: 1.36 % Date: 10/31/2008
Return: 10.96 % Date: 9/30/2008
Return: 8.31 % Date: 8/31/2008
Return: 1.01 % Date: 7/31/2008
Return: -5.62 % Date: 6/30/2008
Return: 3.62 % Date: 5/31/2008
Return: 2.29 % Date: 4/30/2008
Return: 0.17 % Date: 3/31/2008
Return: 2.87 % Date: 2/29/2008
Return: 10.90 % Date: 1/31/2008
Return: 9.70 % Date: 12/31/2007
Return: -0.58 % Date: 11/30/2007
Return: -1.92 % Date: 10/31/2007
Return: 7.43 % Date: 9/30/2007
Return: 7.57 % Date: 8/31/2007
Return: -8.94 % Date: 7/31/2007
Return: 0.29 % Date: 6/30/2007
Return: 6.74 % Date: 5/31/2007
Return: 3.87 % Date: 4/30/2007
Return: 3.72 % Date: 3/31/2007
Return: 2.23 % Date: 2/28/2007
Return: 0.21 % Date: 1/31/2007
Return: 1.59 % Date: 12/31/2006
Return: 3.86 % Date: 11/30/2006
Return: 1.23 % Date: 10/31/2006
Return: 2.39 % Date: 9/30/2006
Return: 1.04 % Date: 8/31/2006
Return: -0.89 % Date: 7/31/2006
Return: -3.71 % Date: 6/30/2006
Return: 1.17 % Date: 5/31/2006
Return: -0.12 % Date: 4/30/2006
Return: 11.18 % Date: 3/31/2006
Return: -0.96 % Date: 2/28/2006
Return: 0.13 % Date: 1/31/2006
Return: -2.96 % Date: 12/31/2005
Return: -8.81 % Date: 11/30/2005
Return: -0.44 % Date: 10/31/2005
Return: -2.47 % Date: 9/30/2005
Return: -1.60 % Date: 8/31/2005
Return: 3.91 % Date: 7/31/2005
Return: 0.64 % Date: 6/30/2005
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 06/05 - 02/17
Return: -12.00 %
Count: 1 Return: -10.00 %
Count: 1 Return: 12.00 %
Count: 1 Return: 9.00 %
Count: 1 Return: -5.00 %
Count: 8 Return: 6.00 %
Count: 4 Return: 5.00 %
Count: 4 Return: 15.00 %
Count: 1 Return: -8.00 %
Count: 1 Return: -6.00 %
Count: 3 Return: 3.00 %
Count: 5 Return: 10.00 %
Count: 2 Return: 8.00 %
Count: 3 Return: 7.00 %
Count: 3 Return: 2.00 %
Count: 9 Return: -4.00 %
Count: 5 Return: 11.00 %
Count: 3 Return: -1.00 %
Count: 13 Return: -3.00 %
Count: 6 Return: -9.00 %
Count: 2 Return: -2.00 %
Count: 14 Return: 4.00 %
Count: 9 Return: 1.00 %
Count: 17 Return: 0.00 %
Count: 25
Note: All performance data is since program inception.

Underwater Curve
Date Range: 06/05 - 02/17
Date: 2/28/2017
Drawdown: -32.37 % Date: 1/31/2017
Drawdown: -32.61 % Date: 12/31/2016
Drawdown: -32.47 % Date: 11/30/2016
Drawdown: -32.58 % Date: 10/31/2016
Drawdown: -29.21 % Date: 9/30/2016
Drawdown: -25.96 % Date: 8/31/2016
Drawdown: -26.30 % Date: 7/31/2016
Drawdown: -22.33 % Date: 6/30/2016
Drawdown: -23.10 % Date: 5/31/2016
Drawdown: -27.33 % Date: 4/30/2016
Drawdown: -23.47 % Date: 3/31/2016
Drawdown: -23.20 % Date: 2/29/2016
Drawdown: -21.98 % Date: 1/31/2016
Drawdown: -25.47 % Date: 12/31/2015
Drawdown: -25.78 % Date: 11/30/2015
Drawdown: -25.60 % Date: 10/31/2015
Drawdown: -26.52 % Date: 9/30/2015
Drawdown: -25.03 % Date: 8/31/2015
Drawdown: -27.28 % Date: 7/31/2015
Drawdown: -26.49 % Date: 6/30/2015
Drawdown: -26.61 % Date: 5/31/2015
Drawdown: -25.31 % Date: 4/30/2015
Drawdown: -25.46 % Date: 3/31/2015
Drawdown: -24.56 % Date: 2/28/2015
Drawdown: -23.53 % Date: 1/31/2015
Drawdown: -21.59 % Date: 12/31/2014
Drawdown: -24.74 % Date: 11/30/2014
Drawdown: -23.33 % Date: 10/31/2014
Drawdown: -23.12 % Date: 9/30/2014
Drawdown: -20.71 % Date: 8/31/2014
Drawdown: -21.55 % Date: 7/31/2014
Drawdown: -25.83 % Date: 6/30/2014
Drawdown: -26.28 % Date: 5/31/2014
Drawdown: -28.04 % Date: 4/30/2014
Drawdown: -29.98 % Date: 3/31/2014
Drawdown: -30.07 % Date: 2/28/2014
Drawdown: -29.87 % Date: 1/31/2014
Drawdown: -29.39 % Date: 12/31/2013
Drawdown: -24.57 % Date: 11/30/2013
Drawdown: -24.77 % Date: 10/31/2013
Drawdown: -24.96 % Date: 9/30/2013
Drawdown: -27.92 % Date: 8/31/2013
Drawdown: -25.96 % Date: 7/31/2013
Drawdown: -24.42 % Date: 6/30/2013
Drawdown: -24.60 % Date: 5/31/2013
Drawdown: -20.77 % Date: 4/30/2013
Drawdown: -20.43 % Date: 3/31/2013
Drawdown: -22.02 % Date: 2/28/2013
Drawdown: -24.08 % Date: 1/31/2013
Drawdown: -23.55 % Date: 12/31/2012
Drawdown: -23.32 % Date: 11/30/2012
Drawdown: -26.00 % Date: 10/31/2012
Drawdown: -26.49 % Date: 9/30/2012
Drawdown: -24.87 % Date: 8/31/2012
Drawdown: -22.57 % Date: 7/31/2012
Drawdown: -20.71 % Date: 6/30/2012
Drawdown: -25.18 % Date: 5/31/2012
Drawdown: -14.58 % Date: 4/30/2012
Drawdown: -18.29 % Date: 3/31/2012
Drawdown: -17.54 % Date: 2/29/2012
Drawdown: -13.09 % Date: 1/31/2012
Drawdown: -15.31 % Date: 12/31/2011
Drawdown: -12.53 % Date: 11/30/2011
Drawdown: -13.33 % Date: 10/31/2011
Drawdown: -10.12 % Date: 9/30/2011
Drawdown: 0.00 % Date: 8/31/2011
Drawdown: -5.69 % Date: 7/31/2011
Drawdown: -3.04 % Date: 6/30/2011
Drawdown: -9.63 % Date: 5/31/2011
Drawdown: -5.40 % Date: 4/30/2011
Drawdown: 0.00 % Date: 3/31/2011
Drawdown: -1.05 % 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: -5.82 % Date: 10/31/2010
Drawdown: -1.27 % Date: 9/30/2010
Drawdown: -2.42 % Date: 8/31/2010
Drawdown: -10.62 % Date: 7/31/2010
Drawdown: -10.53 % Date: 6/30/2010
Drawdown: -6.10 % Date: 5/31/2010
Drawdown: -7.45 % Date: 4/30/2010
Drawdown: -5.84 % Date: 3/31/2010
Drawdown: -2.33 % Date: 2/28/2010
Drawdown: -7.42 % Date: 1/31/2010
Drawdown: -7.95 % Date: 12/31/2009
Drawdown: -2.38 % Date: 11/30/2009
Drawdown: 0.00 % Date: 10/31/2009
Drawdown: -2.36 % Date: 9/30/2009
Drawdown: 0.00 % Date: 8/31/2009
Drawdown: 0.00 % Date: 7/31/2009
Drawdown: 0.00 % Date: 6/30/2009
Drawdown: -1.25 % Date: 5/31/2009
Drawdown: 0.00 % Date: 4/30/2009
Drawdown: -7.55 % Date: 3/31/2009
Drawdown: -9.57 % Date: 2/28/2009
Drawdown: -2.21 % Date: 1/31/2009
Drawdown: -0.80 % 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: 0.00 % Date: 8/31/2008
Drawdown: -4.67 % Date: 7/31/2008
Drawdown: -5.62 % Date: 6/30/2008
Drawdown: 0.00 % Date: 5/31/2008
Drawdown: 0.00 % Date: 4/30/2008
Drawdown: 0.00 % 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: -2.49 % Date: 11/30/2007
Drawdown: -1.92 % Date: 10/31/2007
Drawdown: 0.00 % Date: 9/30/2007
Drawdown: -2.05 % Date: 8/31/2007
Drawdown: -8.94 % Date: 7/31/2007
Drawdown: 0.00 % Date: 6/30/2007
Drawdown: 0.00 % 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: -0.46 % Date: 1/31/2007
Drawdown: -0.66 % Date: 12/31/2006
Drawdown: -2.22 % Date: 11/30/2006
Drawdown: -5.85 % Date: 10/31/2006
Drawdown: -7.00 % Date: 9/30/2006
Drawdown: -9.17 % Date: 8/31/2006
Drawdown: -10.10 % Date: 7/31/2006
Drawdown: -9.30 % Date: 6/30/2006
Drawdown: -5.80 % Date: 5/31/2006
Drawdown: -6.89 % Date: 4/30/2006
Drawdown: -6.78 % Date: 3/31/2006
Drawdown: -16.15 % Date: 2/28/2006
Drawdown: -15.34 % Date: 1/31/2006
Drawdown: -15.45 % Date: 12/31/2005
Drawdown: -12.87 % Date: 11/30/2005
Drawdown: -4.45 % Date: 10/31/2005
Drawdown: -4.03 % Date: 9/30/2005
Drawdown: -1.60 % Date: 8/31/2005
Drawdown: 0.00 % Date: 7/31/2005
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

The performance information shown is a composite of the accounts traded under this program 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:  Blackwater Capital Management LLC
Address: 470 Headquarters Plaza, East Tower, 4th Floor
City: Morristown
State: NJ
Zip: 07960
Country: USA
Key People
Name:  James Jefferson Austin
Position:  Principal
Biography: 

Mr. Austin is a managing member and co-founder of Blackwater. He is registered with the CFTC as a principal of Blackwater effective May 12, 2005, and as an associated person effective May13, 2005 He has over 10 years experience trading the global futures and foreign exchange markets. Mr. Austin started his professional career working in the currency pits of the Chicago Mercantile Exchange in July 1994. He was hired by Morgan Stanley Dean Witter’s Institutional CTA desk in December 1995. From 1997 to 1998, he worked as a trader for Rotella Capital Management in Chicago. For the seven years preceding the formation of Blackwater, Mr. Austin was a senior trader and system developer for Eagle Trading Systems, a CTA based in Princeton, New Jersey. Mr. Austin received his BA in Economics from the University of Virginia in 1994.


Name:  Andrew Silwanowicz
Position:  Principal
Biography: 

Mr. Silwanowicz is a managing member and co-founder of Blackwater. He is registered with the CFTC as an associated person and principal of Blackwater effective May 24, 2005. He has over 15 years experience in the financial markets on both the buy side and the sell side. He began his career in 1991 at Tricon U.S.A., Inc., where he was a trading assistant. The trading desk was subsequently purchased by Diawa Securities where he continued his existing position for 2 years. Mr. Silwanowicz then joined Morgan Stanley Dean Witter in 1994 as a senior trader working on the in-house trading desk for the Medallion Fund. In 1997 he joined Deerhurst Management and its affiliate, Northbridge Capital where he was a proprietary currency trader and head futures trader. In addition to running his own P&L account ledger at Deerhurst and Northbridge Capital, Mr. Silwanowicz executed OTC option strategies, as well as futures trades. Prior to co-founding Blackwater in 2005, Mr. Silwanowicz had worked at Eagle Trading Systems as a senior trader since April 2000. Mr. Silwanowicz received his B.S. in Finance from Fairleigh Dickenson University in 1990.


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.