Altegris Clearing Solutions Welton Investment Partners LLC Global Directional Portfolio
Monthly Performance (%)
Date Range: 05/04 - 08/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -0.76 2.71 -1.43 1.03 0.09 -5.04 0.93 4.66 1.91
2016 4.36 7.83 -5.34 -0.44 -2.94 11.26 2.38 -3.95 1.10 -4.98 0.82 1.79 11.03
2015 7.56 -0.59 3.68 -5.24 -0.79 -6.22 4.39 -7.19 3.18 -1.31 3.58 -1.79 -1.91
2014 -2.01 5.68 -1.43 6.13 5.17 3.04 -3.59 5.31 -1.14 0.59 8.92 3.95 34.20
2013 2.86 -1.32 1.03 1.56 -5.70 -2.73 -3.08 -1.10 -2.67 5.29 4.71 -4.06 -5.73
2012 -1.15 1.31 -1.41 0.85 1.33 -4.71 5.27 -1.26 -2.86 -3.95 -0.85 -0.62 -8.12
2011 1.55 3.25 -3.25 2.42 -8.86 -1.58 4.32 -3.51 -2.28 -5.49 -1.76 0.53 -14.44
2010 -6.76 2.48 4.42 4.59 -4.06 1.32 1.07 2.46 3.86 4.58 -3.21 7.51 18.73
2009 -2.30 -2.29 -0.87 -2.99 3.34 -0.89 -1.51 1.27 0.34 -1.82 5.06 -2.71 -5.57
2008 3.46 6.20 0.82 0.69 4.02 2.57 -4.95 -3.72 1.05 4.27 6.27 2.76 25.31
2007 2.87 -1.24 -7.24 6.62 3.53 5.21 -2.84 -9.15 9.28 7.23 -1.43 -0.52 11.00
2006 4.02 -2.33 7.30 10.77 -0.83 -5.76 -4.64 4.90 0.11 -2.52 5.47 -0.85 15.21
2005 -5.53 0.56 2.32 -3.38 4.33 1.02 3.64 1.83 5.48 -2.23 7.14 -0.69 14.63
2004 -3.74 -3.10 4.01 2.18 2.65 6.22 2.08 10.34
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The Global Directional Portfolio is a diversified, multi-strategy managed futures program, combining fundamental, mean reversion and momentum analysis. The program is a composite of strategies that perform best during different market periods, and tend not to perform poorly at the same time. With a robust operational and risk management platform at its core, its trading strategy invests across a diversified group of over 94 global futures markets spanning all four major market sectors (commodities, currencies, equity indices and interest rates).

Performance Statistics
Date Range: 05/04 - 08/17
  Program SP500 TR Altegris 40
Total Return 150.84% 194.87% 44.91%
Annualized Return 7.19% 8.45% 2.82%
Annualized Std. Deviation 14.00% 13.58% 8.93%
Correlation 0.12 0.84
Sharpe Ratio (rf=2.5%) 0.33 0.44 0.04
Worst Month -9.15% -16.79% -5.20%
Date of Worst Month 08/2007 10/2008 06/2015
Worst Drawdown -33.18% -50.95% -15.74%
Date of Worst Drawdown 2/11 - 9/13 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 05/04 - 08/17
Year or YTD Program SP500 TR Altegris 40
2017 1.91 11.95 -1.93
2016 11.03 11.98 -3.13
2015 -1.91 1.41 0.09
2014 34.20 13.69 15.75
2013 -5.73 32.41 -2.45
2012 -8.12 15.98 -4.75
2011 -14.44 2.12 -3.23
2010 18.73 15.06 11.33
2009 -5.57 26.45 -7.98
2008 25.31 -36.99 15.47
2007 11.00 5.50 7.18
2006 15.21 15.79 6.70
2005 14.63 4.89 4.51
2004 10.34 9.27 5.24
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 05/04 - 08/17
Date: 8/31/2017
Perf: $1,472.52 Date: 7/31/2017
Perf: $1,448.47 Date: 6/30/2017
Perf: $1,442.84 Date: 5/31/2017
Perf: $1,486.24 Date: 4/30/2017
Perf: $1,483.42 Date: 3/31/2017
Perf: $1,492.38 Date: 2/28/2017
Perf: $1,514.49 Date: 1/31/2017
Perf: $1,482.18 Date: 12/31/2016
Perf: $1,501.55 Date: 11/30/2016
Perf: $1,490.22 Date: 10/31/2016
Perf: $1,506.80 Date: 9/30/2016
Perf: $1,546.70 Date: 8/31/2016
Perf: $1,566.91 Date: 7/31/2016
Perf: $1,610.23 Date: 6/30/2016
Perf: $1,593.97 Date: 5/31/2016
Perf: $1,528.99 Date: 4/30/2016
Perf: $1,556.22 Date: 3/31/2016
Perf: $1,596.29 Date: 2/29/2016
Perf: $1,643.46 Date: 1/31/2016
Perf: $1,604.00 Date: 12/31/2015
Perf: $1,550.06 Date: 11/30/2015
Perf: $1,586.55 Date: 10/31/2015
Perf: $1,534.23 Date: 9/30/2015
Perf: $1,561.40 Date: 8/31/2015
Perf: $1,528.24 Date: 7/31/2015
Perf: $1,555.14 Date: 6/30/2015
Perf: $1,496.62 Date: 5/31/2015
Perf: $1,578.72 Date: 4/30/2015
Perf: $1,590.16 Date: 3/31/2015
Perf: $1,654.01 Date: 2/28/2015
Perf: $1,618.25 Date: 1/31/2015
Perf: $1,620.84 Date: 12/31/2014
Perf: $1,548.67 Date: 11/30/2014
Perf: $1,521.89 Date: 10/31/2014
Perf: $1,436.42 Date: 9/30/2014
Perf: $1,415.61 Date: 8/31/2014
Perf: $1,394.83 Date: 7/31/2014
Perf: $1,338.22 Date: 6/30/2014
Perf: $1,349.01 Date: 5/31/2014
Perf: $1,337.51 Date: 4/30/2014
Perf: $1,304.12 Date: 3/31/2014
Perf: $1,294.29 Date: 2/28/2014
Perf: $1,313.73 Date: 1/31/2014
Perf: $1,303.05 Date: 12/31/2013
Perf: $1,337.97 Date: 11/30/2013
Perf: $1,339.84 Date: 10/31/2013
Perf: $1,316.02 Date: 9/30/2013
Perf: $1,286.56 Date: 8/31/2013
Perf: $1,294.33 Date: 7/31/2013
Perf: $1,319.66 Date: 6/30/2013
Perf: $1,331.25 Date: 5/31/2013
Perf: $1,383.69 Date: 4/30/2013
Perf: $1,445.86 Date: 3/31/2013
Perf: $1,409.49 Date: 2/28/2013
Perf: $1,389.49 Date: 1/31/2013
Perf: $1,397.59 Date: 12/31/2012
Perf: $1,371.53 Date: 11/30/2012
Perf: $1,364.84 Date: 10/31/2012
Perf: $1,361.03 Date: 9/30/2012
Perf: $1,412.15 Date: 8/31/2012
Perf: $1,435.85 Date: 7/31/2012
Perf: $1,455.64 Date: 6/30/2012
Perf: $1,398.45 Date: 5/31/2012
Perf: $1,453.08 Date: 4/30/2012
Perf: $1,425.99 Date: 3/31/2012
Perf: $1,417.48 Date: 2/29/2012
Perf: $1,450.41 Date: 1/31/2012
Perf: $1,444.48 Date: 12/31/2011
Perf: $1,439.88 Date: 11/30/2011
Perf: $1,426.19 Date: 10/31/2011
Perf: $1,421.92 Date: 9/30/2011
Perf: $1,480.55 Date: 8/31/2011
Perf: $1,481.44 Date: 7/31/2011
Perf: $1,484.41 Date: 6/30/2011
Perf: $1,432.96 Date: 5/31/2011
Perf: $1,471.22 Date: 4/30/2011
Perf: $1,526.95 Date: 3/31/2011
Perf: $1,469.63 Date: 2/28/2011
Perf: $1,492.47 Date: 1/31/2011
Perf: $1,467.52 Date: 12/31/2010
Perf: $1,487.90 Date: 11/30/2010
Perf: $1,426.70 Date: 10/31/2010
Perf: $1,479.06 Date: 9/30/2010
Perf: $1,423.81 Date: 8/31/2010
Perf: $1,398.36 Date: 7/31/2010
Perf: $1,342.77 Date: 6/30/2010
Perf: $1,360.32 Date: 5/31/2010
Perf: $1,355.17 Date: 4/30/2010
Perf: $1,388.78 Date: 3/31/2010
Perf: $1,367.72 Date: 2/28/2010
Perf: $1,315.49 Date: 1/31/2010
Perf: $1,303.24 Date: 12/31/2009
Perf: $1,336.52 Date: 11/30/2009
Perf: $1,392.21 Date: 10/31/2009
Perf: $1,338.28 Date: 9/30/2009
Perf: $1,373.44 Date: 8/31/2009
Perf: $1,341.51 Date: 7/31/2009
Perf: $1,337.10 Date: 6/30/2009
Perf: $1,338.57 Date: 5/31/2009
Perf: $1,375.15 Date: 4/30/2009
Perf: $1,356.43 Date: 3/31/2009
Perf: $1,402.28 Date: 2/28/2009
Perf: $1,442.23 Date: 1/31/2009
Perf: $1,442.95 Date: 12/31/2008
Perf: $1,452.40 Date: 11/30/2008
Perf: $1,416.00 Date: 10/31/2008
Perf: $1,365.88 Date: 9/30/2008
Perf: $1,298.98 Date: 8/31/2008
Perf: $1,296.26 Date: 7/31/2008
Perf: $1,331.82 Date: 6/30/2008
Perf: $1,395.89 Date: 5/31/2008
Perf: $1,359.59 Date: 4/30/2008
Perf: $1,332.14 Date: 3/31/2008
Perf: $1,347.64 Date: 2/29/2008
Perf: $1,353.60 Date: 1/31/2008
Perf: $1,280.72 Date: 12/31/2007
Perf: $1,257.83 Date: 11/30/2007
Perf: $1,260.73 Date: 10/31/2007
Perf: $1,268.98 Date: 9/30/2007
Perf: $1,216.55 Date: 8/31/2007
Perf: $1,162.27 Date: 7/31/2007
Perf: $1,207.30 Date: 6/30/2007
Perf: $1,245.80 Date: 5/31/2007
Perf: $1,210.80 Date: 4/30/2007
Perf: $1,169.07 Date: 3/31/2007
Perf: $1,121.95 Date: 2/28/2007
Perf: $1,148.83 Date: 1/31/2007
Perf: $1,193.59 Date: 12/31/2006
Perf: $1,173.52 Date: 11/30/2006
Perf: $1,135.15 Date: 10/31/2006
Perf: $1,108.01 Date: 9/30/2006
Perf: $1,095.95 Date: 8/31/2006
Perf: $1,107.69 Date: 7/31/2006
Perf: $1,095.42 Date: 6/30/2006
Perf: $1,111.88 Date: 5/31/2006
Perf: $1,127.33 Date: 4/30/2006
Perf: $1,158.01 Date: 3/31/2006
Perf: $1,130.43 Date: 2/28/2006
Perf: $1,100.93 Date: 1/31/2006
Perf: $1,120.88 Date: 12/31/2005
Perf: $1,099.87 Date: 11/30/2005
Perf: $1,120.14 Date: 10/31/2005
Perf: $1,074.07 Date: 9/30/2005
Perf: $1,072.35 Date: 8/31/2005
Perf: $1,056.09 Date: 7/31/2005
Perf: $1,050.41 Date: 6/30/2005
Perf: $1,049.78 Date: 5/31/2005
Perf: $1,015.17 Date: 4/30/2005
Perf: $984.74 Date: 3/31/2005
Perf: $1,009.47 Date: 2/28/2005
Perf: $1,015.16 Date: 1/31/2005
Perf: $1,008.20 Date: 12/31/2004
Perf: $1,052.40 Date: 11/30/2004
Perf: $1,048.94 Date: 10/31/2004
Perf: $995.10 Date: 9/30/2004
Perf: $962.20 Date: 8/31/2004
Perf: $949.38 Date: 7/31/2004
Perf: $955.98 Date: 6/30/2004
Perf: $967.00 Date: 5/31/2004
Perf: $1,000.00 Date: 8/31/2017
Perf: $2,908.88 Date: 7/31/2017
Perf: $2,899.89 Date: 6/30/2017
Perf: $2,841.36 Date: 5/31/2017
Perf: $2,823.85 Date: 4/30/2017
Perf: $2,784.59 Date: 3/31/2017
Perf: $2,756.20 Date: 2/28/2017
Perf: $2,752.90 Date: 1/31/2017
Perf: $2,647.78 Date: 12/31/2016
Perf: $2,598.41 Date: 11/30/2016
Perf: $2,547.96 Date: 10/31/2016
Perf: $2,457.05 Date: 9/30/2016
Perf: $2,502.60 Date: 8/31/2016
Perf: $2,502.10 Date: 7/31/2016
Perf: $2,498.60 Date: 6/30/2016
Perf: $2,409.68 Date: 5/31/2016
Perf: $2,403.43 Date: 4/30/2016
Perf: $2,360.94 Date: 3/31/2016
Perf: $2,351.76 Date: 2/29/2016
Perf: $2,202.44 Date: 1/31/2016
Perf: $2,205.31 Date: 12/31/2015
Perf: $2,320.40 Date: 11/30/2015
Perf: $2,357.65 Date: 10/31/2015
Perf: $2,350.60 Date: 9/30/2015
Perf: $2,167.65 Date: 8/31/2015
Perf: $2,222.54 Date: 7/31/2015
Perf: $2,365.16 Date: 6/30/2015
Perf: $2,316.52 Date: 5/31/2015
Perf: $2,362.35 Date: 4/30/2015
Perf: $2,332.26 Date: 3/31/2015
Perf: $2,310.08 Date: 2/28/2015
Perf: $2,347.17 Date: 1/31/2015
Perf: $2,219.54 Date: 12/31/2014
Perf: $2,288.19 Date: 11/30/2014
Perf: $2,293.93 Date: 10/31/2014
Perf: $2,233.84 Date: 9/30/2014
Perf: $2,180.63 Date: 8/31/2014
Perf: $2,211.59 Date: 7/31/2014
Perf: $2,126.53 Date: 6/30/2014
Perf: $2,156.29 Date: 5/31/2014
Perf: $2,112.56 Date: 4/30/2014
Perf: $2,064.05 Date: 3/31/2014
Perf: $2,048.89 Date: 2/28/2014
Perf: $2,031.82 Date: 1/31/2014
Perf: $1,943.03 Date: 12/31/2013
Perf: $2,012.66 Date: 11/30/2013
Perf: $1,963.00 Date: 10/31/2013
Perf: $1,904.90 Date: 9/30/2013
Perf: $1,821.13 Date: 8/31/2013
Perf: $1,765.69 Date: 7/31/2013
Perf: $1,818.42 Date: 6/30/2013
Perf: $1,730.35 Date: 5/31/2013
Perf: $1,753.85 Date: 4/30/2013
Perf: $1,713.75 Date: 3/31/2013
Perf: $1,681.30 Date: 2/28/2013
Perf: $1,620.53 Date: 1/31/2013
Perf: $1,598.78 Date: 12/31/2012
Perf: $1,520.04 Date: 11/30/2012
Perf: $1,506.34 Date: 10/31/2012
Perf: $1,497.65 Date: 9/30/2012
Perf: $1,525.88 Date: 8/31/2012
Perf: $1,487.50 Date: 7/31/2012
Perf: $1,454.77 Date: 6/30/2012
Perf: $1,434.83 Date: 5/31/2012
Perf: $1,378.05 Date: 4/30/2012
Perf: $1,466.17 Date: 3/31/2012
Perf: $1,475.46 Date: 2/29/2012
Perf: $1,428.47 Date: 1/31/2012
Perf: $1,369.31 Date: 12/31/2011
Perf: $1,310.60 Date: 11/30/2011
Perf: $1,297.36 Date: 10/31/2011
Perf: $1,300.22 Date: 9/30/2011
Perf: $1,172.11 Date: 8/31/2011
Perf: $1,260.74 Date: 7/31/2011
Perf: $1,333.13 Date: 6/30/2011
Perf: $1,360.75 Date: 5/31/2011
Perf: $1,383.86 Date: 4/30/2011
Perf: $1,399.68 Date: 3/31/2011
Perf: $1,359.44 Date: 2/28/2011
Perf: $1,358.90 Date: 1/31/2011
Perf: $1,313.83 Date: 12/31/2010
Perf: $1,283.42 Date: 11/30/2010
Perf: $1,203.05 Date: 10/31/2010
Perf: $1,202.93 Date: 9/30/2010
Perf: $1,158.78 Date: 8/31/2010
Perf: $1,063.88 Date: 7/31/2010
Perf: $1,114.13 Date: 6/30/2010
Perf: $1,041.15 Date: 5/31/2010
Perf: $1,098.60 Date: 4/30/2010
Perf: $1,194.01 Date: 3/31/2010
Perf: $1,175.43 Date: 2/28/2010
Perf: $1,108.59 Date: 1/31/2010
Perf: $1,075.25 Date: 12/31/2009
Perf: $1,115.41 Date: 11/30/2009
Perf: $1,094.29 Date: 10/31/2009
Perf: $1,032.35 Date: 9/30/2009
Perf: $1,051.91 Date: 8/31/2009
Perf: $1,014.09 Date: 7/31/2009
Perf: $978.75 Date: 6/30/2009
Perf: $909.96 Date: 5/31/2009
Perf: $908.14 Date: 4/30/2009
Perf: $860.07 Date: 3/31/2009
Perf: $784.95 Date: 2/28/2009
Perf: $721.72 Date: 1/31/2009
Perf: $807.75 Date: 12/31/2008
Perf: $882.11 Date: 11/30/2008
Perf: $872.86 Date: 10/31/2008
Perf: $940.38 Date: 9/30/2008
Perf: $1,130.13 Date: 8/31/2008
Perf: $1,240.67 Date: 7/31/2008
Perf: $1,222.94 Date: 6/30/2008
Perf: $1,233.30 Date: 5/31/2008
Perf: $1,346.84 Date: 4/30/2008
Perf: $1,329.55 Date: 3/31/2008
Perf: $1,267.81 Date: 2/29/2008
Perf: $1,273.28 Date: 1/31/2008
Perf: $1,316.06 Date: 12/31/2007
Perf: $1,400.06 Date: 11/30/2007
Perf: $1,409.79 Date: 10/31/2007
Perf: $1,471.29 Date: 9/30/2007
Perf: $1,448.26 Date: 8/31/2007
Perf: $1,396.05 Date: 7/31/2007
Perf: $1,375.42 Date: 6/30/2007
Perf: $1,419.42 Date: 5/31/2007
Perf: $1,443.38 Date: 4/30/2007
Perf: $1,394.70 Date: 3/31/2007
Perf: $1,335.54 Date: 2/28/2007
Perf: $1,320.75 Date: 1/31/2007
Perf: $1,347.15 Date: 12/31/2006
Perf: $1,327.11 Date: 11/30/2006
Perf: $1,308.79 Date: 10/31/2006
Perf: $1,284.39 Date: 9/30/2006
Perf: $1,243.84 Date: 8/31/2006
Perf: $1,212.55 Date: 7/31/2006
Perf: $1,184.36 Date: 6/30/2006
Perf: $1,177.07 Date: 5/31/2006
Perf: $1,175.42 Date: 4/30/2006
Perf: $1,210.28 Date: 3/31/2006
Perf: $1,194.27 Date: 2/28/2006
Perf: $1,179.65 Date: 1/31/2006
Perf: $1,176.47 Date: 12/31/2005
Perf: $1,146.10 Date: 11/30/2005
Perf: $1,145.75 Date: 10/31/2005
Perf: $1,104.02 Date: 9/30/2005
Perf: $1,122.77 Date: 8/31/2005
Perf: $1,113.75 Date: 7/31/2005
Perf: $1,123.98 Date: 6/30/2005
Perf: $1,083.67 Date: 5/31/2005
Perf: $1,082.15 Date: 4/30/2005
Perf: $1,048.80 Date: 3/31/2005
Perf: $1,069.11 Date: 2/28/2005
Perf: $1,088.38 Date: 1/31/2005
Perf: $1,065.99 Date: 12/31/2004
Perf: $1,092.65 Date: 11/30/2004
Perf: $1,056.72 Date: 10/31/2004
Perf: $1,015.59 Date: 9/30/2004
Perf: $1,000.29 Date: 8/31/2004
Perf: $989.60 Date: 7/31/2004
Perf: $985.66 Date: 6/30/2004
Perf: $1,019.40 Date: 5/31/2004
Perf: $1,000.00 Date: 8/31/2017
Perf: $2,508.37 Date: 7/31/2017
Perf: $2,396.69 Date: 6/30/2017
Perf: $2,374.60 Date: 5/31/2017
Perf: $2,500.64 Date: 4/30/2017
Perf: $2,498.39 Date: 3/31/2017
Perf: $2,472.92 Date: 2/28/2017
Perf: $2,508.79 Date: 1/31/2017
Perf: $2,442.60 Date: 12/31/2016
Perf: $2,461.30 Date: 11/30/2016
Perf: $2,418.02 Date: 10/31/2016
Perf: $2,398.36 Date: 9/30/2016
Perf: $2,524.05 Date: 8/31/2016
Perf: $2,496.59 Date: 7/31/2016
Perf: $2,599.26 Date: 6/30/2016
Perf: $2,538.84 Date: 5/31/2016
Perf: $2,281.90 Date: 4/30/2016
Perf: $2,351.02 Date: 3/31/2016
Perf: $2,361.41 Date: 2/29/2016
Perf: $2,494.62 Date: 1/31/2016
Perf: $2,313.47 Date: 12/31/2015
Perf: $2,216.82 Date: 11/30/2015
Perf: $2,257.22 Date: 10/31/2015
Perf: $2,179.21 Date: 9/30/2015
Perf: $2,208.14 Date: 8/31/2015
Perf: $2,140.08 Date: 7/31/2015
Perf: $2,305.87 Date: 6/30/2015
Perf: $2,208.90 Date: 5/31/2015
Perf: $2,355.41 Date: 4/30/2015
Perf: $2,374.16 Date: 3/31/2015
Perf: $2,505.45 Date: 2/28/2015
Perf: $2,416.52 Date: 1/31/2015
Perf: $2,430.86 Date: 12/31/2014
Perf: $2,260.01 Date: 11/30/2014
Perf: $2,174.13 Date: 10/31/2014
Perf: $1,996.08 Date: 9/30/2014
Perf: $1,984.37 Date: 8/31/2014
Perf: $2,007.25 Date: 7/31/2014
Perf: $1,906.04 Date: 6/30/2014
Perf: $1,977.02 Date: 5/31/2014
Perf: $1,918.69 Date: 4/30/2014
Perf: $1,824.37 Date: 3/31/2014
Perf: $1,719.00 Date: 2/28/2014
Perf: $1,743.93 Date: 1/31/2014
Perf: $1,650.20 Date: 12/31/2013
Perf: $1,684.05 Date: 11/30/2013
Perf: $1,755.32 Date: 10/31/2013
Perf: $1,676.36 Date: 9/30/2013
Perf: $1,592.14 Date: 8/31/2013
Perf: $1,635.81 Date: 7/31/2013
Perf: $1,654.01 Date: 6/30/2013
Perf: $1,706.57 Date: 5/31/2013
Perf: $1,754.47 Date: 4/30/2013
Perf: $1,860.52 Date: 3/31/2013
Perf: $1,831.94 Date: 2/28/2013
Perf: $1,813.26 Date: 1/31/2013
Perf: $1,837.52 Date: 12/31/2012
Perf: $1,786.42 Date: 11/30/2012
Perf: $1,797.57 Date: 10/31/2012
Perf: $1,812.98 Date: 9/30/2012
Perf: $1,887.54 Date: 8/31/2012
Perf: $1,943.11 Date: 7/31/2012
Perf: $1,967.91 Date: 6/30/2012
Perf: $1,869.39 Date: 5/31/2012
Perf: $1,961.79 Date: 4/30/2012
Perf: $1,936.04 Date: 3/31/2012
Perf: $1,919.72 Date: 2/29/2012
Perf: $1,947.18 Date: 1/31/2012
Perf: $1,922.00 Date: 12/31/2011
Perf: $1,944.36 Date: 11/30/2011
Perf: $1,934.11 Date: 10/31/2011
Perf: $1,968.76 Date: 9/30/2011
Perf: $2,083.12 Date: 8/31/2011
Perf: $2,131.73 Date: 7/31/2011
Perf: $2,209.27 Date: 6/30/2011
Perf: $2,117.78 Date: 5/31/2011
Perf: $2,151.78 Date: 4/30/2011
Perf: $2,360.96 Date: 3/31/2011
Perf: $2,305.18 Date: 2/28/2011
Perf: $2,382.61 Date: 1/31/2011
Perf: $2,307.62 Date: 12/31/2010
Perf: $2,272.39 Date: 11/30/2010
Perf: $2,113.66 Date: 10/31/2010
Perf: $2,183.76 Date: 9/30/2010
Perf: $2,088.12 Date: 8/31/2010
Perf: $2,010.51 Date: 7/31/2010
Perf: $1,962.24 Date: 6/30/2010
Perf: $1,941.47 Date: 5/31/2010
Perf: $1,916.18 Date: 4/30/2010
Perf: $1,997.26 Date: 3/31/2010
Perf: $1,909.61 Date: 2/28/2010
Perf: $1,828.78 Date: 1/31/2010
Perf: $1,784.53 Date: 12/31/2009
Perf: $1,913.91 Date: 11/30/2009
Perf: $1,967.22 Date: 10/31/2009
Perf: $1,872.47 Date: 9/30/2009
Perf: $1,907.18 Date: 8/31/2009
Perf: $1,900.72 Date: 7/31/2009
Perf: $1,876.88 Date: 6/30/2009
Perf: $1,905.66 Date: 5/31/2009
Perf: $1,922.77 Date: 4/30/2009
Perf: $1,860.62 Date: 3/31/2009
Perf: $1,917.97 Date: 2/28/2009
Perf: $1,934.80 Date: 1/31/2009
Perf: $1,980.15 Date: 12/31/2008
Perf: $2,026.77 Date: 11/30/2008
Perf: $1,972.33 Date: 10/31/2008
Perf: $1,855.96 Date: 9/30/2008
Perf: $1,779.96 Date: 8/31/2008
Perf: $1,761.46 Date: 7/31/2008
Perf: $1,829.52 Date: 6/30/2008
Perf: $1,924.80 Date: 5/31/2008
Perf: $1,876.57 Date: 4/30/2008
Perf: $1,804.05 Date: 3/31/2008
Perf: $1,791.68 Date: 2/29/2008
Perf: $1,777.11 Date: 1/31/2008
Perf: $1,673.36 Date: 12/31/2007
Perf: $1,617.40 Date: 11/30/2007
Perf: $1,625.86 Date: 10/31/2007
Perf: $1,649.44 Date: 9/30/2007
Perf: $1,538.23 Date: 8/31/2007
Perf: $1,407.60 Date: 7/31/2007
Perf: $1,549.37 Date: 6/30/2007
Perf: $1,594.66 Date: 5/31/2007
Perf: $1,515.69 Date: 4/30/2007
Perf: $1,464.01 Date: 3/31/2007
Perf: $1,373.11 Date: 2/28/2007
Perf: $1,480.28 Date: 1/31/2007
Perf: $1,498.87 Date: 12/31/2006
Perf: $1,457.05 Date: 11/30/2006
Perf: $1,469.54 Date: 10/31/2006
Perf: $1,393.33 Date: 9/30/2006
Perf: $1,429.35 Date: 8/31/2006
Perf: $1,427.78 Date: 7/31/2006
Perf: $1,361.08 Date: 6/30/2006
Perf: $1,427.31 Date: 5/31/2006
Perf: $1,514.55 Date: 4/30/2006
Perf: $1,527.23 Date: 3/31/2006
Perf: $1,378.74 Date: 2/28/2006
Perf: $1,284.94 Date: 1/31/2006
Perf: $1,315.59 Date: 12/31/2005
Perf: $1,264.75 Date: 11/30/2005
Perf: $1,273.53 Date: 10/31/2005
Perf: $1,188.66 Date: 9/30/2005
Perf: $1,215.77 Date: 8/31/2005
Perf: $1,152.61 Date: 7/31/2005
Perf: $1,131.90 Date: 6/30/2005
Perf: $1,092.14 Date: 5/31/2005
Perf: $1,081.12 Date: 4/30/2005
Perf: $1,036.25 Date: 3/31/2005
Perf: $1,072.50 Date: 2/28/2005
Perf: $1,048.18 Date: 1/31/2005
Perf: $1,042.34 Date: 12/31/2004
Perf: $1,103.36 Date: 11/30/2004
Perf: $1,080.88 Date: 10/31/2004
Perf: $1,017.58 Date: 9/30/2004
Perf: $991.31 Date: 8/31/2004
Perf: $970.16 Date: 7/31/2004
Perf: $932.76 Date: 6/30/2004
Perf: $962.60 Date: 5/31/2004
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 05/04 - 08/17
Date: 8/31/2017
Return: 4.66 % Date: 7/31/2017
Return: 0.93 % Date: 6/30/2017
Return: -5.04 % Date: 5/31/2017
Return: 0.09 % Date: 4/30/2017
Return: 1.03 % Date: 3/31/2017
Return: -1.43 % Date: 2/28/2017
Return: 2.71 % Date: 1/31/2017
Return: -0.76 % Date: 12/31/2016
Return: 1.79 % Date: 11/30/2016
Return: 0.82 % Date: 10/31/2016
Return: -4.98 % Date: 9/30/2016
Return: 1.10 % Date: 8/31/2016
Return: -3.95 % Date: 7/31/2016
Return: 2.38 % Date: 6/30/2016
Return: 11.26 % Date: 5/31/2016
Return: -2.94 % Date: 4/30/2016
Return: -0.44 % Date: 3/31/2016
Return: -5.34 % Date: 2/29/2016
Return: 7.83 % Date: 1/31/2016
Return: 4.36 % Date: 12/31/2015
Return: -1.79 % Date: 11/30/2015
Return: 3.58 % Date: 10/31/2015
Return: -1.31 % Date: 9/30/2015
Return: 3.18 % Date: 8/31/2015
Return: -7.19 % Date: 7/31/2015
Return: 4.39 % Date: 6/30/2015
Return: -6.22 % Date: 5/31/2015
Return: -0.79 % Date: 4/30/2015
Return: -5.24 % Date: 3/31/2015
Return: 3.68 % Date: 2/28/2015
Return: -0.59 % Date: 1/31/2015
Return: 7.56 % Date: 12/31/2014
Return: 3.95 % Date: 11/30/2014
Return: 8.92 % Date: 10/31/2014
Return: 0.59 % Date: 9/30/2014
Return: -1.14 % Date: 8/31/2014
Return: 5.31 % Date: 7/31/2014
Return: -3.59 % Date: 6/30/2014
Return: 3.04 % Date: 5/31/2014
Return: 5.17 % Date: 4/30/2014
Return: 6.13 % Date: 3/31/2014
Return: -1.43 % Date: 2/28/2014
Return: 5.68 % Date: 1/31/2014
Return: -2.01 % Date: 12/31/2013
Return: -4.06 % Date: 11/30/2013
Return: 4.71 % Date: 10/31/2013
Return: 5.29 % Date: 9/30/2013
Return: -2.67 % Date: 8/31/2013
Return: -1.10 % Date: 7/31/2013
Return: -3.08 % Date: 6/30/2013
Return: -2.73 % Date: 5/31/2013
Return: -5.70 % Date: 4/30/2013
Return: 1.56 % Date: 3/31/2013
Return: 1.03 % Date: 2/28/2013
Return: -1.32 % Date: 1/31/2013
Return: 2.86 % Date: 12/31/2012
Return: -0.62 % Date: 11/30/2012
Return: -0.85 % Date: 10/31/2012
Return: -3.95 % Date: 9/30/2012
Return: -2.86 % Date: 8/31/2012
Return: -1.26 % Date: 7/31/2012
Return: 5.27 % Date: 6/30/2012
Return: -4.71 % Date: 5/31/2012
Return: 1.33 % Date: 4/30/2012
Return: 0.85 % Date: 3/31/2012
Return: -1.41 % Date: 2/29/2012
Return: 1.31 % Date: 1/31/2012
Return: -1.15 % Date: 12/31/2011
Return: 0.53 % Date: 11/30/2011
Return: -1.76 % Date: 10/31/2011
Return: -5.49 % Date: 9/30/2011
Return: -2.28 % Date: 8/31/2011
Return: -3.51 % Date: 7/31/2011
Return: 4.32 % Date: 6/30/2011
Return: -1.58 % Date: 5/31/2011
Return: -8.86 % Date: 4/30/2011
Return: 2.42 % Date: 3/31/2011
Return: -3.25 % Date: 2/28/2011
Return: 3.25 % Date: 1/31/2011
Return: 1.55 % Date: 12/31/2010
Return: 7.51 % Date: 11/30/2010
Return: -3.21 % Date: 10/31/2010
Return: 4.58 % Date: 9/30/2010
Return: 3.86 % Date: 8/31/2010
Return: 2.46 % Date: 7/31/2010
Return: 1.07 % Date: 6/30/2010
Return: 1.32 % Date: 5/31/2010
Return: -4.06 % Date: 4/30/2010
Return: 4.59 % Date: 3/31/2010
Return: 4.42 % Date: 2/28/2010
Return: 2.48 % Date: 1/31/2010
Return: -6.76 % Date: 12/31/2009
Return: -2.71 % Date: 11/30/2009
Return: 5.06 % Date: 10/31/2009
Return: -1.82 % Date: 9/30/2009
Return: 0.34 % Date: 8/31/2009
Return: 1.27 % Date: 7/31/2009
Return: -1.51 % Date: 6/30/2009
Return: -0.89 % Date: 5/31/2009
Return: 3.34 % Date: 4/30/2009
Return: -2.99 % Date: 3/31/2009
Return: -0.87 % Date: 2/28/2009
Return: -2.29 % Date: 1/31/2009
Return: -2.30 % Date: 12/31/2008
Return: 2.76 % Date: 11/30/2008
Return: 6.27 % Date: 10/31/2008
Return: 4.27 % Date: 9/30/2008
Return: 1.05 % Date: 8/31/2008
Return: -3.72 % Date: 7/31/2008
Return: -4.95 % Date: 6/30/2008
Return: 2.57 % Date: 5/31/2008
Return: 4.02 % Date: 4/30/2008
Return: 0.69 % Date: 3/31/2008
Return: 0.82 % Date: 2/29/2008
Return: 6.20 % Date: 1/31/2008
Return: 3.46 % Date: 12/31/2007
Return: -0.52 % Date: 11/30/2007
Return: -1.43 % Date: 10/31/2007
Return: 7.23 % Date: 9/30/2007
Return: 9.28 % Date: 8/31/2007
Return: -9.15 % Date: 7/31/2007
Return: -2.84 % Date: 6/30/2007
Return: 5.21 % Date: 5/31/2007
Return: 3.53 % Date: 4/30/2007
Return: 6.62 % Date: 3/31/2007
Return: -7.24 % Date: 2/28/2007
Return: -1.24 % Date: 1/31/2007
Return: 2.87 % Date: 12/31/2006
Return: -0.85 % Date: 11/30/2006
Return: 5.47 % Date: 10/31/2006
Return: -2.52 % Date: 9/30/2006
Return: 0.11 % Date: 8/31/2006
Return: 4.90 % Date: 7/31/2006
Return: -4.64 % Date: 6/30/2006
Return: -5.76 % Date: 5/31/2006
Return: -0.83 % Date: 4/30/2006
Return: 10.77 % Date: 3/31/2006
Return: 7.30 % Date: 2/28/2006
Return: -2.33 % Date: 1/31/2006
Return: 4.02 % Date: 12/31/2005
Return: -0.69 % Date: 11/30/2005
Return: 7.14 % Date: 10/31/2005
Return: -2.23 % Date: 9/30/2005
Return: 5.48 % Date: 8/31/2005
Return: 1.83 % Date: 7/31/2005
Return: 3.64 % Date: 6/30/2005
Return: 1.02 % Date: 5/31/2005
Return: 4.33 % Date: 4/30/2005
Return: -3.38 % Date: 3/31/2005
Return: 2.32 % Date: 2/28/2005
Return: 0.56 % Date: 1/31/2005
Return: -5.53 % Date: 12/31/2004
Return: 2.08 % Date: 11/30/2004
Return: 6.22 % Date: 10/31/2004
Return: 2.65 % Date: 9/30/2004
Return: 2.18 % Date: 8/31/2004
Return: 4.01 % Date: 7/31/2004
Return: -3.10 % Date: 6/30/2004
Return: -3.74 % Date: 5/31/2004
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 05/04 - 08/17
Return: 8.00 %
Count: 3 Return: 9.00 %
Count: 2 Return: -9.00 %
Count: 2 Return: -7.00 %
Count: 3 Return: -5.00 %
Count: 8 Return: 11.00 %
Count: 2 Return: -1.00 %
Count: 22 Return: 7.00 %
Count: 4 Return: -2.00 %
Count: 11 Return: 5.00 %
Count: 13 Return: 1.00 %
Count: 18 Return: -6.00 %
Count: 4 Return: 6.00 %
Count: 5 Return: 3.00 %
Count: 11 Return: 2.00 %
Count: 11 Return: 4.00 %
Count: 15 Return: -3.00 %
Count: 13 Return: -4.00 %
Count: 8 Return: 0.00 %
Count: 5
Note: All performance data is since program inception.

Underwater Curve
Date Range: 05/04 - 08/17
Date: 8/31/2017
Drawdown: -3.50 % Date: 7/31/2017
Drawdown: -7.79 % Date: 6/30/2017
Drawdown: -8.64 % Date: 5/31/2017
Drawdown: -3.79 % Date: 4/30/2017
Drawdown: -3.88 % Date: 3/31/2017
Drawdown: -4.86 % Date: 2/28/2017
Drawdown: -3.48 % Date: 1/31/2017
Drawdown: -6.03 % Date: 12/31/2016
Drawdown: -5.31 % Date: 11/30/2016
Drawdown: -6.97 % Date: 10/31/2016
Drawdown: -7.73 % Date: 9/30/2016
Drawdown: -2.89 % Date: 8/31/2016
Drawdown: -3.95 % Date: 7/31/2016
Drawdown: 0.00 % Date: 6/30/2016
Drawdown: 0.00 % Date: 5/31/2016
Drawdown: -8.92 % Date: 4/30/2016
Drawdown: -6.16 % Date: 3/31/2016
Drawdown: -5.75 % Date: 2/29/2016
Drawdown: -0.43 % Date: 1/31/2016
Drawdown: -7.66 % Date: 12/31/2015
Drawdown: -11.52 % Date: 11/30/2015
Drawdown: -9.91 % Date: 10/31/2015
Drawdown: -13.02 % Date: 9/30/2015
Drawdown: -11.87 % Date: 8/31/2015
Drawdown: -14.58 % Date: 7/31/2015
Drawdown: -7.97 % Date: 6/30/2015
Drawdown: -11.84 % Date: 5/31/2015
Drawdown: -5.99 % Date: 4/30/2015
Drawdown: -5.24 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: -0.59 % Date: 1/31/2015
Drawdown: 0.00 % Date: 12/31/2014
Drawdown: -5.15 % Date: 11/30/2014
Drawdown: -8.75 % Date: 10/31/2014
Drawdown: -16.22 % Date: 9/30/2014
Drawdown: -16.71 % Date: 8/31/2014
Drawdown: -15.75 % Date: 7/31/2014
Drawdown: -20.00 % Date: 6/30/2014
Drawdown: -17.02 % Date: 5/31/2014
Drawdown: -19.47 % Date: 4/30/2014
Drawdown: -23.43 % Date: 3/31/2014
Drawdown: -27.85 % Date: 2/28/2014
Drawdown: -26.81 % Date: 1/31/2014
Drawdown: -30.74 % Date: 12/31/2013
Drawdown: -29.32 % Date: 11/30/2013
Drawdown: -26.33 % Date: 10/31/2013
Drawdown: -29.64 % Date: 9/30/2013
Drawdown: -33.18 % Date: 8/31/2013
Drawdown: -31.34 % Date: 7/31/2013
Drawdown: -30.58 % Date: 6/30/2013
Drawdown: -28.37 % Date: 5/31/2013
Drawdown: -26.36 % Date: 4/30/2013
Drawdown: -21.91 % Date: 3/31/2013
Drawdown: -23.11 % Date: 2/28/2013
Drawdown: -23.90 % Date: 1/31/2013
Drawdown: -22.88 % Date: 12/31/2012
Drawdown: -25.02 % Date: 11/30/2012
Drawdown: -24.55 % Date: 10/31/2012
Drawdown: -23.91 % Date: 9/30/2012
Drawdown: -20.78 % Date: 8/31/2012
Drawdown: -18.45 % Date: 7/31/2012
Drawdown: -17.41 % Date: 6/30/2012
Drawdown: -21.54 % Date: 5/31/2012
Drawdown: -17.66 % Date: 4/30/2012
Drawdown: -18.74 % Date: 3/31/2012
Drawdown: -19.43 % Date: 2/29/2012
Drawdown: -18.28 % Date: 1/31/2012
Drawdown: -19.33 % Date: 12/31/2011
Drawdown: -18.39 % Date: 11/30/2011
Drawdown: -18.82 % Date: 10/31/2011
Drawdown: -17.37 % Date: 9/30/2011
Drawdown: -12.57 % Date: 8/31/2011
Drawdown: -10.53 % Date: 7/31/2011
Drawdown: -7.28 % Date: 6/30/2011
Drawdown: -11.12 % Date: 5/31/2011
Drawdown: -9.69 % Date: 4/30/2011
Drawdown: -0.91 % Date: 3/31/2011
Drawdown: -3.25 % 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: -3.21 % Date: 10/31/2010
Drawdown: 0.00 % Date: 9/30/2010
Drawdown: 0.00 % Date: 8/31/2010
Drawdown: -0.80 % Date: 7/31/2010
Drawdown: -3.18 % Date: 6/30/2010
Drawdown: -4.21 % Date: 5/31/2010
Drawdown: -5.46 % Date: 4/30/2010
Drawdown: -1.46 % Date: 3/31/2010
Drawdown: -5.78 % Date: 2/28/2010
Drawdown: -9.77 % Date: 1/31/2010
Drawdown: -11.95 % Date: 12/31/2009
Drawdown: -5.57 % Date: 11/30/2009
Drawdown: -2.94 % Date: 10/31/2009
Drawdown: -7.61 % Date: 9/30/2009
Drawdown: -5.90 % Date: 8/31/2009
Drawdown: -6.22 % Date: 7/31/2009
Drawdown: -7.40 % Date: 6/30/2009
Drawdown: -5.98 % Date: 5/31/2009
Drawdown: -5.13 % Date: 4/30/2009
Drawdown: -8.20 % Date: 3/31/2009
Drawdown: -5.37 % Date: 2/28/2009
Drawdown: -4.54 % Date: 1/31/2009
Drawdown: -2.30 % Date: 12/31/2008
Drawdown: 0.00 % Date: 11/30/2008
Drawdown: 0.00 % Date: 10/31/2008
Drawdown: -3.58 % Date: 9/30/2008
Drawdown: -7.52 % Date: 8/31/2008
Drawdown: -8.49 % Date: 7/31/2008
Drawdown: -4.95 % 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: -1.94 % Date: 11/30/2007
Drawdown: -1.43 % Date: 10/31/2007
Drawdown: 0.00 % Date: 9/30/2007
Drawdown: -3.54 % Date: 8/31/2007
Drawdown: -11.73 % Date: 7/31/2007
Drawdown: -2.84 % Date: 6/30/2007
Drawdown: 0.00 % Date: 5/31/2007
Drawdown: -0.76 % Date: 4/30/2007
Drawdown: -4.14 % Date: 3/31/2007
Drawdown: -10.09 % Date: 2/28/2007
Drawdown: -3.07 % Date: 1/31/2007
Drawdown: -1.86 % Date: 12/31/2006
Drawdown: -4.59 % Date: 11/30/2006
Drawdown: -3.78 % Date: 10/31/2006
Drawdown: -8.77 % Date: 9/30/2006
Drawdown: -6.41 % Date: 8/31/2006
Drawdown: -6.51 % Date: 7/31/2006
Drawdown: -10.88 % Date: 6/30/2006
Drawdown: -6.54 % Date: 5/31/2006
Drawdown: -0.83 % Date: 4/30/2006
Drawdown: 0.00 % Date: 3/31/2006
Drawdown: 0.00 % Date: 2/28/2006
Drawdown: -2.33 % Date: 1/31/2006
Drawdown: 0.00 % Date: 12/31/2005
Drawdown: -0.69 % Date: 11/30/2005
Drawdown: 0.00 % Date: 10/31/2005
Drawdown: -2.23 % Date: 9/30/2005
Drawdown: 0.00 % Date: 8/31/2005
Drawdown: 0.00 % Date: 7/31/2005
Drawdown: 0.00 % Date: 6/30/2005
Drawdown: -1.02 % Date: 5/31/2005
Drawdown: -2.02 % Date: 4/30/2005
Drawdown: -6.08 % Date: 3/31/2005
Drawdown: -2.80 % Date: 2/28/2005
Drawdown: -5.00 % Date: 1/31/2005
Drawdown: -5.53 % 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: -0.87 % Date: 8/31/2004
Drawdown: -2.98 % Date: 7/31/2004
Drawdown: -6.72 % Date: 6/30/2004
Drawdown: -3.74 %
Note: All performance data is since program inception.
Notes to Performance

The Monthly Performance table represents results of the program net of all fees and expenses. 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. The performance results are not necessarily indicative of the results that may be achieved in the future. Past performance is not necessarily indicative of future results. No representation is being made that any account in the future will or is likely to achieve profits or losses similar to those shown.

Specific to these performance results, the commission rates applied to client accounts range from $5 to $20 per round turn, average annualized interest rates range from 0.0% to 4.0%, monthly management fees range from 0.0% to 2.0% per annum of “Account Equity” and performance fees range from 0.0% to 30.0% of “New Net Trading Profits.” Adjustments for intra-month additions and withdrawals are made using the Time-Weighted Method.

Manager Information
Manager Name:  Welton Investment Partners LLC
Address: Eastwood Building San Carlos between 5th and 6th P.O. Box 6147
City: Carmel
State: CA
Zip: 93921-6147
Country: USA
Key People
Name:  Patrick Welton
Position:  Chief Executive Officer
Biography: 

Mr. Welton oversees all internal departments, with an emphasis on trading and risk management. He was a National Futures Association (NFA) Board of Director from 1997-2000. Mr. Welton has spoken at conferences, authored articles, participated in panel presentations and served on committees for the Managed Funds Association (MFA) and the NFA. He is also an investment committee member of a California pension plan and an endowment. Mr. Welton holds undergraduate, doctoral and postdoctoral degrees from the University of Wisconsin, UCLA and Stanford University respectively. Mr. Welton co-founded Welton in 1988 and has been registered as an Associated Person with Welton Investment Corporation since January 1989 and listed as a Principal with Welton Investment Corporation since January 1989. He has also been registered as an Associated Person with an affiliated entity Welton Global Funds Management Corporation since February 1996 and listed as a Principal with Welton Global Funds Management Corporation since February 1996. The main business of Welton Global Funds Management Corporation is to function as a commodity pool operator.


Name:  Brent Hankins
Position:  Portfolio Manager
Biography: 

Mr. Hankins’ primary responsibilities include portfolio management, research and development of trading strategies, and oversight of the firm’s trading operations. Drawing on his depth of experience with Welton, Mr. Hankins has spoken at numerous alternative investment conferences throughout the U.S. and Asia. He holds the CAIA designation and earned a BS from California Polytechnic University at San Luis Obispo. Mr. Hankins has been registered as an Associated Person with Welton Investment Corporation since March 1993 and listed as a Principal with Welton Investment Corporation since February 2000.


Name:  Justin Balas
Position:  Managing Director
Biography: 

Mr. Balas oversees the firm’s proprietary research directives, managing groups of specialists within Information Technology, Trading and Applied Sciences. He is also a member of Welton’s portfolio management team. Mr. Balas formerly worked as an independent equity options trader, a proprietary equity trader with Bright Trading, and serves as the Chief Operating Officer of Monarch Media, a multi-media corporation. Mr. Balas holds the CAIA designation and earned a BA from UC Santa Cruz.


Name:  David Nowlin
Position:  Managing Director
Biography: 

Mr. Nowlin oversees the Core Services Group which has as its mandate the proper management of the firm’s trade processing, investor relations, regulatory compliance, internal review and administrative operations. He earned an MBA from Santa Clara University and a BA from Westmont College. Mr. Nowlin joined Welton in 1993 and has been registered as an Associated Person with Welton Investment Corporation since June 1994 and listed as a Principal with Welton Investment Corporation since February 2000.


Name:  Arthur F. Bell, Jr.
Position:  Director
Biography: 

Mr. Bell is an independent Director of Welton Investment Corporation’s board of directors. In his role, he provides independent feedback to the board and oversight of management. Mr. Bell has been the Founder and Managing Member of Arthur F. Bell, Jr. & Associates, L.L.C., Certified Public Accountants, since 1974. Mr. Bell has over 37 years of experience in the alternative investment world and has been an active member of the MFA Executive Committee and Board of Directors since 1994. Mr. Bell was also a member of the CFTC's Global Markets Advisory Committee. He is currently a member of the Futures Industry Association Editorial Advisory Board, the American Institute of Certified Public Accountants (AICPA), the Pension Research Accounting Group (PRAG) based in London, the Alternative Investment Management Association (AIMA) also based in London, and is on numerous industry committees and working groups. Mr. Bell is a graduate of Johns Hopkins University and a licensed CPA in Maryland and New York. He has been listed as a Principal with Welton Investment Corporation since June 2011.


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.