Altegris Clearing Solutions Dendrich Ltd Dendrich Ltd Program *QEP* *PROP*
Monthly Performance (%)
Date Range: 11/05 - 03/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 7.84 -20.51 21.78 4.39
2016 1.03 2.97 -0.52 2.55 3.98 -1.49 -5.27 2.43 1.46 9.77 0.47 0.97 19.17
2015 5.32 4.91 7.41 4.54 5.25 5.90 4.69 -9.88 1.18 -2.08 0.98 2.26 33.48
2014 -0.32 4.22 2.36 2.74 4.34 -4.10 -5.07 -0.85 -3.22 -7.11 0.44 -0.46 -7.52
2013 -2.48 3.02 1.82 -11.30 7.60 -2.40 -12.06 -1.77 9.00 8.65 4.19 -1.99 -0.46
2012 6.76 1.97 9.04 6.67 1.71 0.52 2.89 4.96 4.56 10.94 10.02 -1.37 75.98
2011 2.51 -10.89 5.88 4.09 -0.30 3.75 -1.30 -3.79 13.44 -29.11 4.32 11.87 -7.20
2010 9.45 1.92 4.13 5.42 -21.17 4.25 11.50 -1.78 9.11 2.83 2.59 7.68 36.60
2009 5.16 2.93 -20.63 17.94 9.06 16.52 -7.76 7.76 1.05 11.14 8.28 13.81 77.13
2008 -6.30 23.33 5.44 8.38 4.87 2.96 9.69 7.30 -29.04 -74.34 13.07 13.97 -60.62
2007 26.03 9.93 4.82 15.43 0.12 16.94 -3.32 -7.40 34.60 13.30 4.39 29.60 262.51
2006 -11.24 23.36 3.71 1.46 -9.74 12.91 25.07 32.78 6.63 11.22 -1.60 10.12 150.58
2005 -4.80 -4.80
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The objective of the trading program is to provide long-term, consistent and positive returns by reducing market correlation through long and short trading activities.

Performance Statistics
Date Range: 11/05 - 03/17
  Program SP500 TR Altegris 40
Total Return 1957.06% 149.65% 38.95%
Annualized Return 30.58% 8.34% 2.92%
Annualized Std. Deviation 41.30% 14.41% 9.10%
Correlation 0.22 -0.02
Sharpe Ratio (rf=2.5%) 0.68 0.41 0.05
Worst Month -74.34% -16.79% -5.20%
Date of Worst Month
Worst Drawdown
Date of Worst Drawdown
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 11/05 - 03/17
Year or YTD Program SP500 TR Altegris 40
2017 4.39 6.07 -0.61
2016 19.17 11.98 -3.13
2015 33.48 1.41 0.09
2014 -7.52 13.69 15.75
2013 -0.46 32.41 -2.45
2012 75.98 15.98 -4.75
2011 -7.20 2.12 -3.23
2010 36.60 15.06 11.33
2009 77.13 26.45 -7.98
2008 -60.62 -36.99 15.47
2007 262.51 5.50 7.18
2006 150.58 15.79 6.70
2005 -4.80 0.03 -1.81
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 11/05 - 03/17
Date: 3/31/2017
Perf: $1,332.31 Date: 2/28/2017
Perf: $1,352.05 Date: 1/31/2017
Perf: $1,323.20 Date: 12/31/2016
Perf: $1,340.50 Date: 11/30/2016
Perf: $1,330.38 Date: 10/31/2016
Perf: $1,345.18 Date: 9/30/2016
Perf: $1,380.81 Date: 8/31/2016
Perf: $1,398.85 Date: 7/31/2016
Perf: $1,437.52 Date: 6/30/2016
Perf: $1,423.01 Date: 5/31/2016
Perf: $1,364.99 Date: 4/30/2016
Perf: $1,389.31 Date: 3/31/2016
Perf: $1,425.08 Date: 2/29/2016
Perf: $1,467.18 Date: 1/31/2016
Perf: $1,431.96 Date: 12/31/2015
Perf: $1,383.80 Date: 11/30/2015
Perf: $1,416.38 Date: 10/31/2015
Perf: $1,369.67 Date: 9/30/2015
Perf: $1,393.93 Date: 8/31/2015
Perf: $1,364.32 Date: 7/31/2015
Perf: $1,388.34 Date: 6/30/2015
Perf: $1,336.10 Date: 5/31/2015
Perf: $1,409.39 Date: 4/30/2015
Perf: $1,419.61 Date: 3/31/2015
Perf: $1,476.60 Date: 2/28/2015
Perf: $1,444.68 Date: 1/31/2015
Perf: $1,446.99 Date: 12/31/2014
Perf: $1,382.56 Date: 11/30/2014
Perf: $1,358.65 Date: 10/31/2014
Perf: $1,282.35 Date: 9/30/2014
Perf: $1,263.77 Date: 8/31/2014
Perf: $1,245.22 Date: 7/31/2014
Perf: $1,194.69 Date: 6/30/2014
Perf: $1,204.32 Date: 5/31/2014
Perf: $1,194.05 Date: 4/30/2014
Perf: $1,164.25 Date: 3/31/2014
Perf: $1,155.47 Date: 2/28/2014
Perf: $1,172.82 Date: 1/31/2014
Perf: $1,163.28 Date: 12/31/2013
Perf: $1,194.46 Date: 11/30/2013
Perf: $1,196.13 Date: 10/31/2013
Perf: $1,174.87 Date: 9/30/2013
Perf: $1,148.57 Date: 8/31/2013
Perf: $1,155.50 Date: 7/31/2013
Perf: $1,178.12 Date: 6/30/2013
Perf: $1,188.46 Date: 5/31/2013
Perf: $1,235.28 Date: 4/30/2013
Perf: $1,290.78 Date: 3/31/2013
Perf: $1,258.32 Date: 2/28/2013
Perf: $1,240.45 Date: 1/31/2013
Perf: $1,247.69 Date: 12/31/2012
Perf: $1,224.43 Date: 11/30/2012
Perf: $1,218.45 Date: 10/31/2012
Perf: $1,215.05 Date: 9/30/2012
Perf: $1,260.69 Date: 8/31/2012
Perf: $1,281.84 Date: 7/31/2012
Perf: $1,299.51 Date: 6/30/2012
Perf: $1,248.45 Date: 5/31/2012
Perf: $1,297.23 Date: 4/30/2012
Perf: $1,273.04 Date: 3/31/2012
Perf: $1,265.45 Date: 2/29/2012
Perf: $1,294.84 Date: 1/31/2012
Perf: $1,289.55 Date: 12/31/2011
Perf: $1,285.44 Date: 11/30/2011
Perf: $1,273.22 Date: 10/31/2011
Perf: $1,269.41 Date: 9/30/2011
Perf: $1,321.75 Date: 8/31/2011
Perf: $1,322.54 Date: 7/31/2011
Perf: $1,325.19 Date: 6/30/2011
Perf: $1,279.27 Date: 5/31/2011
Perf: $1,313.42 Date: 4/30/2011
Perf: $1,363.17 Date: 3/31/2011
Perf: $1,312.00 Date: 2/28/2011
Perf: $1,332.39 Date: 1/31/2011
Perf: $1,310.12 Date: 12/31/2010
Perf: $1,328.32 Date: 11/30/2010
Perf: $1,273.67 Date: 10/31/2010
Perf: $1,320.42 Date: 9/30/2010
Perf: $1,271.10 Date: 8/31/2010
Perf: $1,248.38 Date: 7/31/2010
Perf: $1,198.75 Date: 6/30/2010
Perf: $1,214.42 Date: 5/31/2010
Perf: $1,209.82 Date: 4/30/2010
Perf: $1,239.82 Date: 3/31/2010
Perf: $1,221.02 Date: 2/28/2010
Perf: $1,174.40 Date: 1/31/2010
Perf: $1,163.46 Date: 12/31/2009
Perf: $1,193.17 Date: 11/30/2009
Perf: $1,242.88 Date: 10/31/2009
Perf: $1,194.74 Date: 9/30/2009
Perf: $1,226.13 Date: 8/31/2009
Perf: $1,197.62 Date: 7/31/2009
Perf: $1,193.68 Date: 6/30/2009
Perf: $1,195.00 Date: 5/31/2009
Perf: $1,227.65 Date: 4/30/2009
Perf: $1,210.94 Date: 3/31/2009
Perf: $1,251.88 Date: 2/28/2009
Perf: $1,287.54 Date: 1/31/2009
Perf: $1,288.19 Date: 12/31/2008
Perf: $1,296.62 Date: 11/30/2008
Perf: $1,264.13 Date: 10/31/2008
Perf: $1,219.38 Date: 9/30/2008
Perf: $1,159.65 Date: 8/31/2008
Perf: $1,157.22 Date: 7/31/2008
Perf: $1,188.97 Date: 6/30/2008
Perf: $1,246.17 Date: 5/31/2008
Perf: $1,213.76 Date: 4/30/2008
Perf: $1,189.26 Date: 3/31/2008
Perf: $1,203.10 Date: 2/29/2008
Perf: $1,208.41 Date: 1/31/2008
Perf: $1,143.36 Date: 12/31/2007
Perf: $1,122.92 Date: 11/30/2007
Perf: $1,125.51 Date: 10/31/2007
Perf: $1,132.87 Date: 9/30/2007
Perf: $1,086.06 Date: 8/31/2007
Perf: $1,037.61 Date: 7/31/2007
Perf: $1,077.81 Date: 6/30/2007
Perf: $1,112.18 Date: 5/31/2007
Perf: $1,080.94 Date: 4/30/2007
Perf: $1,043.68 Date: 3/31/2007
Perf: $1,001.61 Date: 2/28/2007
Perf: $1,025.61 Date: 1/31/2007
Perf: $1,065.57 Date: 12/31/2006
Perf: $1,047.65 Date: 11/30/2006
Perf: $1,013.40 Date: 10/31/2006
Perf: $989.17 Date: 9/30/2006
Perf: $978.40 Date: 8/31/2006
Perf: $988.89 Date: 7/31/2006
Perf: $977.93 Date: 6/30/2006
Perf: $992.62 Date: 5/31/2006
Perf: $1,006.41 Date: 4/30/2006
Perf: $1,033.81 Date: 3/31/2006
Perf: $1,009.18 Date: 2/28/2006
Perf: $982.84 Date: 1/31/2006
Perf: $1,000.65 Date: 12/31/2005
Perf: $981.90 Date: 11/30/2005
Perf: $1,000.00 Date: 3/31/2017
Perf: $2,405.58 Date: 2/28/2017
Perf: $2,402.69 Date: 1/31/2017
Perf: $2,310.95 Date: 12/31/2016
Perf: $2,267.86 Date: 11/30/2016
Perf: $2,223.83 Date: 10/31/2016
Perf: $2,144.48 Date: 9/30/2016
Perf: $2,184.24 Date: 8/31/2016
Perf: $2,183.80 Date: 7/31/2016
Perf: $2,180.75 Date: 6/30/2016
Perf: $2,103.14 Date: 5/31/2016
Perf: $2,097.69 Date: 4/30/2016
Perf: $2,060.60 Date: 3/31/2016
Perf: $2,052.59 Date: 2/29/2016
Perf: $1,922.26 Date: 1/31/2016
Perf: $1,924.76 Date: 12/31/2015
Perf: $2,025.21 Date: 11/30/2015
Perf: $2,057.73 Date: 10/31/2015
Perf: $2,051.57 Date: 9/30/2015
Perf: $1,891.89 Date: 8/31/2015
Perf: $1,939.81 Date: 7/31/2015
Perf: $2,064.28 Date: 6/30/2015
Perf: $2,021.83 Date: 5/31/2015
Perf: $2,061.83 Date: 4/30/2015
Perf: $2,035.57 Date: 3/31/2015
Perf: $2,016.21 Date: 2/28/2015
Perf: $2,048.58 Date: 1/31/2015
Perf: $1,937.19 Date: 12/31/2014
Perf: $1,997.10 Date: 11/30/2014
Perf: $2,002.11 Date: 10/31/2014
Perf: $1,949.66 Date: 9/30/2014
Perf: $1,903.22 Date: 8/31/2014
Perf: $1,930.25 Date: 7/31/2014
Perf: $1,856.01 Date: 6/30/2014
Perf: $1,881.98 Date: 5/31/2014
Perf: $1,843.81 Date: 4/30/2014
Perf: $1,801.48 Date: 3/31/2014
Perf: $1,788.24 Date: 2/28/2014
Perf: $1,773.35 Date: 1/31/2014
Perf: $1,695.85 Date: 12/31/2013
Perf: $1,756.63 Date: 11/30/2013
Perf: $1,713.28 Date: 10/31/2013
Perf: $1,662.57 Date: 9/30/2013
Perf: $1,589.46 Date: 8/31/2013
Perf: $1,541.07 Date: 7/31/2013
Perf: $1,587.09 Date: 6/30/2013
Perf: $1,510.22 Date: 5/31/2013
Perf: $1,530.74 Date: 4/30/2013
Perf: $1,495.73 Date: 3/31/2013
Perf: $1,467.41 Date: 2/28/2013
Perf: $1,414.37 Date: 1/31/2013
Perf: $1,395.40 Date: 12/31/2012
Perf: $1,326.68 Date: 11/30/2012
Perf: $1,314.71 Date: 10/31/2012
Perf: $1,307.13 Date: 9/30/2012
Perf: $1,331.77 Date: 8/31/2012
Perf: $1,298.27 Date: 7/31/2012
Perf: $1,269.70 Date: 6/30/2012
Perf: $1,252.30 Date: 5/31/2012
Perf: $1,202.74 Date: 4/30/2012
Perf: $1,279.65 Date: 3/31/2012
Perf: $1,287.76 Date: 2/29/2012
Perf: $1,246.75 Date: 1/31/2012
Perf: $1,195.12 Date: 12/31/2011
Perf: $1,143.87 Date: 11/30/2011
Perf: $1,132.32 Date: 10/31/2011
Perf: $1,134.82 Date: 9/30/2011
Perf: $1,023.00 Date: 8/31/2011
Perf: $1,100.36 Date: 7/31/2011
Perf: $1,163.54 Date: 6/30/2011
Perf: $1,187.65 Date: 5/31/2011
Perf: $1,207.82 Date: 4/30/2011
Perf: $1,221.62 Date: 3/31/2011
Perf: $1,186.50 Date: 2/28/2011
Perf: $1,186.03 Date: 1/31/2011
Perf: $1,146.70 Date: 12/31/2010
Perf: $1,120.15 Date: 11/30/2010
Perf: $1,050.01 Date: 10/31/2010
Perf: $1,049.90 Date: 9/30/2010
Perf: $1,011.37 Date: 8/31/2010
Perf: $928.54 Date: 7/31/2010
Perf: $972.40 Date: 6/30/2010
Perf: $908.70 Date: 5/31/2010
Perf: $958.85 Date: 4/30/2010
Perf: $1,042.11 Date: 3/31/2010
Perf: $1,025.90 Date: 2/28/2010
Perf: $967.56 Date: 1/31/2010
Perf: $938.47 Date: 12/31/2009
Perf: $973.51 Date: 11/30/2009
Perf: $955.08 Date: 10/31/2009
Perf: $901.02 Date: 9/30/2009
Perf: $918.10 Date: 8/31/2009
Perf: $885.08 Date: 7/31/2009
Perf: $854.24 Date: 6/30/2009
Perf: $794.20 Date: 5/31/2009
Perf: $792.62 Date: 4/30/2009
Perf: $750.66 Date: 3/31/2009
Perf: $685.09 Date: 2/28/2009
Perf: $629.91 Date: 1/31/2009
Perf: $704.99 Date: 12/31/2008
Perf: $769.90 Date: 11/30/2008
Perf: $761.82 Date: 10/31/2008
Perf: $820.75 Date: 9/30/2008
Perf: $986.36 Date: 8/31/2008
Perf: $1,082.84 Date: 7/31/2008
Perf: $1,067.36 Date: 6/30/2008
Perf: $1,076.41 Date: 5/31/2008
Perf: $1,175.50 Date: 4/30/2008
Perf: $1,160.42 Date: 3/31/2008
Perf: $1,106.53 Date: 2/29/2008
Perf: $1,111.31 Date: 1/31/2008
Perf: $1,148.64 Date: 12/31/2007
Perf: $1,221.95 Date: 11/30/2007
Perf: $1,230.44 Date: 10/31/2007
Perf: $1,284.12 Date: 9/30/2007
Perf: $1,264.02 Date: 8/31/2007
Perf: $1,218.45 Date: 7/31/2007
Perf: $1,200.45 Date: 6/30/2007
Perf: $1,238.85 Date: 5/31/2007
Perf: $1,259.76 Date: 4/30/2007
Perf: $1,217.28 Date: 3/31/2007
Perf: $1,165.64 Date: 2/28/2007
Perf: $1,152.73 Date: 1/31/2007
Perf: $1,175.78 Date: 12/31/2006
Perf: $1,158.29 Date: 11/30/2006
Perf: $1,142.29 Date: 10/31/2006
Perf: $1,121.00 Date: 9/30/2006
Perf: $1,085.60 Date: 8/31/2006
Perf: $1,058.30 Date: 7/31/2006
Perf: $1,033.70 Date: 6/30/2006
Perf: $1,027.33 Date: 5/31/2006
Perf: $1,025.89 Date: 4/30/2006
Perf: $1,056.31 Date: 3/31/2006
Perf: $1,042.35 Date: 2/28/2006
Perf: $1,029.58 Date: 1/31/2006
Perf: $1,026.81 Date: 12/31/2005
Perf: $1,000.30 Date: 11/30/2005
Perf: $1,000.00 Date: 3/31/2017
Perf: $20,570.61 Date: 2/28/2017
Perf: $16,891.62 Date: 1/31/2017
Perf: $21,249.99 Date: 12/31/2016
Perf: $19,705.11 Date: 11/30/2016
Perf: $19,515.81 Date: 10/31/2016
Perf: $19,424.51 Date: 9/30/2016
Perf: $17,695.65 Date: 8/31/2016
Perf: $17,441.01 Date: 7/31/2016
Perf: $17,027.25 Date: 6/30/2016
Perf: $17,974.50 Date: 5/31/2016
Perf: $18,246.37 Date: 4/30/2016
Perf: $17,547.97 Date: 3/31/2016
Perf: $17,111.62 Date: 2/29/2016
Perf: $17,201.06 Date: 1/31/2016
Perf: $16,704.93 Date: 12/31/2015
Perf: $16,534.62 Date: 11/30/2015
Perf: $16,169.20 Date: 10/31/2015
Perf: $16,012.28 Date: 9/30/2015
Perf: $16,352.41 Date: 8/31/2015
Perf: $16,161.70 Date: 7/31/2015
Perf: $17,933.53 Date: 6/30/2015
Perf: $17,130.13 Date: 5/31/2015
Perf: $16,175.76 Date: 4/30/2015
Perf: $15,368.89 Date: 3/31/2015
Perf: $14,701.45 Date: 2/28/2015
Perf: $13,687.22 Date: 1/31/2015
Perf: $13,046.63 Date: 12/31/2014
Perf: $12,387.61 Date: 11/30/2014
Perf: $12,444.86 Date: 10/31/2014
Perf: $12,390.34 Date: 9/30/2014
Perf: $13,338.73 Date: 8/31/2014
Perf: $13,782.52 Date: 7/31/2014
Perf: $13,900.68 Date: 6/30/2014
Perf: $14,643.08 Date: 5/31/2014
Perf: $15,269.12 Date: 4/30/2014
Perf: $14,634.00 Date: 3/31/2014
Perf: $14,243.72 Date: 2/28/2014
Perf: $13,915.32 Date: 1/31/2014
Perf: $13,351.87 Date: 12/31/2013
Perf: $13,394.74 Date: 11/30/2013
Perf: $13,666.70 Date: 10/31/2013
Perf: $13,117.10 Date: 9/30/2013
Perf: $12,072.80 Date: 8/31/2013
Perf: $11,075.96 Date: 7/31/2013
Perf: $11,275.54 Date: 6/30/2013
Perf: $12,821.86 Date: 5/31/2013
Perf: $13,137.15 Date: 4/30/2013
Perf: $12,209.24 Date: 3/31/2013
Perf: $13,764.65 Date: 2/28/2013
Perf: $13,518.61 Date: 1/31/2013
Perf: $13,122.32 Date: 12/31/2012
Perf: $13,456.03 Date: 11/30/2012
Perf: $13,642.93 Date: 10/31/2012
Perf: $12,400.41 Date: 9/30/2012
Perf: $11,177.59 Date: 8/31/2012
Perf: $10,690.12 Date: 7/31/2012
Perf: $10,184.94 Date: 6/30/2012
Perf: $9,898.87 Date: 5/31/2012
Perf: $9,847.66 Date: 4/30/2012
Perf: $9,682.09 Date: 3/31/2012
Perf: $9,076.68 Date: 2/29/2012
Perf: $8,324.17 Date: 1/31/2012
Perf: $8,163.36 Date: 12/31/2011
Perf: $7,646.46 Date: 11/30/2011
Perf: $6,835.13 Date: 10/31/2011
Perf: $6,552.08 Date: 9/30/2011
Perf: $9,242.60 Date: 8/31/2011
Perf: $8,147.56 Date: 7/31/2011
Perf: $8,468.52 Date: 6/30/2011
Perf: $8,580.06 Date: 5/31/2011
Perf: $8,269.94 Date: 4/30/2011
Perf: $8,294.82 Date: 3/31/2011
Perf: $7,968.90 Date: 2/28/2011
Perf: $7,526.35 Date: 1/31/2011
Perf: $8,446.13 Date: 12/31/2010
Perf: $8,239.32 Date: 11/30/2010
Perf: $7,651.67 Date: 10/31/2010
Perf: $7,458.50 Date: 9/30/2010
Perf: $7,253.23 Date: 8/31/2010
Perf: $6,647.63 Date: 7/31/2010
Perf: $6,768.11 Date: 6/30/2010
Perf: $6,070.05 Date: 5/31/2010
Perf: $5,822.59 Date: 4/30/2010
Perf: $7,386.26 Date: 3/31/2010
Perf: $7,006.51 Date: 2/28/2010
Perf: $6,728.62 Date: 1/31/2010
Perf: $6,601.86 Date: 12/31/2009
Perf: $6,031.85 Date: 11/30/2009
Perf: $5,299.93 Date: 10/31/2009
Perf: $4,894.65 Date: 9/30/2009
Perf: $4,404.04 Date: 8/31/2009
Perf: $4,358.28 Date: 7/31/2009
Perf: $4,044.43 Date: 6/30/2009
Perf: $4,384.68 Date: 5/31/2009
Perf: $3,763.03 Date: 4/30/2009
Perf: $3,450.42 Date: 3/31/2009
Perf: $2,925.58 Date: 2/28/2009
Perf: $3,686.00 Date: 1/31/2009
Perf: $3,581.07 Date: 12/31/2008
Perf: $3,405.35 Date: 11/30/2008
Perf: $2,987.94 Date: 10/31/2008
Perf: $2,642.56 Date: 9/30/2008
Perf: $10,298.35 Date: 8/31/2008
Perf: $14,512.90 Date: 7/31/2008
Perf: $13,525.53 Date: 6/30/2008
Perf: $12,330.69 Date: 5/31/2008
Perf: $11,976.19 Date: 4/30/2008
Perf: $11,420.04 Date: 3/31/2008
Perf: $10,537.03 Date: 2/29/2008
Perf: $9,993.39 Date: 1/31/2008
Perf: $8,102.97 Date: 12/31/2007
Perf: $8,647.78 Date: 11/30/2007
Perf: $6,672.67 Date: 10/31/2007
Perf: $6,392.06 Date: 9/30/2007
Perf: $5,641.71 Date: 8/31/2007
Perf: $4,191.46 Date: 7/31/2007
Perf: $4,526.42 Date: 6/30/2007
Perf: $4,681.86 Date: 5/31/2007
Perf: $4,003.64 Date: 4/30/2007
Perf: $3,998.84 Date: 3/31/2007
Perf: $3,464.30 Date: 2/28/2007
Perf: $3,305.00 Date: 1/31/2007
Perf: $3,006.46 Date: 12/31/2006
Perf: $2,385.51 Date: 11/30/2006
Perf: $2,166.28 Date: 10/31/2006
Perf: $2,201.51 Date: 9/30/2006
Perf: $1,979.42 Date: 8/31/2006
Perf: $1,856.34 Date: 7/31/2006
Perf: $1,398.06 Date: 6/30/2006
Perf: $1,117.82 Date: 5/31/2006
Perf: $990.01 Date: 4/30/2006
Perf: $1,096.84 Date: 3/31/2006
Perf: $1,081.06 Date: 2/28/2006
Perf: $1,042.39 Date: 1/31/2006
Perf: $845.00 Date: 12/31/2005
Perf: $952.00 Date: 11/30/2005
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 11/05 - 03/17
Date: 3/31/2017
Return: 21.78 % Date: 2/28/2017
Return: -20.51 % Date: 1/31/2017
Return: 7.84 % Date: 12/31/2016
Return: 0.97 % Date: 11/30/2016
Return: 0.47 % Date: 10/31/2016
Return: 9.77 % Date: 9/30/2016
Return: 1.46 % Date: 8/31/2016
Return: 2.43 % Date: 7/31/2016
Return: -5.27 % Date: 6/30/2016
Return: -1.49 % Date: 5/31/2016
Return: 3.98 % Date: 4/30/2016
Return: 2.55 % Date: 3/31/2016
Return: -0.52 % Date: 2/29/2016
Return: 2.97 % Date: 1/31/2016
Return: 1.03 % Date: 12/31/2015
Return: 2.26 % Date: 11/30/2015
Return: 0.98 % Date: 10/31/2015
Return: -2.08 % Date: 9/30/2015
Return: 1.18 % Date: 8/31/2015
Return: -9.88 % Date: 7/31/2015
Return: 4.69 % Date: 6/30/2015
Return: 5.90 % Date: 5/31/2015
Return: 5.25 % Date: 4/30/2015
Return: 4.54 % Date: 3/31/2015
Return: 7.41 % Date: 2/28/2015
Return: 4.91 % Date: 1/31/2015
Return: 5.32 % Date: 12/31/2014
Return: -0.46 % Date: 11/30/2014
Return: 0.44 % Date: 10/31/2014
Return: -7.11 % Date: 9/30/2014
Return: -3.22 % Date: 8/31/2014
Return: -0.85 % Date: 7/31/2014
Return: -5.07 % Date: 6/30/2014
Return: -4.10 % Date: 5/31/2014
Return: 4.34 % Date: 4/30/2014
Return: 2.74 % Date: 3/31/2014
Return: 2.36 % Date: 2/28/2014
Return: 4.22 % Date: 1/31/2014
Return: -0.32 % Date: 12/31/2013
Return: -1.99 % Date: 11/30/2013
Return: 4.19 % Date: 10/31/2013
Return: 8.65 % Date: 9/30/2013
Return: 9.00 % Date: 8/31/2013
Return: -1.77 % Date: 7/31/2013
Return: -12.06 % Date: 6/30/2013
Return: -2.40 % Date: 5/31/2013
Return: 7.60 % Date: 4/30/2013
Return: -11.30 % Date: 3/31/2013
Return: 1.82 % Date: 2/28/2013
Return: 3.02 % Date: 1/31/2013
Return: -2.48 % Date: 12/31/2012
Return: -1.37 % Date: 11/30/2012
Return: 10.02 % Date: 10/31/2012
Return: 10.94 % Date: 9/30/2012
Return: 4.56 % Date: 8/31/2012
Return: 4.96 % Date: 7/31/2012
Return: 2.89 % Date: 6/30/2012
Return: 0.52 % Date: 5/31/2012
Return: 1.71 % Date: 4/30/2012
Return: 6.67 % Date: 3/31/2012
Return: 9.04 % Date: 2/29/2012
Return: 1.97 % Date: 1/31/2012
Return: 6.76 % Date: 12/31/2011
Return: 11.87 % Date: 11/30/2011
Return: 4.32 % Date: 10/31/2011
Return: -29.11 % Date: 9/30/2011
Return: 13.44 % Date: 8/31/2011
Return: -3.79 % Date: 7/31/2011
Return: -1.30 % Date: 6/30/2011
Return: 3.75 % Date: 5/31/2011
Return: -0.30 % Date: 4/30/2011
Return: 4.09 % Date: 3/31/2011
Return: 5.88 % Date: 2/28/2011
Return: -10.89 % Date: 1/31/2011
Return: 2.51 % Date: 12/31/2010
Return: 7.68 % Date: 11/30/2010
Return: 2.59 % Date: 10/31/2010
Return: 2.83 % Date: 9/30/2010
Return: 9.11 % Date: 8/31/2010
Return: -1.78 % Date: 7/31/2010
Return: 11.50 % Date: 6/30/2010
Return: 4.25 % Date: 5/31/2010
Return: -21.17 % Date: 4/30/2010
Return: 5.42 % Date: 3/31/2010
Return: 4.13 % Date: 2/28/2010
Return: 1.92 % Date: 1/31/2010
Return: 9.45 % Date: 12/31/2009
Return: 13.81 % Date: 11/30/2009
Return: 8.28 % Date: 10/31/2009
Return: 11.14 % Date: 9/30/2009
Return: 1.05 % Date: 8/31/2009
Return: 7.76 % Date: 7/31/2009
Return: -7.76 % Date: 6/30/2009
Return: 16.52 % Date: 5/31/2009
Return: 9.06 % Date: 4/30/2009
Return: 17.94 % Date: 3/31/2009
Return: -20.63 % Date: 2/28/2009
Return: 2.93 % Date: 1/31/2009
Return: 5.16 % Date: 12/31/2008
Return: 13.97 % Date: 11/30/2008
Return: 13.07 % Date: 10/31/2008
Return: -74.34 % Date: 9/30/2008
Return: -29.04 % Date: 8/31/2008
Return: 7.30 % Date: 7/31/2008
Return: 9.69 % Date: 6/30/2008
Return: 2.96 % Date: 5/31/2008
Return: 4.87 % Date: 4/30/2008
Return: 8.38 % Date: 3/31/2008
Return: 5.44 % Date: 2/29/2008
Return: 23.33 % Date: 1/31/2008
Return: -6.30 % Date: 12/31/2007
Return: 29.60 % Date: 11/30/2007
Return: 4.39 % Date: 10/31/2007
Return: 13.30 % Date: 9/30/2007
Return: 34.60 % Date: 8/31/2007
Return: -7.40 % Date: 7/31/2007
Return: -3.32 % Date: 6/30/2007
Return: 16.94 % Date: 5/31/2007
Return: 0.12 % Date: 4/30/2007
Return: 15.43 % Date: 3/31/2007
Return: 4.82 % Date: 2/28/2007
Return: 9.93 % Date: 1/31/2007
Return: 26.03 % Date: 12/31/2006
Return: 10.12 % Date: 11/30/2006
Return: -1.60 % Date: 10/31/2006
Return: 11.22 % Date: 9/30/2006
Return: 6.63 % Date: 8/31/2006
Return: 32.78 % Date: 7/31/2006
Return: 25.07 % Date: 6/30/2006
Return: 12.91 % Date: 5/31/2006
Return: -9.74 % Date: 4/30/2006
Return: 1.46 % Date: 3/31/2006
Return: 3.71 % Date: 2/28/2006
Return: 23.36 % Date: 1/31/2006
Return: -11.24 % Date: 12/31/2005
Return: -4.80 % Date: 11/30/2005
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 11/05 - 03/17
Return: 22.00 %
Count: 1 Return: -12.00 %
Count: 1 Return: 12.00 %
Count: 1 Return: -4.00 %
Count: 2 Return: -1.00 %
Count: 5 Return: 6.00 %
Count: 2 Return: 2.00 %
Count: 7 Return: -8.00 %
Count: 1 Return: 9.00 %
Count: 6 Return: 18.00 %
Count: 1 Return: -21.00 %
Count: 3 Return: 14.00 %
Count: 2 Return: -74.00 %
Count: 1 Return: -29.00 %
Count: 2 Return: 3.00 %
Count: 10 Return: 8.00 %
Count: 6 Return: -6.00 %
Count: 1 Return: 30.00 %
Count: 1 Return: 35.00 %
Count: 1 Return: -7.00 %
Count: 2 Return: -3.00 %
Count: 2 Return: 17.00 %
Count: 2 Return: 15.00 %
Count: 1 Return: 5.00 %
Count: 12 Return: 26.00 %
Count: 1 Return: 10.00 %
Count: 5 Return: -2.00 %
Count: 7 Return: 11.00 %
Count: 4 Return: 7.00 %
Count: 5 Return: 33.00 %
Count: 1 Return: 25.00 %
Count: 1 Return: 13.00 %
Count: 4 Return: -10.00 %
Count: 2 Return: 1.00 %
Count: 8 Return: 4.00 %
Count: 11 Return: 23.00 %
Count: 2 Return: -11.00 %
Count: 3 Return: -5.00 %
Count: 3 Return: 0.00 %
Count: 7
Note: All performance data is since program inception.

Underwater Curve
Date Range: 11/05 - 03/17
Date: 3/31/2017
Drawdown: -3.20 % Date: 2/28/2017
Drawdown: -20.51 % Date: 1/31/2017
Drawdown: 0.00 % Date: 12/31/2016
Drawdown: 0.00 % Date: 11/30/2016
Drawdown: 0.00 % Date: 10/31/2016
Drawdown: 0.00 % Date: 9/30/2016
Drawdown: -3.02 % Date: 8/31/2016
Drawdown: -4.41 % Date: 7/31/2016
Drawdown: -6.68 % Date: 6/30/2016
Drawdown: -1.49 % Date: 5/31/2016
Drawdown: 0.00 % Date: 4/30/2016
Drawdown: -2.15 % Date: 3/31/2016
Drawdown: -4.58 % Date: 2/29/2016
Drawdown: -4.08 % Date: 1/31/2016
Drawdown: -6.85 % Date: 12/31/2015
Drawdown: -7.80 % Date: 11/30/2015
Drawdown: -9.84 % Date: 10/31/2015
Drawdown: -10.71 % Date: 9/30/2015
Drawdown: -8.82 % Date: 8/31/2015
Drawdown: -9.88 % Date: 7/31/2015
Drawdown: 0.00 % Date: 6/30/2015
Drawdown: 0.00 % Date: 5/31/2015
Drawdown: 0.00 % Date: 4/30/2015
Drawdown: 0.00 % Date: 3/31/2015
Drawdown: -3.72 % Date: 2/28/2015
Drawdown: -10.36 % Date: 1/31/2015
Drawdown: -14.56 % Date: 12/31/2014
Drawdown: -18.87 % Date: 11/30/2014
Drawdown: -18.50 % Date: 10/31/2014
Drawdown: -18.85 % Date: 9/30/2014
Drawdown: -12.64 % Date: 8/31/2014
Drawdown: -9.74 % Date: 7/31/2014
Drawdown: -8.96 % Date: 6/30/2014
Drawdown: -4.10 % Date: 5/31/2014
Drawdown: 0.00 % Date: 4/30/2014
Drawdown: 0.00 % Date: 3/31/2014
Drawdown: -1.85 % Date: 2/28/2014
Drawdown: -4.12 % Date: 1/31/2014
Drawdown: -8.00 % Date: 12/31/2013
Drawdown: -7.70 % Date: 11/30/2013
Drawdown: -5.83 % Date: 10/31/2013
Drawdown: -9.62 % Date: 9/30/2013
Drawdown: -16.81 % Date: 8/31/2013
Drawdown: -23.68 % Date: 7/31/2013
Drawdown: -22.31 % Date: 6/30/2013
Drawdown: -11.65 % Date: 5/31/2013
Drawdown: -9.48 % Date: 4/30/2013
Drawdown: -15.87 % Date: 3/31/2013
Drawdown: -5.16 % Date: 2/28/2013
Drawdown: -6.85 % Date: 1/31/2013
Drawdown: -9.58 % Date: 12/31/2012
Drawdown: -7.28 % Date: 11/30/2012
Drawdown: -5.99 % Date: 10/31/2012
Drawdown: -14.56 % Date: 9/30/2012
Drawdown: -22.98 % Date: 8/31/2012
Drawdown: -26.34 % Date: 7/31/2012
Drawdown: -29.82 % Date: 6/30/2012
Drawdown: -31.79 % Date: 5/31/2012
Drawdown: -32.15 % Date: 4/30/2012
Drawdown: -33.29 % Date: 3/31/2012
Drawdown: -37.46 % Date: 2/29/2012
Drawdown: -42.64 % Date: 1/31/2012
Drawdown: -43.75 % Date: 12/31/2011
Drawdown: -47.31 % Date: 11/30/2011
Drawdown: -52.90 % Date: 10/31/2011
Drawdown: -54.85 % Date: 9/30/2011
Drawdown: -36.31 % Date: 8/31/2011
Drawdown: -43.86 % Date: 7/31/2011
Drawdown: -41.65 % Date: 6/30/2011
Drawdown: -40.88 % Date: 5/31/2011
Drawdown: -43.02 % Date: 4/30/2011
Drawdown: -42.85 % Date: 3/31/2011
Drawdown: -45.09 % Date: 2/28/2011
Drawdown: -48.14 % Date: 1/31/2011
Drawdown: -41.80 % Date: 12/31/2010
Drawdown: -43.23 % Date: 11/30/2010
Drawdown: -47.28 % Date: 10/31/2010
Drawdown: -48.61 % Date: 9/30/2010
Drawdown: -50.02 % Date: 8/31/2010
Drawdown: -54.19 % Date: 7/31/2010
Drawdown: -53.36 % Date: 6/30/2010
Drawdown: -58.17 % Date: 5/31/2010
Drawdown: -59.88 % Date: 4/30/2010
Drawdown: -49.11 % Date: 3/31/2010
Drawdown: -51.72 % Date: 2/28/2010
Drawdown: -53.64 % Date: 1/31/2010
Drawdown: -54.51 % Date: 12/31/2009
Drawdown: -58.44 % Date: 11/30/2009
Drawdown: -63.48 % Date: 10/31/2009
Drawdown: -66.27 % Date: 9/30/2009
Drawdown: -69.65 % Date: 8/31/2009
Drawdown: -69.97 % Date: 7/31/2009
Drawdown: -72.13 % Date: 6/30/2009
Drawdown: -69.79 % Date: 5/31/2009
Drawdown: -74.07 % Date: 4/30/2009
Drawdown: -76.23 % Date: 3/31/2009
Drawdown: -79.84 % Date: 2/28/2009
Drawdown: -74.60 % Date: 1/31/2009
Drawdown: -75.32 % Date: 12/31/2008
Drawdown: -76.54 % Date: 11/30/2008
Drawdown: -79.41 % Date: 10/31/2008
Drawdown: -81.79 % Date: 9/30/2008
Drawdown: -29.04 % Date: 8/31/2008
Drawdown: 0.00 % Date: 7/31/2008
Drawdown: 0.00 % 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: -6.30 % Date: 12/31/2007
Drawdown: 0.00 % Date: 11/30/2007
Drawdown: 0.00 % Date: 10/31/2007
Drawdown: 0.00 % Date: 9/30/2007
Drawdown: 0.00 % Date: 8/31/2007
Drawdown: -10.47 % Date: 7/31/2007
Drawdown: -3.32 % 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: 0.00 % Date: 1/31/2007
Drawdown: 0.00 % Date: 12/31/2006
Drawdown: 0.00 % Date: 11/30/2006
Drawdown: -1.60 % 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: 0.00 % Date: 6/30/2006
Drawdown: 0.00 % Date: 5/31/2006
Drawdown: -9.74 % Date: 4/30/2006
Drawdown: 0.00 % Date: 3/31/2006
Drawdown: 0.00 % Date: 2/28/2006
Drawdown: 0.00 % Date: 1/31/2006
Drawdown: -15.50 % Date: 12/31/2005
Drawdown: -4.80 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Dendrich Ltd
Address: 401 Cherry Leaf Rd
City: Delaware
State: OH
Zip: 43015
Country: USA
Key People
Name:  Gong Wu
Position:  Principal
Biography: 

Gong Wu, Ph.D is a member of the National Futures Association (NFA) and has over nine (9) years of experience in the United States market. Gong also holds a Ph.D. in chemistry. From December 2005, Gong started trading an incubator fund through Dendrich Ltd by using his own developed market analysis methods, trading and risk management strategies. After approximately eighteen months of validation of his investment techniques, Gong decided to start Dendrich Fund, L.P. and serve as the portfolio manager.


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.