Altegris Clearing Solutions ROW Asset Management, LLC ROW Diversified Program *QEP*
Monthly Performance (%)
Date Range: 10/11 - 08/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -3.89 3.24 -1.64 -0.10 -2.50 -3.15 2.26 1.43 -4.51
2016 3.43 3.66 0.53 -1.60 -4.74 4.75 1.54 -0.60 -0.38 -2.43 -4.26 0.48 -0.12
2015 4.32 -0.68 1.00 -3.25 -2.24 -1.65 1.73 -1.60 1.74 -3.83 3.20 -0.77 -2.36
2014 0.80 0.66 2.24 -0.99 4.12 0.69 -0.21 2.71 5.39 -1.82 7.58 3.46 27.11
2013 0.51 -2.21 1.30 0.14 3.78 0.50 0.70 -0.39 -3.52 0.57 0.51 0.75 2.49
2012 4.73 1.86 -0.62 0.39 1.91 -0.77 4.90 0.64 -3.38 -0.97 -0.87 -0.64 7.08
2011 1.29 1.46 2.77
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The investment objective of the ROW Diversified Strategy is to seek to generate consistent long- term appreciation through active leveraged investing in global futures, forwards, and options markets. We utilize a quantitative approach to forecasting, portfolio construction, and risk management. The Fund invests in currency, interest rate, energy, agriculture, metal, and equity index instruments. We achieve style diversification by using a combination of Carry, Trend, Fair Value, Pattern Recognition, Volatility, Sentiment, and Mean Reversion models.

Performance Statistics
Date Range: 10/11 - 08/17
  Program SP500 TR Altegris 40
Total Return 33.51% 148.17% -0.54%
Annualized Return 5.08% 16.61% -0.09%
Annualized Std. Deviation 8.80% 10.36% 8.40%
Correlation -0.09 0.63
Sharpe Ratio (rf=2.5%) 0.29 1.36 -0.31
Worst Month -4.74% -6.03% -5.20%
Date of Worst Month 05/2016 08/2015 06/2015
Worst Drawdown -14.69% -8.35% -13.10%
Date of Worst Drawdown 3/16 - 6/17 7/15 - 9/15 3/15 - 6/17
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 10/11 - 08/17
Year or YTD Program SP500 TR Altegris 40
2017 -4.51 11.95 -1.93
2016 -0.12 11.98 -3.13
2015 -2.36 1.41 0.09
2014 27.11 13.69 15.75
2013 2.49 32.41 -2.45
2012 7.08 15.98 -4.75
2011 2.77 0.80 1.26
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 10/11 - 08/17
Date: 8/31/2017
Perf: $1,035.58 Date: 7/31/2017
Perf: $1,018.67 Date: 6/30/2017
Perf: $1,014.72 Date: 5/31/2017
Perf: $1,045.24 Date: 4/30/2017
Perf: $1,043.25 Date: 3/31/2017
Perf: $1,049.55 Date: 2/28/2017
Perf: $1,065.10 Date: 1/31/2017
Perf: $1,042.38 Date: 12/31/2016
Perf: $1,056.00 Date: 11/30/2016
Perf: $1,048.04 Date: 10/31/2016
Perf: $1,059.69 Date: 9/30/2016
Perf: $1,087.76 Date: 8/31/2016
Perf: $1,101.97 Date: 7/31/2016
Perf: $1,132.43 Date: 6/30/2016
Perf: $1,121.00 Date: 5/31/2016
Perf: $1,075.30 Date: 4/30/2016
Perf: $1,094.45 Date: 3/31/2016
Perf: $1,122.63 Date: 2/29/2016
Perf: $1,155.80 Date: 1/31/2016
Perf: $1,128.05 Date: 12/31/2015
Perf: $1,090.12 Date: 11/30/2015
Perf: $1,115.78 Date: 10/31/2015
Perf: $1,078.99 Date: 9/30/2015
Perf: $1,098.09 Date: 8/31/2015
Perf: $1,074.77 Date: 7/31/2015
Perf: $1,093.69 Date: 6/30/2015
Perf: $1,052.54 Date: 5/31/2015
Perf: $1,110.27 Date: 4/30/2015
Perf: $1,118.32 Date: 3/31/2015
Perf: $1,163.22 Date: 2/28/2015
Perf: $1,138.07 Date: 1/31/2015
Perf: $1,139.89 Date: 12/31/2014
Perf: $1,089.14 Date: 11/30/2014
Perf: $1,070.30 Date: 10/31/2014
Perf: $1,010.20 Date: 9/30/2014
Perf: $995.56 Date: 8/31/2014
Perf: $980.95 Date: 7/31/2014
Perf: $941.14 Date: 6/30/2014
Perf: $948.73 Date: 5/31/2014
Perf: $940.64 Date: 4/30/2014
Perf: $917.16 Date: 3/31/2014
Perf: $910.24 Date: 2/28/2014
Perf: $923.91 Date: 1/31/2014
Perf: $916.40 Date: 12/31/2013
Perf: $940.96 Date: 11/30/2013
Perf: $942.28 Date: 10/31/2013
Perf: $925.52 Date: 9/30/2013
Perf: $904.80 Date: 8/31/2013
Perf: $910.27 Date: 7/31/2013
Perf: $928.09 Date: 6/30/2013
Perf: $936.23 Date: 5/31/2013
Perf: $973.11 Date: 4/30/2013
Perf: $1,016.84 Date: 3/31/2013
Perf: $991.26 Date: 2/28/2013
Perf: $977.19 Date: 1/31/2013
Perf: $982.89 Date: 12/31/2012
Perf: $964.56 Date: 11/30/2012
Perf: $959.86 Date: 10/31/2012
Perf: $957.18 Date: 9/30/2012
Perf: $993.13 Date: 8/31/2012
Perf: $1,009.79 Date: 7/31/2012
Perf: $1,023.72 Date: 6/30/2012
Perf: $983.49 Date: 5/31/2012
Perf: $1,021.92 Date: 4/30/2012
Perf: $1,002.86 Date: 3/31/2012
Perf: $996.88 Date: 2/29/2012
Perf: $1,020.03 Date: 1/31/2012
Perf: $1,015.87 Date: 12/31/2011
Perf: $1,012.63 Date: 11/30/2011
Perf: $1,003.00 Date: 10/31/2011
Perf: $1,000.00 Date: 8/31/2017
Perf: $2,237.22 Date: 7/31/2017
Perf: $2,230.30 Date: 6/30/2017
Perf: $2,185.29 Date: 5/31/2017
Perf: $2,171.82 Date: 4/30/2017
Perf: $2,141.62 Date: 3/31/2017
Perf: $2,119.79 Date: 2/28/2017
Perf: $2,117.25 Date: 1/31/2017
Perf: $2,036.40 Date: 12/31/2016
Perf: $1,998.43 Date: 11/30/2016
Perf: $1,959.63 Date: 10/31/2016
Perf: $1,889.71 Date: 9/30/2016
Perf: $1,924.74 Date: 8/31/2016
Perf: $1,924.36 Date: 7/31/2016
Perf: $1,921.67 Date: 6/30/2016
Perf: $1,853.28 Date: 5/31/2016
Perf: $1,848.48 Date: 4/30/2016
Perf: $1,815.79 Date: 3/31/2016
Perf: $1,808.74 Date: 2/29/2016
Perf: $1,693.89 Date: 1/31/2016
Perf: $1,696.10 Date: 12/31/2015
Perf: $1,784.61 Date: 11/30/2015
Perf: $1,813.26 Date: 10/31/2015
Perf: $1,807.84 Date: 9/30/2015
Perf: $1,667.13 Date: 8/31/2015
Perf: $1,709.36 Date: 7/31/2015
Perf: $1,819.04 Date: 6/30/2015
Perf: $1,781.63 Date: 5/31/2015
Perf: $1,816.88 Date: 4/30/2015
Perf: $1,793.74 Date: 3/31/2015
Perf: $1,776.68 Date: 2/28/2015
Perf: $1,805.20 Date: 1/31/2015
Perf: $1,707.05 Date: 12/31/2014
Perf: $1,759.84 Date: 11/30/2014
Perf: $1,764.25 Date: 10/31/2014
Perf: $1,718.04 Date: 9/30/2014
Perf: $1,677.12 Date: 8/31/2014
Perf: $1,700.93 Date: 7/31/2014
Perf: $1,635.51 Date: 6/30/2014
Perf: $1,658.40 Date: 5/31/2014
Perf: $1,624.76 Date: 4/30/2014
Perf: $1,587.46 Date: 3/31/2014
Perf: $1,575.80 Date: 2/28/2014
Perf: $1,562.67 Date: 1/31/2014
Perf: $1,494.38 Date: 12/31/2013
Perf: $1,547.94 Date: 11/30/2013
Perf: $1,509.74 Date: 10/31/2013
Perf: $1,465.06 Date: 9/30/2013
Perf: $1,400.63 Date: 8/31/2013
Perf: $1,357.99 Date: 7/31/2013
Perf: $1,398.54 Date: 6/30/2013
Perf: $1,330.81 Date: 5/31/2013
Perf: $1,348.88 Date: 4/30/2013
Perf: $1,318.04 Date: 3/31/2013
Perf: $1,293.08 Date: 2/28/2013
Perf: $1,246.34 Date: 1/31/2013
Perf: $1,229.62 Date: 12/31/2012
Perf: $1,169.06 Date: 11/30/2012
Perf: $1,158.52 Date: 10/31/2012
Perf: $1,151.84 Date: 9/30/2012
Perf: $1,173.55 Date: 8/31/2012
Perf: $1,144.04 Date: 7/31/2012
Perf: $1,118.86 Date: 6/30/2012
Perf: $1,103.52 Date: 5/31/2012
Perf: $1,059.86 Date: 4/30/2012
Perf: $1,127.63 Date: 3/31/2012
Perf: $1,134.78 Date: 2/29/2012
Perf: $1,098.63 Date: 1/31/2012
Perf: $1,053.13 Date: 12/31/2011
Perf: $1,007.98 Date: 11/30/2011
Perf: $997.80 Date: 10/31/2011
Perf: $1,000.00 Date: 8/31/2017
Perf: $1,335.05 Date: 7/31/2017
Perf: $1,316.23 Date: 6/30/2017
Perf: $1,287.14 Date: 5/31/2017
Perf: $1,329.01 Date: 4/30/2017
Perf: $1,363.08 Date: 3/31/2017
Perf: $1,364.45 Date: 2/28/2017
Perf: $1,387.20 Date: 1/31/2017
Perf: $1,343.66 Date: 12/31/2016
Perf: $1,398.05 Date: 11/30/2016
Perf: $1,391.37 Date: 10/31/2016
Perf: $1,453.28 Date: 9/30/2016
Perf: $1,489.47 Date: 8/31/2016
Perf: $1,495.15 Date: 7/31/2016
Perf: $1,504.18 Date: 6/30/2016
Perf: $1,481.37 Date: 5/31/2016
Perf: $1,414.19 Date: 4/30/2016
Perf: $1,484.56 Date: 3/31/2016
Perf: $1,508.70 Date: 2/29/2016
Perf: $1,500.75 Date: 1/31/2016
Perf: $1,447.76 Date: 12/31/2015
Perf: $1,399.75 Date: 11/30/2015
Perf: $1,410.61 Date: 10/31/2015
Perf: $1,366.87 Date: 9/30/2015
Perf: $1,421.30 Date: 8/31/2015
Perf: $1,397.00 Date: 7/31/2015
Perf: $1,419.71 Date: 6/30/2015
Perf: $1,395.57 Date: 5/31/2015
Perf: $1,418.98 Date: 4/30/2015
Perf: $1,451.50 Date: 3/31/2015
Perf: $1,500.25 Date: 2/28/2015
Perf: $1,485.40 Date: 1/31/2015
Perf: $1,495.57 Date: 12/31/2014
Perf: $1,433.64 Date: 11/30/2014
Perf: $1,385.69 Date: 10/31/2014
Perf: $1,288.06 Date: 9/30/2014
Perf: $1,311.93 Date: 8/31/2014
Perf: $1,244.84 Date: 7/31/2014
Perf: $1,211.99 Date: 6/30/2014
Perf: $1,214.54 Date: 5/31/2014
Perf: $1,206.22 Date: 4/30/2014
Perf: $1,158.49 Date: 3/31/2014
Perf: $1,170.07 Date: 2/28/2014
Perf: $1,144.44 Date: 1/31/2014
Perf: $1,136.93 Date: 12/31/2013
Perf: $1,127.91 Date: 11/30/2013
Perf: $1,119.52 Date: 10/31/2013
Perf: $1,113.83 Date: 9/30/2013
Perf: $1,107.52 Date: 8/31/2013
Perf: $1,147.93 Date: 7/31/2013
Perf: $1,152.42 Date: 6/30/2013
Perf: $1,144.41 Date: 5/31/2013
Perf: $1,138.72 Date: 4/30/2013
Perf: $1,097.24 Date: 3/31/2013
Perf: $1,095.71 Date: 2/28/2013
Perf: $1,081.65 Date: 1/31/2013
Perf: $1,106.09 Date: 12/31/2012
Perf: $1,100.48 Date: 11/30/2012
Perf: $1,107.57 Date: 10/31/2012
Perf: $1,117.29 Date: 9/30/2012
Perf: $1,128.23 Date: 8/31/2012
Perf: $1,167.70 Date: 7/31/2012
Perf: $1,160.28 Date: 6/30/2012
Perf: $1,106.08 Date: 5/31/2012
Perf: $1,114.66 Date: 4/30/2012
Perf: $1,093.77 Date: 3/31/2012
Perf: $1,089.52 Date: 2/29/2012
Perf: $1,096.32 Date: 1/31/2012
Perf: $1,076.30 Date: 12/31/2011
Perf: $1,027.69 Date: 11/30/2011
Perf: $1,012.90 Date: 10/31/2011
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 10/11 - 08/17
Date: 8/31/2017
Return: 1.43 % Date: 7/31/2017
Return: 2.26 % Date: 6/30/2017
Return: -3.15 % Date: 5/31/2017
Return: -2.50 % Date: 4/30/2017
Return: -0.10 % Date: 3/31/2017
Return: -1.64 % Date: 2/28/2017
Return: 3.24 % Date: 1/31/2017
Return: -3.89 % Date: 12/31/2016
Return: 0.48 % Date: 11/30/2016
Return: -4.26 % Date: 10/31/2016
Return: -2.43 % Date: 9/30/2016
Return: -0.38 % Date: 8/31/2016
Return: -0.60 % Date: 7/31/2016
Return: 1.54 % Date: 6/30/2016
Return: 4.75 % Date: 5/31/2016
Return: -4.74 % Date: 4/30/2016
Return: -1.60 % Date: 3/31/2016
Return: 0.53 % Date: 2/29/2016
Return: 3.66 % Date: 1/31/2016
Return: 3.43 % Date: 12/31/2015
Return: -0.77 % Date: 11/30/2015
Return: 3.20 % Date: 10/31/2015
Return: -3.83 % Date: 9/30/2015
Return: 1.74 % Date: 8/31/2015
Return: -1.60 % Date: 7/31/2015
Return: 1.73 % Date: 6/30/2015
Return: -1.65 % Date: 5/31/2015
Return: -2.24 % Date: 4/30/2015
Return: -3.25 % Date: 3/31/2015
Return: 1.00 % Date: 2/28/2015
Return: -0.68 % Date: 1/31/2015
Return: 4.32 % Date: 12/31/2014
Return: 3.46 % Date: 11/30/2014
Return: 7.58 % Date: 10/31/2014
Return: -1.82 % Date: 9/30/2014
Return: 5.39 % Date: 8/31/2014
Return: 2.71 % Date: 7/31/2014
Return: -0.21 % Date: 6/30/2014
Return: 0.69 % Date: 5/31/2014
Return: 4.12 % Date: 4/30/2014
Return: -0.99 % Date: 3/31/2014
Return: 2.24 % Date: 2/28/2014
Return: 0.66 % Date: 1/31/2014
Return: 0.80 % Date: 12/31/2013
Return: 0.75 % Date: 11/30/2013
Return: 0.51 % Date: 10/31/2013
Return: 0.57 % Date: 9/30/2013
Return: -3.52 % Date: 8/31/2013
Return: -0.39 % Date: 7/31/2013
Return: 0.70 % Date: 6/30/2013
Return: 0.50 % Date: 5/31/2013
Return: 3.78 % Date: 4/30/2013
Return: 0.14 % Date: 3/31/2013
Return: 1.30 % Date: 2/28/2013
Return: -2.21 % Date: 1/31/2013
Return: 0.51 % Date: 12/31/2012
Return: -0.64 % Date: 11/30/2012
Return: -0.87 % Date: 10/31/2012
Return: -0.97 % Date: 9/30/2012
Return: -3.38 % Date: 8/31/2012
Return: 0.64 % Date: 7/31/2012
Return: 4.90 % Date: 6/30/2012
Return: -0.77 % Date: 5/31/2012
Return: 1.91 % Date: 4/30/2012
Return: 0.39 % Date: 3/31/2012
Return: -0.62 % Date: 2/29/2012
Return: 1.86 % Date: 1/31/2012
Return: 4.73 % Date: 12/31/2011
Return: 1.46 % Date: 11/30/2011
Return: 1.29 % Date: 10/31/2011
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 10/11 - 08/17
Return: -5.00 %
Count: 1 Return: 8.00 %
Count: 1 Return: 3.00 %
Count: 5 Return: -4.00 %
Count: 4 Return: 4.00 %
Count: 4 Return: -2.00 %
Count: 8 Return: -3.00 %
Count: 4 Return: -1.00 %
Count: 9 Return: 2.00 %
Count: 7 Return: 5.00 %
Count: 4 Return: 1.00 %
Count: 16 Return: 0.00 %
Count: 8
Note: All performance data is since program inception.

Underwater Curve
Date Range: 10/11 - 08/17
Date: 8/31/2017
Drawdown: -11.51 % Date: 7/31/2017
Drawdown: -12.76 % Date: 6/30/2017
Drawdown: -14.69 % Date: 5/31/2017
Drawdown: -11.91 % Date: 4/30/2017
Drawdown: -9.65 % Date: 3/31/2017
Drawdown: -9.56 % Date: 2/28/2017
Drawdown: -8.05 % Date: 1/31/2017
Drawdown: -10.94 % Date: 12/31/2016
Drawdown: -7.33 % Date: 11/30/2016
Drawdown: -7.78 % Date: 10/31/2016
Drawdown: -3.67 % Date: 9/30/2016
Drawdown: -1.27 % Date: 8/31/2016
Drawdown: -0.90 % Date: 7/31/2016
Drawdown: -0.30 % Date: 6/30/2016
Drawdown: -1.81 % Date: 5/31/2016
Drawdown: -6.26 % Date: 4/30/2016
Drawdown: -1.60 % Date: 3/31/2016
Drawdown: 0.00 % Date: 2/29/2016
Drawdown: 0.00 % Date: 1/31/2016
Drawdown: -3.50 % Date: 12/31/2015
Drawdown: -6.70 % Date: 11/30/2015
Drawdown: -5.98 % Date: 10/31/2015
Drawdown: -8.89 % Date: 9/30/2015
Drawdown: -5.26 % Date: 8/31/2015
Drawdown: -6.88 % Date: 7/31/2015
Drawdown: -5.37 % Date: 6/30/2015
Drawdown: -6.98 % Date: 5/31/2015
Drawdown: -5.42 % Date: 4/30/2015
Drawdown: -3.25 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: -0.68 % Date: 1/31/2015
Drawdown: 0.00 % Date: 12/31/2014
Drawdown: 0.00 % Date: 11/30/2014
Drawdown: 0.00 % Date: 10/31/2014
Drawdown: -1.82 % Date: 9/30/2014
Drawdown: 0.00 % Date: 8/31/2014
Drawdown: 0.00 % Date: 7/31/2014
Drawdown: -0.21 % Date: 6/30/2014
Drawdown: 0.00 % Date: 5/31/2014
Drawdown: 0.00 % Date: 4/30/2014
Drawdown: -0.99 % Date: 3/31/2014
Drawdown: 0.00 % Date: 2/28/2014
Drawdown: -1.99 % Date: 1/31/2014
Drawdown: -2.63 % Date: 12/31/2013
Drawdown: -3.41 % Date: 11/30/2013
Drawdown: -4.13 % Date: 10/31/2013
Drawdown: -4.61 % Date: 9/30/2013
Drawdown: -5.15 % Date: 8/31/2013
Drawdown: -1.69 % Date: 7/31/2013
Drawdown: -1.31 % Date: 6/30/2013
Drawdown: -1.99 % Date: 5/31/2013
Drawdown: -2.48 % Date: 4/30/2013
Drawdown: -6.03 % Date: 3/31/2013
Drawdown: -6.17 % Date: 2/28/2013
Drawdown: -7.37 % Date: 1/31/2013
Drawdown: -5.28 % Date: 12/31/2012
Drawdown: -5.76 % Date: 11/30/2012
Drawdown: -5.15 % Date: 10/31/2012
Drawdown: -4.32 % Date: 9/30/2012
Drawdown: -3.38 % Date: 8/31/2012
Drawdown: 0.00 % Date: 7/31/2012
Drawdown: 0.00 % Date: 6/30/2012
Drawdown: -0.77 % Date: 5/31/2012
Drawdown: 0.00 % Date: 4/30/2012
Drawdown: -0.23 % Date: 3/31/2012
Drawdown: -0.62 % Date: 2/29/2012
Drawdown: 0.00 % Date: 1/31/2012
Drawdown: 0.00 % Date: 12/31/2011
Drawdown: 0.00 % Date: 11/30/2011
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  ROW Asset Management, LLC
Address: 450 Newport Center Drive, Suite 420
City: Newport Beach
State: CA
Zip: 92660
Country: United States
Key People
Name:  Jeffrey Weiser
Position:  Principal
Biography: 

Jeffrey Weiser co-founded ROW with Ryan O’Grady in July 2010. From 1995 to 2009, Mr. Weiser occupied a variety of different positions at FX Concepts, including the following: portfolio manager of the Global Currency Program (2001-2009), vice president of the Research Advisory Group (from 1998 to 2006) and research analyst (from 1995 to 1998). From 1993 to 1995, Mr. Weiser was an analyst at Pegasus Econometrics Group, Thompson Financial. Mr. Weiser received a B.A. in Economics and English from Case Western Reserve University.


Name:  Ryan O'Grady
Position:  Principal
Biography: 

Ryan O’Grady co-founded ROW with Jeffrey Weiser in July 2010. From 1999-2009, Mr. O’Grady was employed by FX Concepts, LLC, a New York-based manager specializing in investment strategies in currencies, fixed income and commodities. While at FX Concepts, Mr. O’Grady served a variety of roles over time, including the following: head of investment research from (1999-2009), member of the firm’s Management Committee (from 2007-2009), manager of new model research (from 1995 to 1996 and from 1997 to 1999), portfolio manager (from 1994 to 1995) and assistant trader (from 1992 to 1993). Mr. O’Grady also worked as a proprietary trader at Standard Chartered Bank in 1996. Mr. O’Grady received a B.A. in Economics from The Johns Hopkins University and an M.S. in Statistics and Operations Research from the Stern School of Business at New York University. Mr. O’Grady has also completed coursework towards a Ph.D. in Economics at the University of California, Irvine. Mr. O’Grady is a founding and active member of the Industry Advisory Board for the UCLA Anderson School of Management-Masters of Financial Engineering program.


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.