Altegris Clearing Solutions Bluenose Capital Management, LLC BNC BI Program
Monthly Performance (%)
Date Range: 09/08 - 04/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 1.43 0.83 1.44 1.39 5.19
2016 -1.15 0.67 -2.75 0.37 2.60 -0.96 1.98 1.82 -3.78 5.09 3.12 0.28 7.17
2015 -0.86 1.86 2.30 1.01 0.54 2.25 2.10 -2.81 1.79 -3.55 2.25 -2.76 3.91
2014 4.31 -1.69 4.84 1.45 1.52 1.28 -3.13 5.64 1.45 -12.08 2.81 2.07 7.42
2013 -0.29 1.26 0.69 -14.32 0.22 1.78 0.94 1.03 -5.42 1.04 -2.33 10.29 -6.73
2012 0.92 1.17 -0.53 1.74 2.15 -0.90 1.67 1.19 1.03 1.66 1.55 0.66 12.98
2011 1.33 1.22 2.20 -1.62 2.66 3.45 1.46 0.53 2.80 3.09 2.77 0.62 22.42
2010 2.95 2.92 -0.43 0.75 3.36 1.81 2.20 2.33 0.95 0.05 2.21 0.45 21.30
2009 2.26 1.80 2.79 1.75 0.84 3.71 -5.77 6.39 -2.97 0.06 5.99 2.30 20.17
2008 1.16 0.00 1.27 2.44
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Bluenose Capital Management, LLC’s primary goal is the development and implementation of strategies to intended to generate better than average growth. Unlike traditional equity managers, our trading strategies seek to be flexible enough to profit in rising markets as well as declining markets and inflationary or deflationary environments. Further, we believe that investments in stock indexes and commodities, not individual stocks or sectors, hold more possibilities for growth than day trading, swing trading, trend following or “buy and hold” strategies. Since market conditions are constantly changing, we continually reevaluate the particular strategies being employed at any point in time. Bluenose Capital Management, LLC trading strategy incorporates five vital elements; fundamental analysis, technical analysis, money-management, strategy identification and risk assessment. Fundamental analysis is the study of the economic environment, both macro and micro. It is the study of supply and demand, interest rate policy, labor productivity and monetary policies. Fundamental analysis also considers the state of our economy as well as the global economic and political situation. The use of fundamentals assists in recognizing potential trading opportunities and aids in determining what the market is thinking and how it might react. Technical analysis is the study of price movement in the context of statistical and probability outcomes. Historical price movement and patterns aid in the selection of more optimal entry and exit points as well as which specific positions are established in our trading programs. After evaluating fundamental and technical conditions, we determine the most appropriate strategy for the current environment. Our objective is to identify and implement the most advantageous strategies to fit current conditions. Although risks cannot be eliminated and profits cannot be guaranteed, Bluenose Capital Management believes that proper money management is vital to the delivery of long term portfolio performance. We closely monitor the performance of the individual positions in our portfolios with the ultimate goal of maximizing the profitable to unprofitable trade ratio. By constantly monitoring and evaluating these various factors we are able to maintain the overall risk profile of our programs to maximize returns without taking outsized risk relative to our return targets. At present, the main strategy that best meets Bluenose Capital Management, LLC criteria for effective growth to risk management is one that focuses on the writing (selling) of options using futures contracts of indices and other commodities.

Performance Statistics
Date Range: 09/08 - 04/17
  Program SP500 TR Altegris 40
Total Return 142.38% 124.44% 14.44%
Annualized Return 10.87% 9.78% 1.57%
Annualized Std. Deviation 10.51% 15.47% 8.84%
Correlation -0.09 -0.10
Sharpe Ratio (rf=2.5%) 0.80 0.47 -0.11
Worst Month -14.32% -16.79% -5.20%
Date of Worst Month 04/2013 10/2008 06/2015
Worst Drawdown -16.81% -41.83% -15.74%
Date of Worst Drawdown 3/13 - 11/13 9/08 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 09/08 - 04/17
Year or YTD Program SP500 TR Altegris 40
2017 5.19 7.17 -1.21
2016 7.17 11.98 -3.13
2015 3.91 1.41 0.09
2014 7.42 13.69 15.75
2013 -6.73 32.41 -2.45
2012 12.98 15.98 -4.75
2011 22.42 2.12 -3.23
2010 21.30 15.06 11.33
2009 20.17 26.45 -7.98
2008 2.44 -21.95 11.81
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 09/08 - 04/17
Date: 4/30/2017
Perf: $1,141.99 Date: 3/31/2017
Perf: $1,148.88 Date: 2/28/2017
Perf: $1,165.91 Date: 1/31/2017
Perf: $1,141.03 Date: 12/31/2016
Perf: $1,155.94 Date: 11/30/2016
Perf: $1,147.23 Date: 10/31/2016
Perf: $1,159.99 Date: 9/30/2016
Perf: $1,190.71 Date: 8/31/2016
Perf: $1,206.27 Date: 7/31/2016
Perf: $1,239.61 Date: 6/30/2016
Perf: $1,227.10 Date: 5/31/2016
Perf: $1,177.07 Date: 4/30/2016
Perf: $1,198.04 Date: 3/31/2016
Perf: $1,228.88 Date: 2/29/2016
Perf: $1,265.19 Date: 1/31/2016
Perf: $1,234.82 Date: 12/31/2015
Perf: $1,193.29 Date: 11/30/2015
Perf: $1,221.38 Date: 10/31/2015
Perf: $1,181.10 Date: 9/30/2015
Perf: $1,202.02 Date: 8/31/2015
Perf: $1,176.49 Date: 7/31/2015
Perf: $1,197.20 Date: 6/30/2015
Perf: $1,152.15 Date: 5/31/2015
Perf: $1,215.35 Date: 4/30/2015
Perf: $1,224.16 Date: 3/31/2015
Perf: $1,273.31 Date: 2/28/2015
Perf: $1,245.78 Date: 1/31/2015
Perf: $1,247.78 Date: 12/31/2014
Perf: $1,192.22 Date: 11/30/2014
Perf: $1,171.60 Date: 10/31/2014
Perf: $1,105.81 Date: 9/30/2014
Perf: $1,089.79 Date: 8/31/2014
Perf: $1,073.79 Date: 7/31/2014
Perf: $1,030.21 Date: 6/30/2014
Perf: $1,038.52 Date: 5/31/2014
Perf: $1,029.66 Date: 4/30/2014
Perf: $1,003.96 Date: 3/31/2014
Perf: $996.39 Date: 2/28/2014
Perf: $1,011.36 Date: 1/31/2014
Perf: $1,003.13 Date: 12/31/2013
Perf: $1,030.01 Date: 11/30/2013
Perf: $1,031.46 Date: 10/31/2013
Perf: $1,013.12 Date: 9/30/2013
Perf: $990.44 Date: 8/31/2013
Perf: $996.42 Date: 7/31/2013
Perf: $1,015.92 Date: 6/30/2013
Perf: $1,024.84 Date: 5/31/2013
Perf: $1,065.21 Date: 4/30/2013
Perf: $1,113.07 Date: 3/31/2013
Perf: $1,085.08 Date: 2/28/2013
Perf: $1,069.67 Date: 1/31/2013
Perf: $1,075.92 Date: 12/31/2012
Perf: $1,055.85 Date: 11/30/2012
Perf: $1,050.71 Date: 10/31/2012
Perf: $1,047.77 Date: 9/30/2012
Perf: $1,087.13 Date: 8/31/2012
Perf: $1,105.36 Date: 7/31/2012
Perf: $1,120.60 Date: 6/30/2012
Perf: $1,076.57 Date: 5/31/2012
Perf: $1,118.63 Date: 4/30/2012
Perf: $1,097.78 Date: 3/31/2012
Perf: $1,091.23 Date: 2/29/2012
Perf: $1,116.57 Date: 1/31/2012
Perf: $1,112.02 Date: 12/31/2011
Perf: $1,108.47 Date: 11/30/2011
Perf: $1,097.93 Date: 10/31/2011
Perf: $1,094.64 Date: 9/30/2011
Perf: $1,139.78 Date: 8/31/2011
Perf: $1,140.46 Date: 7/31/2011
Perf: $1,142.75 Date: 6/30/2011
Perf: $1,103.15 Date: 5/31/2011
Perf: $1,132.59 Date: 4/30/2011
Perf: $1,175.50 Date: 3/31/2011
Perf: $1,131.38 Date: 2/28/2011
Perf: $1,148.95 Date: 1/31/2011
Perf: $1,129.75 Date: 12/31/2010
Perf: $1,145.44 Date: 11/30/2010
Perf: $1,098.32 Date: 10/31/2010
Perf: $1,138.63 Date: 9/30/2010
Perf: $1,096.10 Date: 8/31/2010
Perf: $1,076.51 Date: 7/31/2010
Perf: $1,033.71 Date: 6/30/2010
Perf: $1,047.22 Date: 5/31/2010
Perf: $1,043.26 Date: 4/30/2010
Perf: $1,069.13 Date: 3/31/2010
Perf: $1,052.92 Date: 2/28/2010
Perf: $1,012.71 Date: 1/31/2010
Perf: $1,003.28 Date: 12/31/2009
Perf: $1,028.90 Date: 11/30/2009
Perf: $1,071.77 Date: 10/31/2009
Perf: $1,030.25 Date: 9/30/2009
Perf: $1,057.32 Date: 8/31/2009
Perf: $1,032.74 Date: 7/31/2009
Perf: $1,029.34 Date: 6/30/2009
Perf: $1,030.48 Date: 5/31/2009
Perf: $1,058.64 Date: 4/30/2009
Perf: $1,044.23 Date: 3/31/2009
Perf: $1,079.53 Date: 2/28/2009
Perf: $1,110.28 Date: 1/31/2009
Perf: $1,110.84 Date: 12/31/2008
Perf: $1,118.11 Date: 11/30/2008
Perf: $1,090.09 Date: 10/31/2008
Perf: $1,051.50 Date: 9/30/2008
Perf: $1,000.00 Date: 4/30/2017
Perf: $2,463.96 Date: 3/31/2017
Perf: $2,438.84 Date: 2/28/2017
Perf: $2,435.92 Date: 1/31/2017
Perf: $2,342.91 Date: 12/31/2016
Perf: $2,299.22 Date: 11/30/2016
Perf: $2,254.58 Date: 10/31/2016
Perf: $2,174.14 Date: 9/30/2016
Perf: $2,214.44 Date: 8/31/2016
Perf: $2,214.00 Date: 7/31/2016
Perf: $2,210.90 Date: 6/30/2016
Perf: $2,132.22 Date: 5/31/2016
Perf: $2,126.69 Date: 4/30/2016
Perf: $2,089.09 Date: 3/31/2016
Perf: $2,080.97 Date: 2/29/2016
Perf: $1,948.84 Date: 1/31/2016
Perf: $1,951.38 Date: 12/31/2015
Perf: $2,053.22 Date: 11/30/2015
Perf: $2,086.18 Date: 10/31/2015
Perf: $2,079.94 Date: 9/30/2015
Perf: $1,918.06 Date: 8/31/2015
Perf: $1,966.63 Date: 7/31/2015
Perf: $2,092.83 Date: 6/30/2015
Perf: $2,049.78 Date: 5/31/2015
Perf: $2,090.34 Date: 4/30/2015
Perf: $2,063.71 Date: 3/31/2015
Perf: $2,044.09 Date: 2/28/2015
Perf: $2,076.91 Date: 1/31/2015
Perf: $1,963.98 Date: 12/31/2014
Perf: $2,024.72 Date: 11/30/2014
Perf: $2,029.79 Date: 10/31/2014
Perf: $1,976.62 Date: 9/30/2014
Perf: $1,929.54 Date: 8/31/2014
Perf: $1,956.94 Date: 7/31/2014
Perf: $1,881.67 Date: 6/30/2014
Perf: $1,908.00 Date: 5/31/2014
Perf: $1,869.31 Date: 4/30/2014
Perf: $1,826.39 Date: 3/31/2014
Perf: $1,812.97 Date: 2/28/2014
Perf: $1,797.87 Date: 1/31/2014
Perf: $1,719.30 Date: 12/31/2013
Perf: $1,780.92 Date: 11/30/2013
Perf: $1,736.97 Date: 10/31/2013
Perf: $1,685.56 Date: 9/30/2013
Perf: $1,611.44 Date: 8/31/2013
Perf: $1,562.38 Date: 7/31/2013
Perf: $1,609.04 Date: 6/30/2013
Perf: $1,531.11 Date: 5/31/2013
Perf: $1,551.90 Date: 4/30/2013
Perf: $1,516.42 Date: 3/31/2013
Perf: $1,487.71 Date: 2/28/2013
Perf: $1,433.93 Date: 1/31/2013
Perf: $1,414.69 Date: 12/31/2012
Perf: $1,345.02 Date: 11/30/2012
Perf: $1,332.89 Date: 10/31/2012
Perf: $1,325.21 Date: 9/30/2012
Perf: $1,350.18 Date: 8/31/2012
Perf: $1,316.23 Date: 7/31/2012
Perf: $1,287.26 Date: 6/30/2012
Perf: $1,269.61 Date: 5/31/2012
Perf: $1,219.38 Date: 4/30/2012
Perf: $1,297.35 Date: 3/31/2012
Perf: $1,305.57 Date: 2/29/2012
Perf: $1,263.99 Date: 1/31/2012
Perf: $1,211.64 Date: 12/31/2011
Perf: $1,159.69 Date: 11/30/2011
Perf: $1,147.98 Date: 10/31/2011
Perf: $1,150.51 Date: 9/30/2011
Perf: $1,037.15 Date: 8/31/2011
Perf: $1,115.58 Date: 7/31/2011
Perf: $1,179.63 Date: 6/30/2011
Perf: $1,204.07 Date: 5/31/2011
Perf: $1,224.52 Date: 4/30/2011
Perf: $1,238.52 Date: 3/31/2011
Perf: $1,202.91 Date: 2/28/2011
Perf: $1,202.43 Date: 1/31/2011
Perf: $1,162.55 Date: 12/31/2010
Perf: $1,135.64 Date: 11/30/2010
Perf: $1,064.53 Date: 10/31/2010
Perf: $1,064.42 Date: 9/30/2010
Perf: $1,025.36 Date: 8/31/2010
Perf: $941.38 Date: 7/31/2010
Perf: $985.85 Date: 6/30/2010
Perf: $921.27 Date: 5/31/2010
Perf: $972.11 Date: 4/30/2010
Perf: $1,056.52 Date: 3/31/2010
Perf: $1,040.09 Date: 2/28/2010
Perf: $980.94 Date: 1/31/2010
Perf: $951.44 Date: 12/31/2009
Perf: $986.98 Date: 11/30/2009
Perf: $968.29 Date: 10/31/2009
Perf: $913.48 Date: 9/30/2009
Perf: $930.79 Date: 8/31/2009
Perf: $897.32 Date: 7/31/2009
Perf: $866.06 Date: 6/30/2009
Perf: $805.18 Date: 5/31/2009
Perf: $803.58 Date: 4/30/2009
Perf: $761.04 Date: 3/31/2009
Perf: $694.57 Date: 2/28/2009
Perf: $638.62 Date: 1/31/2009
Perf: $714.74 Date: 12/31/2008
Perf: $780.54 Date: 11/30/2008
Perf: $772.36 Date: 10/31/2008
Perf: $832.10 Date: 9/30/2008
Perf: $1,000.00 Date: 4/30/2017
Perf: $2,423.76 Date: 3/31/2017
Perf: $2,390.53 Date: 2/28/2017
Perf: $2,356.60 Date: 1/31/2017
Perf: $2,337.20 Date: 12/31/2016
Perf: $2,304.25 Date: 11/30/2016
Perf: $2,297.82 Date: 10/31/2016
Perf: $2,228.29 Date: 9/30/2016
Perf: $2,120.37 Date: 8/31/2016
Perf: $2,203.66 Date: 7/31/2016
Perf: $2,164.27 Date: 6/30/2016
Perf: $2,122.25 Date: 5/31/2016
Perf: $2,142.83 Date: 4/30/2016
Perf: $2,088.52 Date: 3/31/2016
Perf: $2,080.82 Date: 2/29/2016
Perf: $2,139.67 Date: 1/31/2016
Perf: $2,125.42 Date: 12/31/2015
Perf: $2,150.15 Date: 11/30/2015
Perf: $2,211.18 Date: 10/31/2015
Perf: $2,162.52 Date: 9/30/2015
Perf: $2,242.12 Date: 8/31/2015
Perf: $2,202.69 Date: 7/31/2015
Perf: $2,266.38 Date: 6/30/2015
Perf: $2,219.76 Date: 5/31/2015
Perf: $2,170.92 Date: 4/30/2015
Perf: $2,159.26 Date: 3/31/2015
Perf: $2,137.66 Date: 2/28/2015
Perf: $2,089.60 Date: 1/31/2015
Perf: $2,051.45 Date: 12/31/2014
Perf: $2,069.24 Date: 11/30/2014
Perf: $2,027.28 Date: 10/31/2014
Perf: $1,971.87 Date: 9/30/2014
Perf: $2,242.80 Date: 8/31/2014
Perf: $2,210.74 Date: 7/31/2014
Perf: $2,092.71 Date: 6/30/2014
Perf: $2,160.33 Date: 5/31/2014
Perf: $2,133.03 Date: 4/30/2014
Perf: $2,101.09 Date: 3/31/2014
Perf: $2,071.06 Date: 2/28/2014
Perf: $1,975.45 Date: 1/31/2014
Perf: $2,009.41 Date: 12/31/2013
Perf: $1,926.38 Date: 11/30/2013
Perf: $1,746.65 Date: 10/31/2013
Perf: $1,788.32 Date: 9/30/2013
Perf: $1,769.91 Date: 8/31/2013
Perf: $1,871.34 Date: 7/31/2013
Perf: $1,852.26 Date: 6/30/2013
Perf: $1,835.01 Date: 5/31/2013
Perf: $1,802.92 Date: 4/30/2013
Perf: $1,798.96 Date: 3/31/2013
Perf: $2,099.63 Date: 2/28/2013
Perf: $2,085.24 Date: 1/31/2013
Perf: $2,059.29 Date: 12/31/2012
Perf: $2,065.28 Date: 11/30/2012
Perf: $2,051.74 Date: 10/31/2012
Perf: $2,020.42 Date: 9/30/2012
Perf: $1,987.43 Date: 8/31/2012
Perf: $1,967.17 Date: 7/31/2012
Perf: $1,944.04 Date: 6/30/2012
Perf: $1,912.11 Date: 5/31/2012
Perf: $1,929.47 Date: 4/30/2012
Perf: $1,888.86 Date: 3/31/2012
Perf: $1,856.56 Date: 2/29/2012
Perf: $1,866.45 Date: 1/31/2012
Perf: $1,844.86 Date: 12/31/2011
Perf: $1,828.05 Date: 11/30/2011
Perf: $1,816.78 Date: 10/31/2011
Perf: $1,767.81 Date: 9/30/2011
Perf: $1,714.82 Date: 8/31/2011
Perf: $1,668.12 Date: 7/31/2011
Perf: $1,659.32 Date: 6/30/2011
Perf: $1,635.45 Date: 5/31/2011
Perf: $1,580.90 Date: 4/30/2011
Perf: $1,539.94 Date: 3/31/2011
Perf: $1,565.30 Date: 2/28/2011
Perf: $1,531.60 Date: 1/31/2011
Perf: $1,513.14 Date: 12/31/2010
Perf: $1,493.28 Date: 11/30/2010
Perf: $1,486.59 Date: 10/31/2010
Perf: $1,454.45 Date: 9/30/2010
Perf: $1,453.72 Date: 8/31/2010
Perf: $1,440.04 Date: 7/31/2010
Perf: $1,407.25 Date: 6/30/2010
Perf: $1,376.96 Date: 5/31/2010
Perf: $1,352.48 Date: 4/30/2010
Perf: $1,308.52 Date: 3/31/2010
Perf: $1,298.77 Date: 2/28/2010
Perf: $1,304.38 Date: 1/31/2010
Perf: $1,267.38 Date: 12/31/2009
Perf: $1,231.06 Date: 11/30/2009
Perf: $1,203.38 Date: 10/31/2009
Perf: $1,135.37 Date: 9/30/2009
Perf: $1,134.69 Date: 8/31/2009
Perf: $1,169.42 Date: 7/31/2009
Perf: $1,099.19 Date: 6/30/2009
Perf: $1,166.49 Date: 5/31/2009
Perf: $1,124.76 Date: 4/30/2009
Perf: $1,115.39 Date: 3/31/2009
Perf: $1,096.21 Date: 2/28/2009
Perf: $1,066.46 Date: 1/31/2009
Perf: $1,047.60 Date: 12/31/2008
Perf: $1,024.45 Date: 11/30/2008
Perf: $1,011.60 Date: 10/31/2008
Perf: $1,011.60 Date: 9/30/2008
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 09/08 - 04/17
Date: 4/30/2017
Return: 1.39 % Date: 3/31/2017
Return: 1.44 % Date: 2/28/2017
Return: 0.83 % Date: 1/31/2017
Return: 1.43 % Date: 12/31/2016
Return: 0.28 % Date: 11/30/2016
Return: 3.12 % Date: 10/31/2016
Return: 5.09 % Date: 9/30/2016
Return: -3.78 % Date: 8/31/2016
Return: 1.82 % Date: 7/31/2016
Return: 1.98 % Date: 6/30/2016
Return: -0.96 % Date: 5/31/2016
Return: 2.60 % Date: 4/30/2016
Return: 0.37 % Date: 3/31/2016
Return: -2.75 % Date: 2/29/2016
Return: 0.67 % Date: 1/31/2016
Return: -1.15 % Date: 12/31/2015
Return: -2.76 % Date: 11/30/2015
Return: 2.25 % Date: 10/31/2015
Return: -3.55 % Date: 9/30/2015
Return: 1.79 % Date: 8/31/2015
Return: -2.81 % Date: 7/31/2015
Return: 2.10 % Date: 6/30/2015
Return: 2.25 % Date: 5/31/2015
Return: 0.54 % Date: 4/30/2015
Return: 1.01 % Date: 3/31/2015
Return: 2.30 % Date: 2/28/2015
Return: 1.86 % Date: 1/31/2015
Return: -0.86 % Date: 12/31/2014
Return: 2.07 % Date: 11/30/2014
Return: 2.81 % Date: 10/31/2014
Return: -12.08 % Date: 9/30/2014
Return: 1.45 % Date: 8/31/2014
Return: 5.64 % Date: 7/31/2014
Return: -3.13 % Date: 6/30/2014
Return: 1.28 % Date: 5/31/2014
Return: 1.52 % Date: 4/30/2014
Return: 1.45 % Date: 3/31/2014
Return: 4.84 % Date: 2/28/2014
Return: -1.69 % Date: 1/31/2014
Return: 4.31 % Date: 12/31/2013
Return: 10.29 % Date: 11/30/2013
Return: -2.33 % Date: 10/31/2013
Return: 1.04 % Date: 9/30/2013
Return: -5.42 % Date: 8/31/2013
Return: 1.03 % Date: 7/31/2013
Return: 0.94 % Date: 6/30/2013
Return: 1.78 % Date: 5/31/2013
Return: 0.22 % Date: 4/30/2013
Return: -14.32 % Date: 3/31/2013
Return: 0.69 % Date: 2/28/2013
Return: 1.26 % Date: 1/31/2013
Return: -0.29 % Date: 12/31/2012
Return: 0.66 % Date: 11/30/2012
Return: 1.55 % Date: 10/31/2012
Return: 1.66 % Date: 9/30/2012
Return: 1.03 % Date: 8/31/2012
Return: 1.19 % Date: 7/31/2012
Return: 1.67 % Date: 6/30/2012
Return: -0.90 % Date: 5/31/2012
Return: 2.15 % Date: 4/30/2012
Return: 1.74 % Date: 3/31/2012
Return: -0.53 % Date: 2/29/2012
Return: 1.17 % Date: 1/31/2012
Return: 0.92 % Date: 12/31/2011
Return: 0.62 % Date: 11/30/2011
Return: 2.77 % Date: 10/31/2011
Return: 3.09 % Date: 9/30/2011
Return: 2.80 % Date: 8/31/2011
Return: 0.53 % Date: 7/31/2011
Return: 1.46 % Date: 6/30/2011
Return: 3.45 % Date: 5/31/2011
Return: 2.66 % Date: 4/30/2011
Return: -1.62 % Date: 3/31/2011
Return: 2.20 % Date: 2/28/2011
Return: 1.22 % Date: 1/31/2011
Return: 1.33 % Date: 12/31/2010
Return: 0.45 % Date: 11/30/2010
Return: 2.21 % Date: 10/31/2010
Return: 0.05 % Date: 9/30/2010
Return: 0.95 % Date: 8/31/2010
Return: 2.33 % Date: 7/31/2010
Return: 2.20 % Date: 6/30/2010
Return: 1.81 % Date: 5/31/2010
Return: 3.36 % Date: 4/30/2010
Return: 0.75 % Date: 3/31/2010
Return: -0.43 % Date: 2/28/2010
Return: 2.92 % Date: 1/31/2010
Return: 2.95 % Date: 12/31/2009
Return: 2.30 % Date: 11/30/2009
Return: 5.99 % Date: 10/31/2009
Return: 0.06 % Date: 9/30/2009
Return: -2.97 % Date: 8/31/2009
Return: 6.39 % Date: 7/31/2009
Return: -5.77 % Date: 6/30/2009
Return: 3.71 % Date: 5/31/2009
Return: 0.84 % Date: 4/30/2009
Return: 1.75 % Date: 3/31/2009
Return: 2.79 % Date: 2/28/2009
Return: 1.80 % Date: 1/31/2009
Return: 2.26 % Date: 12/31/2008
Return: 1.27 % Date: 11/30/2008
Return: 0.00 % Date: 10/31/2008
Return: 1.16 % Date: 9/30/2008
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 09/08 - 04/17
Return: -4.00 %
Count: 2 Return: -12.00 %
Count: 1 Return: 5.00 %
Count: 2 Return: 10.00 %
Count: 1 Return: -5.00 %
Count: 1 Return: -14.00 %
Count: 1 Return: -1.00 %
Count: 5 Return: -2.00 %
Count: 3 Return: -3.00 %
Count: 5 Return: 6.00 %
Count: 3 Return: -6.00 %
Count: 1 Return: 4.00 %
Count: 2 Return: 3.00 %
Count: 12 Return: 2.00 %
Count: 25 Return: 1.00 %
Count: 30 Return: 0.00 %
Count: 10
Note: All performance data is since program inception.

Underwater Curve
Date Range: 09/08 - 04/17
Date: 4/30/2017
Drawdown: 0.00 % Date: 3/31/2017
Drawdown: 0.00 % Date: 2/28/2017
Drawdown: 0.00 % 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: -1.68 % Date: 9/30/2016
Drawdown: -6.44 % Date: 8/31/2016
Drawdown: -2.77 % Date: 7/31/2016
Drawdown: -4.51 % Date: 6/30/2016
Drawdown: -6.36 % Date: 5/31/2016
Drawdown: -5.45 % Date: 4/30/2016
Drawdown: -7.85 % Date: 3/31/2016
Drawdown: -8.19 % Date: 2/29/2016
Drawdown: -5.59 % Date: 1/31/2016
Drawdown: -6.22 % Date: 12/31/2015
Drawdown: -5.13 % Date: 11/30/2015
Drawdown: -2.44 % Date: 10/31/2015
Drawdown: -4.58 % Date: 9/30/2015
Drawdown: -1.07 % Date: 8/31/2015
Drawdown: -2.81 % Date: 7/31/2015
Drawdown: 0.00 % Date: 6/30/2015
Drawdown: -1.03 % Date: 5/31/2015
Drawdown: -3.21 % Date: 4/30/2015
Drawdown: -3.72 % Date: 3/31/2015
Drawdown: -4.69 % Date: 2/28/2015
Drawdown: -6.83 % Date: 1/31/2015
Drawdown: -8.53 % Date: 12/31/2014
Drawdown: -7.74 % Date: 11/30/2014
Drawdown: -9.61 % Date: 10/31/2014
Drawdown: -12.08 % Date: 9/30/2014
Drawdown: 0.00 % Date: 8/31/2014
Drawdown: 0.00 % Date: 7/31/2014
Drawdown: -3.13 % Date: 6/30/2014
Drawdown: 0.00 % Date: 5/31/2014
Drawdown: 0.00 % Date: 4/30/2014
Drawdown: 0.00 % Date: 3/31/2014
Drawdown: -1.36 % Date: 2/28/2014
Drawdown: -5.91 % Date: 1/31/2014
Drawdown: -4.30 % Date: 12/31/2013
Drawdown: -8.25 % Date: 11/30/2013
Drawdown: -16.81 % Date: 10/31/2013
Drawdown: -14.83 % Date: 9/30/2013
Drawdown: -15.70 % Date: 8/31/2013
Drawdown: -10.87 % Date: 7/31/2013
Drawdown: -11.78 % Date: 6/30/2013
Drawdown: -12.60 % Date: 5/31/2013
Drawdown: -14.13 % Date: 4/30/2013
Drawdown: -14.32 % Date: 3/31/2013
Drawdown: 0.00 % Date: 2/28/2013
Drawdown: 0.00 % Date: 1/31/2013
Drawdown: -0.29 % Date: 12/31/2012
Drawdown: 0.00 % Date: 11/30/2012
Drawdown: 0.00 % Date: 10/31/2012
Drawdown: 0.00 % Date: 9/30/2012
Drawdown: 0.00 % Date: 8/31/2012
Drawdown: 0.00 % Date: 7/31/2012
Drawdown: 0.00 % Date: 6/30/2012
Drawdown: -0.90 % Date: 5/31/2012
Drawdown: 0.00 % Date: 4/30/2012
Drawdown: 0.00 % Date: 3/31/2012
Drawdown: -0.53 % 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 % Date: 10/31/2011
Drawdown: 0.00 % Date: 9/30/2011
Drawdown: 0.00 % Date: 8/31/2011
Drawdown: 0.00 % Date: 7/31/2011
Drawdown: 0.00 % Date: 6/30/2011
Drawdown: 0.00 % Date: 5/31/2011
Drawdown: 0.00 % Date: 4/30/2011
Drawdown: -1.62 % Date: 3/31/2011
Drawdown: 0.00 % 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: 0.00 % Date: 10/31/2010
Drawdown: 0.00 % Date: 9/30/2010
Drawdown: 0.00 % Date: 8/31/2010
Drawdown: 0.00 % Date: 7/31/2010
Drawdown: 0.00 % Date: 6/30/2010
Drawdown: 0.00 % Date: 5/31/2010
Drawdown: 0.00 % Date: 4/30/2010
Drawdown: 0.00 % Date: 3/31/2010
Drawdown: -0.43 % Date: 2/28/2010
Drawdown: 0.00 % Date: 1/31/2010
Drawdown: 0.00 % Date: 12/31/2009
Drawdown: 0.00 % Date: 11/30/2009
Drawdown: 0.00 % Date: 10/31/2009
Drawdown: -2.91 % Date: 9/30/2009
Drawdown: -2.97 % Date: 8/31/2009
Drawdown: 0.00 % Date: 7/31/2009
Drawdown: -5.77 % Date: 6/30/2009
Drawdown: 0.00 % Date: 5/31/2009
Drawdown: 0.00 % Date: 4/30/2009
Drawdown: 0.00 % Date: 3/31/2009
Drawdown: 0.00 % Date: 2/28/2009
Drawdown: 0.00 % Date: 1/31/2009
Drawdown: 0.00 % Date: 12/31/2008
Drawdown: 0.00 % Date: 11/30/2008
Drawdown: 0.00 % Date: 10/31/2008
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Bluenose Capital Management, LLC
Address: 405 Berry Street SE
City: Vienna
State: VA
Zip: 22180
Country: United States
Key People
Name:  Joe Natoli
Position:  Principal
Biography: 

Joseph Natoli is Managing Director and co-founder of Bluenose Capital Management, LLC. Mr. Natoli received a Bachelor’s of Science in Economics from Randolph Macon College and earned his MBA from The George Washington University. Mr. Natoli has over 12 years of experience in the commodity markets holding trading and management positions at Chesapeake Investment Services. Mr. Natoli founded Zephyr Asset Management, a registered commodity trading advisor serving as Managing Director until starting Bluenose Capital Management. Mr. Natoli is Series 3 (National Commodities Futures Representative) qualified. He lives in Davidsonville, Maryland with his wife and two daughters. Mr. Natoli is active in his community and coaches girls Travel soccer.


Name:  Rob McLallen
Position:  Principal
Biography: 

Rob McLallen is Managing Director and co-founder of Bluenose Capital Management, LLC. Mr. McLallen earned his BBA with a concentration in finance from The College of William and Mary. He has over 15 years of experience in the financial services industry serving both individuals and institutional clients. Mr. McLallen has held positions as a financial advisor at Merrill Lynch and UBS. Since 2001 he has served as a Principal of Castlemaine Partners, LLC, a registered investment advisor he founded in 2001. Mr. McLallen is Series 63 (Uniform Securities State Law) and Series 65 (Uniform Investment Adviser Law) examination qualified. He lives in Vienna, Virginia with his wife and two sons. Mr. McLallen is active in his community coaching youth soccer and lacrosse, serving on the board of the Fellowship of Christian Athletes Lacrosse Ministry and as an Elder at Vienna Presbyterian Church.


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.