Altegris Clearing Solutions Willowbridge Associates Inc. Willowbridge [wPraxis Futures 3X Leverage]
Monthly Performance (%)
Hypothetical Performance. See Notes to Performance Below.
Date Range: 04/08 - 02/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -0.11 -1.81 -1.92
2016 -0.12 0.35 -1.60 -1.20 -0.29 -1.57 -0.25 -1.70 -1.10 1.44 5.40 -0.13 -0.97
2015 1.81 -0.77 0.87 -4.11 -1.71 -1.39 3.71 2.06 0.51 -2.19 0.19 -1.20 -2.45
2014 0.77 -2.91 -2.64 1.01 3.20 -4.33 -3.88 4.10 0.78 7.48 4.72 5.49 13.74
2013 2.08 -2.47 1.26 6.85 1.48 0.86 -3.77 -2.03 0.85 -0.86 -1.11 0.00 2.77
2012 -0.44 -2.26 1.13 -3.33 11.77 -0.69 5.09 0.38 3.00 -4.06 0.29 2.57 13.23
2011 -3.73 -3.47 5.13 10.60 -7.04 1.62 3.37 3.82 8.86 -0.04 3.73 2.01 26.13
2010 13.86 10.65 1.76 -2.98 2.93 3.56 2.17 2.91 -1.67 -3.54 3.34 1.16 38.22
2009 -3.04 5.00 5.62 -9.98 3.28 -1.30 2.03 6.50 3.20 1.76 10.17 -3.13 20.17
2008 -5.08 14.28 21.91 6.14 16.71 1.38 0.30 0.80 67.91
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

For wPraxis Futures Trading approach, Willowbridge employs a global macro discretionary strategy that seeks to profit from the trading of futures, forwards, options, swaps and spot contracts on its wPraxis Futures Trading approach in commodities, currency and fixed income markets. The strategy is predicated on the discretionary views of both Founder Philip Yang and trader Frank Marrapodi, as over the years, each has come to believe that many times the trades with the highest likelihood of success are the ones upon which they both agreed. The approach seeks to harmonize their experience in the markets, analysis of fundamental and technical information, and views on risk assessment. Only trades both Mr. Yang and Mr. Marrapodi agree to are executed; either trader has discretion to exit a trade.

Performance Statistics
Hypothetical Performance. See Notes to Performance Below.
Date Range: 04/08 - 02/17
  Program SP500 TR Barcl GM
Total Return 341.19% 117.14% 27.05%
Annualized Return 18.30% 9.08% 2.72%
Annualized Std. Deviation 16.60% 15.63% 4.26%
Correlation -0.26 -0.11
Sharpe Ratio (rf=2.5%) 0.95 0.42 0.05
Worst Month -9.98% -16.79% -3.27%
Date of Worst Month 04/2009 10/2008 09/2008
Worst Drawdown -14.89% -46.41% -6.21%
Date of Worst Drawdown 6/13 - 7/14 5/08 - 2/09 6/08 - 10/08
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Hypothetical Performance. See Notes to Performance Below.
Date Range: 04/08 - 02/17
Year or YTD Program SP500 TR Barcl GM
2017 -1.92 5.95 1.00
2016 -0.97 11.98 1.67
2015 -2.45 1.41 2.29
2014 13.74 13.69 3.92
2013 2.77 32.41 4.82
2012 13.23 15.98 2.57
2011 26.13 2.12 -3.65
2010 38.22 15.06 6.75
2009 20.17 26.45 7.48
2008 67.91 -33.65 -2.91
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Hypothetical Performance. See Notes to Performance Below.
Date Range: 04/08 - 02/17
Date: 2/28/2017
Perf: $1,259.45 Date: 1/31/2017
Perf: $1,248.10 Date: 12/31/2016
Perf: $1,246.97 Date: 11/30/2016
Perf: $1,224.20 Date: 10/31/2016
Perf: $1,210.64 Date: 9/30/2016
Perf: $1,209.43 Date: 8/31/2016
Perf: $1,216.25 Date: 7/31/2016
Perf: $1,225.19 Date: 6/30/2016
Perf: $1,217.16 Date: 5/31/2016
Perf: $1,214.00 Date: 4/30/2016
Perf: $1,220.10 Date: 3/31/2016
Perf: $1,220.96 Date: 2/29/2016
Perf: $1,220.71 Date: 1/31/2016
Perf: $1,219.13 Date: 12/31/2015
Perf: $1,226.48 Date: 11/30/2015
Perf: $1,245.79 Date: 10/31/2015
Perf: $1,231.14 Date: 9/30/2015
Perf: $1,217.39 Date: 8/31/2015
Perf: $1,224.49 Date: 7/31/2015
Perf: $1,245.03 Date: 6/30/2015
Perf: $1,213.01 Date: 5/31/2015
Perf: $1,239.03 Date: 4/30/2015
Perf: $1,228.71 Date: 3/31/2015
Perf: $1,245.40 Date: 2/28/2015
Perf: $1,232.21 Date: 1/31/2015
Perf: $1,220.49 Date: 12/31/2014
Perf: $1,199.03 Date: 11/30/2014
Perf: $1,197.36 Date: 10/31/2014
Perf: $1,170.55 Date: 9/30/2014
Perf: $1,171.84 Date: 8/31/2014
Perf: $1,163.81 Date: 7/31/2014
Perf: $1,149.78 Date: 6/30/2014
Perf: $1,153.13 Date: 5/31/2014
Perf: $1,143.97 Date: 4/30/2014
Perf: $1,132.87 Date: 3/31/2014
Perf: $1,138.11 Date: 2/28/2014
Perf: $1,145.21 Date: 1/31/2014
Perf: $1,142.47 Date: 12/31/2013
Perf: $1,153.77 Date: 11/30/2013
Perf: $1,144.16 Date: 10/31/2013
Perf: $1,128.92 Date: 9/30/2013
Perf: $1,113.77 Date: 8/31/2013
Perf: $1,103.62 Date: 7/31/2013
Perf: $1,122.82 Date: 6/30/2013
Perf: $1,122.93 Date: 5/31/2013
Perf: $1,143.17 Date: 4/30/2013
Perf: $1,146.72 Date: 3/31/2013
Perf: $1,133.91 Date: 2/28/2013
Perf: $1,121.57 Date: 1/31/2013
Perf: $1,121.23 Date: 12/31/2012
Perf: $1,100.76 Date: 11/30/2012
Perf: $1,090.40 Date: 10/31/2012
Perf: $1,091.17 Date: 9/30/2012
Perf: $1,100.30 Date: 8/31/2012
Perf: $1,096.02 Date: 7/31/2012
Perf: $1,089.92 Date: 6/30/2012
Perf: $1,073.92 Date: 5/31/2012
Perf: $1,079.42 Date: 4/30/2012
Perf: $1,092.76 Date: 3/31/2012
Perf: $1,102.90 Date: 2/29/2012
Perf: $1,109.45 Date: 1/31/2012
Perf: $1,094.02 Date: 12/31/2011
Perf: $1,073.20 Date: 11/30/2011
Perf: $1,073.74 Date: 10/31/2011
Perf: $1,080.55 Date: 9/30/2011
Perf: $1,070.59 Date: 8/31/2011
Perf: $1,088.77 Date: 7/31/2011
Perf: $1,104.90 Date: 6/30/2011
Perf: $1,096.24 Date: 5/31/2011
Perf: $1,113.84 Date: 4/30/2011
Perf: $1,130.46 Date: 3/31/2011
Perf: $1,110.47 Date: 2/28/2011
Perf: $1,115.60 Date: 1/31/2011
Perf: $1,106.86 Date: 12/31/2010
Perf: $1,113.88 Date: 11/30/2010
Perf: $1,091.39 Date: 10/31/2010
Perf: $1,097.10 Date: 9/30/2010
Perf: $1,083.55 Date: 8/31/2010
Perf: $1,052.61 Date: 7/31/2010
Perf: $1,043.22 Date: 6/30/2010
Perf: $1,039.37 Date: 5/31/2010
Perf: $1,037.51 Date: 4/30/2010
Perf: $1,056.63 Date: 3/31/2010
Perf: $1,053.68 Date: 2/28/2010
Perf: $1,034.85 Date: 1/31/2010
Perf: $1,030.62 Date: 12/31/2009
Perf: $1,043.45 Date: 11/30/2009
Perf: $1,048.80 Date: 10/31/2009
Perf: $1,029.25 Date: 9/30/2009
Perf: $1,029.97 Date: 8/31/2009
Perf: $1,004.46 Date: 7/31/2009
Perf: $1,002.45 Date: 6/30/2009
Perf: $989.10 Date: 5/31/2009
Perf: $1,002.43 Date: 4/30/2009
Perf: $965.92 Date: 3/31/2009
Perf: $955.98 Date: 2/28/2009
Perf: $950.94 Date: 1/31/2009
Perf: $965.12 Date: 12/31/2008
Perf: $970.85 Date: 11/30/2008
Perf: $955.56 Date: 10/31/2008
Perf: $950.34 Date: 9/30/2008
Perf: $952.15 Date: 8/31/2008
Perf: $984.33 Date: 7/31/2008
Perf: $993.37 Date: 6/30/2008
Perf: $1,013.23 Date: 5/31/2008
Perf: $1,010.00 Date: 4/30/2008
Perf: $1,000.00 Date: 2/28/2017
Perf: $2,070.55 Date: 1/31/2017
Perf: $1,991.48 Date: 12/31/2016
Perf: $1,954.35 Date: 11/30/2016
Perf: $1,916.41 Date: 10/31/2016
Perf: $1,848.03 Date: 9/30/2016
Perf: $1,882.29 Date: 8/31/2016
Perf: $1,881.91 Date: 7/31/2016
Perf: $1,879.28 Date: 6/30/2016
Perf: $1,812.40 Date: 5/31/2016
Perf: $1,807.70 Date: 4/30/2016
Perf: $1,775.74 Date: 3/31/2016
Perf: $1,768.84 Date: 2/29/2016
Perf: $1,656.53 Date: 1/31/2016
Perf: $1,658.68 Date: 12/31/2015
Perf: $1,745.25 Date: 11/30/2015
Perf: $1,773.27 Date: 10/31/2015
Perf: $1,767.96 Date: 9/30/2015
Perf: $1,630.36 Date: 8/31/2015
Perf: $1,671.65 Date: 7/31/2015
Perf: $1,778.92 Date: 6/30/2015
Perf: $1,742.33 Date: 5/31/2015
Perf: $1,776.80 Date: 4/30/2015
Perf: $1,754.17 Date: 3/31/2015
Perf: $1,737.49 Date: 2/28/2015
Perf: $1,765.38 Date: 1/31/2015
Perf: $1,669.39 Date: 12/31/2014
Perf: $1,721.02 Date: 11/30/2014
Perf: $1,725.34 Date: 10/31/2014
Perf: $1,680.14 Date: 9/30/2014
Perf: $1,640.12 Date: 8/31/2014
Perf: $1,663.41 Date: 7/31/2014
Perf: $1,599.43 Date: 6/30/2014
Perf: $1,621.81 Date: 5/31/2014
Perf: $1,588.92 Date: 4/30/2014
Perf: $1,552.44 Date: 3/31/2014
Perf: $1,541.04 Date: 2/28/2014
Perf: $1,528.20 Date: 1/31/2014
Perf: $1,461.41 Date: 12/31/2013
Perf: $1,513.79 Date: 11/30/2013
Perf: $1,476.44 Date: 10/31/2013
Perf: $1,432.74 Date: 9/30/2013
Perf: $1,369.73 Date: 8/31/2013
Perf: $1,328.03 Date: 7/31/2013
Perf: $1,367.69 Date: 6/30/2013
Perf: $1,301.45 Date: 5/31/2013
Perf: $1,319.13 Date: 4/30/2013
Perf: $1,288.96 Date: 3/31/2013
Perf: $1,264.56 Date: 2/28/2013
Perf: $1,218.85 Date: 1/31/2013
Perf: $1,202.50 Date: 12/31/2012
Perf: $1,143.28 Date: 11/30/2012
Perf: $1,132.97 Date: 10/31/2012
Perf: $1,126.43 Date: 9/30/2012
Perf: $1,147.66 Date: 8/31/2012
Perf: $1,118.80 Date: 7/31/2012
Perf: $1,094.18 Date: 6/30/2012
Perf: $1,079.18 Date: 5/31/2012
Perf: $1,036.48 Date: 4/30/2012
Perf: $1,102.75 Date: 3/31/2012
Perf: $1,109.74 Date: 2/29/2012
Perf: $1,074.40 Date: 1/31/2012
Perf: $1,029.90 Date: 12/31/2011
Perf: $985.74 Date: 11/30/2011
Perf: $975.79 Date: 10/31/2011
Perf: $977.94 Date: 9/30/2011
Perf: $881.58 Date: 8/31/2011
Perf: $948.25 Date: 7/31/2011
Perf: $1,002.69 Date: 6/30/2011
Perf: $1,023.47 Date: 5/31/2011
Perf: $1,040.85 Date: 4/30/2011
Perf: $1,052.75 Date: 3/31/2011
Perf: $1,022.48 Date: 2/28/2011
Perf: $1,022.07 Date: 1/31/2011
Perf: $988.18 Date: 12/31/2010
Perf: $965.30 Date: 11/30/2010
Perf: $904.86 Date: 10/31/2010
Perf: $904.77 Date: 9/30/2010
Perf: $871.56 Date: 8/31/2010
Perf: $800.18 Date: 7/31/2010
Perf: $837.98 Date: 6/30/2010
Perf: $783.08 Date: 5/31/2010
Perf: $826.30 Date: 4/30/2010
Perf: $898.05 Date: 3/31/2010
Perf: $884.08 Date: 2/28/2010
Perf: $833.80 Date: 1/31/2010
Perf: $808.73 Date: 12/31/2009
Perf: $838.93 Date: 11/30/2009
Perf: $823.05 Date: 10/31/2009
Perf: $776.46 Date: 9/30/2009
Perf: $791.18 Date: 8/31/2009
Perf: $762.73 Date: 7/31/2009
Perf: $736.15 Date: 6/30/2009
Perf: $684.41 Date: 5/31/2009
Perf: $683.05 Date: 4/30/2009
Perf: $646.88 Date: 3/31/2009
Perf: $590.38 Date: 2/28/2009
Perf: $542.83 Date: 1/31/2009
Perf: $607.54 Date: 12/31/2008
Perf: $663.47 Date: 11/30/2008
Perf: $656.51 Date: 10/31/2008
Perf: $707.29 Date: 9/30/2008
Perf: $850.01 Date: 8/31/2008
Perf: $933.15 Date: 7/31/2008
Perf: $919.81 Date: 6/30/2008
Perf: $927.60 Date: 5/31/2008
Perf: $1,013.00 Date: 4/30/2008
Perf: $1,000.00 Date: 2/28/2017
Perf: $4,411.90 Date: 1/31/2017
Perf: $4,493.23 Date: 12/31/2016
Perf: $4,498.18 Date: 11/30/2016
Perf: $4,504.03 Date: 10/31/2016
Perf: $4,273.27 Date: 9/30/2016
Perf: $4,212.61 Date: 8/31/2016
Perf: $4,259.47 Date: 7/31/2016
Perf: $4,333.13 Date: 6/30/2016
Perf: $4,343.99 Date: 5/31/2016
Perf: $4,413.28 Date: 4/30/2016
Perf: $4,426.11 Date: 3/31/2016
Perf: $4,479.87 Date: 2/29/2016
Perf: $4,552.72 Date: 1/31/2016
Perf: $4,536.84 Date: 12/31/2015
Perf: $4,542.29 Date: 11/30/2015
Perf: $4,597.46 Date: 10/31/2015
Perf: $4,588.74 Date: 9/30/2015
Perf: $4,691.48 Date: 8/31/2015
Perf: $4,667.68 Date: 7/31/2015
Perf: $4,573.46 Date: 6/30/2015
Perf: $4,409.86 Date: 5/31/2015
Perf: $4,472.02 Date: 4/30/2015
Perf: $4,549.82 Date: 3/31/2015
Perf: $4,744.83 Date: 2/28/2015
Perf: $4,703.91 Date: 1/31/2015
Perf: $4,740.41 Date: 12/31/2014
Perf: $4,656.14 Date: 11/30/2014
Perf: $4,413.82 Date: 10/31/2014
Perf: $4,214.87 Date: 9/30/2014
Perf: $3,921.54 Date: 8/31/2014
Perf: $3,891.19 Date: 7/31/2014
Perf: $3,737.94 Date: 6/30/2014
Perf: $3,888.82 Date: 5/31/2014
Perf: $4,064.83 Date: 4/30/2014
Perf: $3,938.79 Date: 3/31/2014
Perf: $3,899.40 Date: 2/28/2014
Perf: $4,005.14 Date: 1/31/2014
Perf: $4,125.18 Date: 12/31/2013
Perf: $4,093.66 Date: 11/30/2013
Perf: $4,093.66 Date: 10/31/2013
Perf: $4,139.61 Date: 9/30/2013
Perf: $4,175.52 Date: 8/31/2013
Perf: $4,140.33 Date: 7/31/2013
Perf: $4,226.12 Date: 6/30/2013
Perf: $4,391.69 Date: 5/31/2013
Perf: $4,354.24 Date: 4/30/2013
Perf: $4,290.74 Date: 3/31/2013
Perf: $4,015.66 Date: 2/28/2013
Perf: $3,965.70 Date: 1/31/2013
Perf: $4,066.13 Date: 12/31/2012
Perf: $3,983.28 Date: 11/30/2012
Perf: $3,883.47 Date: 10/31/2012
Perf: $3,872.24 Date: 9/30/2012
Perf: $4,036.11 Date: 8/31/2012
Perf: $3,918.55 Date: 7/31/2012
Perf: $3,903.72 Date: 6/30/2012
Perf: $3,714.64 Date: 5/31/2012
Perf: $3,740.45 Date: 4/30/2012
Perf: $3,346.56 Date: 3/31/2012
Perf: $3,461.84 Date: 2/29/2012
Perf: $3,423.16 Date: 1/31/2012
Perf: $3,502.31 Date: 12/31/2011
Perf: $3,517.79 Date: 11/30/2011
Perf: $3,448.47 Date: 10/31/2011
Perf: $3,324.47 Date: 9/30/2011
Perf: $3,325.80 Date: 8/31/2011
Perf: $3,055.12 Date: 7/31/2011
Perf: $2,942.71 Date: 6/30/2011
Perf: $2,846.77 Date: 5/31/2011
Perf: $2,801.39 Date: 4/30/2011
Perf: $3,013.54 Date: 3/31/2011
Perf: $2,724.72 Date: 2/28/2011
Perf: $2,591.76 Date: 1/31/2011
Perf: $2,684.93 Date: 12/31/2010
Perf: $2,788.96 Date: 11/30/2010
Perf: $2,756.98 Date: 10/31/2010
Perf: $2,667.87 Date: 9/30/2010
Perf: $2,765.78 Date: 8/31/2010
Perf: $2,812.75 Date: 7/31/2010
Perf: $2,733.22 Date: 6/30/2010
Perf: $2,675.17 Date: 5/31/2010
Perf: $2,583.20 Date: 4/30/2010
Perf: $2,509.67 Date: 3/31/2010
Perf: $2,586.76 Date: 2/28/2010
Perf: $2,542.02 Date: 1/31/2010
Perf: $2,297.35 Date: 12/31/2009
Perf: $2,017.70 Date: 11/30/2009
Perf: $2,082.89 Date: 10/31/2009
Perf: $1,890.61 Date: 9/30/2009
Perf: $1,857.92 Date: 8/31/2009
Perf: $1,800.31 Date: 7/31/2009
Perf: $1,690.43 Date: 6/30/2009
Perf: $1,656.79 Date: 5/31/2009
Perf: $1,678.62 Date: 4/30/2009
Perf: $1,625.31 Date: 3/31/2009
Perf: $1,805.49 Date: 2/28/2009
Perf: $1,709.43 Date: 1/31/2009
Perf: $1,628.02 Date: 12/31/2008
Perf: $1,679.07 Date: 11/30/2008
Perf: $1,665.74 Date: 10/31/2008
Perf: $1,660.76 Date: 9/30/2008
Perf: $1,638.15 Date: 8/31/2008
Perf: $1,403.61 Date: 7/31/2008
Perf: $1,322.41 Date: 6/30/2008
Perf: $1,084.75 Date: 5/31/2008
Perf: $949.20 Date: 4/30/2008
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Hypothetical Performance. See Notes to Performance Below.
Date Range: 04/08 - 02/17
Date: 2/28/2017
Return: -1.81 % Date: 1/31/2017
Return: -0.11 % Date: 12/31/2016
Return: -0.13 % Date: 11/30/2016
Return: 5.40 % Date: 10/31/2016
Return: 1.44 % Date: 9/30/2016
Return: -1.10 % Date: 8/31/2016
Return: -1.70 % Date: 7/31/2016
Return: -0.25 % Date: 6/30/2016
Return: -1.57 % Date: 5/31/2016
Return: -0.29 % Date: 4/30/2016
Return: -1.20 % Date: 3/31/2016
Return: -1.60 % Date: 2/29/2016
Return: 0.35 % Date: 1/31/2016
Return: -0.12 % Date: 12/31/2015
Return: -1.20 % Date: 11/30/2015
Return: 0.19 % Date: 10/31/2015
Return: -2.19 % Date: 9/30/2015
Return: 0.51 % Date: 8/31/2015
Return: 2.06 % Date: 7/31/2015
Return: 3.71 % Date: 6/30/2015
Return: -1.39 % Date: 5/31/2015
Return: -1.71 % Date: 4/30/2015
Return: -4.11 % Date: 3/31/2015
Return: 0.87 % Date: 2/28/2015
Return: -0.77 % Date: 1/31/2015
Return: 1.81 % Date: 12/31/2014
Return: 5.49 % Date: 11/30/2014
Return: 4.72 % Date: 10/31/2014
Return: 7.48 % Date: 9/30/2014
Return: 0.78 % Date: 8/31/2014
Return: 4.10 % Date: 7/31/2014
Return: -3.88 % Date: 6/30/2014
Return: -4.33 % Date: 5/31/2014
Return: 3.20 % Date: 4/30/2014
Return: 1.01 % Date: 3/31/2014
Return: -2.64 % Date: 2/28/2014
Return: -2.91 % Date: 1/31/2014
Return: 0.77 % Date: 12/31/2013
Return: 0.00 % Date: 11/30/2013
Return: -1.11 % Date: 10/31/2013
Return: -0.86 % Date: 9/30/2013
Return: 0.85 % Date: 8/31/2013
Return: -2.03 % Date: 7/31/2013
Return: -3.77 % Date: 6/30/2013
Return: 0.86 % Date: 5/31/2013
Return: 1.48 % Date: 4/30/2013
Return: 6.85 % Date: 3/31/2013
Return: 1.26 % Date: 2/28/2013
Return: -2.47 % Date: 1/31/2013
Return: 2.08 % Date: 12/31/2012
Return: 2.57 % Date: 11/30/2012
Return: 0.29 % Date: 10/31/2012
Return: -4.06 % Date: 9/30/2012
Return: 3.00 % Date: 8/31/2012
Return: 0.38 % Date: 7/31/2012
Return: 5.09 % Date: 6/30/2012
Return: -0.69 % Date: 5/31/2012
Return: 11.77 % Date: 4/30/2012
Return: -3.33 % Date: 3/31/2012
Return: 1.13 % Date: 2/29/2012
Return: -2.26 % Date: 1/31/2012
Return: -0.44 % Date: 12/31/2011
Return: 2.01 % Date: 11/30/2011
Return: 3.73 % Date: 10/31/2011
Return: -0.04 % Date: 9/30/2011
Return: 8.86 % Date: 8/31/2011
Return: 3.82 % Date: 7/31/2011
Return: 3.37 % Date: 6/30/2011
Return: 1.62 % Date: 5/31/2011
Return: -7.04 % Date: 4/30/2011
Return: 10.60 % Date: 3/31/2011
Return: 5.13 % Date: 2/28/2011
Return: -3.47 % Date: 1/31/2011
Return: -3.73 % Date: 12/31/2010
Return: 1.16 % Date: 11/30/2010
Return: 3.34 % Date: 10/31/2010
Return: -3.54 % Date: 9/30/2010
Return: -1.67 % Date: 8/31/2010
Return: 2.91 % Date: 7/31/2010
Return: 2.17 % Date: 6/30/2010
Return: 3.56 % Date: 5/31/2010
Return: 2.93 % Date: 4/30/2010
Return: -2.98 % Date: 3/31/2010
Return: 1.76 % Date: 2/28/2010
Return: 10.65 % Date: 1/31/2010
Return: 13.86 % Date: 12/31/2009
Return: -3.13 % Date: 11/30/2009
Return: 10.17 % Date: 10/31/2009
Return: 1.76 % Date: 9/30/2009
Return: 3.20 % Date: 8/31/2009
Return: 6.50 % Date: 7/31/2009
Return: 2.03 % Date: 6/30/2009
Return: -1.30 % Date: 5/31/2009
Return: 3.28 % Date: 4/30/2009
Return: -9.98 % Date: 3/31/2009
Return: 5.62 % Date: 2/28/2009
Return: 5.00 % Date: 1/31/2009
Return: -3.04 % Date: 12/31/2008
Return: 0.80 % Date: 11/30/2008
Return: 0.30 % Date: 10/31/2008
Return: 1.38 % Date: 9/30/2008
Return: 16.71 % Date: 8/31/2008
Return: 6.14 % Date: 7/31/2008
Return: 21.91 % Date: 6/30/2008
Return: 14.28 % Date: 5/31/2008
Return: -5.08 % Date: 4/30/2008
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Hypothetical Performance. See Notes to Performance Below.
Date Range: 04/08 - 02/17
Return: 12.00 %
Count: 1 Return: 9.00 %
Count: 1 Return: -7.00 %
Count: 1 Return: -4.00 %
Count: 7 Return: -2.00 %
Count: 10 Return: 4.00 %
Count: 5 Return: 11.00 %
Count: 2 Return: 10.00 %
Count: 1 Return: 7.00 %
Count: 3 Return: 2.00 %
Count: 9 Return: -1.00 %
Count: 9 Return: 3.00 %
Count: 9 Return: -10.00 %
Count: 1 Return: 5.00 %
Count: 6 Return: -3.00 %
Count: 7 Return: 1.00 %
Count: 14 Return: 17.00 %
Count: 1 Return: 6.00 %
Count: 2 Return: 22.00 %
Count: 1 Return: 14.00 %
Count: 2 Return: -5.00 %
Count: 1 Return: 0.00 %
Count: 14
Note: All performance data is since program inception.

Underwater Curve
Hypothetical Performance. See Notes to Performance Below.
Date Range: 04/08 - 02/17
Date: 2/28/2017
Drawdown: -7.02 % Date: 1/31/2017
Drawdown: -5.30 % Date: 12/31/2016
Drawdown: -5.20 % Date: 11/30/2016
Drawdown: -5.08 % Date: 10/31/2016
Drawdown: -9.94 % Date: 9/30/2016
Drawdown: -11.22 % Date: 8/31/2016
Drawdown: -10.23 % Date: 7/31/2016
Drawdown: -8.68 % Date: 6/30/2016
Drawdown: -8.45 % Date: 5/31/2016
Drawdown: -6.99 % Date: 4/30/2016
Drawdown: -6.72 % Date: 3/31/2016
Drawdown: -5.58 % Date: 2/29/2016
Drawdown: -4.05 % Date: 1/31/2016
Drawdown: -4.38 % Date: 12/31/2015
Drawdown: -4.27 % Date: 11/30/2015
Drawdown: -3.11 % Date: 10/31/2015
Drawdown: -3.29 % Date: 9/30/2015
Drawdown: -1.12 % Date: 8/31/2015
Drawdown: -1.63 % Date: 7/31/2015
Drawdown: -3.61 % Date: 6/30/2015
Drawdown: -7.06 % Date: 5/31/2015
Drawdown: -5.75 % Date: 4/30/2015
Drawdown: -4.11 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: -0.77 % 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: -4.03 % Date: 9/30/2014
Drawdown: -10.71 % Date: 8/31/2014
Drawdown: -11.40 % Date: 7/31/2014
Drawdown: -14.89 % Date: 6/30/2014
Drawdown: -11.45 % Date: 5/31/2014
Drawdown: -7.44 % Date: 4/30/2014
Drawdown: -10.31 % Date: 3/31/2014
Drawdown: -11.21 % Date: 2/28/2014
Drawdown: -8.80 % Date: 1/31/2014
Drawdown: -6.07 % Date: 12/31/2013
Drawdown: -6.79 % Date: 11/30/2013
Drawdown: -6.79 % Date: 10/31/2013
Drawdown: -5.74 % Date: 9/30/2013
Drawdown: -4.92 % Date: 8/31/2013
Drawdown: -5.72 % Date: 7/31/2013
Drawdown: -3.77 % Date: 6/30/2013
Drawdown: 0.00 % Date: 5/31/2013
Drawdown: 0.00 % Date: 4/30/2013
Drawdown: 0.00 % Date: 3/31/2013
Drawdown: -1.24 % Date: 2/28/2013
Drawdown: -2.47 % Date: 1/31/2013
Drawdown: 0.00 % Date: 12/31/2012
Drawdown: -1.31 % Date: 11/30/2012
Drawdown: -3.78 % Date: 10/31/2012
Drawdown: -4.06 % 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: -0.69 % Date: 5/31/2012
Drawdown: 0.00 % Date: 4/30/2012
Drawdown: -4.87 % Date: 3/31/2012
Drawdown: -1.59 % Date: 2/29/2012
Drawdown: -2.69 % Date: 1/31/2012
Drawdown: -0.44 % Date: 12/31/2011
Drawdown: 0.00 % Date: 11/30/2011
Drawdown: 0.00 % Date: 10/31/2011
Drawdown: -0.04 % Date: 9/30/2011
Drawdown: 0.00 % Date: 8/31/2011
Drawdown: 0.00 % Date: 7/31/2011
Drawdown: -2.35 % Date: 6/30/2011
Drawdown: -5.53 % Date: 5/31/2011
Drawdown: -7.04 % Date: 4/30/2011
Drawdown: 0.00 % Date: 3/31/2011
Drawdown: -3.13 % Date: 2/28/2011
Drawdown: -7.86 % Date: 1/31/2011
Drawdown: -4.54 % Date: 12/31/2010
Drawdown: -0.85 % Date: 11/30/2010
Drawdown: -1.98 % Date: 10/31/2010
Drawdown: -5.15 % Date: 9/30/2010
Drawdown: -1.67 % 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: -0.14 % Date: 4/30/2010
Drawdown: -2.98 % Date: 3/31/2010
Drawdown: 0.00 % Date: 2/28/2010
Drawdown: 0.00 % Date: 1/31/2010
Drawdown: 0.00 % Date: 12/31/2009
Drawdown: -3.13 % Date: 11/30/2009
Drawdown: 0.00 % Date: 10/31/2009
Drawdown: 0.00 % Date: 9/30/2009
Drawdown: 0.00 % Date: 8/31/2009
Drawdown: -0.29 % Date: 7/31/2009
Drawdown: -6.37 % Date: 6/30/2009
Drawdown: -8.24 % Date: 5/31/2009
Drawdown: -7.03 % Date: 4/30/2009
Drawdown: -9.98 % Date: 3/31/2009
Drawdown: 0.00 % Date: 2/28/2009
Drawdown: 0.00 % Date: 1/31/2009
Drawdown: -3.04 % Date: 12/31/2008
Drawdown: 0.00 % Date: 11/30/2008
Drawdown: 0.00 % Date: 10/31/2008
Drawdown: 0.00 % Date: 9/30/2008
Drawdown: 0.00 % Date: 8/31/2008
Drawdown: 0.00 % Date: 7/31/2008
Drawdown: 0.00 % Date: 6/30/2008
Drawdown: 0.00 % Date: 5/31/2008
Drawdown: -5.08 %
Note: All performance data is since program inception.
Notes to Performance

Pro-forma net performance is based on actual trading results that have been adjusted for monthly management fees of 2% and annual incentive fees of 20% calculated on the basis of new high trading profits (trading less management fees) before interest income. Actual fees in a 3X leveraged account may differ as management fees would be charged on the non-leveraged trading level (1X). Pro forma management fees represented herein were based on the leveraged trading level. The Performance Comparison shown above is based on a $1,000 investment at inception of the program and assumes re-investment of profits.

From May 2008 through November 2010, performance is based on actual non-leveraged gross trading results of a proprietary account multiplied by 3. From December 2010 through February 2012, performance is based on a composite of actual non-leveraged gross trading results of client accounts multiplied by 3. From March 2012 to date, performance is based on actual non-leveraged gross trading results of a proprietary account multiplied by 3.

This data is prepared at your request to show selected performance under specific conditions over particular and limited time periods shown. It is not intended to be a complete performance record or analysis and should not be used as the basis for any investment decision. Performance data is for illustrative purposes and discussion only. For a detailed description of the past performance of the strategies referred to herein, you must consult the Disclosure Document of Willowbridge Associates Inc., without which, no investment may be made.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

Manager Information
Manager Name:  Willowbridge Associates Inc.
Address: 101 Morgan Lane Suite 180
City: Plainboro
State: NJ
Zip: 08536
Country: USA
Key People
Name:  Philip L. Yang
Position:  Principal
Biography: 

Philip L. Yang has been the sole shareholder, Director and President of Willowbridge since September 1, 1992, and also held those positions from the time he formed Willowbridge Associates Inc. ("Willowbridge") in January 1988 through September 1989. He is a principal and an associated person of Willowbridge. He is individually registered pursuant to the CE Act as a CPO and a CTA and is a member of the NFA in such capacities. He is also a principal and an associated person of Willowbridge Doublewood, Inc. ("WDI"), Willowbridge Asset Management, Inc ("WAMI"), and Willowbridge Global, Inc. ("WGI"). From 1983 through August 1988 and from October 1989 through August 1992, Mr. Yang was Senior Vice President at Caxton Corporation, now Caxton Associates, L.L.C. ("Caxton"), a commodity trading advisory firm, serving initially as Director of Research, where his research concentration was in the development and application of computerized trading models for a broad range of financial markets, and later as Director of Commodity Trading. Mr. Yang obtained a bachelor's degree with honors from the University of California at Berkeley, where he was inducted into Phi Beta Kappa. He received his master's degree from the Wharton School of the University of Pennsylvania. He co-authored with Richard G. Faux, Jr. "Managed Futures: The Convergence with Hedge Funds," a chapter in Evaluating and Implementing Hedge Fund Strategies, a book published in 1999 by Euromoney Publications.


Name:  Michael Y. Gan
Position:  Principal
Biography: 

Michael Y. Gan has been the Executive Vice President of Willowbridge since September 1, 1992. He is a principal and an associated person of Willowbridge. He is individually registered pursuant to the CEA and a CPO and a CTA and is a member of the NFA in such capacities. He is also a principal and an associated person of WDI, WAMI, and WGI. Mr. Gan was the sole shareholder, Director and President of Willowbridge from October 1989 through August 1992. From 1983 to October 1989, he worked in the foreign exchange trading group at Marine Midland Bank in New York. In this capacity, Mr. Gan was responsible for research into technical analysis, as well as proprietary trading for the firm in both currency futures and options and was promoted to Assistant Vice President. Mr. Gan graduated summa cum laude from the University of the Philippines with a B.S. in Chemical Engineering and subsequently graduated with honors from the Wharton School of the University of Pennsylvania with an M.B.A. in Finance.


Name:  Richard G. Faux, Jr.
Position:  Principal
Biography: 

Richard G. Faux, Jr. has been Executive Director of Willowbridge since April 1995. He is registered as a principal and an associated person of Willowbridge. He is also Executive Director, a principal and an associated person of WDI and President, a director, a principal and an associated person of WAMI. Mr. Faux oversees administration at Willowbridge. Mr. Faux co-founded MC Baldwin Financial Company ("MC Baldwin") in 1989 and served as its Co-Chief Executive until April 1995, at which time MC Baldwin was an international trading manager which developed futures fund of its partner, Mitsubishi Corporation, and other institutional clients. Prior to forming MC Baldwin, Mr. Faux was President of Merrill Lynch Options/Futures Management Inc., a futures fund subsidiary of Merrill Lynch. Before Mr. Faux's joining Merrill Lynch in 1985, it had raised only $13 million in futures funds. When he left, the company had raised $930 million, including one of the first multi-advisor futures funds. Previously, he spent four years at Thomson McKinnon Securities, Inc. where he helped develop futures funds, including one of the first financial futures funds. Earlier, Mr. Faux spent ten years at Kuhn Loeb & Co. (now Lehman Brothers). He is a graduate of Brown University and the Columbia University Graduate School of Business.


Name:  James J. O'Donnell
Position:  Principal
Biography: 

James J. O'Donnell is Senior Vice President of Willowbridge. He is registered as a principal of Willowbridge. He is also Managing Director and a principal of WDI and WGI and Managing Director and principal of WAMI. He oversees Willowbridge's computer and information needs, including trading information systems, accounting information systems, automating certain operational and compliance activities and support for ongoing research of new computerized trading systems and effectiveness testing of existing trading systems. Mr. O'Donnell has been employed by Willowbridge since September 1, 1992. From June 1987 through August 1992, Mr. O'Donnell was Manager of Computer Information Systems at Caxton. From April 1979 through May 1987, Mr. O'Donnell was manager of Research Information Systems at Commodities Corporation. Prior to that, he was employed by Penn Mutual from September 1973 through March 1979 as Senior Programmer Analyst. He is a graduate of LaSalle University with a B.A. in mathematics.


Name:  Steven R. Crane, CPA
Position:  Principal
Biography: 

Steven R. Crane is Senior Vice President, Secretary and Controller of Willowbridge. He is registered as a principal of Willowbridge. He is also Secretary and a principal of WDI and WGI Secretary, Managing Director, director and a principal of WAMI. He oversees accounting, financial reporting and operations at Willowbridge. Mr. Crane has been employed by Willowbridge since April 1993. Prior to that, he was employed by Caxton from April 1992 to April 1993 as a Senior Accountant. From September 1989 through April 1992, Mr. Crane worked as a Senior Auditor for Deloitte & Touché LLP. Mr. Crane is a Certified Public Accountant and a member of the AICPA. He graduated magna cum laude from North Carolina State University with a B.A. in accounting.


Name:  Edward T. Dunne
Position:  Principal
Biography: 

Edward T. Dunne is Managing Director of Willowbridge. He is registered as a principal of Willowbridge. He is also Managing Director and principal of WDI. Mr. Dunne is Managing Director, director and a principal of WAMI. From March 1992 to February 1998, Mr. Dunne was a shareholder and managing director of Nordek Associates, Inc., a commodity pool operator and commodity trading advisory firm. From August 1995 to January 1998, Mr. Dunne was a director of Star Asset Management Limited, a Bermuda trading company. In addition, from November 1993 to May 1994, Mr. Dunne was a managing director for the Alpha Global Proprietary Trading Division of Alpha Investment Management, Inc. From September 1987 to December 1993, he was a managing director of UBS Securities LLC. From July 1986 to August 1987, he served as an executive vice president of Mosely Securities Corporation. After receiving his degree from Norwich University and a commission as an officer in the U.S. Army, Mr. Dunne continued his education at New York University's Graduate School of Public Administration. Mr. Dunne also attended the New England School of Law. In addition, Mr. Dunne has attended the Securities Industry Institute at the University of Pennsylvania's Wharton School of Business.


Name:  Janice A. Kioko
Position:  Principal
Biography: 

Janice A. Kioko is General Counsel, Chief Compliance Officer, and a registered principal of Willowbridge. Ms. Kioko also serves as General Counsel, Chief Compliance Officer, and is a registered principal of WDI, WAMI, and WGI. Prior to joining Willowbridge, Ms. Kioko was Vice President and Assistant General Counsel at Goldman Sachs Asset Management and affiliates where she was dedicated to hedge funds from 1999 to mid 2005. From 1998 to 1999, she worked at Cahill Gordon & Reindel as an associate. Ms. Kioko was employed by Morgan Stanley Asset Management and affiliates from 1991 until 1998 and Smith Barney, Harris Upham & Co. from 1988 until 1991. Ms. Kioko has a JD from Fordham University Law School, an MBA in Finance from Fordham Graduate School of Business Administration and a BA in Economics from Columbia University.


Name:  Virginia M. Loebel
Position:  Director
Biography: 

Virginia M. Loebel is Director of Banking and Brokerage Relations at Willowbridge, WDI, WAMI, and WGI. From August 1992 to April 1999, Ms. Loebel was employed by Union Bank of Switzerland with credit and relationship management responsibility for major U.S. Investment banks. Her last position with Union Bank of Switzerland was a Managing Director in charge of domestic managed funds and investment bank credit relationships with total credit facilities in excess of $20 billion. From August 1985 to August 1992, Ms. Loebel was a Vice President at Citibank in Investment Banking and Managed Funds. Ms. Loebel completed the credit-training program at Bankers Trust Company, where she was employed from February 1983 to August 1985. Ms. Loebel graduated cum laude from Villanova University with a B.S. in Finance and Economics.


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.