Altegris Clearing Solutions Estlander & Partners Ltd. Freedom Program *QEP*
Monthly Performance (%)
Date Range: 07/10 - 04/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -2.84 0.38 0.99 -0.34 -1.84
2016 2.65 3.52 -3.49 -1.65 -3.02 -1.89 1.65 -4.32 -1.02 -3.08 4.86 2.45 -3.81
2015 6.45 0.49 0.04 -2.20 -1.79 -2.58 1.81 -2.05 1.56 -3.15 3.64 -2.17 -0.41
2014 -2.57 2.30 -3.99 -0.38 3.97 0.77 -0.15 1.46 4.03 -1.27 4.98 2.96 12.33
2013 4.84 1.39 -0.24 3.27 -0.74 -2.12 -1.98 -5.62 -2.99 1.38 -0.61 0.68 -3.13
2012 0.53 3.05 -3.98 1.52 3.92 -6.32 6.14 -1.37 -0.09 -6.83 -1.90 1.12 -4.97
2011 -1.10 2.94 -1.07 4.98 -8.08 -2.42 1.69 2.59 0.81 -6.69 -4.03 0.08 -10.61
2010 3.02 2.38 4.46 -1.64 5.44 14.26
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Estlander & Partners Freedom adopt a systematic trading approach to global and liquid futures and forward markets. Over 120 markets are traded in the programme, where price and fundamental information is used for decision making. The core parts of Freedom are trend following models. Return extraction is based on behavioural biases and cyclical risk premiums as well as changes in global economies. Here, models with holding periods from a few hours up to several months are combined. In the decision making process, data from the underlying market as well as related markets is used. Positions are both long and short. Systematic Fundamental models take further advantage of non-price information in the decision making process. The models provide a diversifying return stream to the trend-following models. Systematic Macro take advantage of global capital flows based on economic trends and extract time-varying risk premia and value opportunities. Risk is balanced in the portfolio with Achilles risk management. It is a forward looking estimation of the worst case outcome (including correlation breakdowns) for each model.

Performance Statistics
Date Range: 07/10 - 04/17
  Program SP500 TR Altegris 40
Total Return -0.68% 167.45% 9.05%
Annualized Return -0.10% 15.48% 1.28%
Annualized Std. Deviation 11.01% 11.76% 8.79%
Correlation 0.00 0.77
Sharpe Ratio (rf=2.5%) -0.24 1.10 -0.14
Worst Month -8.08% -7.03% -5.20%
Date of Worst Month 05/2011 09/2011 06/2015
Worst Drawdown -25.81% -16.26% -15.74%
Date of Worst Drawdown 4/11 - 4/14 4/11 - 9/11 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 07/10 - 04/17
Year or YTD Program SP500 TR Altegris 40
2017 -1.84 7.17 -1.21
2016 -3.81 11.98 -3.13
2015 -0.41 1.41 0.09
2014 12.33 13.69 15.75
2013 -3.13 32.41 -2.45
2012 -4.97 15.98 -4.75
2011 -10.61 2.12 -3.23
2010 14.26 15.19 10.81
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 07/10 - 04/17
Date: 4/30/2017
Perf: $1,104.75 Date: 3/31/2017
Perf: $1,111.41 Date: 2/28/2017
Perf: $1,127.88 Date: 1/31/2017
Perf: $1,103.82 Date: 12/31/2016
Perf: $1,118.24 Date: 11/30/2016
Perf: $1,109.81 Date: 10/31/2016
Perf: $1,122.15 Date: 9/30/2016
Perf: $1,151.87 Date: 8/31/2016
Perf: $1,166.92 Date: 7/31/2016
Perf: $1,199.18 Date: 6/30/2016
Perf: $1,187.07 Date: 5/31/2016
Perf: $1,138.68 Date: 4/30/2016
Perf: $1,158.96 Date: 3/31/2016
Perf: $1,188.80 Date: 2/29/2016
Perf: $1,223.93 Date: 1/31/2016
Perf: $1,194.54 Date: 12/31/2015
Perf: $1,154.37 Date: 11/30/2015
Perf: $1,181.55 Date: 10/31/2015
Perf: $1,142.58 Date: 9/30/2015
Perf: $1,162.82 Date: 8/31/2015
Perf: $1,138.12 Date: 7/31/2015
Perf: $1,158.16 Date: 6/30/2015
Perf: $1,114.58 Date: 5/31/2015
Perf: $1,175.71 Date: 4/30/2015
Perf: $1,184.24 Date: 3/31/2015
Perf: $1,231.79 Date: 2/28/2015
Perf: $1,205.15 Date: 1/31/2015
Perf: $1,207.08 Date: 12/31/2014
Perf: $1,153.34 Date: 11/30/2014
Perf: $1,133.39 Date: 10/31/2014
Perf: $1,069.74 Date: 9/30/2014
Perf: $1,054.24 Date: 8/31/2014
Perf: $1,038.77 Date: 7/31/2014
Perf: $996.61 Date: 6/30/2014
Perf: $1,004.65 Date: 5/31/2014
Perf: $996.08 Date: 4/30/2014
Perf: $971.22 Date: 3/31/2014
Perf: $963.89 Date: 2/28/2014
Perf: $978.37 Date: 1/31/2014
Perf: $970.41 Date: 12/31/2013
Perf: $996.42 Date: 11/30/2013
Perf: $997.82 Date: 10/31/2013
Perf: $980.08 Date: 9/30/2013
Perf: $958.14 Date: 8/31/2013
Perf: $963.92 Date: 7/31/2013
Perf: $982.79 Date: 6/30/2013
Perf: $991.42 Date: 5/31/2013
Perf: $1,030.47 Date: 4/30/2013
Perf: $1,076.77 Date: 3/31/2013
Perf: $1,049.69 Date: 2/28/2013
Perf: $1,034.79 Date: 1/31/2013
Perf: $1,040.82 Date: 12/31/2012
Perf: $1,021.42 Date: 11/30/2012
Perf: $1,016.44 Date: 10/31/2012
Perf: $1,013.60 Date: 9/30/2012
Perf: $1,051.67 Date: 8/31/2012
Perf: $1,069.31 Date: 7/31/2012
Perf: $1,084.06 Date: 6/30/2012
Perf: $1,041.46 Date: 5/31/2012
Perf: $1,082.15 Date: 4/30/2012
Perf: $1,061.97 Date: 3/31/2012
Perf: $1,055.64 Date: 2/29/2012
Perf: $1,080.16 Date: 1/31/2012
Perf: $1,075.75 Date: 12/31/2011
Perf: $1,072.32 Date: 11/30/2011
Perf: $1,062.12 Date: 10/31/2011
Perf: $1,058.94 Date: 9/30/2011
Perf: $1,102.61 Date: 8/31/2011
Perf: $1,103.27 Date: 7/31/2011
Perf: $1,105.48 Date: 6/30/2011
Perf: $1,067.17 Date: 5/31/2011
Perf: $1,095.65 Date: 4/30/2011
Perf: $1,137.16 Date: 3/31/2011
Perf: $1,094.48 Date: 2/28/2011
Perf: $1,111.48 Date: 1/31/2011
Perf: $1,092.90 Date: 12/31/2010
Perf: $1,108.08 Date: 11/30/2010
Perf: $1,062.50 Date: 10/31/2010
Perf: $1,101.50 Date: 9/30/2010
Perf: $1,060.35 Date: 8/31/2010
Perf: $1,041.40 Date: 7/31/2010
Perf: $1,000.00 Date: 4/30/2017
Perf: $2,499.34 Date: 3/31/2017
Perf: $2,473.86 Date: 2/28/2017
Perf: $2,470.89 Date: 1/31/2017
Perf: $2,376.54 Date: 12/31/2016
Perf: $2,332.23 Date: 11/30/2016
Perf: $2,286.95 Date: 10/31/2016
Perf: $2,205.35 Date: 9/30/2016
Perf: $2,246.23 Date: 8/31/2016
Perf: $2,245.78 Date: 7/31/2016
Perf: $2,242.64 Date: 6/30/2016
Perf: $2,162.83 Date: 5/31/2016
Perf: $2,157.23 Date: 4/30/2016
Perf: $2,119.08 Date: 3/31/2016
Perf: $2,110.85 Date: 2/29/2016
Perf: $1,976.82 Date: 1/31/2016
Perf: $1,979.39 Date: 12/31/2015
Perf: $2,082.70 Date: 11/30/2015
Perf: $2,116.13 Date: 10/31/2015
Perf: $2,109.80 Date: 9/30/2015
Perf: $1,945.59 Date: 8/31/2015
Perf: $1,994.87 Date: 7/31/2015
Perf: $2,122.88 Date: 6/30/2015
Perf: $2,079.21 Date: 5/31/2015
Perf: $2,120.35 Date: 4/30/2015
Perf: $2,093.34 Date: 3/31/2015
Perf: $2,073.44 Date: 2/28/2015
Perf: $2,106.72 Date: 1/31/2015
Perf: $1,992.17 Date: 12/31/2014
Perf: $2,053.79 Date: 11/30/2014
Perf: $2,058.94 Date: 10/31/2014
Perf: $2,005.00 Date: 9/30/2014
Perf: $1,957.24 Date: 8/31/2014
Perf: $1,985.03 Date: 7/31/2014
Perf: $1,908.69 Date: 6/30/2014
Perf: $1,935.40 Date: 5/31/2014
Perf: $1,896.15 Date: 4/30/2014
Perf: $1,852.61 Date: 3/31/2014
Perf: $1,839.00 Date: 2/28/2014
Perf: $1,823.68 Date: 1/31/2014
Perf: $1,743.98 Date: 12/31/2013
Perf: $1,806.49 Date: 11/30/2013
Perf: $1,761.91 Date: 10/31/2013
Perf: $1,709.76 Date: 9/30/2013
Perf: $1,634.57 Date: 8/31/2013
Perf: $1,584.81 Date: 7/31/2013
Perf: $1,632.14 Date: 6/30/2013
Perf: $1,553.09 Date: 5/31/2013
Perf: $1,574.18 Date: 4/30/2013
Perf: $1,538.19 Date: 3/31/2013
Perf: $1,509.06 Date: 2/28/2013
Perf: $1,454.52 Date: 1/31/2013
Perf: $1,435.00 Date: 12/31/2012
Perf: $1,364.33 Date: 11/30/2012
Perf: $1,352.03 Date: 10/31/2012
Perf: $1,344.23 Date: 9/30/2012
Perf: $1,369.57 Date: 8/31/2012
Perf: $1,335.12 Date: 7/31/2012
Perf: $1,305.74 Date: 6/30/2012
Perf: $1,287.84 Date: 5/31/2012
Perf: $1,236.88 Date: 4/30/2012
Perf: $1,315.97 Date: 3/31/2012
Perf: $1,324.32 Date: 2/29/2012
Perf: $1,282.13 Date: 1/31/2012
Perf: $1,229.04 Date: 12/31/2011
Perf: $1,176.34 Date: 11/30/2011
Perf: $1,164.46 Date: 10/31/2011
Perf: $1,167.03 Date: 9/30/2011
Perf: $1,052.04 Date: 8/31/2011
Perf: $1,131.59 Date: 7/31/2011
Perf: $1,196.56 Date: 6/30/2011
Perf: $1,221.36 Date: 5/31/2011
Perf: $1,242.10 Date: 4/30/2011
Perf: $1,256.30 Date: 3/31/2011
Perf: $1,220.18 Date: 2/28/2011
Perf: $1,219.69 Date: 1/31/2011
Perf: $1,179.24 Date: 12/31/2010
Perf: $1,151.94 Date: 11/30/2010
Perf: $1,079.81 Date: 10/31/2010
Perf: $1,079.70 Date: 9/30/2010
Perf: $1,040.08 Date: 8/31/2010
Perf: $954.90 Date: 7/31/2010
Perf: $1,000.00 Date: 4/30/2017
Perf: $993.15 Date: 3/31/2017
Perf: $996.54 Date: 2/28/2017
Perf: $986.77 Date: 1/31/2017
Perf: $983.03 Date: 12/31/2016
Perf: $1,011.77 Date: 11/30/2016
Perf: $987.57 Date: 10/31/2016
Perf: $941.80 Date: 9/30/2016
Perf: $971.73 Date: 8/31/2016
Perf: $981.75 Date: 7/31/2016
Perf: $1,026.07 Date: 6/30/2016
Perf: $1,009.42 Date: 5/31/2016
Perf: $1,028.86 Date: 4/30/2016
Perf: $1,060.90 Date: 3/31/2016
Perf: $1,078.70 Date: 2/29/2016
Perf: $1,117.71 Date: 1/31/2016
Perf: $1,079.70 Date: 12/31/2015
Perf: $1,051.83 Date: 11/30/2015
Perf: $1,075.16 Date: 10/31/2015
Perf: $1,037.40 Date: 9/30/2015
Perf: $1,071.14 Date: 8/31/2015
Perf: $1,054.69 Date: 7/31/2015
Perf: $1,076.76 Date: 6/30/2015
Perf: $1,057.62 Date: 5/31/2015
Perf: $1,085.63 Date: 4/30/2015
Perf: $1,105.41 Date: 3/31/2015
Perf: $1,130.28 Date: 2/28/2015
Perf: $1,129.83 Date: 1/31/2015
Perf: $1,124.32 Date: 12/31/2014
Perf: $1,056.19 Date: 11/30/2014
Perf: $1,025.83 Date: 10/31/2014
Perf: $977.17 Date: 9/30/2014
Perf: $989.74 Date: 8/31/2014
Perf: $951.39 Date: 7/31/2014
Perf: $937.70 Date: 6/30/2014
Perf: $939.11 Date: 5/31/2014
Perf: $931.94 Date: 4/30/2014
Perf: $896.35 Date: 3/31/2014
Perf: $899.77 Date: 2/28/2014
Perf: $937.16 Date: 1/31/2014
Perf: $916.09 Date: 12/31/2013
Perf: $940.26 Date: 11/30/2013
Perf: $933.91 Date: 10/31/2013
Perf: $939.64 Date: 9/30/2013
Perf: $926.85 Date: 8/31/2013
Perf: $955.42 Date: 7/31/2013
Perf: $1,012.31 Date: 6/30/2013
Perf: $1,032.76 Date: 5/31/2013
Perf: $1,055.12 Date: 4/30/2013
Perf: $1,062.99 Date: 3/31/2013
Perf: $1,029.33 Date: 2/28/2013
Perf: $1,031.81 Date: 1/31/2013
Perf: $1,017.66 Date: 12/31/2012
Perf: $970.68 Date: 11/30/2012
Perf: $959.93 Date: 10/31/2012
Perf: $978.52 Date: 9/30/2012
Perf: $1,050.25 Date: 8/31/2012
Perf: $1,051.20 Date: 7/31/2012
Perf: $1,065.80 Date: 6/30/2012
Perf: $1,004.15 Date: 5/31/2012
Perf: $1,071.89 Date: 4/30/2012
Perf: $1,031.46 Date: 3/31/2012
Perf: $1,016.01 Date: 2/29/2012
Perf: $1,058.13 Date: 1/31/2012
Perf: $1,026.81 Date: 12/31/2011
Perf: $1,021.40 Date: 11/30/2011
Perf: $1,020.58 Date: 10/31/2011
Perf: $1,063.44 Date: 9/30/2011
Perf: $1,139.68 Date: 8/31/2011
Perf: $1,130.52 Date: 7/31/2011
Perf: $1,101.98 Date: 6/30/2011
Perf: $1,083.67 Date: 5/31/2011
Perf: $1,110.54 Date: 4/30/2011
Perf: $1,208.16 Date: 3/31/2011
Perf: $1,150.85 Date: 2/28/2011
Perf: $1,163.30 Date: 1/31/2011
Perf: $1,130.07 Date: 12/31/2010
Perf: $1,142.64 Date: 11/30/2010
Perf: $1,083.69 Date: 10/31/2010
Perf: $1,101.76 Date: 9/30/2010
Perf: $1,054.72 Date: 8/31/2010
Perf: $1,030.20 Date: 7/31/2010
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 07/10 - 04/17
Date: 4/30/2017
Return: -0.34 % Date: 3/31/2017
Return: 0.99 % Date: 2/28/2017
Return: 0.38 % Date: 1/31/2017
Return: -2.84 % Date: 12/31/2016
Return: 2.45 % Date: 11/30/2016
Return: 4.86 % Date: 10/31/2016
Return: -3.08 % Date: 9/30/2016
Return: -1.02 % Date: 8/31/2016
Return: -4.32 % Date: 7/31/2016
Return: 1.65 % Date: 6/30/2016
Return: -1.89 % Date: 5/31/2016
Return: -3.02 % Date: 4/30/2016
Return: -1.65 % Date: 3/31/2016
Return: -3.49 % Date: 2/29/2016
Return: 3.52 % Date: 1/31/2016
Return: 2.65 % Date: 12/31/2015
Return: -2.17 % Date: 11/30/2015
Return: 3.64 % Date: 10/31/2015
Return: -3.15 % Date: 9/30/2015
Return: 1.56 % Date: 8/31/2015
Return: -2.05 % Date: 7/31/2015
Return: 1.81 % Date: 6/30/2015
Return: -2.58 % Date: 5/31/2015
Return: -1.79 % Date: 4/30/2015
Return: -2.20 % Date: 3/31/2015
Return: 0.04 % Date: 2/28/2015
Return: 0.49 % Date: 1/31/2015
Return: 6.45 % Date: 12/31/2014
Return: 2.96 % Date: 11/30/2014
Return: 4.98 % Date: 10/31/2014
Return: -1.27 % Date: 9/30/2014
Return: 4.03 % Date: 8/31/2014
Return: 1.46 % Date: 7/31/2014
Return: -0.15 % Date: 6/30/2014
Return: 0.77 % Date: 5/31/2014
Return: 3.97 % Date: 4/30/2014
Return: -0.38 % Date: 3/31/2014
Return: -3.99 % Date: 2/28/2014
Return: 2.30 % Date: 1/31/2014
Return: -2.57 % Date: 12/31/2013
Return: 0.68 % Date: 11/30/2013
Return: -0.61 % Date: 10/31/2013
Return: 1.38 % Date: 9/30/2013
Return: -2.99 % Date: 8/31/2013
Return: -5.62 % Date: 7/31/2013
Return: -1.98 % Date: 6/30/2013
Return: -2.12 % Date: 5/31/2013
Return: -0.74 % Date: 4/30/2013
Return: 3.27 % Date: 3/31/2013
Return: -0.24 % Date: 2/28/2013
Return: 1.39 % Date: 1/31/2013
Return: 4.84 % Date: 12/31/2012
Return: 1.12 % Date: 11/30/2012
Return: -1.90 % Date: 10/31/2012
Return: -6.83 % Date: 9/30/2012
Return: -0.09 % Date: 8/31/2012
Return: -1.37 % Date: 7/31/2012
Return: 6.14 % Date: 6/30/2012
Return: -6.32 % Date: 5/31/2012
Return: 3.92 % Date: 4/30/2012
Return: 1.52 % Date: 3/31/2012
Return: -3.98 % Date: 2/29/2012
Return: 3.05 % Date: 1/31/2012
Return: 0.53 % Date: 12/31/2011
Return: 0.08 % Date: 11/30/2011
Return: -4.03 % Date: 10/31/2011
Return: -6.69 % Date: 9/30/2011
Return: 0.81 % Date: 8/31/2011
Return: 2.59 % Date: 7/31/2011
Return: 1.69 % Date: 6/30/2011
Return: -2.42 % Date: 5/31/2011
Return: -8.08 % Date: 4/30/2011
Return: 4.98 % Date: 3/31/2011
Return: -1.07 % Date: 2/28/2011
Return: 2.94 % Date: 1/31/2011
Return: -1.10 % Date: 12/31/2010
Return: 5.44 % Date: 11/30/2010
Return: -1.64 % Date: 10/31/2010
Return: 4.46 % Date: 9/30/2010
Return: 2.38 % Date: 8/31/2010
Return: 3.02 % Date: 7/31/2010
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 07/10 - 04/17
Return: -3.00 %
Count: 8 Return: 6.00 %
Count: 2 Return: -6.00 %
Count: 2 Return: -4.00 %
Count: 4 Return: -7.00 %
Count: 2 Return: 1.00 %
Count: 9 Return: -8.00 %
Count: 1 Return: -1.00 %
Count: 7 Return: 5.00 %
Count: 5 Return: -2.00 %
Count: 11 Return: 4.00 %
Count: 6 Return: 2.00 %
Count: 8 Return: 3.00 %
Count: 7 Return: 0.00 %
Count: 10
Note: All performance data is since program inception.

Underwater Curve
Date Range: 07/10 - 04/17
Date: 4/30/2017
Drawdown: -17.80 % Date: 3/31/2017
Drawdown: -17.52 % Date: 2/28/2017
Drawdown: -18.32 % Date: 1/31/2017
Drawdown: -18.63 % Date: 12/31/2016
Drawdown: -16.26 % Date: 11/30/2016
Drawdown: -18.26 % Date: 10/31/2016
Drawdown: -22.05 % Date: 9/30/2016
Drawdown: -19.57 % Date: 8/31/2016
Drawdown: -18.74 % Date: 7/31/2016
Drawdown: -15.07 % Date: 6/30/2016
Drawdown: -16.45 % Date: 5/31/2016
Drawdown: -14.84 % Date: 4/30/2016
Drawdown: -12.19 % Date: 3/31/2016
Drawdown: -10.72 % Date: 2/29/2016
Drawdown: -7.49 % Date: 1/31/2016
Drawdown: -10.63 % Date: 12/31/2015
Drawdown: -12.94 % Date: 11/30/2015
Drawdown: -11.01 % Date: 10/31/2015
Drawdown: -14.13 % Date: 9/30/2015
Drawdown: -11.34 % Date: 8/31/2015
Drawdown: -12.70 % Date: 7/31/2015
Drawdown: -10.88 % Date: 6/30/2015
Drawdown: -12.46 % Date: 5/31/2015
Drawdown: -10.14 % Date: 4/30/2015
Drawdown: -8.50 % Date: 3/31/2015
Drawdown: -6.45 % Date: 2/28/2015
Drawdown: -6.48 % Date: 1/31/2015
Drawdown: -6.94 % Date: 12/31/2014
Drawdown: -12.58 % Date: 11/30/2014
Drawdown: -15.09 % Date: 10/31/2014
Drawdown: -19.12 % Date: 9/30/2014
Drawdown: -18.08 % Date: 8/31/2014
Drawdown: -21.25 % Date: 7/31/2014
Drawdown: -22.39 % Date: 6/30/2014
Drawdown: -22.27 % Date: 5/31/2014
Drawdown: -22.86 % Date: 4/30/2014
Drawdown: -25.81 % Date: 3/31/2014
Drawdown: -25.53 % Date: 2/28/2014
Drawdown: -22.43 % Date: 1/31/2014
Drawdown: -24.17 % Date: 12/31/2013
Drawdown: -22.17 % Date: 11/30/2013
Drawdown: -22.70 % Date: 10/31/2013
Drawdown: -22.23 % Date: 9/30/2013
Drawdown: -23.28 % Date: 8/31/2013
Drawdown: -20.92 % Date: 7/31/2013
Drawdown: -16.21 % Date: 6/30/2013
Drawdown: -14.52 % Date: 5/31/2013
Drawdown: -12.67 % Date: 4/30/2013
Drawdown: -12.02 % Date: 3/31/2013
Drawdown: -14.80 % Date: 2/28/2013
Drawdown: -14.60 % Date: 1/31/2013
Drawdown: -15.77 % Date: 12/31/2012
Drawdown: -19.66 % Date: 11/30/2012
Drawdown: -20.55 % Date: 10/31/2012
Drawdown: -19.01 % Date: 9/30/2012
Drawdown: -13.07 % Date: 8/31/2012
Drawdown: -12.99 % Date: 7/31/2012
Drawdown: -11.78 % Date: 6/30/2012
Drawdown: -16.89 % Date: 5/31/2012
Drawdown: -11.28 % Date: 4/30/2012
Drawdown: -14.63 % Date: 3/31/2012
Drawdown: -15.90 % Date: 2/29/2012
Drawdown: -12.42 % Date: 1/31/2012
Drawdown: -15.01 % Date: 12/31/2011
Drawdown: -15.46 % Date: 11/30/2011
Drawdown: -15.53 % Date: 10/31/2011
Drawdown: -11.98 % Date: 9/30/2011
Drawdown: -5.67 % Date: 8/31/2011
Drawdown: -6.43 % Date: 7/31/2011
Drawdown: -8.79 % Date: 6/30/2011
Drawdown: -10.30 % Date: 5/31/2011
Drawdown: -8.08 % Date: 4/30/2011
Drawdown: 0.00 % Date: 3/31/2011
Drawdown: -1.07 % Date: 2/28/2011
Drawdown: 0.00 % Date: 1/31/2011
Drawdown: -1.10 % Date: 12/31/2010
Drawdown: 0.00 % Date: 11/30/2010
Drawdown: -1.64 % Date: 10/31/2010
Drawdown: 0.00 % Date: 9/30/2010
Drawdown: 0.00 % Date: 8/31/2010
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Estlander & Partners Ltd.
Address: Aleksanterinkatu 48A
City: Helsinki
State:
Zip: 00100
Country: Finland
Key People
Name:  Martin Estlander
Position:  Chief Executive Officer
Biography: 


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.