Altegris Clearing Solutions Sandpiper Asset Managment SAM Liquid Program *QEP*
Monthly Performance (%)
Date Range: 07/12 - 08/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -4.37 -2.38 -5.84 2.78 -3.25 0.42 0.36 0.09 -11.83
2016 2.90 3.74 -2.01 0.61 -8.40 4.72 4.21 -4.15 0.65 -0.38 3.57 0.02 4.74
2015 0.66 2.06 2.43 -5.11 1.00 -1.65 6.71 0.40 1.89 -3.48 8.98 -2.85 10.65
2014 -7.56 1.00 6.51 -1.98 3.99 0.76 -0.73 -6.04 23.54 1.75 7.39 3.82 33.51
2013 4.47 3.82 4.06 8.44 6.67 0.56 -1.75 -1.91 -5.10 -5.56 6.92 2.23 23.95
2012 -0.81 -0.15 -6.37 -5.60 -2.58 -14.72
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Sandpiper is a diversified global macro investment manager employing trend-following and fundamental trading methods. The strategy is designed to capture trends over the medium-term, while in conjunction, employing strategic top-down fundamental and technical signals. Sandpiper transacts in over 50 liquid futures markets globally. It produces a unique return profile and exhibits an insignificant correlation to well-known CTA programs and CTA indices. Strict risk management is in place at the: asset, sector, portfolio and thematic level and is critical to the portfolio optimization process.

Performance Statistics
Date Range: 07/12 - 08/17
  Program SP500 TR Altegris 40
Total Return 44.20% 102.73% 5.30%
Annualized Return 7.47% 14.66% 1.00%
Annualized Std. Deviation 17.47% 9.34% 8.53%
Correlation -0.02 0.39
Sharpe Ratio (rf=2.5%) 0.28 1.30 -0.18
Worst Month -8.40% -6.03% -5.20%
Date of Worst Month 05/2016 08/2015 06/2015
Worst Drawdown -14.72% -8.35% -12.77%
Date of Worst Drawdown 7/12 - 12/12 7/15 - 9/15 3/15 - 6/17
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 07/12 - 08/17
Year or YTD Program SP500 TR Altegris 40
2017 -11.83 11.95 -1.93
2016 4.74 11.98 -3.13
2015 10.65 1.41 0.09
2014 33.51 13.69 15.75
2013 23.95 32.41 -2.45
2012 -14.72 4.49 -5.78
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 07/12 - 08/17
Date: 8/31/2017
Perf: $1,011.59 Date: 7/31/2017
Perf: $995.07 Date: 6/30/2017
Perf: $991.21 Date: 5/31/2017
Perf: $1,021.02 Date: 4/30/2017
Perf: $1,019.09 Date: 3/31/2017
Perf: $1,025.24 Date: 2/28/2017
Perf: $1,040.43 Date: 1/31/2017
Perf: $1,018.23 Date: 12/31/2016
Perf: $1,031.54 Date: 11/30/2016
Perf: $1,023.76 Date: 10/31/2016
Perf: $1,035.14 Date: 9/30/2016
Perf: $1,062.56 Date: 8/31/2016
Perf: $1,076.44 Date: 7/31/2016
Perf: $1,106.20 Date: 6/30/2016
Perf: $1,095.03 Date: 5/31/2016
Perf: $1,050.39 Date: 4/30/2016
Perf: $1,069.10 Date: 3/31/2016
Perf: $1,096.62 Date: 2/29/2016
Perf: $1,129.03 Date: 1/31/2016
Perf: $1,101.92 Date: 12/31/2015
Perf: $1,064.86 Date: 11/30/2015
Perf: $1,089.93 Date: 10/31/2015
Perf: $1,053.99 Date: 9/30/2015
Perf: $1,072.65 Date: 8/31/2015
Perf: $1,049.87 Date: 7/31/2015
Perf: $1,068.35 Date: 6/30/2015
Perf: $1,028.15 Date: 5/31/2015
Perf: $1,084.55 Date: 4/30/2015
Perf: $1,092.41 Date: 3/31/2015
Perf: $1,136.27 Date: 2/28/2015
Perf: $1,111.71 Date: 1/31/2015
Perf: $1,113.49 Date: 12/31/2014
Perf: $1,063.91 Date: 11/30/2014
Perf: $1,045.51 Date: 10/31/2014
Perf: $986.79 Date: 9/30/2014
Perf: $972.50 Date: 8/31/2014
Perf: $958.22 Date: 7/31/2014
Perf: $919.33 Date: 6/30/2014
Perf: $926.75 Date: 5/31/2014
Perf: $918.85 Date: 4/30/2014
Perf: $895.91 Date: 3/31/2014
Perf: $889.15 Date: 2/28/2014
Perf: $902.51 Date: 1/31/2014
Perf: $895.17 Date: 12/31/2013
Perf: $919.16 Date: 11/30/2013
Perf: $920.45 Date: 10/31/2013
Perf: $904.08 Date: 9/30/2013
Perf: $883.84 Date: 8/31/2013
Perf: $889.18 Date: 7/31/2013
Perf: $906.59 Date: 6/30/2013
Perf: $914.54 Date: 5/31/2013
Perf: $950.57 Date: 4/30/2013
Perf: $993.28 Date: 3/31/2013
Perf: $968.30 Date: 2/28/2013
Perf: $954.55 Date: 1/31/2013
Perf: $960.12 Date: 12/31/2012
Perf: $942.22 Date: 11/30/2012
Perf: $937.62 Date: 10/31/2012
Perf: $935.01 Date: 9/30/2012
Perf: $970.12 Date: 8/31/2012
Perf: $986.40 Date: 7/31/2012
Perf: $1,000.00 Date: 8/31/2017
Perf: $1,999.55 Date: 7/31/2017
Perf: $1,993.37 Date: 6/30/2017
Perf: $1,953.13 Date: 5/31/2017
Perf: $1,941.10 Date: 4/30/2017
Perf: $1,914.11 Date: 3/31/2017
Perf: $1,894.60 Date: 2/28/2017
Perf: $1,892.33 Date: 1/31/2017
Perf: $1,820.07 Date: 12/31/2016
Perf: $1,786.13 Date: 11/30/2016
Perf: $1,751.45 Date: 10/31/2016
Perf: $1,688.96 Date: 9/30/2016
Perf: $1,720.27 Date: 8/31/2016
Perf: $1,719.93 Date: 7/31/2016
Perf: $1,717.52 Date: 6/30/2016
Perf: $1,656.40 Date: 5/31/2016
Perf: $1,652.11 Date: 4/30/2016
Perf: $1,622.89 Date: 3/31/2016
Perf: $1,616.59 Date: 2/29/2016
Perf: $1,513.94 Date: 1/31/2016
Perf: $1,515.91 Date: 12/31/2015
Perf: $1,595.03 Date: 11/30/2015
Perf: $1,620.63 Date: 10/31/2015
Perf: $1,615.79 Date: 9/30/2015
Perf: $1,490.03 Date: 8/31/2015
Perf: $1,527.76 Date: 7/31/2015
Perf: $1,625.80 Date: 6/30/2015
Perf: $1,592.36 Date: 5/31/2015
Perf: $1,623.86 Date: 4/30/2015
Perf: $1,603.18 Date: 3/31/2015
Perf: $1,587.94 Date: 2/28/2015
Perf: $1,613.43 Date: 1/31/2015
Perf: $1,525.70 Date: 12/31/2014
Perf: $1,572.89 Date: 11/30/2014
Perf: $1,576.83 Date: 10/31/2014
Perf: $1,535.53 Date: 9/30/2014
Perf: $1,498.95 Date: 8/31/2014
Perf: $1,520.23 Date: 7/31/2014
Perf: $1,461.76 Date: 6/30/2014
Perf: $1,482.22 Date: 5/31/2014
Perf: $1,452.16 Date: 4/30/2014
Perf: $1,418.82 Date: 3/31/2014
Perf: $1,408.39 Date: 2/28/2014
Perf: $1,396.66 Date: 1/31/2014
Perf: $1,335.62 Date: 12/31/2013
Perf: $1,383.49 Date: 11/30/2013
Perf: $1,349.35 Date: 10/31/2013
Perf: $1,309.42 Date: 9/30/2013
Perf: $1,251.83 Date: 8/31/2013
Perf: $1,213.72 Date: 7/31/2013
Perf: $1,249.97 Date: 6/30/2013
Perf: $1,189.43 Date: 5/31/2013
Perf: $1,205.58 Date: 4/30/2013
Perf: $1,178.02 Date: 3/31/2013
Perf: $1,155.71 Date: 2/28/2013
Perf: $1,113.94 Date: 1/31/2013
Perf: $1,098.99 Date: 12/31/2012
Perf: $1,044.87 Date: 11/30/2012
Perf: $1,035.45 Date: 10/31/2012
Perf: $1,029.48 Date: 9/30/2012
Perf: $1,048.88 Date: 8/31/2012
Perf: $1,022.50 Date: 7/31/2012
Perf: $1,000.00 Date: 8/31/2017
Perf: $1,441.95 Date: 7/31/2017
Perf: $1,440.66 Date: 6/30/2017
Perf: $1,435.49 Date: 5/31/2017
Perf: $1,429.49 Date: 4/30/2017
Perf: $1,477.50 Date: 3/31/2017
Perf: $1,437.54 Date: 2/28/2017
Perf: $1,526.70 Date: 1/31/2017
Perf: $1,563.92 Date: 12/31/2016
Perf: $1,635.39 Date: 11/30/2016
Perf: $1,635.06 Date: 10/31/2016
Perf: $1,578.70 Date: 9/30/2016
Perf: $1,584.72 Date: 8/31/2016
Perf: $1,574.49 Date: 7/31/2016
Perf: $1,642.66 Date: 6/30/2016
Perf: $1,576.30 Date: 5/31/2016
Perf: $1,505.25 Date: 4/30/2016
Perf: $1,643.29 Date: 3/31/2016
Perf: $1,633.32 Date: 2/29/2016
Perf: $1,666.83 Date: 1/31/2016
Perf: $1,606.73 Date: 12/31/2015
Perf: $1,561.45 Date: 11/30/2015
Perf: $1,607.26 Date: 10/31/2015
Perf: $1,474.82 Date: 9/30/2015
Perf: $1,527.99 Date: 8/31/2015
Perf: $1,499.65 Date: 7/31/2015
Perf: $1,493.68 Date: 6/30/2015
Perf: $1,399.75 Date: 5/31/2015
Perf: $1,423.24 Date: 4/30/2015
Perf: $1,409.14 Date: 3/31/2015
Perf: $1,485.03 Date: 2/28/2015
Perf: $1,449.80 Date: 1/31/2015
Perf: $1,420.54 Date: 12/31/2014
Perf: $1,411.22 Date: 11/30/2014
Perf: $1,359.30 Date: 10/31/2014
Perf: $1,265.76 Date: 9/30/2014
Perf: $1,243.99 Date: 8/31/2014
Perf: $1,006.95 Date: 7/31/2014
Perf: $1,071.68 Date: 6/30/2014
Perf: $1,079.56 Date: 5/31/2014
Perf: $1,071.42 Date: 4/30/2014
Perf: $1,030.31 Date: 3/31/2014
Perf: $1,051.12 Date: 2/28/2014
Perf: $986.88 Date: 1/31/2014
Perf: $977.11 Date: 12/31/2013
Perf: $1,057.02 Date: 11/30/2013
Perf: $1,033.96 Date: 10/31/2013
Perf: $967.04 Date: 9/30/2013
Perf: $1,023.97 Date: 8/31/2013
Perf: $1,079.00 Date: 7/31/2013
Perf: $1,100.01 Date: 6/30/2013
Perf: $1,119.60 Date: 5/31/2013
Perf: $1,113.37 Date: 4/30/2013
Perf: $1,043.75 Date: 3/31/2013
Perf: $962.52 Date: 2/28/2013
Perf: $924.96 Date: 1/31/2013
Perf: $890.93 Date: 12/31/2012
Perf: $852.81 Date: 11/30/2012
Perf: $875.39 Date: 10/31/2012
Perf: $927.32 Date: 9/30/2012
Perf: $990.41 Date: 8/31/2012
Perf: $991.90 Date: 7/31/2012
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 07/12 - 08/17
Date: 8/31/2017
Return: 0.09 % Date: 7/31/2017
Return: 0.36 % Date: 6/30/2017
Return: 0.42 % Date: 5/31/2017
Return: -3.25 % Date: 4/30/2017
Return: 2.78 % Date: 3/31/2017
Return: -5.84 % Date: 2/28/2017
Return: -2.38 % Date: 1/31/2017
Return: -4.37 % Date: 12/31/2016
Return: 0.02 % Date: 11/30/2016
Return: 3.57 % Date: 10/31/2016
Return: -0.38 % Date: 9/30/2016
Return: 0.65 % Date: 8/31/2016
Return: -4.15 % Date: 7/31/2016
Return: 4.21 % Date: 6/30/2016
Return: 4.72 % Date: 5/31/2016
Return: -8.40 % Date: 4/30/2016
Return: 0.61 % Date: 3/31/2016
Return: -2.01 % Date: 2/29/2016
Return: 3.74 % Date: 1/31/2016
Return: 2.90 % Date: 12/31/2015
Return: -2.85 % Date: 11/30/2015
Return: 8.98 % Date: 10/31/2015
Return: -3.48 % Date: 9/30/2015
Return: 1.89 % Date: 8/31/2015
Return: 0.40 % Date: 7/31/2015
Return: 6.71 % Date: 6/30/2015
Return: -1.65 % Date: 5/31/2015
Return: 1.00 % Date: 4/30/2015
Return: -5.11 % Date: 3/31/2015
Return: 2.43 % Date: 2/28/2015
Return: 2.06 % Date: 1/31/2015
Return: 0.66 % Date: 12/31/2014
Return: 3.82 % Date: 11/30/2014
Return: 7.39 % Date: 10/31/2014
Return: 1.75 % Date: 9/30/2014
Return: 23.54 % Date: 8/31/2014
Return: -6.04 % Date: 7/31/2014
Return: -0.73 % Date: 6/30/2014
Return: 0.76 % Date: 5/31/2014
Return: 3.99 % Date: 4/30/2014
Return: -1.98 % Date: 3/31/2014
Return: 6.51 % Date: 2/28/2014
Return: 1.00 % Date: 1/31/2014
Return: -7.56 % Date: 12/31/2013
Return: 2.23 % Date: 11/30/2013
Return: 6.92 % Date: 10/31/2013
Return: -5.56 % Date: 9/30/2013
Return: -5.10 % Date: 8/31/2013
Return: -1.91 % Date: 7/31/2013
Return: -1.75 % Date: 6/30/2013
Return: 0.56 % Date: 5/31/2013
Return: 6.67 % Date: 4/30/2013
Return: 8.44 % Date: 3/31/2013
Return: 4.06 % Date: 2/28/2013
Return: 3.82 % Date: 1/31/2013
Return: 4.47 % Date: 12/31/2012
Return: -2.58 % Date: 11/30/2012
Return: -5.60 % Date: 10/31/2012
Return: -6.37 % Date: 9/30/2012
Return: -0.15 % Date: 8/31/2012
Return: -0.81 % Date: 7/31/2012
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 07/12 - 08/17
Return: -4.00 %
Count: 2 Return: 5.00 %
Count: 1 Return: 3.00 %
Count: 2 Return: 9.00 %
Count: 1 Return: 24.00 %
Count: 1 Return: -8.00 %
Count: 2 Return: 2.00 %
Count: 5 Return: -5.00 %
Count: 2 Return: -2.00 %
Count: 6 Return: 1.00 %
Count: 7 Return: 7.00 %
Count: 5 Return: 8.00 %
Count: 1 Return: 4.00 %
Count: 8 Return: -3.00 %
Count: 4 Return: -6.00 %
Count: 5 Return: -1.00 %
Count: 2 Return: 0.00 %
Count: 8
Note: All performance data is since program inception.

Underwater Curve
Date Range: 07/12 - 08/17
Date: 8/31/2017
Drawdown: -13.49 % Date: 7/31/2017
Drawdown: -13.57 % Date: 6/30/2017
Drawdown: -13.88 % Date: 5/31/2017
Drawdown: -14.24 % Date: 4/30/2017
Drawdown: -11.36 % Date: 3/31/2017
Drawdown: -13.76 % Date: 2/28/2017
Drawdown: -8.41 % Date: 1/31/2017
Drawdown: -6.17 % Date: 12/31/2016
Drawdown: -1.89 % Date: 11/30/2016
Drawdown: -1.91 % Date: 10/31/2016
Drawdown: -5.29 % Date: 9/30/2016
Drawdown: -4.93 % Date: 8/31/2016
Drawdown: -5.54 % Date: 7/31/2016
Drawdown: -1.45 % Date: 6/30/2016
Drawdown: -5.43 % Date: 5/31/2016
Drawdown: -9.69 % Date: 4/30/2016
Drawdown: -1.41 % Date: 3/31/2016
Drawdown: -2.01 % Date: 2/29/2016
Drawdown: 0.00 % Date: 1/31/2016
Drawdown: -0.03 % Date: 12/31/2015
Drawdown: -2.85 % Date: 11/30/2015
Drawdown: 0.00 % Date: 10/31/2015
Drawdown: -3.48 % Date: 9/30/2015
Drawdown: 0.00 % Date: 8/31/2015
Drawdown: 0.00 % Date: 7/31/2015
Drawdown: 0.00 % Date: 6/30/2015
Drawdown: -5.74 % Date: 5/31/2015
Drawdown: -4.16 % Date: 4/30/2015
Drawdown: -5.11 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: 0.00 % 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: 0.00 % Date: 9/30/2014
Drawdown: 0.00 % Date: 8/31/2014
Drawdown: -10.06 % Date: 7/31/2014
Drawdown: -4.28 % Date: 6/30/2014
Drawdown: -3.58 % Date: 5/31/2014
Drawdown: -4.30 % Date: 4/30/2014
Drawdown: -7.98 % Date: 3/31/2014
Drawdown: -6.12 % Date: 2/28/2014
Drawdown: -11.85 % Date: 1/31/2014
Drawdown: -12.73 % Date: 12/31/2013
Drawdown: -5.59 % Date: 11/30/2013
Drawdown: -7.65 % Date: 10/31/2013
Drawdown: -13.63 % Date: 9/30/2013
Drawdown: -8.54 % Date: 8/31/2013
Drawdown: -3.63 % Date: 7/31/2013
Drawdown: -1.75 % 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: -3.75 % Date: 2/28/2013
Drawdown: -7.50 % Date: 1/31/2013
Drawdown: -10.91 % Date: 12/31/2012
Drawdown: -14.72 % Date: 11/30/2012
Drawdown: -12.46 % Date: 10/31/2012
Drawdown: -7.27 % Date: 9/30/2012
Drawdown: -0.96 % Date: 8/31/2012
Drawdown: -0.81 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Sandpiper Asset Managment
Address: 60 Ocean Blvd, Suite 12
City: Atlantic Beach
State: FL
Zip: 32233
Country: United States
Key People
Name:  David Hathaway
Position:  Principal
Biography: 

With over 14 years of experience building and trading algorithmic systems, Mr. Hathaway built and founded Systematic Interest Rate Trading at Wells Fargo from 2007 to 2012. Concurrently, he was Director of Institutional Interest Rate Sales, where he managed a team transacting with the world’s largest hedge funds and asset managers implementing strategies employing cash, futures and over-the-counter derivatives. He graduated from University of Virginia’s McIntire School of Commerce with a Bachelor of Science degree and concentration in Finance.


Name:  Jon Farrin
Position:  Principal
Biography: 

Mr. Farrin was Managing Director, Head of Liquid Rates Trading, at Wells Fargo for over 12 years. Additionally, Mr. Farrin served as a Global Macro portfolio Manager at SAC Capital Advisors, managing approximately $65 million in risk capital. He later directed the Institutional upgrade of TD Securities’Interest Rate business, which encompassed cash, futures and derivative trading. Mr. Farrin holds a B.A. in Economics from Vanderbilt University.


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.