Altegris Clearing Solutions Third Street Ag Investments LLC Fundamental Discretionary Ag Program *QEP*
Monthly Performance (%)
Date Range: 07/12 - 03/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 0.00 -0.01 0.95 0.94
2016 0.66 0.46 0.40 -0.67 0.07 -0.44 1.39 -0.22 -0.16 -1.03 -0.77 0.64 0.30
2015 2.16 -1.07 0.48 -0.55 0.09 -0.53 1.25 0.90 -0.09 -0.08 0.95 -0.11 3.41
2014 -0.37 -1.59 -0.03 -1.66 -1.68 2.15 3.69 2.33 5.30 -4.91 -0.95 -1.49 0.36
2013 0.35 -0.18 0.14 -0.21 -0.52 0.58 0.66 -0.01 1.37 -0.22 -2.21 -1.57 -1.86
2012 6.09 2.59 3.38 2.73 -1.41 13.96
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The basis of Fundamental Discretionary Ag Program lies in the understanding the economics of worldwide grain production, transportation, processing and consumption and the trade flows and market aberrations that occur naturally within these markets. The program operates under the theory that temporary price dislocations are created when a hedger, investor or speculator enters grain markets in an unbalanced fashion and that these market dislocations will always become unsustainable over time. The program attempts to identify said market dislocations and endeavors to determine reasonable time frames for their correction.

Performance Statistics
Date Range: 07/12 - 03/17
  Program SP500 TR Altegris 40
Total Return 17.51% 92.09% 6.72%
Annualized Return 3.52% 14.73% 1.38%
Annualized Std. Deviation 6.10% 9.72% 8.76%
Correlation -0.16 -0.03
Sharpe Ratio (rf=2.5%) 0.17 1.26 -0.13
Worst Month -4.91% -6.03% -5.20%
Date of Worst Month 10/2014 08/2015 06/2015
Worst Drawdown -8.98% -8.35% -11.62%
Date of Worst Drawdown 9/13 - 5/14 7/15 - 9/15 7/12 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 07/12 - 03/17
Year or YTD Program SP500 TR Altegris 40
2017 0.94 6.07 -0.61
2016 0.30 11.98 -3.13
2015 3.41 1.41 0.09
2014 0.36 13.69 15.75
2013 -1.86 32.41 -2.45
2012 13.96 4.49 -5.78
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 07/12 - 03/17
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: 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: 3/31/2017
Perf: $1,175.13 Date: 2/28/2017
Perf: $1,164.07 Date: 1/31/2017
Perf: $1,164.19 Date: 12/31/2016
Perf: $1,164.19 Date: 11/30/2016
Perf: $1,156.79 Date: 10/31/2016
Perf: $1,165.76 Date: 9/30/2016
Perf: $1,177.90 Date: 8/31/2016
Perf: $1,179.78 Date: 7/31/2016
Perf: $1,182.39 Date: 6/30/2016
Perf: $1,166.18 Date: 5/31/2016
Perf: $1,171.33 Date: 4/30/2016
Perf: $1,170.51 Date: 3/31/2016
Perf: $1,178.41 Date: 2/29/2016
Perf: $1,173.71 Date: 1/31/2016
Perf: $1,168.34 Date: 12/31/2015
Perf: $1,160.68 Date: 11/30/2015
Perf: $1,161.95 Date: 10/31/2015
Perf: $1,151.02 Date: 9/30/2015
Perf: $1,151.94 Date: 8/31/2015
Perf: $1,152.98 Date: 7/31/2015
Perf: $1,142.69 Date: 6/30/2015
Perf: $1,128.59 Date: 5/31/2015
Perf: $1,134.60 Date: 4/30/2015
Perf: $1,133.58 Date: 3/31/2015
Perf: $1,139.85 Date: 2/28/2015
Perf: $1,134.40 Date: 1/31/2015
Perf: $1,146.67 Date: 12/31/2014
Perf: $1,122.43 Date: 11/30/2014
Perf: $1,139.41 Date: 10/31/2014
Perf: $1,150.33 Date: 9/30/2014
Perf: $1,209.73 Date: 8/31/2014
Perf: $1,148.84 Date: 7/31/2014
Perf: $1,122.68 Date: 6/30/2014
Perf: $1,082.73 Date: 5/31/2014
Perf: $1,059.94 Date: 4/30/2014
Perf: $1,078.05 Date: 3/31/2014
Perf: $1,096.25 Date: 2/28/2014
Perf: $1,096.58 Date: 1/31/2014
Perf: $1,114.30 Date: 12/31/2013
Perf: $1,118.44 Date: 11/30/2013
Perf: $1,136.28 Date: 10/31/2013
Perf: $1,161.96 Date: 9/30/2013
Perf: $1,164.52 Date: 8/31/2013
Perf: $1,148.78 Date: 7/31/2013
Perf: $1,148.89 Date: 6/30/2013
Perf: $1,141.36 Date: 5/31/2013
Perf: $1,134.78 Date: 4/30/2013
Perf: $1,140.71 Date: 3/31/2013
Perf: $1,143.11 Date: 2/28/2013
Perf: $1,141.51 Date: 1/31/2013
Perf: $1,143.57 Date: 12/31/2012
Perf: $1,139.58 Date: 11/30/2012
Perf: $1,155.88 Date: 10/31/2012
Perf: $1,125.16 Date: 9/30/2012
Perf: $1,088.38 Date: 8/31/2012
Perf: $1,060.90 Date: 7/31/2012
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 07/12 - 03/17
Date: 3/31/2017
Return: 0.95 % Date: 2/28/2017
Return: -0.01 % Date: 1/31/2017
Return: 0.00 % Date: 12/31/2016
Return: 0.64 % Date: 11/30/2016
Return: -0.77 % Date: 10/31/2016
Return: -1.03 % Date: 9/30/2016
Return: -0.16 % Date: 8/31/2016
Return: -0.22 % Date: 7/31/2016
Return: 1.39 % Date: 6/30/2016
Return: -0.44 % Date: 5/31/2016
Return: 0.07 % Date: 4/30/2016
Return: -0.67 % Date: 3/31/2016
Return: 0.40 % Date: 2/29/2016
Return: 0.46 % Date: 1/31/2016
Return: 0.66 % Date: 12/31/2015
Return: -0.11 % Date: 11/30/2015
Return: 0.95 % Date: 10/31/2015
Return: -0.08 % Date: 9/30/2015
Return: -0.09 % Date: 8/31/2015
Return: 0.90 % Date: 7/31/2015
Return: 1.25 % Date: 6/30/2015
Return: -0.53 % Date: 5/31/2015
Return: 0.09 % Date: 4/30/2015
Return: -0.55 % Date: 3/31/2015
Return: 0.48 % Date: 2/28/2015
Return: -1.07 % Date: 1/31/2015
Return: 2.16 % Date: 12/31/2014
Return: -1.49 % Date: 11/30/2014
Return: -0.95 % Date: 10/31/2014
Return: -4.91 % Date: 9/30/2014
Return: 5.30 % Date: 8/31/2014
Return: 2.33 % Date: 7/31/2014
Return: 3.69 % Date: 6/30/2014
Return: 2.15 % Date: 5/31/2014
Return: -1.68 % Date: 4/30/2014
Return: -1.66 % Date: 3/31/2014
Return: -0.03 % Date: 2/28/2014
Return: -1.59 % Date: 1/31/2014
Return: -0.37 % Date: 12/31/2013
Return: -1.57 % Date: 11/30/2013
Return: -2.21 % Date: 10/31/2013
Return: -0.22 % Date: 9/30/2013
Return: 1.37 % Date: 8/31/2013
Return: -0.01 % Date: 7/31/2013
Return: 0.66 % Date: 6/30/2013
Return: 0.58 % Date: 5/31/2013
Return: -0.52 % Date: 4/30/2013
Return: -0.21 % Date: 3/31/2013
Return: 0.14 % Date: 2/28/2013
Return: -0.18 % Date: 1/31/2013
Return: 0.35 % Date: 12/31/2012
Return: -1.41 % Date: 11/30/2012
Return: 2.73 % Date: 10/31/2012
Return: 3.38 % Date: 9/30/2012
Return: 2.59 % Date: 8/31/2012
Return: 6.09 % Date: 7/31/2012
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 07/12 - 03/17
Return: -5.00 %
Count: 1 Return: 5.00 %
Count: 1 Return: 4.00 %
Count: 1 Return: 2.00 %
Count: 3 Return: -2.00 %
Count: 5 Return: 1.00 %
Count: 10 Return: -1.00 %
Count: 10 Return: 3.00 %
Count: 3 Return: 6.00 %
Count: 1 Return: 0.00 %
Count: 22
Note: All performance data is since program inception.

Underwater Curve
Date Range: 07/12 - 03/17
Date: 3/31/2017
Drawdown: -2.86 % Date: 2/28/2017
Drawdown: -3.77 % Date: 1/31/2017
Drawdown: -3.76 % Date: 12/31/2016
Drawdown: -3.76 % Date: 11/30/2016
Drawdown: -4.38 % Date: 10/31/2016
Drawdown: -3.63 % Date: 9/30/2016
Drawdown: -2.63 % Date: 8/31/2016
Drawdown: -2.48 % Date: 7/31/2016
Drawdown: -2.26 % Date: 6/30/2016
Drawdown: -3.60 % Date: 5/31/2016
Drawdown: -3.17 % Date: 4/30/2016
Drawdown: -3.24 % Date: 3/31/2016
Drawdown: -2.59 % Date: 2/29/2016
Drawdown: -2.98 % Date: 1/31/2016
Drawdown: -3.42 % Date: 12/31/2015
Drawdown: -4.06 % Date: 11/30/2015
Drawdown: -3.95 % Date: 10/31/2015
Drawdown: -4.85 % Date: 9/30/2015
Drawdown: -4.78 % Date: 8/31/2015
Drawdown: -4.69 % Date: 7/31/2015
Drawdown: -5.54 % Date: 6/30/2015
Drawdown: -6.71 % Date: 5/31/2015
Drawdown: -6.21 % Date: 4/30/2015
Drawdown: -6.29 % Date: 3/31/2015
Drawdown: -5.78 % Date: 2/28/2015
Drawdown: -6.23 % Date: 1/31/2015
Drawdown: -5.21 % Date: 12/31/2014
Drawdown: -7.22 % Date: 11/30/2014
Drawdown: -5.81 % Date: 10/31/2014
Drawdown: -4.91 % Date: 9/30/2014
Drawdown: 0.00 % Date: 8/31/2014
Drawdown: -1.35 % Date: 7/31/2014
Drawdown: -3.59 % Date: 6/30/2014
Drawdown: -7.02 % Date: 5/31/2014
Drawdown: -8.98 % Date: 4/30/2014
Drawdown: -7.42 % Date: 3/31/2014
Drawdown: -5.86 % Date: 2/28/2014
Drawdown: -5.83 % Date: 1/31/2014
Drawdown: -4.31 % Date: 12/31/2013
Drawdown: -3.96 % Date: 11/30/2013
Drawdown: -2.43 % Date: 10/31/2013
Drawdown: -0.22 % Date: 9/30/2013
Drawdown: 0.00 % Date: 8/31/2013
Drawdown: -0.61 % Date: 7/31/2013
Drawdown: -0.60 % Date: 6/30/2013
Drawdown: -1.26 % Date: 5/31/2013
Drawdown: -1.83 % Date: 4/30/2013
Drawdown: -1.31 % Date: 3/31/2013
Drawdown: -1.10 % Date: 2/28/2013
Drawdown: -1.24 % Date: 1/31/2013
Drawdown: -1.06 % Date: 12/31/2012
Drawdown: -1.41 % 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 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Third Street Ag Investments LLC
Address: 141 W Jackson Blvd Suite 2027
City: Chicago
State: IL
Zip: 60604
Country: United States
Key People
Name:  Chad R Burlet
Position:  Trader
Biography: 

Chad R. Burlet graduated from St. Olaf College in 1980 obtaining a BA in Economics with Departmental Distinction, and a BA in Religion. He began his business career at Cargill that same year. After completing Cargill’s training program Mr. Burlet held a variety of positions within the firm’s Commodity Marketing Division. Here he acquired hands-on experience in the domestic, international, and commodity futures markets. From 1980 to 1988, Burlet worked in Minneapolis, Chattanooga, Baton Rouge and Chicago. In 1988 he returned to Minnesota to Cargill’s world headquarters in Wayzata where he headed the Commodity Marketing Division’s Oilseeds Trading Department. In this position Burlet was responsible for all of the division’s cash and futures positions in oilseeds. This role included all hedging in futures and options as well as the implementation and management of flat price positions. In 1989 he joined the J. Aron Division of Goldman Sachs in New York. As a Vice President his trading focused on international arbitrage in the cash grain markets. Burlet was also responsible for leveraging cash grain activity by placing significant positions in futures and options on listed exchanges. He was also instrumental in the establishment of the OTC agricultural markets. In particular Mr. Burlet was involved in the convergence of the U.S. cash and futures markets of soybeans. In 1996 Mr. Burlet returned to Chicago to pursue a career as an independent trader. Given his previous experience in cash trading as well as his understanding of grain fundamentals, he began trading with a strong fundamental focus. At this time he also began to include key technical elements of the markets in his trading, developing a unique and personalized trading strategy. Beginning in December, 2008, Mr. Burlet After more than a dozen years of successful trading he began to manage money for others late in 2008. Then in 2012 Burlet partnered with Bob Otter to form Third Street Ag Investors LLC. Mr. Burlet is a former member of the Chicago Board of Trade and the Minneapolis Grain Exchange. At the MGE he served on the exchange’s Rules Committee. While a CBOT member Burlet served on a number of committees and task forces that monitored the performance of the exchange’s grain futures contracts. From 1990 to 1994, Mr. Burlet served on the Board of Directors of the Chicago Board of Trade. Because of his expertise in the convergence of the cash and futures markets Mr. Burlet has testified in front of the CFTC on several occasions. A resident of Hinsdale, Illinois, Mr. Burlet has served his community at a high level in several roles. He was active in the Hinsdale Caucus and appointed to the Hinsdale Plan Commission. Burlet was Regional 5 Commissioner of AYSO Region 210 for three years, managing a program that had 600 volunteers and 2,600 young soccer athletes. From 2007 to 2013 Chad was Vice Chair and then Chairman of his local church. He is married with four children. As noted above Mr. Burlet has managed money for third party clients on a discretionary basis since late 2008. Mr. Burlet became CFTC registered and an NFA member with Third Street Ag Investments as an associated person on January 22nd, 2013. Chad was also listed as a Principal and the Chief Trading Officer of the firm as of January 7, 2013.


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.