Altegris Clearing Solutions Spring Valley Asset Management SVAM Tactical Trend Portfolio *QEP*
Monthly Performance (%)
Date Range: 04/14 - 10/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -3.85 4.01 -0.37 -1.01 -0.53 -4.32 -0.07 0.45 -2.16 7.26 -1.12
2016 1.94 1.46 -3.18 -1.10 0.48 5.32 0.53 0.63 0.96 -4.69 0.52 2.77 5.40
2015 1.18 0.71 0.44 -0.76 -0.38 0.45 0.56 -3.67 2.74 0.23 2.60 0.33 4.37
2014 2.65 4.12 -2.32 0.72 0.09 -2.48 1.67 0.47 4.84
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The SVAM Tactical Trend Portfolio pursues a multi-strategy approach to trading across a diversified blend of futures markets. The portfolio dynamically allocates exposures based upon a proprietary assessment of the prevailing market environment (e.g., expanding vs. contracting volatility, increasing vs. decreasing correlation, etc.) and allocates across many models (over 100) and timeframes (short, intermediate and long) in order to obtain the best (absolute) risk-adjusted returns, regardless of market environment and conditions.

Performance Statistics
Date Range: 04/14 - 10/17
  Program SP500 TR Altegris 40
Total Return 14.03% 48.27% 16.04%
Annualized Return 3.82% 11.62% 4.24%
Annualized Std. Deviation 8.47% 9.47% 8.99%
Correlation 0.09 0.61
Sharpe Ratio (rf=2.5%) 0.16 0.96 0.19
Worst Month -4.69% -6.03% -5.20%
Date of Worst Month 10/2016 08/2015 06/2015
Worst Drawdown -9.23% -8.35% -12.85%
Date of Worst Drawdown 9/16 - 9/17 7/15 - 9/15 3/15 - 9/17
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 04/14 - 10/17
Year or YTD Program SP500 TR Altegris 40
2017 -1.12 16.92 0.02
2016 5.40 11.98 -3.13
2015 4.37 1.41 0.09
2014 4.84 10.86 18.75
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 04/14 - 10/17
Date: 10/31/2017
Perf: $1,151.61 Date: 9/30/2017
Perf: $1,105.30 Date: 8/31/2017
Perf: $1,129.12 Date: 7/31/2017
Perf: $1,110.68 Date: 6/30/2017
Perf: $1,106.37 Date: 5/31/2017
Perf: $1,139.65 Date: 4/30/2017
Perf: $1,137.49 Date: 3/31/2017
Perf: $1,144.35 Date: 2/28/2017
Perf: $1,161.31 Date: 1/31/2017
Perf: $1,136.53 Date: 12/31/2016
Perf: $1,151.38 Date: 11/30/2016
Perf: $1,142.70 Date: 10/31/2016
Perf: $1,155.41 Date: 9/30/2016
Perf: $1,186.01 Date: 8/31/2016
Perf: $1,201.51 Date: 7/31/2016
Perf: $1,234.72 Date: 6/30/2016
Perf: $1,222.25 Date: 5/31/2016
Perf: $1,172.43 Date: 4/30/2016
Perf: $1,193.31 Date: 3/31/2016
Perf: $1,224.03 Date: 2/29/2016
Perf: $1,260.20 Date: 1/31/2016
Perf: $1,229.94 Date: 12/31/2015
Perf: $1,188.58 Date: 11/30/2015
Perf: $1,216.56 Date: 10/31/2015
Perf: $1,176.45 Date: 9/30/2015
Perf: $1,197.28 Date: 8/31/2015
Perf: $1,171.85 Date: 7/31/2015
Perf: $1,192.48 Date: 6/30/2015
Perf: $1,147.61 Date: 5/31/2015
Perf: $1,210.56 Date: 4/30/2015
Perf: $1,219.34 Date: 3/31/2015
Perf: $1,268.29 Date: 2/28/2015
Perf: $1,240.87 Date: 1/31/2015
Perf: $1,242.86 Date: 12/31/2014
Perf: $1,187.52 Date: 11/30/2014
Perf: $1,166.98 Date: 10/31/2014
Perf: $1,101.44 Date: 9/30/2014
Perf: $1,085.49 Date: 8/31/2014
Perf: $1,069.55 Date: 7/31/2014
Perf: $1,026.14 Date: 6/30/2014
Perf: $1,034.42 Date: 5/31/2014
Perf: $1,025.60 Date: 4/30/2014
Perf: $1,000.00 Date: 10/31/2017
Perf: $1,471.85 Date: 9/30/2017
Perf: $1,438.34 Date: 8/31/2017
Perf: $1,409.31 Date: 7/31/2017
Perf: $1,404.95 Date: 6/30/2017
Perf: $1,376.59 Date: 5/31/2017
Perf: $1,368.11 Date: 4/30/2017
Perf: $1,349.09 Date: 3/31/2017
Perf: $1,335.34 Date: 2/28/2017
Perf: $1,333.74 Date: 1/31/2017
Perf: $1,282.81 Date: 12/31/2016
Perf: $1,258.89 Date: 11/30/2016
Perf: $1,234.45 Date: 10/31/2016
Perf: $1,190.40 Date: 9/30/2016
Perf: $1,212.47 Date: 8/31/2016
Perf: $1,212.23 Date: 7/31/2016
Perf: $1,210.53 Date: 6/30/2016
Perf: $1,167.45 Date: 5/31/2016
Perf: $1,164.43 Date: 4/30/2016
Perf: $1,143.84 Date: 3/31/2016
Perf: $1,139.39 Date: 2/29/2016
Perf: $1,067.05 Date: 1/31/2016
Perf: $1,068.44 Date: 12/31/2015
Perf: $1,124.20 Date: 11/30/2015
Perf: $1,142.24 Date: 10/31/2015
Perf: $1,138.83 Date: 9/30/2015
Perf: $1,050.19 Date: 8/31/2015
Perf: $1,076.79 Date: 7/31/2015
Perf: $1,145.88 Date: 6/30/2015
Perf: $1,122.32 Date: 5/31/2015
Perf: $1,144.52 Date: 4/30/2015
Perf: $1,129.94 Date: 3/31/2015
Perf: $1,119.20 Date: 2/28/2015
Perf: $1,137.17 Date: 1/31/2015
Perf: $1,075.33 Date: 12/31/2014
Perf: $1,108.59 Date: 11/30/2014
Perf: $1,111.37 Date: 10/31/2014
Perf: $1,082.26 Date: 9/30/2014
Perf: $1,056.48 Date: 8/31/2014
Perf: $1,071.48 Date: 7/31/2014
Perf: $1,030.27 Date: 6/30/2014
Perf: $1,044.69 Date: 5/31/2014
Perf: $1,023.50 Date: 4/30/2014
Perf: $1,000.00 Date: 10/31/2017
Perf: $1,140.32 Date: 9/30/2017
Perf: $1,063.14 Date: 8/31/2017
Perf: $1,086.61 Date: 7/31/2017
Perf: $1,081.74 Date: 6/30/2017
Perf: $1,082.50 Date: 5/31/2017
Perf: $1,131.38 Date: 4/30/2017
Perf: $1,137.40 Date: 3/31/2017
Perf: $1,149.01 Date: 2/28/2017
Perf: $1,153.28 Date: 1/31/2017
Perf: $1,108.81 Date: 12/31/2016
Perf: $1,153.21 Date: 11/30/2016
Perf: $1,122.13 Date: 10/31/2016
Perf: $1,116.32 Date: 9/30/2016
Perf: $1,171.25 Date: 8/31/2016
Perf: $1,160.12 Date: 7/31/2016
Perf: $1,152.85 Date: 6/30/2016
Perf: $1,146.78 Date: 5/31/2016
Perf: $1,088.85 Date: 4/30/2016
Perf: $1,083.65 Date: 3/31/2016
Perf: $1,095.70 Date: 2/29/2016
Perf: $1,131.69 Date: 1/31/2016
Perf: $1,115.40 Date: 12/31/2015
Perf: $1,094.18 Date: 11/30/2015
Perf: $1,090.58 Date: 10/31/2015
Perf: $1,062.94 Date: 9/30/2015
Perf: $1,060.50 Date: 8/31/2015
Perf: $1,032.22 Date: 7/31/2015
Perf: $1,071.55 Date: 6/30/2015
Perf: $1,065.58 Date: 5/31/2015
Perf: $1,060.80 Date: 4/30/2015
Perf: $1,064.85 Date: 3/31/2015
Perf: $1,073.01 Date: 2/28/2015
Perf: $1,068.31 Date: 1/31/2015
Perf: $1,060.77 Date: 12/31/2014
Perf: $1,048.40 Date: 11/30/2014
Perf: $1,043.50 Date: 10/31/2014
Perf: $1,026.36 Date: 9/30/2014
Perf: $1,052.46 Date: 8/31/2014
Perf: $1,051.51 Date: 7/31/2014
Perf: $1,044.00 Date: 6/30/2014
Perf: $1,068.79 Date: 5/31/2014
Perf: $1,026.50 Date: 4/30/2014
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 04/14 - 10/17
Date: 10/31/2017
Return: 7.26 % Date: 9/30/2017
Return: -2.16 % Date: 8/31/2017
Return: 0.45 % Date: 7/31/2017
Return: -0.07 % Date: 6/30/2017
Return: -4.32 % Date: 5/31/2017
Return: -0.53 % Date: 4/30/2017
Return: -1.01 % Date: 3/31/2017
Return: -0.37 % Date: 2/28/2017
Return: 4.01 % Date: 1/31/2017
Return: -3.85 % Date: 12/31/2016
Return: 2.77 % Date: 11/30/2016
Return: 0.52 % Date: 10/31/2016
Return: -4.69 % Date: 9/30/2016
Return: 0.96 % Date: 8/31/2016
Return: 0.63 % Date: 7/31/2016
Return: 0.53 % Date: 6/30/2016
Return: 5.32 % Date: 5/31/2016
Return: 0.48 % Date: 4/30/2016
Return: -1.10 % Date: 3/31/2016
Return: -3.18 % Date: 2/29/2016
Return: 1.46 % Date: 1/31/2016
Return: 1.94 % Date: 12/31/2015
Return: 0.33 % Date: 11/30/2015
Return: 2.60 % Date: 10/31/2015
Return: 0.23 % Date: 9/30/2015
Return: 2.74 % Date: 8/31/2015
Return: -3.67 % Date: 7/31/2015
Return: 0.56 % Date: 6/30/2015
Return: 0.45 % Date: 5/31/2015
Return: -0.38 % Date: 4/30/2015
Return: -0.76 % Date: 3/31/2015
Return: 0.44 % Date: 2/28/2015
Return: 0.71 % Date: 1/31/2015
Return: 1.18 % Date: 12/31/2014
Return: 0.47 % Date: 11/30/2014
Return: 1.67 % Date: 10/31/2014
Return: -2.48 % Date: 9/30/2014
Return: 0.09 % Date: 8/31/2014
Return: 0.72 % Date: 7/31/2014
Return: -2.32 % Date: 6/30/2014
Return: 4.12 % Date: 5/31/2014
Return: 2.65 % Date: 4/30/2014
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 04/14 - 10/17
Return: 7.00 %
Count: 1 Return: -5.00 %
Count: 1 Return: 5.00 %
Count: 1 Return: -3.00 %
Count: 1 Return: -4.00 %
Count: 3 Return: -1.00 %
Count: 4 Return: 2.00 %
Count: 2 Return: 1.00 %
Count: 9 Return: -2.00 %
Count: 3 Return: 4.00 %
Count: 2 Return: 3.00 %
Count: 4 Return: 0.00 %
Count: 12
Note: All performance data is since program inception.

Underwater Curve
Date Range: 04/14 - 10/17
Date: 10/31/2017
Drawdown: -2.64 % Date: 9/30/2017
Drawdown: -9.23 % Date: 8/31/2017
Drawdown: -7.23 % Date: 7/31/2017
Drawdown: -7.64 % Date: 6/30/2017
Drawdown: -7.58 % Date: 5/31/2017
Drawdown: -3.40 % Date: 4/30/2017
Drawdown: -2.89 % Date: 3/31/2017
Drawdown: -1.90 % Date: 2/28/2017
Drawdown: -1.54 % Date: 1/31/2017
Drawdown: -5.33 % Date: 12/31/2016
Drawdown: -1.54 % Date: 11/30/2016
Drawdown: -4.19 % Date: 10/31/2016
Drawdown: -4.69 % Date: 9/30/2016
Drawdown: 0.00 % Date: 8/31/2016
Drawdown: 0.00 % Date: 7/31/2016
Drawdown: 0.00 % Date: 6/30/2016
Drawdown: 0.00 % Date: 5/31/2016
Drawdown: -3.79 % Date: 4/30/2016
Drawdown: -4.25 % Date: 3/31/2016
Drawdown: -3.18 % Date: 2/29/2016
Drawdown: 0.00 % Date: 1/31/2016
Drawdown: 0.00 % Date: 12/31/2015
Drawdown: 0.00 % Date: 11/30/2015
Drawdown: 0.00 % Date: 10/31/2015
Drawdown: -0.94 % Date: 9/30/2015
Drawdown: -1.17 % Date: 8/31/2015
Drawdown: -3.80 % Date: 7/31/2015
Drawdown: -0.14 % Date: 6/30/2015
Drawdown: -0.69 % Date: 5/31/2015
Drawdown: -1.14 % Date: 4/30/2015
Drawdown: -0.76 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: -0.05 % Date: 1/31/2015
Drawdown: -0.75 % Date: 12/31/2014
Drawdown: -1.91 % Date: 11/30/2014
Drawdown: -2.37 % Date: 10/31/2014
Drawdown: -3.97 % Date: 9/30/2014
Drawdown: -1.53 % Date: 8/31/2014
Drawdown: -1.62 % Date: 7/31/2014
Drawdown: -2.32 % Date: 6/30/2014
Drawdown: 0.00 % Date: 5/31/2014
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Spring Valley Asset Management
Address: 365 South Street, Suite 204
City: Morristown
State: NJ
Zip: 07960
Country: United States
Key People
Name:  John Ryan
Position:  Principal
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.