Altegris Clearing Solutions Turk Capital LLC Turk Capital US Market Hedge Strategy *QEP*
Monthly Performance (%)
Date Range: 11/15 - 04/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 0.08 0.45 -0.18 0.64 0.99
2016 -6.55 -0.07 4.86 0.44 -0.98 0.24 -2.62 -0.15 1.07 -0.73 -3.19 -0.66 -8.41
2015 -0.01 -0.01
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The Turk Capital Market Hedge Strategy (the “Strategy”) is a managed futures program offered by an exclusive partnership between Turk Capital, LLC and TrimTabs Investment Research, Inc. Trading is based on the trading signals generated by the TrimTabs Demand Index (the “TTDI”) and the TrimTabs ETF Model (the "ETFM). Based on levels of the TTDI and ETFM, investors will benefit from one of nine potential S&P 500 Futures positions: 50% short, 100% short, 125% short, 150% short, flat, 25% long, 50% long, 75% long and 100% long. The Strategy does not employ any other positions or use any other instruments. Investors benefit from TrimTabs’ unique focus on equity market liquidity—as opposed to fundamental or technical analysis—and the market timing signals this focus generates.

Performance Statistics
Date Range: 11/15 - 04/17
  Program SP500 TR Altegris 40
Total Return -7.51% 18.46% -3.31%
Annualized Return -5.36% 11.96% -2.22%
Annualized Std. Deviation 7.72% 8.73% 8.07%
Correlation 0.53 -0.38
Sharpe Ratio (rf=2.5%) -1.02 1.08 -0.59
Worst Month -6.55% -4.96% -2.87%
Date of Worst Month 01/2016 01/2016 03/2016
Worst Drawdown -8.42% -6.58% -9.81%
Date of Worst Drawdown 11/15 - 12/16 11/15 - 2/16 2/16 - 1/17
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 11/15 - 04/17
Year or YTD Program SP500 TR Altegris 40
2017 0.99 7.17 -1.21
2016 -8.41 11.98 -3.13
2015 -0.01 -1.58 -2.30
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 11/15 - 04/17
Date: 4/30/2017
Perf: $935.00 Date: 3/31/2017
Perf: $940.64 Date: 2/28/2017
Perf: $954.58 Date: 1/31/2017
Perf: $934.22 Date: 12/31/2016
Perf: $946.42 Date: 11/30/2016
Perf: $939.29 Date: 10/31/2016
Perf: $949.73 Date: 9/30/2016
Perf: $974.89 Date: 8/31/2016
Perf: $987.63 Date: 7/31/2016
Perf: $1,014.93 Date: 6/30/2016
Perf: $1,004.68 Date: 5/31/2016
Perf: $963.72 Date: 4/30/2016
Perf: $980.89 Date: 3/31/2016
Perf: $1,006.14 Date: 2/29/2016
Perf: $1,035.87 Date: 1/31/2016
Perf: $1,011.00 Date: 12/31/2015
Perf: $977.00 Date: 11/30/2015
Perf: $1,000.00 Date: 4/30/2017
Perf: $1,181.09 Date: 3/31/2017
Perf: $1,169.05 Date: 2/28/2017
Perf: $1,167.65 Date: 1/31/2017
Perf: $1,123.06 Date: 12/31/2016
Perf: $1,102.12 Date: 11/30/2016
Perf: $1,080.72 Date: 10/31/2016
Perf: $1,042.16 Date: 9/30/2016
Perf: $1,061.48 Date: 8/31/2016
Perf: $1,061.27 Date: 7/31/2016
Perf: $1,059.78 Date: 6/30/2016
Perf: $1,022.07 Date: 5/31/2016
Perf: $1,019.42 Date: 4/30/2016
Perf: $1,001.39 Date: 3/31/2016
Perf: $997.50 Date: 2/29/2016
Perf: $934.17 Date: 1/31/2016
Perf: $935.38 Date: 12/31/2015
Perf: $984.20 Date: 11/30/2015
Perf: $1,000.00 Date: 4/30/2017
Perf: $924.91 Date: 3/31/2017
Perf: $919.03 Date: 2/28/2017
Perf: $920.69 Date: 1/31/2017
Perf: $916.56 Date: 12/31/2016
Perf: $915.83 Date: 11/30/2016
Perf: $921.91 Date: 10/31/2016
Perf: $952.29 Date: 9/30/2016
Perf: $959.30 Date: 8/31/2016
Perf: $949.14 Date: 7/31/2016
Perf: $950.57 Date: 6/30/2016
Perf: $976.14 Date: 5/31/2016
Perf: $973.80 Date: 4/30/2016
Perf: $983.44 Date: 3/31/2016
Perf: $979.13 Date: 2/29/2016
Perf: $933.75 Date: 1/31/2016
Perf: $934.41 Date: 12/31/2015
Perf: $999.90 Date: 11/30/2015
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 11/15 - 04/17
Date: 4/30/2017
Return: 0.64 % Date: 3/31/2017
Return: -0.18 % Date: 2/28/2017
Return: 0.45 % Date: 1/31/2017
Return: 0.08 % Date: 12/31/2016
Return: -0.66 % Date: 11/30/2016
Return: -3.19 % Date: 10/31/2016
Return: -0.73 % Date: 9/30/2016
Return: 1.07 % Date: 8/31/2016
Return: -0.15 % Date: 7/31/2016
Return: -2.62 % Date: 6/30/2016
Return: 0.24 % Date: 5/31/2016
Return: -0.98 % Date: 4/30/2016
Return: 0.44 % Date: 3/31/2016
Return: 4.86 % Date: 2/29/2016
Return: -0.07 % Date: 1/31/2016
Return: -6.55 % Date: 12/31/2015
Return: -0.01 % Date: 11/30/2015
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 11/15 - 04/17
Return: 1.00 %
Count: 2 Return: -3.00 %
Count: 2 Return: -1.00 %
Count: 3 Return: 5.00 %
Count: 1 Return: -7.00 %
Count: 1 Return: 0.00 %
Count: 9
Note: All performance data is since program inception.

Underwater Curve
Date Range: 11/15 - 04/17
Date: 4/30/2017
Drawdown: -7.51 % Date: 3/31/2017
Drawdown: -8.10 % Date: 2/28/2017
Drawdown: -7.93 % Date: 1/31/2017
Drawdown: -8.34 % Date: 12/31/2016
Drawdown: -8.42 % Date: 11/30/2016
Drawdown: -7.81 % Date: 10/31/2016
Drawdown: -4.77 % Date: 9/30/2016
Drawdown: -4.07 % Date: 8/31/2016
Drawdown: -5.09 % Date: 7/31/2016
Drawdown: -4.94 % Date: 6/30/2016
Drawdown: -2.39 % Date: 5/31/2016
Drawdown: -2.62 % Date: 4/30/2016
Drawdown: -1.66 % Date: 3/31/2016
Drawdown: -2.09 % Date: 2/29/2016
Drawdown: -6.62 % Date: 1/31/2016
Drawdown: -6.56 % Date: 12/31/2015
Drawdown: -0.01 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Turk Capital LLC
Address: 47 Maple Street Suite L-12
City: Summit
State: NJ
Zip: 07901
Country: United States
Key People

Employee information is not available.
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.