Altegris Clearing Solutions Dairy Opportunities, LLC Dairy Opportunities Program *QEP*
Monthly Performance (%)
Date Range: 03/14 - 02/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -0.23 -3.80 -4.02
2016 -2.90 3.34 -3.06 7.96 2.79 -14.30 -2.15 -0.14 -1.29 2.11 0.61 0.74 -7.66
2015 -0.87 3.77 -2.28 -2.41 -3.37 1.14 2.62 1.43 -7.49 2.62 2.30 -1.95 -4.97
2014 4.25 7.92 4.43 12.29 11.18 16.77 3.40 9.09 7.26 107.23
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The Dairy Opportunities Program (the “Program”) is a discretionary trading program traded by Joseph Schmit, Dairy Opportunities LLC’s (“Dairy Opportunities”) head trader and portfolio manager. Over 90% of the Program’s trades are placed in the dairy futures market, with the remaining trades are place in the grain and livestock futures markets. The Program is almost completely discretionary, meaning trading decisions are made based on Joe’s analysis of market information and conditions. In 1998, Joe traded his first dairy futures contract while serving as the Iowa Grain Company desk manager. Soon after, he began to trade his own account, as well as holding trading authority for several client accounts. As the dairy market matured, he developed a proven trading style that has delivered positive results while mitigating risk. Joe acted as an independent floor broker from 2000-2007. In 2007, he became an AP of Rice Dairy where he continued to grow assets under management. In 2009, Joe launched Dairy Opportunities, a Commodity Trading Advisor. Pete Turk and Brian Rice joined the Dairy Opportunities team as partners in 2013. From inception, Dairy Opportunities maintained a 35-50% margin/equity ratio. In April 2014, the margin/equity ratio was lowered to 7-14%. Today, Joe holds a Series 3 license, and is a registered AP and partner of Rice Dairy, along with a principal and the sole trader of Dairy Opportunities CTA.

Performance Statistics
Date Range: 03/14 - 02/17
  Program SP500 TR Altegris 40
Total Return 74.53% 35.49% 15.28%
Annualized Return 21.04% 10.65% 4.85%
Annualized Std. Deviation 19.82% 10.25% 9.23%
Correlation 0.08 0.07
Sharpe Ratio (rf=2.5%) 0.94 0.80 0.26
Worst Month -14.30% -6.03% -5.20%
Date of Worst Month 06/2016 08/2015 06/2015
Worst Drawdown -18.13% -8.35% -10.39%
Date of Worst Drawdown 2/15 - 2/17 7/15 - 9/15 3/15 - 1/17
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 03/14 - 02/17
Year or YTD Program SP500 TR Altegris 40
2017 -4.02 5.95 0.86
2016 -7.66 11.98 -3.13
2015 -4.97 1.41 0.09
2014 107.23 11.68 19.65
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 03/14 - 02/17
Date: 2/28/2017
Perf: $1,170.13 Date: 1/31/2017
Perf: $1,145.17 Date: 12/31/2016
Perf: $1,160.13 Date: 11/30/2016
Perf: $1,151.38 Date: 10/31/2016
Perf: $1,164.19 Date: 9/30/2016
Perf: $1,195.02 Date: 8/31/2016
Perf: $1,210.64 Date: 7/31/2016
Perf: $1,244.11 Date: 6/30/2016
Perf: $1,231.54 Date: 5/31/2016
Perf: $1,181.34 Date: 4/30/2016
Perf: $1,202.38 Date: 3/31/2016
Perf: $1,233.34 Date: 2/29/2016
Perf: $1,269.78 Date: 1/31/2016
Perf: $1,239.29 Date: 12/31/2015
Perf: $1,197.61 Date: 11/30/2015
Perf: $1,225.81 Date: 10/31/2015
Perf: $1,185.39 Date: 9/30/2015
Perf: $1,206.38 Date: 8/31/2015
Perf: $1,180.75 Date: 7/31/2015
Perf: $1,201.54 Date: 6/30/2015
Perf: $1,156.33 Date: 5/31/2015
Perf: $1,219.76 Date: 4/30/2015
Perf: $1,228.60 Date: 3/31/2015
Perf: $1,277.93 Date: 2/28/2015
Perf: $1,250.30 Date: 1/31/2015
Perf: $1,252.30 Date: 12/31/2014
Perf: $1,196.54 Date: 11/30/2014
Perf: $1,175.85 Date: 10/31/2014
Perf: $1,109.81 Date: 9/30/2014
Perf: $1,093.74 Date: 8/31/2014
Perf: $1,077.68 Date: 7/31/2014
Perf: $1,033.94 Date: 6/30/2014
Perf: $1,042.28 Date: 5/31/2014
Perf: $1,033.39 Date: 4/30/2014
Perf: $1,007.60 Date: 3/31/2014
Perf: $1,000.00 Date: 2/28/2017
Perf: $1,343.61 Date: 1/31/2017
Perf: $1,292.30 Date: 12/31/2016
Perf: $1,268.21 Date: 11/30/2016
Perf: $1,243.58 Date: 10/31/2016
Perf: $1,199.21 Date: 9/30/2016
Perf: $1,221.44 Date: 8/31/2016
Perf: $1,221.20 Date: 7/31/2016
Perf: $1,219.49 Date: 6/30/2016
Perf: $1,176.09 Date: 5/31/2016
Perf: $1,173.04 Date: 4/30/2016
Perf: $1,152.30 Date: 3/31/2016
Perf: $1,147.82 Date: 2/29/2016
Perf: $1,074.94 Date: 1/31/2016
Perf: $1,076.34 Date: 12/31/2015
Perf: $1,132.52 Date: 11/30/2015
Perf: $1,150.70 Date: 10/31/2015
Perf: $1,147.25 Date: 9/30/2015
Perf: $1,057.96 Date: 8/31/2015
Perf: $1,084.76 Date: 7/31/2015
Perf: $1,154.36 Date: 6/30/2015
Perf: $1,130.62 Date: 5/31/2015
Perf: $1,152.99 Date: 4/30/2015
Perf: $1,138.30 Date: 3/31/2015
Perf: $1,127.48 Date: 2/28/2015
Perf: $1,145.58 Date: 1/31/2015
Perf: $1,083.29 Date: 12/31/2014
Perf: $1,116.80 Date: 11/30/2014
Perf: $1,119.59 Date: 10/31/2014
Perf: $1,090.27 Date: 9/30/2014
Perf: $1,064.30 Date: 8/31/2014
Perf: $1,079.41 Date: 7/31/2014
Perf: $1,037.89 Date: 6/30/2014
Perf: $1,052.42 Date: 5/31/2014
Perf: $1,031.07 Date: 4/30/2014
Perf: $1,007.40 Date: 3/31/2014
Perf: $1,000.00 Date: 2/28/2017
Perf: $1,745.31 Date: 1/31/2017
Perf: $1,814.26 Date: 12/31/2016
Perf: $1,818.44 Date: 11/30/2016
Perf: $1,805.08 Date: 10/31/2016
Perf: $1,794.14 Date: 9/30/2016
Perf: $1,757.06 Date: 8/31/2016
Perf: $1,780.03 Date: 7/31/2016
Perf: $1,782.52 Date: 6/30/2016
Perf: $1,821.69 Date: 5/31/2016
Perf: $2,125.66 Date: 4/30/2016
Perf: $2,067.96 Date: 3/31/2016
Perf: $1,915.49 Date: 2/29/2016
Perf: $1,975.95 Date: 1/31/2016
Perf: $1,912.09 Date: 12/31/2015
Perf: $1,969.19 Date: 11/30/2015
Perf: $2,008.36 Date: 10/31/2015
Perf: $1,963.20 Date: 9/30/2015
Perf: $1,913.08 Date: 8/31/2015
Perf: $2,067.97 Date: 7/31/2015
Perf: $2,038.82 Date: 6/30/2015
Perf: $1,986.76 Date: 5/31/2015
Perf: $1,964.37 Date: 4/30/2015
Perf: $2,032.88 Date: 3/31/2015
Perf: $2,083.08 Date: 2/28/2015
Perf: $2,131.68 Date: 1/31/2015
Perf: $2,054.24 Date: 12/31/2014
Perf: $2,072.27 Date: 11/30/2014
Perf: $1,932.00 Date: 10/31/2014
Perf: $1,771.02 Date: 9/30/2014
Perf: $1,712.78 Date: 8/31/2014
Perf: $1,466.80 Date: 7/31/2014
Perf: $1,319.30 Date: 6/30/2014
Perf: $1,174.91 Date: 5/31/2014
Perf: $1,125.07 Date: 4/30/2014
Perf: $1,042.50 Date: 3/31/2014
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 03/14 - 02/17
Date: 2/28/2017
Return: -3.80 % Date: 1/31/2017
Return: -0.23 % Date: 12/31/2016
Return: 0.74 % Date: 11/30/2016
Return: 0.61 % Date: 10/31/2016
Return: 2.11 % Date: 9/30/2016
Return: -1.29 % Date: 8/31/2016
Return: -0.14 % Date: 7/31/2016
Return: -2.15 % Date: 6/30/2016
Return: -14.30 % Date: 5/31/2016
Return: 2.79 % Date: 4/30/2016
Return: 7.96 % Date: 3/31/2016
Return: -3.06 % Date: 2/29/2016
Return: 3.34 % Date: 1/31/2016
Return: -2.90 % Date: 12/31/2015
Return: -1.95 % Date: 11/30/2015
Return: 2.30 % Date: 10/31/2015
Return: 2.62 % Date: 9/30/2015
Return: -7.49 % Date: 8/31/2015
Return: 1.43 % Date: 7/31/2015
Return: 2.62 % Date: 6/30/2015
Return: 1.14 % Date: 5/31/2015
Return: -3.37 % Date: 4/30/2015
Return: -2.41 % Date: 3/31/2015
Return: -2.28 % Date: 2/28/2015
Return: 3.77 % Date: 1/31/2015
Return: -0.87 % Date: 12/31/2014
Return: 7.26 % Date: 11/30/2014
Return: 9.09 % Date: 10/31/2014
Return: 3.40 % Date: 9/30/2014
Return: 16.77 % Date: 8/31/2014
Return: 11.18 % Date: 7/31/2014
Return: 12.29 % Date: 6/30/2014
Return: 4.43 % Date: 5/31/2014
Return: 7.92 % Date: 4/30/2014
Return: 4.25 % Date: 3/31/2014
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 03/14 - 02/17
Return: -4.00 %
Count: 1 Return: -14.00 %
Count: 1 Return: 2.00 %
Count: 2 Return: -7.00 %
Count: 1 Return: 1.00 %
Count: 4 Return: -3.00 %
Count: 3 Return: -2.00 %
Count: 4 Return: -1.00 %
Count: 2 Return: 7.00 %
Count: 1 Return: 9.00 %
Count: 1 Return: 3.00 %
Count: 5 Return: 17.00 %
Count: 1 Return: 11.00 %
Count: 1 Return: 12.00 %
Count: 1 Return: 8.00 %
Count: 2 Return: 4.00 %
Count: 3 Return: 0.00 %
Count: 3
Note: All performance data is since program inception.

Underwater Curve
Date Range: 03/14 - 02/17
Date: 2/28/2017
Drawdown: -18.13 % Date: 1/31/2017
Drawdown: -14.89 % Date: 12/31/2016
Drawdown: -14.69 % Date: 11/30/2016
Drawdown: -15.32 % Date: 10/31/2016
Drawdown: -15.83 % Date: 9/30/2016
Drawdown: -17.57 % Date: 8/31/2016
Drawdown: -16.50 % Date: 7/31/2016
Drawdown: -16.38 % Date: 6/30/2016
Drawdown: -14.54 % Date: 5/31/2016
Drawdown: -0.28 % Date: 4/30/2016
Drawdown: -2.99 % Date: 3/31/2016
Drawdown: -10.14 % Date: 2/29/2016
Drawdown: -7.31 % Date: 1/31/2016
Drawdown: -10.30 % Date: 12/31/2015
Drawdown: -7.62 % Date: 11/30/2015
Drawdown: -5.79 % Date: 10/31/2015
Drawdown: -7.90 % Date: 9/30/2015
Drawdown: -10.25 % Date: 8/31/2015
Drawdown: -2.99 % Date: 7/31/2015
Drawdown: -4.36 % Date: 6/30/2015
Drawdown: -6.80 % Date: 5/31/2015
Drawdown: -7.85 % Date: 4/30/2015
Drawdown: -4.64 % Date: 3/31/2015
Drawdown: -2.28 % Date: 2/28/2015
Drawdown: 0.00 % Date: 1/31/2015
Drawdown: -0.87 % 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: 0.00 % Date: 7/31/2014
Drawdown: 0.00 % Date: 6/30/2014
Drawdown: 0.00 % Date: 5/31/2014
Drawdown: 0.00 % Date: 4/30/2014
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Dairy Opportunities, LLC
Address: 135 S LaSalle Street, Suite 3010
City: Chicago
State: IL
Zip: 60603
Country: USA
Key People
Name:  Pete Turk
Position:  Principal
Biography: 

A Principal of Dairy Opportunities with more than 20 years of futures experience, a strong background in agricultural markets and a successful track record in new business development. He is also co-owner of Rice Dairy LLC, a leading brokerage firm in the dairy industry.


Name:  Tom Sandy
Position:  Principal
Biography: 

Dairy Opportunities' Chief Compliance Officer who comes to the CTA after 25 years with CME Group where he played a key role in the development of launching of the dairy futures, options and spot call market.


Name:  Joe Schmit
Position:  Principal
Biography: 

Founder of Dairy Opportunities with more than a decade of experience in the dairy markets trading both his own account as well as clients accounts.


Name:  Brian Rice
Position:  Principal
Biography: 

A Principal of Dairy Opportunities with 20 years of experience in the futures industry and a focus on agricultural markets. He is also the founder and Co-Owner of Rice Dairy LLC, a leading brokerage firm in the dairy industry.


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.