Altegris Clearing Solutions Amapa Capital Advisors LLC Amapa Investment Program
Monthly Performance (%)
Date Range: 01/07 - 08/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 -0.61 -1.70 1.23 2.10 -0.83 -0.92 1.42 3.90 4.55
2016 -0.96 2.47 -0.42 0.97 0.83 7.34 0.34 -0.60 2.50 0.42 1.63 5.18 21.19
2015 2.75 2.99 -0.90 1.88 -2.06 0.24 -0.17 -0.17 0.84 3.15 0.59 -4.36 4.61
2014 -6.50 9.24 -3.44 4.33 -4.59 -0.87 -1.72 -2.15 2.10 2.75 0.03 -3.84 -5.56
2013 2.69 -3.93 -3.54 0.91 3.43 -4.76 -1.65 2.46 -3.82 -0.30 -0.72 5.31 -4.43
2012 6.62 4.16 -2.37 0.00 -3.93 -2.15 0.66 0.91 -1.00 -2.75 -2.06 -0.53 -2.90
2011 3.58 13.35 1.24 3.23 -14.73 -5.52 1.60 -1.59 -0.74 -2.10 2.71 6.31 4.87
2010 2.28 -3.15 -0.55 5.15 -1.39 -3.70 -2.88 1.16 -3.87 -2.56 -0.18 -2.91 -12.27
2009 10.15 1.34 3.06 4.45 -4.84 0.02 0.25 1.12 -1.29 -1.75 1.04 3.71 17.82
2008 4.57 4.92 9.14 7.86 4.99 18.48 24.53 -4.56 -11.49 -5.78 -2.08 1.84 58.79
2007 -2.36 4.98 -2.89 1.29 9.28 8.54 -9.89 0.05 -10.80 -6.91 2.78 -7.98
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

The Amapa Investment Fund is a discretionary energy program focused on petroleum and natural gas. The investment strategy merges an analysis of supply demand dynamics to identify themes and biases with a thorough review of technical/seasonal factors to filter trade ideas and define risk reward parameters. The program implements directional and relative value trades. The holding period varies from intraday to a couple of months, depending on the commodity being traded, the volatility of the underlying and the tactical vs structural nature of the trade.

Performance Statistics
Date Range: 01/07 - 08/17
  Program SP500 TR Altegris 40
Total Return 84.01% 119.19% 25.48%
Annualized Return 5.93% 7.63% 2.15%
Annualized Std. Deviation 17.33% 14.78% 9.12%
Correlation 0.02 0.03
Sharpe Ratio (rf=2.5%) 0.20 0.35 -0.04
Worst Month -14.73% -16.79% -5.20%
Date of Worst Month 05/2011 10/2008 06/2015
Worst Drawdown -25.84% -50.95% -15.74%
Date of Worst Drawdown 4/11 - 1/14 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 01/07 - 08/17
Year or YTD Program SP500 TR Altegris 40
2017 4.55 11.95 -1.93
2016 21.19 11.98 -3.13
2015 4.61 1.41 0.09
2014 -5.56 13.69 15.75
2013 -4.43 32.41 -2.45
2012 -2.90 15.98 -4.75
2011 4.87 2.12 -3.23
2010 -12.27 15.06 11.33
2009 17.82 26.45 -7.98
2008 58.79 -36.99 15.47
2007 -7.98 3.93 5.38
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 01/07 - 08/17
Date: 8/31/2017
Perf: $1,233.69 Date: 7/31/2017
Perf: $1,213.54 Date: 6/30/2017
Perf: $1,208.83 Date: 5/31/2017
Perf: $1,245.19 Date: 4/30/2017
Perf: $1,242.83 Date: 3/31/2017
Perf: $1,250.33 Date: 2/28/2017
Perf: $1,268.85 Date: 1/31/2017
Perf: $1,241.78 Date: 12/31/2016
Perf: $1,258.01 Date: 11/30/2016
Perf: $1,248.52 Date: 10/31/2016
Perf: $1,262.41 Date: 9/30/2016
Perf: $1,295.84 Date: 8/31/2016
Perf: $1,312.78 Date: 7/31/2016
Perf: $1,349.07 Date: 6/30/2016
Perf: $1,335.44 Date: 5/31/2016
Perf: $1,281.00 Date: 4/30/2016
Perf: $1,303.82 Date: 3/31/2016
Perf: $1,337.39 Date: 2/29/2016
Perf: $1,376.90 Date: 1/31/2016
Perf: $1,343.85 Date: 12/31/2015
Perf: $1,298.65 Date: 11/30/2015
Perf: $1,329.22 Date: 10/31/2015
Perf: $1,285.39 Date: 9/30/2015
Perf: $1,308.15 Date: 8/31/2015
Perf: $1,280.37 Date: 7/31/2015
Perf: $1,302.91 Date: 6/30/2015
Perf: $1,253.88 Date: 5/31/2015
Perf: $1,322.66 Date: 4/30/2015
Perf: $1,332.25 Date: 3/31/2015
Perf: $1,385.74 Date: 2/28/2015
Perf: $1,355.78 Date: 1/31/2015
Perf: $1,357.95 Date: 12/31/2014
Perf: $1,297.49 Date: 11/30/2014
Perf: $1,275.05 Date: 10/31/2014
Perf: $1,203.44 Date: 9/30/2014
Perf: $1,186.01 Date: 8/31/2014
Perf: $1,168.60 Date: 7/31/2014
Perf: $1,121.17 Date: 6/30/2014
Perf: $1,130.21 Date: 5/31/2014
Perf: $1,120.58 Date: 4/30/2014
Perf: $1,092.61 Date: 3/31/2014
Perf: $1,084.37 Date: 2/28/2014
Perf: $1,100.66 Date: 1/31/2014
Perf: $1,091.70 Date: 12/31/2013
Perf: $1,120.96 Date: 11/30/2013
Perf: $1,122.53 Date: 10/31/2013
Perf: $1,102.58 Date: 9/30/2013
Perf: $1,077.89 Date: 8/31/2013
Perf: $1,084.40 Date: 7/31/2013
Perf: $1,105.63 Date: 6/30/2013
Perf: $1,115.33 Date: 5/31/2013
Perf: $1,159.27 Date: 4/30/2013
Perf: $1,211.35 Date: 3/31/2013
Perf: $1,180.89 Date: 2/28/2013
Perf: $1,164.12 Date: 1/31/2013
Perf: $1,170.91 Date: 12/31/2012
Perf: $1,149.08 Date: 11/30/2012
Perf: $1,143.48 Date: 10/31/2012
Perf: $1,140.29 Date: 9/30/2012
Perf: $1,183.12 Date: 8/31/2012
Perf: $1,202.96 Date: 7/31/2012
Perf: $1,219.55 Date: 6/30/2012
Perf: $1,171.63 Date: 5/31/2012
Perf: $1,217.40 Date: 4/30/2012
Perf: $1,194.71 Date: 3/31/2012
Perf: $1,187.58 Date: 2/29/2012
Perf: $1,215.16 Date: 1/31/2012
Perf: $1,210.20 Date: 12/31/2011
Perf: $1,206.34 Date: 11/30/2011
Perf: $1,194.87 Date: 10/31/2011
Perf: $1,191.30 Date: 9/30/2011
Perf: $1,240.42 Date: 8/31/2011
Perf: $1,241.16 Date: 7/31/2011
Perf: $1,243.65 Date: 6/30/2011
Perf: $1,200.55 Date: 5/31/2011
Perf: $1,232.60 Date: 4/30/2011
Perf: $1,279.29 Date: 3/31/2011
Perf: $1,231.27 Date: 2/28/2011
Perf: $1,250.40 Date: 1/31/2011
Perf: $1,229.50 Date: 12/31/2010
Perf: $1,246.58 Date: 11/30/2010
Perf: $1,195.30 Date: 10/31/2010
Perf: $1,239.17 Date: 9/30/2010
Perf: $1,192.88 Date: 8/31/2010
Perf: $1,171.56 Date: 7/31/2010
Perf: $1,124.99 Date: 6/30/2010
Perf: $1,139.69 Date: 5/31/2010
Perf: $1,135.37 Date: 4/30/2010
Perf: $1,163.53 Date: 3/31/2010
Perf: $1,145.89 Date: 2/28/2010
Perf: $1,102.13 Date: 1/31/2010
Perf: $1,091.87 Date: 12/31/2009
Perf: $1,119.75 Date: 11/30/2009
Perf: $1,166.41 Date: 10/31/2009
Perf: $1,121.22 Date: 9/30/2009
Perf: $1,150.68 Date: 8/31/2009
Perf: $1,123.93 Date: 7/31/2009
Perf: $1,120.23 Date: 6/30/2009
Perf: $1,121.47 Date: 5/31/2009
Perf: $1,152.11 Date: 4/30/2009
Perf: $1,136.43 Date: 3/31/2009
Perf: $1,174.85 Date: 2/28/2009
Perf: $1,208.32 Date: 1/31/2009
Perf: $1,208.92 Date: 12/31/2008
Perf: $1,216.83 Date: 11/30/2008
Perf: $1,186.34 Date: 10/31/2008
Perf: $1,144.34 Date: 9/30/2008
Perf: $1,088.30 Date: 8/31/2008
Perf: $1,086.02 Date: 7/31/2008
Perf: $1,115.81 Date: 6/30/2008
Perf: $1,169.49 Date: 5/31/2008
Perf: $1,139.07 Date: 4/30/2008
Perf: $1,116.08 Date: 3/31/2008
Perf: $1,129.07 Date: 2/29/2008
Perf: $1,134.06 Date: 1/31/2008
Perf: $1,073.00 Date: 12/31/2007
Perf: $1,053.82 Date: 11/30/2007
Perf: $1,056.25 Date: 10/31/2007
Perf: $1,063.16 Date: 9/30/2007
Perf: $1,019.23 Date: 8/31/2007
Perf: $973.76 Date: 7/31/2007
Perf: $1,011.49 Date: 6/30/2007
Perf: $1,043.74 Date: 5/31/2007
Perf: $1,014.42 Date: 4/30/2007
Perf: $979.46 Date: 3/31/2007
Perf: $939.98 Date: 2/28/2007
Perf: $962.50 Date: 1/31/2007
Perf: $1,000.00 Date: 8/31/2017
Perf: $2,159.28 Date: 7/31/2017
Perf: $2,152.61 Date: 6/30/2017
Perf: $2,109.16 Date: 5/31/2017
Perf: $2,096.17 Date: 4/30/2017
Perf: $2,067.02 Date: 3/31/2017
Perf: $2,045.95 Date: 2/28/2017
Perf: $2,043.50 Date: 1/31/2017
Perf: $1,965.47 Date: 12/31/2016
Perf: $1,928.82 Date: 11/30/2016
Perf: $1,891.37 Date: 10/31/2016
Perf: $1,823.89 Date: 9/30/2016
Perf: $1,857.70 Date: 8/31/2016
Perf: $1,857.32 Date: 7/31/2016
Perf: $1,854.73 Date: 6/30/2016
Perf: $1,788.72 Date: 5/31/2016
Perf: $1,784.09 Date: 4/30/2016
Perf: $1,752.54 Date: 3/31/2016
Perf: $1,745.73 Date: 2/29/2016
Perf: $1,634.89 Date: 1/31/2016
Perf: $1,637.01 Date: 12/31/2015
Perf: $1,722.45 Date: 11/30/2015
Perf: $1,750.10 Date: 10/31/2015
Perf: $1,744.86 Date: 9/30/2015
Perf: $1,609.06 Date: 8/31/2015
Perf: $1,649.81 Date: 7/31/2015
Perf: $1,755.68 Date: 6/30/2015
Perf: $1,719.57 Date: 5/31/2015
Perf: $1,753.59 Date: 4/30/2015
Perf: $1,731.25 Date: 3/31/2015
Perf: $1,714.79 Date: 2/28/2015
Perf: $1,742.32 Date: 1/31/2015
Perf: $1,647.58 Date: 12/31/2014
Perf: $1,698.54 Date: 11/30/2014
Perf: $1,702.80 Date: 10/31/2014
Perf: $1,658.19 Date: 9/30/2014
Perf: $1,618.70 Date: 8/31/2014
Perf: $1,641.68 Date: 7/31/2014
Perf: $1,578.54 Date: 6/30/2014
Perf: $1,600.63 Date: 5/31/2014
Perf: $1,568.17 Date: 4/30/2014
Perf: $1,532.16 Date: 3/31/2014
Perf: $1,520.90 Date: 2/28/2014
Perf: $1,508.24 Date: 1/31/2014
Perf: $1,442.32 Date: 12/31/2013
Perf: $1,494.01 Date: 11/30/2013
Perf: $1,457.15 Date: 10/31/2013
Perf: $1,414.02 Date: 9/30/2013
Perf: $1,351.84 Date: 8/31/2013
Perf: $1,310.68 Date: 7/31/2013
Perf: $1,349.83 Date: 6/30/2013
Perf: $1,284.45 Date: 5/31/2013
Perf: $1,301.89 Date: 4/30/2013
Perf: $1,272.13 Date: 3/31/2013
Perf: $1,248.04 Date: 2/28/2013
Perf: $1,202.93 Date: 1/31/2013
Perf: $1,186.79 Date: 12/31/2012
Perf: $1,128.34 Date: 11/30/2012
Perf: $1,118.16 Date: 10/31/2012
Perf: $1,111.72 Date: 9/30/2012
Perf: $1,132.67 Date: 8/31/2012
Perf: $1,104.18 Date: 7/31/2012
Perf: $1,079.89 Date: 6/30/2012
Perf: $1,065.08 Date: 5/31/2012
Perf: $1,022.94 Date: 4/30/2012
Perf: $1,088.35 Date: 3/31/2012
Perf: $1,095.25 Date: 2/29/2012
Perf: $1,060.36 Date: 1/31/2012
Perf: $1,016.45 Date: 12/31/2011
Perf: $972.86 Date: 11/30/2011
Perf: $963.04 Date: 10/31/2011
Perf: $965.17 Date: 9/30/2011
Perf: $870.07 Date: 8/31/2011
Perf: $935.86 Date: 7/31/2011
Perf: $989.59 Date: 6/30/2011
Perf: $1,010.10 Date: 5/31/2011
Perf: $1,027.25 Date: 4/30/2011
Perf: $1,038.99 Date: 3/31/2011
Perf: $1,009.12 Date: 2/28/2011
Perf: $1,008.72 Date: 1/31/2011
Perf: $975.27 Date: 12/31/2010
Perf: $952.69 Date: 11/30/2010
Perf: $893.03 Date: 10/31/2010
Perf: $892.95 Date: 9/30/2010
Perf: $860.17 Date: 8/31/2010
Perf: $789.73 Date: 7/31/2010
Perf: $827.03 Date: 6/30/2010
Perf: $772.85 Date: 5/31/2010
Perf: $815.50 Date: 4/30/2010
Perf: $886.32 Date: 3/31/2010
Perf: $872.53 Date: 2/28/2010
Perf: $822.91 Date: 1/31/2010
Perf: $798.17 Date: 12/31/2009
Perf: $827.98 Date: 11/30/2009
Perf: $812.30 Date: 10/31/2009
Perf: $766.32 Date: 9/30/2009
Perf: $780.84 Date: 8/31/2009
Perf: $752.76 Date: 7/31/2009
Perf: $726.54 Date: 6/30/2009
Perf: $675.47 Date: 5/31/2009
Perf: $674.12 Date: 4/30/2009
Perf: $638.43 Date: 3/31/2009
Perf: $582.67 Date: 2/28/2009
Perf: $535.74 Date: 1/31/2009
Perf: $599.60 Date: 12/31/2008
Perf: $654.80 Date: 11/30/2008
Perf: $647.93 Date: 10/31/2008
Perf: $698.05 Date: 9/30/2008
Perf: $838.90 Date: 8/31/2008
Perf: $920.96 Date: 7/31/2008
Perf: $907.80 Date: 6/30/2008
Perf: $915.49 Date: 5/31/2008
Perf: $999.77 Date: 4/30/2008
Perf: $986.94 Date: 3/31/2008
Perf: $941.10 Date: 2/29/2008
Perf: $945.17 Date: 1/31/2008
Perf: $976.92 Date: 12/31/2007
Perf: $1,039.27 Date: 11/30/2007
Perf: $1,046.50 Date: 10/31/2007
Perf: $1,092.15 Date: 9/30/2007
Perf: $1,075.05 Date: 8/31/2007
Perf: $1,036.30 Date: 7/31/2007
Perf: $1,020.98 Date: 6/30/2007
Perf: $1,053.64 Date: 5/31/2007
Perf: $1,071.43 Date: 4/30/2007
Perf: $1,035.30 Date: 3/31/2007
Perf: $991.38 Date: 2/28/2007
Perf: $980.40 Date: 1/31/2007
Perf: $1,000.00 Date: 8/31/2017
Perf: $1,840.07 Date: 7/31/2017
Perf: $1,771.00 Date: 6/30/2017
Perf: $1,746.20 Date: 5/31/2017
Perf: $1,762.42 Date: 4/30/2017
Perf: $1,777.17 Date: 3/31/2017
Perf: $1,740.61 Date: 2/28/2017
Perf: $1,719.46 Date: 1/31/2017
Perf: $1,749.20 Date: 12/31/2016
Perf: $1,759.94 Date: 11/30/2016
Perf: $1,673.26 Date: 10/31/2016
Perf: $1,646.42 Date: 9/30/2016
Perf: $1,639.54 Date: 8/31/2016
Perf: $1,599.55 Date: 7/31/2016
Perf: $1,609.20 Date: 6/30/2016
Perf: $1,603.75 Date: 5/31/2016
Perf: $1,494.09 Date: 4/30/2016
Perf: $1,481.79 Date: 3/31/2016
Perf: $1,467.55 Date: 2/29/2016
Perf: $1,473.74 Date: 1/31/2016
Perf: $1,438.22 Date: 12/31/2015
Perf: $1,452.16 Date: 11/30/2015
Perf: $1,518.36 Date: 10/31/2015
Perf: $1,509.45 Date: 9/30/2015
Perf: $1,463.36 Date: 8/31/2015
Perf: $1,451.17 Date: 7/31/2015
Perf: $1,453.64 Date: 6/30/2015
Perf: $1,456.11 Date: 5/31/2015
Perf: $1,452.63 Date: 4/30/2015
Perf: $1,483.18 Date: 3/31/2015
Perf: $1,455.81 Date: 2/28/2015
Perf: $1,469.03 Date: 1/31/2015
Perf: $1,426.38 Date: 12/31/2014
Perf: $1,388.21 Date: 11/30/2014
Perf: $1,443.64 Date: 10/31/2014
Perf: $1,443.21 Date: 9/30/2014
Perf: $1,404.59 Date: 8/31/2014
Perf: $1,375.70 Date: 7/31/2014
Perf: $1,405.92 Date: 6/30/2014
Perf: $1,430.53 Date: 5/31/2014
Perf: $1,443.08 Date: 4/30/2014
Perf: $1,512.51 Date: 3/31/2014
Perf: $1,449.73 Date: 2/28/2014
Perf: $1,501.38 Date: 1/31/2014
Perf: $1,374.39 Date: 12/31/2013
Perf: $1,469.93 Date: 11/30/2013
Perf: $1,395.82 Date: 10/31/2013
Perf: $1,405.94 Date: 9/30/2013
Perf: $1,410.17 Date: 8/31/2013
Perf: $1,466.18 Date: 7/31/2013
Perf: $1,430.97 Date: 6/30/2013
Perf: $1,454.98 Date: 5/31/2013
Perf: $1,527.70 Date: 4/30/2013
Perf: $1,477.04 Date: 3/31/2013
Perf: $1,463.72 Date: 2/28/2013
Perf: $1,517.44 Date: 1/31/2013
Perf: $1,579.51 Date: 12/31/2012
Perf: $1,538.13 Date: 11/30/2012
Perf: $1,546.33 Date: 10/31/2012
Perf: $1,578.85 Date: 9/30/2012
Perf: $1,623.50 Date: 8/31/2012
Perf: $1,639.90 Date: 7/31/2012
Perf: $1,625.11 Date: 6/30/2012
Perf: $1,614.46 Date: 5/31/2012
Perf: $1,649.93 Date: 4/30/2012
Perf: $1,717.42 Date: 3/31/2012
Perf: $1,717.42 Date: 2/29/2012
Perf: $1,759.11 Date: 1/31/2012
Perf: $1,688.86 Date: 12/31/2011
Perf: $1,584.00 Date: 11/30/2011
Perf: $1,489.98 Date: 10/31/2011
Perf: $1,450.67 Date: 9/30/2011
Perf: $1,481.78 Date: 8/31/2011
Perf: $1,492.83 Date: 7/31/2011
Perf: $1,516.95 Date: 6/30/2011
Perf: $1,493.06 Date: 5/31/2011
Perf: $1,580.29 Date: 4/30/2011
Perf: $1,853.28 Date: 3/31/2011
Perf: $1,795.29 Date: 2/28/2011
Perf: $1,773.31 Date: 1/31/2011
Perf: $1,564.45 Date: 12/31/2010
Perf: $1,510.38 Date: 11/30/2010
Perf: $1,555.65 Date: 10/31/2010
Perf: $1,558.45 Date: 9/30/2010
Perf: $1,599.40 Date: 8/31/2010
Perf: $1,663.79 Date: 7/31/2010
Perf: $1,644.71 Date: 6/30/2010
Perf: $1,693.48 Date: 5/31/2010
Perf: $1,758.55 Date: 4/30/2010
Perf: $1,783.34 Date: 3/31/2010
Perf: $1,695.99 Date: 2/28/2010
Perf: $1,705.37 Date: 1/31/2010
Perf: $1,760.84 Date: 12/31/2009
Perf: $1,721.59 Date: 11/30/2009
Perf: $1,660.00 Date: 10/31/2009
Perf: $1,642.91 Date: 9/30/2009
Perf: $1,672.18 Date: 8/31/2009
Perf: $1,694.03 Date: 7/31/2009
Perf: $1,675.27 Date: 6/30/2009
Perf: $1,671.09 Date: 5/31/2009
Perf: $1,670.76 Date: 4/30/2009
Perf: $1,755.73 Date: 3/31/2009
Perf: $1,680.93 Date: 2/28/2009
Perf: $1,631.02 Date: 1/31/2009
Perf: $1,609.46 Date: 12/31/2008
Perf: $1,461.15 Date: 11/30/2008
Perf: $1,434.75 Date: 10/31/2008
Perf: $1,465.23 Date: 9/30/2008
Perf: $1,555.11 Date: 8/31/2008
Perf: $1,756.99 Date: 7/31/2008
Perf: $1,840.94 Date: 6/30/2008
Perf: $1,478.31 Date: 5/31/2008
Perf: $1,247.73 Date: 4/30/2008
Perf: $1,188.42 Date: 3/31/2008
Perf: $1,101.82 Date: 2/29/2008
Perf: $1,009.55 Date: 1/31/2008
Perf: $962.21 Date: 12/31/2007
Perf: $920.16 Date: 11/30/2007
Perf: $895.27 Date: 10/31/2007
Perf: $961.72 Date: 9/30/2007
Perf: $1,078.17 Date: 8/31/2007
Perf: $1,077.63 Date: 7/31/2007
Perf: $1,195.90 Date: 6/30/2007
Perf: $1,101.81 Date: 5/31/2007
Perf: $1,008.24 Date: 4/30/2007
Perf: $995.40 Date: 3/31/2007
Perf: $1,025.02 Date: 2/28/2007
Perf: $976.40 Date: 1/31/2007
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 01/07 - 08/17
Date: 8/31/2017
Return: 3.90 % Date: 7/31/2017
Return: 1.42 % Date: 6/30/2017
Return: -0.92 % Date: 5/31/2017
Return: -0.83 % Date: 4/30/2017
Return: 2.10 % Date: 3/31/2017
Return: 1.23 % Date: 2/28/2017
Return: -1.70 % Date: 1/31/2017
Return: -0.61 % Date: 12/31/2016
Return: 5.18 % Date: 11/30/2016
Return: 1.63 % Date: 10/31/2016
Return: 0.42 % Date: 9/30/2016
Return: 2.50 % Date: 8/31/2016
Return: -0.60 % Date: 7/31/2016
Return: 0.34 % Date: 6/30/2016
Return: 7.34 % Date: 5/31/2016
Return: 0.83 % Date: 4/30/2016
Return: 0.97 % Date: 3/31/2016
Return: -0.42 % Date: 2/29/2016
Return: 2.47 % Date: 1/31/2016
Return: -0.96 % Date: 12/31/2015
Return: -4.36 % Date: 11/30/2015
Return: 0.59 % Date: 10/31/2015
Return: 3.15 % Date: 9/30/2015
Return: 0.84 % Date: 8/31/2015
Return: -0.17 % Date: 7/31/2015
Return: -0.17 % Date: 6/30/2015
Return: 0.24 % Date: 5/31/2015
Return: -2.06 % Date: 4/30/2015
Return: 1.88 % Date: 3/31/2015
Return: -0.90 % Date: 2/28/2015
Return: 2.99 % Date: 1/31/2015
Return: 2.75 % Date: 12/31/2014
Return: -3.84 % Date: 11/30/2014
Return: 0.03 % Date: 10/31/2014
Return: 2.75 % Date: 9/30/2014
Return: 2.10 % Date: 8/31/2014
Return: -2.15 % Date: 7/31/2014
Return: -1.72 % Date: 6/30/2014
Return: -0.87 % Date: 5/31/2014
Return: -4.59 % Date: 4/30/2014
Return: 4.33 % Date: 3/31/2014
Return: -3.44 % Date: 2/28/2014
Return: 9.24 % Date: 1/31/2014
Return: -6.50 % Date: 12/31/2013
Return: 5.31 % Date: 11/30/2013
Return: -0.72 % Date: 10/31/2013
Return: -0.30 % Date: 9/30/2013
Return: -3.82 % Date: 8/31/2013
Return: 2.46 % Date: 7/31/2013
Return: -1.65 % Date: 6/30/2013
Return: -4.76 % Date: 5/31/2013
Return: 3.43 % Date: 4/30/2013
Return: 0.91 % Date: 3/31/2013
Return: -3.54 % Date: 2/28/2013
Return: -3.93 % Date: 1/31/2013
Return: 2.69 % Date: 12/31/2012
Return: -0.53 % Date: 11/30/2012
Return: -2.06 % Date: 10/31/2012
Return: -2.75 % Date: 9/30/2012
Return: -1.00 % Date: 8/31/2012
Return: 0.91 % Date: 7/31/2012
Return: 0.66 % Date: 6/30/2012
Return: -2.15 % Date: 5/31/2012
Return: -3.93 % Date: 4/30/2012
Return: 0.00 % Date: 3/31/2012
Return: -2.37 % Date: 2/29/2012
Return: 4.16 % Date: 1/31/2012
Return: 6.62 % Date: 12/31/2011
Return: 6.31 % Date: 11/30/2011
Return: 2.71 % Date: 10/31/2011
Return: -2.10 % Date: 9/30/2011
Return: -0.74 % Date: 8/31/2011
Return: -1.59 % Date: 7/31/2011
Return: 1.60 % Date: 6/30/2011
Return: -5.52 % Date: 5/31/2011
Return: -14.73 % Date: 4/30/2011
Return: 3.23 % Date: 3/31/2011
Return: 1.24 % Date: 2/28/2011
Return: 13.35 % Date: 1/31/2011
Return: 3.58 % Date: 12/31/2010
Return: -2.91 % Date: 11/30/2010
Return: -0.18 % Date: 10/31/2010
Return: -2.56 % Date: 9/30/2010
Return: -3.87 % Date: 8/31/2010
Return: 1.16 % Date: 7/31/2010
Return: -2.88 % Date: 6/30/2010
Return: -3.70 % Date: 5/31/2010
Return: -1.39 % Date: 4/30/2010
Return: 5.15 % Date: 3/31/2010
Return: -0.55 % Date: 2/28/2010
Return: -3.15 % Date: 1/31/2010
Return: 2.28 % Date: 12/31/2009
Return: 3.71 % Date: 11/30/2009
Return: 1.04 % Date: 10/31/2009
Return: -1.75 % Date: 9/30/2009
Return: -1.29 % Date: 8/31/2009
Return: 1.12 % Date: 7/31/2009
Return: 0.25 % Date: 6/30/2009
Return: 0.02 % Date: 5/31/2009
Return: -4.84 % Date: 4/30/2009
Return: 4.45 % Date: 3/31/2009
Return: 3.06 % Date: 2/28/2009
Return: 1.34 % Date: 1/31/2009
Return: 10.15 % Date: 12/31/2008
Return: 1.84 % Date: 11/30/2008
Return: -2.08 % Date: 10/31/2008
Return: -5.78 % Date: 9/30/2008
Return: -11.49 % Date: 8/31/2008
Return: -4.56 % Date: 7/31/2008
Return: 24.53 % Date: 6/30/2008
Return: 18.48 % Date: 5/31/2008
Return: 4.99 % Date: 4/30/2008
Return: 7.86 % Date: 3/31/2008
Return: 9.14 % Date: 2/29/2008
Return: 4.92 % Date: 1/31/2008
Return: 4.57 % Date: 12/31/2007
Return: 2.78 % Date: 11/30/2007
Return: -6.91 % Date: 10/31/2007
Return: -10.80 % Date: 9/30/2007
Return: 0.05 % Date: 8/31/2007
Return: -9.89 % Date: 7/31/2007
Return: 8.54 % Date: 6/30/2007
Return: 9.28 % Date: 5/31/2007
Return: 1.29 % Date: 4/30/2007
Return: -2.89 % Date: 3/31/2007
Return: 4.98 % Date: 2/28/2007
Return: -2.36 % Date: 1/31/2007
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 01/07 - 08/17
Return: 7.00 %
Count: 2 Return: 6.00 %
Count: 1 Return: -15.00 %
Count: 1 Return: 13.00 %
Count: 1 Return: -4.00 %
Count: 8 Return: -1.00 %
Count: 14 Return: 4.00 %
Count: 6 Return: 10.00 %
Count: 1 Return: 2.00 %
Count: 10 Return: -6.00 %
Count: 2 Return: -5.00 %
Count: 4 Return: 25.00 %
Count: 1 Return: 18.00 %
Count: 1 Return: 8.00 %
Count: 1 Return: 3.00 %
Count: 10 Return: -7.00 %
Count: 2 Return: -11.00 %
Count: 2 Return: -10.00 %
Count: 1 Return: 9.00 %
Count: 4 Return: 1.00 %
Count: 15 Return: -3.00 %
Count: 7 Return: 5.00 %
Count: 7 Return: -2.00 %
Count: 13 Return: 0.00 %
Count: 14
Note: All performance data is since program inception.

Underwater Curve
Date Range: 01/07 - 08/17
Date: 8/31/2017
Drawdown: -0.71 % Date: 7/31/2017
Drawdown: -4.44 % Date: 6/30/2017
Drawdown: -5.78 % Date: 5/31/2017
Drawdown: -4.90 % Date: 4/30/2017
Drawdown: -4.11 % Date: 3/31/2017
Drawdown: -6.08 % Date: 2/28/2017
Drawdown: -7.22 % Date: 1/31/2017
Drawdown: -5.62 % Date: 12/31/2016
Drawdown: -5.04 % Date: 11/30/2016
Drawdown: -9.71 % Date: 10/31/2016
Drawdown: -11.16 % Date: 9/30/2016
Drawdown: -11.53 % Date: 8/31/2016
Drawdown: -13.69 % Date: 7/31/2016
Drawdown: -13.17 % Date: 6/30/2016
Drawdown: -13.46 % Date: 5/31/2016
Drawdown: -19.38 % Date: 4/30/2016
Drawdown: -20.05 % Date: 3/31/2016
Drawdown: -20.81 % Date: 2/29/2016
Drawdown: -20.48 % Date: 1/31/2016
Drawdown: -22.40 % Date: 12/31/2015
Drawdown: -21.64 % Date: 11/30/2015
Drawdown: -18.07 % Date: 10/31/2015
Drawdown: -18.55 % Date: 9/30/2015
Drawdown: -21.04 % Date: 8/31/2015
Drawdown: -21.70 % Date: 7/31/2015
Drawdown: -21.56 % Date: 6/30/2015
Drawdown: -21.43 % Date: 5/31/2015
Drawdown: -21.62 % Date: 4/30/2015
Drawdown: -19.97 % Date: 3/31/2015
Drawdown: -21.45 % Date: 2/28/2015
Drawdown: -20.73 % Date: 1/31/2015
Drawdown: -23.03 % Date: 12/31/2014
Drawdown: -25.09 % Date: 11/30/2014
Drawdown: -22.10 % Date: 10/31/2014
Drawdown: -22.13 % Date: 9/30/2014
Drawdown: -24.21 % Date: 8/31/2014
Drawdown: -25.77 % Date: 7/31/2014
Drawdown: -24.14 % Date: 6/30/2014
Drawdown: -22.81 % Date: 5/31/2014
Drawdown: -22.13 % Date: 4/30/2014
Drawdown: -18.39 % Date: 3/31/2014
Drawdown: -21.77 % Date: 2/28/2014
Drawdown: -18.99 % Date: 1/31/2014
Drawdown: -25.84 % Date: 12/31/2013
Drawdown: -20.68 % Date: 11/30/2013
Drawdown: -24.68 % Date: 10/31/2013
Drawdown: -24.14 % Date: 9/30/2013
Drawdown: -23.91 % Date: 8/31/2013
Drawdown: -20.89 % Date: 7/31/2013
Drawdown: -22.79 % Date: 6/30/2013
Drawdown: -21.49 % Date: 5/31/2013
Drawdown: -17.57 % Date: 4/30/2013
Drawdown: -20.30 % Date: 3/31/2013
Drawdown: -21.02 % Date: 2/28/2013
Drawdown: -18.12 % Date: 1/31/2013
Drawdown: -14.77 % Date: 12/31/2012
Drawdown: -17.00 % Date: 11/30/2012
Drawdown: -16.56 % Date: 10/31/2012
Drawdown: -14.81 % Date: 9/30/2012
Drawdown: -12.40 % Date: 8/31/2012
Drawdown: -11.51 % Date: 7/31/2012
Drawdown: -12.31 % Date: 6/30/2012
Drawdown: -12.89 % Date: 5/31/2012
Drawdown: -10.97 % Date: 4/30/2012
Drawdown: -7.33 % Date: 3/31/2012
Drawdown: -7.33 % Date: 2/29/2012
Drawdown: -5.08 % Date: 1/31/2012
Drawdown: -8.87 % Date: 12/31/2011
Drawdown: -14.53 % Date: 11/30/2011
Drawdown: -19.60 % Date: 10/31/2011
Drawdown: -21.72 % Date: 9/30/2011
Drawdown: -20.05 % Date: 8/31/2011
Drawdown: -19.45 % Date: 7/31/2011
Drawdown: -18.15 % Date: 6/30/2011
Drawdown: -19.44 % Date: 5/31/2011
Drawdown: -14.73 % Date: 4/30/2011
Drawdown: 0.00 % Date: 3/31/2011
Drawdown: -2.48 % Date: 2/28/2011
Drawdown: -3.67 % Date: 1/31/2011
Drawdown: -15.02 % Date: 12/31/2010
Drawdown: -17.96 % Date: 11/30/2010
Drawdown: -15.50 % Date: 10/31/2010
Drawdown: -15.34 % Date: 9/30/2010
Drawdown: -13.12 % Date: 8/31/2010
Drawdown: -9.62 % Date: 7/31/2010
Drawdown: -10.66 % Date: 6/30/2010
Drawdown: -8.01 % Date: 5/31/2010
Drawdown: -4.48 % Date: 4/30/2010
Drawdown: -3.13 % Date: 3/31/2010
Drawdown: -7.87 % Date: 2/28/2010
Drawdown: -7.36 % Date: 1/31/2010
Drawdown: -4.35 % Date: 12/31/2009
Drawdown: -6.48 % Date: 11/30/2009
Drawdown: -9.83 % Date: 10/31/2009
Drawdown: -10.76 % Date: 9/30/2009
Drawdown: -9.17 % Date: 8/31/2009
Drawdown: -7.98 % Date: 7/31/2009
Drawdown: -9.00 % Date: 6/30/2009
Drawdown: -9.23 % Date: 5/31/2009
Drawdown: -9.24 % Date: 4/30/2009
Drawdown: -4.63 % Date: 3/31/2009
Drawdown: -8.69 % Date: 2/28/2009
Drawdown: -11.40 % Date: 1/31/2009
Drawdown: -12.57 % Date: 12/31/2008
Drawdown: -20.63 % Date: 11/30/2008
Drawdown: -22.06 % Date: 10/31/2008
Drawdown: -20.41 % Date: 9/30/2008
Drawdown: -15.53 % Date: 8/31/2008
Drawdown: -4.56 % Date: 7/31/2008
Drawdown: 0.00 % Date: 6/30/2008
Drawdown: 0.00 % Date: 5/31/2008
Drawdown: 0.00 % Date: 4/30/2008
Drawdown: -0.63 % Date: 3/31/2008
Drawdown: -7.87 % Date: 2/29/2008
Drawdown: -15.58 % Date: 1/31/2008
Drawdown: -19.54 % Date: 12/31/2007
Drawdown: -23.06 % Date: 11/30/2007
Drawdown: -25.14 % Date: 10/31/2007
Drawdown: -19.58 % Date: 9/30/2007
Drawdown: -9.84 % Date: 8/31/2007
Drawdown: -9.89 % Date: 7/31/2007
Drawdown: 0.00 % Date: 6/30/2007
Drawdown: 0.00 % Date: 5/31/2007
Drawdown: -1.64 % Date: 4/30/2007
Drawdown: -2.89 % Date: 3/31/2007
Drawdown: 0.00 % Date: 2/28/2007
Drawdown: -2.36 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Amapa Capital Advisors LLC
Address: 4306 Yoakum Blvd, Suite 550
City: Houston
State: TX
Zip: 77005
Country: United States
Key People
Name:  Denys Thorez
Position:  Principal
Biography: 

Amapa Capital Advisors, an NFA registered CTA was founded in December 2014 by Denys Thorez who brings 25 years of experience in energy trading and risk management. Prior to starting his own CTA firm, Mr Thorez was a trading principal at AAA Capital Management, a $1B+ energy CTA, from 2002 to 2014. He started his career in 1993 on the NYMEX trading floor as an options market maker, then from 1997 to 2002, managed the natural gas price exposure of Mirant, a gas and power merchant. He’s always been the largest investor in Amapa with currently about 60% of the AUM.


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.