FORT LP

Global Contrarian Program

Monthly Performance (%)

Date Range: 09/02 - 01/23
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2023 -3.35 5.22   1.70 
2022 -7.51 -3.52 -3.61 -4.31 1.65 -17.06 -5.04 0.00 1.19 1.28 -6.50 1.09  -36.17 
2021 -1.58 -2.45 2.13 1.73 1.86 -0.37 1.94 -0.79 -8.51 5.55 -1.32 0.63  -1.83 
2020 2.98 -2.05 -4.30 0.74 -0.40 0.87 0.75 -1.38 0.51 -1.84 1.63 1.96  -0.76 
2019 2.53 1.55 4.71 1.33 -0.76 3.38 2.34 2.13 -1.02 -2.38 1.16 -0.81  14.85 
2018 -0.27 -2.75 0.67 0.59 0.44 1.14 0.81 -0.12 -0.16 -3.49 -1.14 -1.21  -5.47 
2017 -0.59 4.40 -0.40 1.07 0.89 -3.60 1.32 2.73 -2.93 3.02 -0.30 1.04  6.54 
2016 0.59 3.78 -3.39 -2.53 1.33 4.97 1.15 -0.87 1.20 -3.41 -2.74 1.09  0.76 
2015 2.64 -0.16 0.70 -1.98 1.30 -2.36 1.35 -4.43 3.58 1.13 0.65 -3.43  -1.34 
2014 0.19 1.61 -0.22 0.78 3.05 0.59 -0.38 3.19 -1.65 2.33 2.59 -0.24  12.36 
2013 -0.23 -0.14 2.39 2.52 -3.17 -5.67 2.43 -2.38 4.31 3.20 1.25 -2.39  1.62 
2012 2.68 -0.19 -0.98 1.47 -1.01 -1.96 5.50 -2.01 -0.14 -2.58 1.32 0.98  2.83 
2011 -3.92 3.44 -1.32 6.70 0.98 -0.10 8.73 4.90 -0.89 -0.39 3.42 4.69  28.70 
2010 1.42 5.64 3.03 3.05 1.78 3.76 2.34 7.92 -0.74 -0.72 -3.42 1.25  27.86 
2009 -2.48 1.21 3.16 -2.53 -0.18 -0.83 1.48 2.85 4.28 -0.37 6.54 -5.05  7.77 
2008 1.13 6.64 0.68 -5.55 -1.88 1.97 -1.31 -5.53 1.62 -7.76 7.22 5.36  1.30 
2007 1.87 0.01 1.43 3.84 1.86 -0.14 -4.37 -5.87 3.17 5.26 -3.30 0.65  3.85 
2006 1.93 -0.39 0.10 0.62 -3.51 0.98 0.66 4.63 0.52 1.20 3.05 0.99  11.10 
2005 1.25 -0.44 -0.16 1.52 1.78 1.13 0.29 -0.97 1.17 -3.35 4.20 0.79  7.26 
2004 0.59 7.13 3.05 -8.70 -1.77 -0.30 2.67 3.39 2.72 4.58 3.12 1.45  18.45 
2003 7.21 1.35 1.35 0.03 4.79 0.66 -2.83 -0.95 4.77 -5.02 2.56 9.28  24.73 
2002 2.98 -5.01 13.35  10.88 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Strategy Description

Global Contrarian is a systematic, trend-anticipating trading program that seeks to capitalize on medium to long-term trends. It trades a spectrum of futures contracts that includes: interest rates, bonds, currencies, equity indices, energy, and metals in the global markets. Its typical holding period is between 2 and 8 weeks. Unlike trend-following programs that attempt to identify existing trends, Global Contrarian attempts to anticipate trends by identifying price behaviors that signal possible turning points. Global Contrarian is not a counter-trend program; it is designed to purchase as prices decline toward support levels and sell as prices rise toward resistance levels. Global Contrarian dynamically and systematically shifts risk allocations among asset classes and underlying parameter choices.

Performance Statistics

Date Range: 09/02 - 01/23
  Program S&P 500 Coquest 40 
Total Return 195.54% 566.57% 125.92% 
Annualized Return 5.47% 9.74% 4.07% 
Annualized Std. Deviation 11.51% 15.07% 9.26% 
Correlation 0.17 0.48 
Sharpe Ratio (rf=2.5%) 0.26 0.48 0.17 
Worst Month -17.06% -16.79% -6.22% 
Date of Worst Month 06/2022 10/2008 04/2004 
Worst Drawdown -41.73% -50.95% -15.74% 
Date of Worst Drawdown 8/19 - 1/23 10/07 - 2/09 4/11 - 9/13 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 09/02 - 01/23
Year or YTD Program S&P 500 Coquest 40 
2023 1.70 3.69 -1.11 
2022 -36.17 -18.10 17.65 
2021 -1.83 28.72 6.26 
2020 -0.76 18.40 0.97 
2019 14.85 31.50 7.53 
2018 -5.47 -4.38 -4.29 
2017 6.54 21.84 1.24 
2016 0.76 11.98 -3.13 
2015 -1.34 1.41 0.09 
2014 12.36 13.69 15.75 
2013 1.62 32.41 -2.45 
2012 2.83 15.98 -4.75 
2011 28.70 2.12 -3.23 
2010 27.86 15.06 11.33 
2009 7.77 26.45 -7.98 
2008 1.30 -36.99 15.47 
2007 3.85 5.50 7.18 
2006 11.10 15.79 6.70 
2005 7.26 4.89 4.51 
2004 18.45 10.87 2.57 
2003 24.73 28.69 15.99 
2002 10.88 8.45 -2.18 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Performance Comparison

Date Range: 09/02 - 01/23
Date: 1/31/2023 Perf: $2,159.65 Date: 12/31/2022 Perf: $2,183.89 Date: 11/30/2022 Perf: $2,197.96 Date: 10/31/2022 Perf: $2,320.23 Date: 9/30/2022 Perf: $2,303.88 Date: 8/31/2022 Perf: $2,209.74 Date: 7/31/2022 Perf: $2,149.14 Date: 6/30/2022 Perf: $2,199.73 Date: 5/31/2022 Perf: $2,172.36 Date: 4/30/2022 Perf: $2,182.62 Date: 3/31/2022 Perf: $2,069.81 Date: 2/28/2022 Perf: $1,932.78 Date: 1/31/2022 Perf: $1,890.99 Date: 12/31/2021 Perf: $1,856.27 Date: 11/30/2021 Perf: $1,854.42 Date: 10/31/2021 Perf: $1,901.58 Date: 9/30/2021 Perf: $1,864.48 Date: 8/31/2021 Perf: $1,855.20 Date: 7/31/2021 Perf: $1,854.83 Date: 6/30/2021 Perf: $1,846.70 Date: 5/31/2021 Perf: $1,853.75 Date: 4/30/2021 Perf: $1,827.07 Date: 3/31/2021 Perf: $1,795.47 Date: 2/28/2021 Perf: $1,771.73 Date: 1/31/2021 Perf: $1,731.05 Date: 12/31/2020 Perf: $1,746.95 Date: 11/30/2020 Perf: $1,683.48 Date: 10/31/2020 Perf: $1,668.80 Date: 9/30/2020 Perf: $1,674.15 Date: 8/31/2020 Perf: $1,698.96 Date: 7/31/2020 Perf: $1,718.38 Date: 6/30/2020 Perf: $1,686.17 Date: 5/31/2020 Perf: $1,708.03 Date: 4/30/2020 Perf: $1,728.25 Date: 3/31/2020 Perf: $1,722.57 Date: 2/29/2020 Perf: $1,721.54 Date: 1/31/2020 Perf: $1,747.57 Date: 12/31/2019 Perf: $1,730.10 Date: 11/30/2019 Perf: $1,740.89 Date: 10/31/2019 Perf: $1,724.00 Date: 9/30/2019 Perf: $1,762.96 Date: 8/31/2019 Perf: $1,813.19 Date: 7/31/2019 Perf: $1,749.84 Date: 6/30/2019 Perf: $1,692.14 Date: 5/31/2019 Perf: $1,658.96 Date: 4/30/2019 Perf: $1,692.13 Date: 3/31/2019 Perf: $1,646.84 Date: 2/28/2019 Perf: $1,589.77 Date: 1/31/2019 Perf: $1,579.66 Date: 12/31/2018 Perf: $1,608.94 Date: 11/30/2018 Perf: $1,602.21 Date: 10/31/2018 Perf: $1,621.67 Date: 9/30/2018 Perf: $1,662.74 Date: 8/31/2018 Perf: $1,670.25 Date: 7/31/2018 Perf: $1,628.72 Date: 6/30/2018 Perf: $1,641.03 Date: 5/31/2018 Perf: $1,627.36 Date: 4/30/2018 Perf: $1,648.63 Date: 3/31/2018 Perf: $1,631.01 Date: 2/28/2018 Perf: $1,632.48 Date: 1/31/2018 Perf: $1,738.53 Date: 12/31/2017 Perf: $1,681.04 Date: 11/30/2017 Perf: $1,662.92 Date: 10/31/2017 Perf: $1,660.76 Date: 9/30/2017 Perf: $1,593.97 Date: 8/31/2017 Perf: $1,628.33 Date: 7/31/2017 Perf: $1,601.74 Date: 6/30/2017 Perf: $1,595.52 Date: 5/31/2017 Perf: $1,643.51 Date: 4/30/2017 Perf: $1,640.39 Date: 3/31/2017 Perf: $1,650.29 Date: 2/28/2017 Perf: $1,674.74 Date: 1/31/2017 Perf: $1,639.01 Date: 12/31/2016 Perf: $1,660.43 Date: 11/30/2016 Perf: $1,647.91 Date: 10/31/2016 Perf: $1,666.24 Date: 9/30/2016 Perf: $1,710.36 Date: 8/31/2016 Perf: $1,732.71 Date: 7/31/2016 Perf: $1,780.61 Date: 6/30/2016 Perf: $1,762.63 Date: 5/31/2016 Perf: $1,690.78 Date: 4/30/2016 Perf: $1,720.89 Date: 3/31/2016 Perf: $1,765.20 Date: 2/29/2016 Perf: $1,817.36 Date: 1/31/2016 Perf: $1,773.72 Date: 12/31/2015 Perf: $1,714.07 Date: 11/30/2015 Perf: $1,754.43 Date: 10/31/2015 Perf: $1,696.57 Date: 9/30/2015 Perf: $1,726.62 Date: 8/31/2015 Perf: $1,689.94 Date: 7/31/2015 Perf: $1,719.69 Date: 6/30/2015 Perf: $1,654.98 Date: 5/31/2015 Perf: $1,745.76 Date: 4/30/2015 Perf: $1,758.42 Date: 3/31/2015 Perf: $1,829.02 Date: 2/28/2015 Perf: $1,789.48 Date: 1/31/2015 Perf: $1,792.35 Date: 12/31/2014 Perf: $1,712.54 Date: 11/30/2014 Perf: $1,682.92 Date: 10/31/2014 Perf: $1,588.41 Date: 9/30/2014 Perf: $1,565.40 Date: 8/31/2014 Perf: $1,542.42 Date: 7/31/2014 Perf: $1,479.82 Date: 6/30/2014 Perf: $1,491.76 Date: 5/31/2014 Perf: $1,479.04 Date: 4/30/2014 Perf: $1,442.12 Date: 3/31/2014 Perf: $1,431.24 Date: 2/28/2014 Perf: $1,452.74 Date: 1/31/2014 Perf: $1,440.92 Date: 12/31/2013 Perf: $1,479.54 Date: 11/30/2013 Perf: $1,481.62 Date: 10/31/2013 Perf: $1,455.27 Date: 9/30/2013 Perf: $1,422.69 Date: 8/31/2013 Perf: $1,431.28 Date: 7/31/2013 Perf: $1,459.30 Date: 6/30/2013 Perf: $1,472.11 Date: 5/31/2013 Perf: $1,530.10 Date: 4/30/2013 Perf: $1,598.85 Date: 3/31/2013 Perf: $1,558.64 Date: 2/28/2013 Perf: $1,536.51 Date: 1/31/2013 Perf: $1,545.47 Date: 12/31/2012 Perf: $1,516.66 Date: 11/30/2012 Perf: $1,509.26 Date: 10/31/2012 Perf: $1,505.05 Date: 9/30/2012 Perf: $1,561.58 Date: 8/31/2012 Perf: $1,587.78 Date: 7/31/2012 Perf: $1,609.67 Date: 6/30/2012 Perf: $1,546.42 Date: 5/31/2012 Perf: $1,606.84 Date: 4/30/2012 Perf: $1,576.88 Date: 3/31/2012 Perf: $1,567.47 Date: 2/29/2012 Perf: $1,603.88 Date: 1/31/2012 Perf: $1,597.33 Date: 12/31/2011 Perf: $1,592.23 Date: 11/30/2011 Perf: $1,577.09 Date: 10/31/2011 Perf: $1,572.38 Date: 9/30/2011 Perf: $1,637.21 Date: 8/31/2011 Perf: $1,638.19 Date: 7/31/2011 Perf: $1,641.48 Date: 6/30/2011 Perf: $1,584.59 Date: 5/31/2011 Perf: $1,626.89 Date: 4/30/2011 Perf: $1,688.52 Date: 3/31/2011 Perf: $1,625.14 Date: 2/28/2011 Perf: $1,650.39 Date: 1/31/2011 Perf: $1,622.80 Date: 12/31/2010 Perf: $1,645.34 Date: 11/30/2010 Perf: $1,577.66 Date: 10/31/2010 Perf: $1,635.56 Date: 9/30/2010 Perf: $1,574.47 Date: 8/31/2010 Perf: $1,546.33 Date: 7/31/2010 Perf: $1,484.86 Date: 6/30/2010 Perf: $1,504.26 Date: 5/31/2010 Perf: $1,498.57 Date: 4/30/2010 Perf: $1,535.73 Date: 3/31/2010 Perf: $1,512.44 Date: 2/28/2010 Perf: $1,454.69 Date: 1/31/2010 Perf: $1,441.14 Date: 12/31/2009 Perf: $1,477.94 Date: 11/30/2009 Perf: $1,539.52 Date: 10/31/2009 Perf: $1,479.88 Date: 9/30/2009 Perf: $1,518.76 Date: 8/31/2009 Perf: $1,483.46 Date: 7/31/2009 Perf: $1,478.58 Date: 6/30/2009 Perf: $1,480.21 Date: 5/31/2009 Perf: $1,520.66 Date: 4/30/2009 Perf: $1,499.96 Date: 3/31/2009 Perf: $1,550.66 Date: 2/28/2009 Perf: $1,594.84 Date: 1/31/2009 Perf: $1,595.64 Date: 12/31/2008 Perf: $1,606.08 Date: 11/30/2008 Perf: $1,565.84 Date: 10/31/2008 Perf: $1,510.40 Date: 9/30/2008 Perf: $1,436.43 Date: 8/31/2008 Perf: $1,433.42 Date: 7/31/2008 Perf: $1,472.74 Date: 6/30/2008 Perf: $1,543.59 Date: 5/31/2008 Perf: $1,503.45 Date: 4/30/2008 Perf: $1,473.10 Date: 3/31/2008 Perf: $1,490.24 Date: 2/29/2008 Perf: $1,496.83 Date: 1/31/2008 Perf: $1,416.24 Date: 12/31/2007 Perf: $1,390.93 Date: 11/30/2007 Perf: $1,394.13 Date: 10/31/2007 Perf: $1,403.26 Date: 9/30/2007 Perf: $1,345.27 Date: 8/31/2007 Perf: $1,285.25 Date: 7/31/2007 Perf: $1,335.05 Date: 6/30/2007 Perf: $1,377.62 Date: 5/31/2007 Perf: $1,338.92 Date: 4/30/2007 Perf: $1,292.77 Date: 3/31/2007 Perf: $1,240.66 Date: 2/28/2007 Perf: $1,270.39 Date: 1/31/2007 Perf: $1,319.89 Date: 12/31/2006 Perf: $1,297.70 Date: 11/30/2006 Perf: $1,255.27 Date: 10/31/2006 Perf: $1,225.25 Date: 9/30/2006 Perf: $1,211.92 Date: 8/31/2006 Perf: $1,224.90 Date: 7/31/2006 Perf: $1,211.34 Date: 6/30/2006 Perf: $1,229.53 Date: 5/31/2006 Perf: $1,246.61 Date: 4/30/2006 Perf: $1,280.55 Date: 3/31/2006 Perf: $1,250.04 Date: 2/28/2006 Perf: $1,217.42 Date: 1/31/2006 Perf: $1,239.48 Date: 12/31/2005 Perf: $1,216.25 Date: 11/30/2005 Perf: $1,238.67 Date: 10/31/2005 Perf: $1,187.72 Date: 9/30/2005 Perf: $1,185.82 Date: 8/31/2005 Perf: $1,167.83 Date: 7/31/2005 Perf: $1,161.56 Date: 6/30/2005 Perf: $1,160.87 Date: 5/31/2005 Perf: $1,122.59 Date: 4/30/2005 Perf: $1,088.94 Date: 3/31/2005 Perf: $1,116.29 Date: 2/28/2005 Perf: $1,122.57 Date: 1/31/2005 Perf: $1,114.88 Date: 12/31/2004 Perf: $1,163.76 Date: 11/30/2004 Perf: $1,159.93 Date: 10/31/2004 Perf: $1,100.40 Date: 9/30/2004 Perf: $1,064.01 Date: 8/31/2004 Perf: $1,049.84 Date: 7/31/2004 Perf: $1,057.13 Date: 6/30/2004 Perf: $1,069.32 Date: 5/31/2004 Perf: $1,105.81 Date: 4/30/2004 Perf: $1,123.68 Date: 3/31/2004 Perf: $1,198.21 Date: 2/29/2004 Perf: $1,210.07 Date: 1/31/2004 Perf: $1,145.46 Date: 12/31/2003 Perf: $1,134.57 Date: 11/30/2003 Perf: $1,087.48 Date: 10/31/2003 Perf: $1,090.76 Date: 9/30/2003 Perf: $1,066.75 Date: 8/31/2003 Perf: $1,071.68 Date: 7/31/2003 Perf: $1,061.70 Date: 6/30/2003 Perf: $1,086.25 Date: 5/31/2003 Perf: $1,114.22 Date: 4/30/2003 Perf: $1,052.44 Date: 3/31/2003 Perf: $1,037.19 Date: 2/28/2003 Perf: $1,100.12 Date: 1/31/2003 Perf: $1,038.14 Date: 12/31/2002 Perf: $978.18 Date: 11/30/2002 Perf: $922.03 Date: 10/31/2002 Perf: $948.20 Date: 9/30/2002 Perf: $1,000.00 Date: 2/28/2023 Perf: $7,296.12 Date: 1/31/2023 Perf: $7,478.60 Date: 12/31/2022 Perf: $7,036.69 Date: 11/30/2022 Perf: $7,466.78 Date: 10/31/2022 Perf: $7,071.48 Date: 9/30/2022 Perf: $6,541.61 Date: 8/31/2022 Perf: $7,205.21 Date: 7/31/2022 Perf: $7,511.69 Date: 6/30/2022 Perf: $6,877.58 Date: 5/31/2022 Perf: $7,496.00 Date: 4/30/2022 Perf: $7,482.53 Date: 3/31/2022 Perf: $8,197.34 Date: 2/28/2022 Perf: $7,904.10 Date: 1/31/2022 Perf: $8,147.71 Date: 12/31/2021 Perf: $8,591.91 Date: 11/30/2021 Perf: $8,223.50 Date: 10/31/2021 Perf: $8,280.64 Date: 9/30/2021 Perf: $7,738.19 Date: 8/31/2021 Perf: $8,115.56 Date: 7/31/2021 Perf: $7,876.13 Date: 6/30/2021 Perf: $7,693.04 Date: 5/31/2021 Perf: $7,517.87 Date: 4/30/2021 Perf: $7,465.61 Date: 3/31/2021 Perf: $7,087.16 Date: 2/28/2021 Perf: $6,789.76 Date: 1/31/2021 Perf: $6,607.40 Date: 12/31/2020 Perf: $6,674.82 Date: 11/30/2020 Perf: $6,427.98 Date: 10/31/2020 Perf: $5,793.58 Date: 9/30/2020 Perf: $5,951.90 Date: 8/31/2020 Perf: $6,187.01 Date: 7/31/2020 Perf: $5,772.00 Date: 6/30/2020 Perf: $5,463.84 Date: 5/31/2020 Perf: $5,357.23 Date: 4/30/2020 Perf: $5,113.82 Date: 3/31/2020 Perf: $4,532.72 Date: 2/29/2020 Perf: $5,171.39 Date: 1/31/2020 Perf: $5,635.16 Date: 12/31/2019 Perf: $5,637.42 Date: 11/30/2019 Perf: $5,472.16 Date: 10/31/2019 Perf: $5,280.48 Date: 9/30/2019 Perf: $5,168.32 Date: 8/31/2019 Perf: $5,073.45 Date: 7/31/2019 Perf: $5,154.90 Date: 6/30/2019 Perf: $5,081.72 Date: 5/31/2019 Perf: $4,747.05 Date: 4/30/2019 Perf: $5,068.93 Date: 3/31/2019 Perf: $4,871.63 Date: 2/28/2019 Perf: $4,778.92 Date: 1/31/2019 Perf: $4,630.29 Date: 12/31/2018 Perf: $4,286.91 Date: 11/30/2018 Perf: $4,712.44 Date: 10/31/2018 Perf: $4,618.23 Date: 9/30/2018 Perf: $4,957.31 Date: 8/31/2018 Perf: $4,929.21 Date: 7/31/2018 Perf: $4,773.59 Date: 6/30/2018 Perf: $4,602.38 Date: 5/31/2018 Perf: $4,574.02 Date: 4/30/2018 Perf: $4,466.38 Date: 3/31/2018 Perf: $4,449.48 Date: 2/28/2018 Perf: $4,565.44 Date: 1/31/2018 Perf: $4,740.36 Date: 12/31/2017 Perf: $4,483.45 Date: 11/30/2017 Perf: $4,434.23 Date: 10/31/2017 Perf: $4,302.16 Date: 9/30/2017 Perf: $4,204.20 Date: 8/31/2017 Perf: $4,119.34 Date: 7/31/2017 Perf: $4,106.61 Date: 6/30/2017 Perf: $4,023.72 Date: 5/31/2017 Perf: $3,998.93 Date: 4/30/2017 Perf: $3,943.33 Date: 3/31/2017 Perf: $3,903.13 Date: 2/28/2017 Perf: $3,898.45 Date: 1/31/2017 Perf: $3,749.59 Date: 12/31/2016 Perf: $3,679.68 Date: 11/30/2016 Perf: $3,608.23 Date: 10/31/2016 Perf: $3,479.49 Date: 9/30/2016 Perf: $3,543.99 Date: 8/31/2016 Perf: $3,543.28 Date: 7/31/2016 Perf: $3,538.33 Date: 6/30/2016 Perf: $3,412.41 Date: 5/31/2016 Perf: $3,403.56 Date: 4/30/2016 Perf: $3,343.38 Date: 3/31/2016 Perf: $3,330.39 Date: 2/29/2016 Perf: $3,118.93 Date: 1/31/2016 Perf: $3,122.99 Date: 12/31/2015 Perf: $3,285.97 Date: 11/30/2015 Perf: $3,338.73 Date: 10/31/2015 Perf: $3,328.74 Date: 9/30/2015 Perf: $3,069.66 Date: 8/31/2015 Perf: $3,147.40 Date: 7/31/2015 Perf: $3,349.37 Date: 6/30/2015 Perf: $3,280.48 Date: 5/31/2015 Perf: $3,345.38 Date: 4/30/2015 Perf: $3,302.77 Date: 3/31/2015 Perf: $3,271.37 Date: 2/28/2015 Perf: $3,323.88 Date: 1/31/2015 Perf: $3,143.15 Date: 12/31/2014 Perf: $3,240.36 Date: 11/30/2014 Perf: $3,248.49 Date: 10/31/2014 Perf: $3,163.39 Date: 9/30/2014 Perf: $3,088.04 Date: 8/31/2014 Perf: $3,131.89 Date: 7/31/2014 Perf: $3,011.43 Date: 6/30/2014 Perf: $3,053.57 Date: 5/31/2014 Perf: $2,991.64 Date: 4/30/2014 Perf: $2,922.95 Date: 3/31/2014 Perf: $2,901.48 Date: 2/28/2014 Perf: $2,877.31 Date: 1/31/2014 Perf: $2,751.57 Date: 12/31/2013 Perf: $2,850.18 Date: 11/30/2013 Perf: $2,779.85 Date: 10/31/2013 Perf: $2,697.58 Date: 9/30/2013 Perf: $2,578.95 Date: 8/31/2013 Perf: $2,500.43 Date: 7/31/2013 Perf: $2,575.11 Date: 6/30/2013 Perf: $2,450.39 Date: 5/31/2013 Perf: $2,483.67 Date: 4/30/2013 Perf: $2,426.88 Date: 3/31/2013 Perf: $2,380.93 Date: 2/28/2013 Perf: $2,294.87 Date: 1/31/2013 Perf: $2,264.08 Date: 12/31/2012 Perf: $2,152.57 Date: 11/30/2012 Perf: $2,133.16 Date: 10/31/2012 Perf: $2,120.86 Date: 9/30/2012 Perf: $2,160.84 Date: 8/31/2012 Perf: $2,106.49 Date: 7/31/2012 Perf: $2,060.14 Date: 6/30/2012 Perf: $2,031.89 Date: 5/31/2012 Perf: $1,951.49 Date: 4/30/2012 Perf: $2,076.28 Date: 3/31/2012 Perf: $2,089.44 Date: 2/29/2012 Perf: $2,022.89 Date: 1/31/2012 Perf: $1,939.12 Date: 12/31/2011 Perf: $1,855.97 Date: 11/30/2011 Perf: $1,837.23 Date: 10/31/2011 Perf: $1,841.28 Date: 9/30/2011 Perf: $1,659.86 Date: 8/31/2011 Perf: $1,785.37 Date: 7/31/2011 Perf: $1,887.88 Date: 6/30/2011 Perf: $1,927.00 Date: 5/31/2011 Perf: $1,959.73 Date: 4/30/2011 Perf: $1,982.12 Date: 3/31/2011 Perf: $1,925.14 Date: 2/28/2011 Perf: $1,924.37 Date: 1/31/2011 Perf: $1,860.55 Date: 12/31/2010 Perf: $1,817.48 Date: 11/30/2010 Perf: $1,703.67 Date: 10/31/2010 Perf: $1,703.50 Date: 9/30/2010 Perf: $1,640.98 Date: 8/31/2010 Perf: $1,506.59 Date: 7/31/2010 Perf: $1,577.75 Date: 6/30/2010 Perf: $1,474.40 Date: 5/31/2010 Perf: $1,555.76 Date: 4/30/2010 Perf: $1,690.86 Date: 3/31/2010 Perf: $1,664.56 Date: 2/28/2010 Perf: $1,569.90 Date: 1/31/2010 Perf: $1,522.69 Date: 12/31/2009 Perf: $1,579.56 Date: 11/30/2009 Perf: $1,549.65 Date: 10/31/2009 Perf: $1,461.93 Date: 9/30/2009 Perf: $1,489.64 Date: 8/31/2009 Perf: $1,436.07 Date: 7/31/2009 Perf: $1,386.04 Date: 6/30/2009 Perf: $1,288.62 Date: 5/31/2009 Perf: $1,286.05 Date: 4/30/2009 Perf: $1,217.96 Date: 3/31/2009 Perf: $1,111.58 Date: 2/28/2009 Perf: $1,022.05 Date: 1/31/2009 Perf: $1,143.88 Date: 12/31/2008 Perf: $1,249.18 Date: 11/30/2008 Perf: $1,236.08 Date: 10/31/2008 Perf: $1,331.69 Date: 9/30/2008 Perf: $1,600.40 Date: 8/31/2008 Perf: $1,756.95 Date: 7/31/2008 Perf: $1,731.83 Date: 6/30/2008 Perf: $1,746.50 Date: 5/31/2008 Perf: $1,907.29 Date: 4/30/2008 Perf: $1,882.81 Date: 3/31/2008 Perf: $1,795.38 Date: 2/29/2008 Perf: $1,803.13 Date: 1/31/2008 Perf: $1,863.70 Date: 12/31/2007 Perf: $1,982.66 Date: 11/30/2007 Perf: $1,996.44 Date: 10/31/2007 Perf: $2,083.53 Date: 9/30/2007 Perf: $2,050.92 Date: 8/31/2007 Perf: $1,976.98 Date: 7/31/2007 Perf: $1,947.76 Date: 6/30/2007 Perf: $2,010.08 Date: 5/31/2007 Perf: $2,044.01 Date: 4/30/2007 Perf: $1,975.08 Date: 3/31/2007 Perf: $1,891.29 Date: 2/28/2007 Perf: $1,870.34 Date: 1/31/2007 Perf: $1,907.73 Date: 12/31/2006 Perf: $1,879.36 Date: 11/30/2006 Perf: $1,853.41 Date: 10/31/2006 Perf: $1,818.85 Date: 9/30/2006 Perf: $1,761.43 Date: 8/31/2006 Perf: $1,717.13 Date: 7/31/2006 Perf: $1,677.21 Date: 6/30/2006 Perf: $1,666.87 Date: 5/31/2006 Perf: $1,664.54 Date: 4/30/2006 Perf: $1,713.90 Date: 3/31/2006 Perf: $1,691.24 Date: 2/28/2006 Perf: $1,670.53 Date: 1/31/2006 Perf: $1,666.03 Date: 12/31/2005 Perf: $1,623.02 Date: 11/30/2005 Perf: $1,622.53 Date: 10/31/2005 Perf: $1,563.43 Date: 9/30/2005 Perf: $1,589.99 Date: 8/31/2005 Perf: $1,577.21 Date: 7/31/2005 Perf: $1,591.70 Date: 6/30/2005 Perf: $1,534.61 Date: 5/31/2005 Perf: $1,532.46 Date: 4/30/2005 Perf: $1,485.23 Date: 3/31/2005 Perf: $1,514.00 Date: 2/28/2005 Perf: $1,541.28 Date: 1/31/2005 Perf: $1,509.58 Date: 12/31/2004 Perf: $1,547.33 Date: 11/30/2004 Perf: $1,496.45 Date: 10/31/2004 Perf: $1,438.21 Date: 9/30/2004 Perf: $1,416.53 Date: 8/31/2004 Perf: $1,401.40 Date: 7/31/2004 Perf: $1,395.82 Date: 6/30/2004 Perf: $1,443.60 Date: 5/31/2004 Perf: $1,416.13 Date: 4/30/2004 Perf: $1,396.99 Date: 3/31/2004 Perf: $1,419.27 Date: 2/29/2004 Perf: $1,441.03 Date: 1/31/2004 Perf: $1,421.27 Date: 12/31/2003 Perf: $1,395.59 Date: 11/30/2003 Perf: $1,326.11 Date: 10/31/2003 Perf: $1,314.54 Date: 9/30/2003 Perf: $1,244.12 Date: 8/31/2003 Perf: $1,257.45 Date: 7/31/2003 Perf: $1,233.40 Date: 6/30/2003 Perf: $1,212.07 Date: 5/31/2003 Perf: $1,196.75 Date: 4/30/2003 Perf: $1,136.84 Date: 3/31/2003 Perf: $1,050.29 Date: 2/28/2003 Perf: $1,040.20 Date: 1/31/2003 Perf: $1,056.04 Date: 12/31/2002 Perf: $1,084.46 Date: 11/30/2002 Perf: $1,152.08 Date: 10/31/2002 Perf: $1,088.00 Date: 9/30/2002 Perf: $1,000.00 Date: 2/28/2023 Perf: $3,109.63 Date: 1/31/2023 Perf: $2,955.36 Date: 12/31/2022 Perf: $3,057.79 Date: 11/30/2022 Perf: $3,024.82 Date: 10/31/2022 Perf: $3,235.10 Date: 9/30/2022 Perf: $3,194.22 Date: 8/31/2022 Perf: $3,156.65 Date: 7/31/2022 Perf: $3,156.65 Date: 6/30/2022 Perf: $3,324.19 Date: 5/31/2022 Perf: $4,007.95 Date: 4/30/2022 Perf: $3,942.89 Date: 3/31/2022 Perf: $4,120.48 Date: 2/28/2022 Perf: $4,274.80 Date: 1/31/2022 Perf: $4,430.77 Date: 12/31/2021 Perf: $4,790.54 Date: 11/30/2021 Perf: $4,760.55 Date: 10/31/2021 Perf: $4,824.22 Date: 9/30/2021 Perf: $4,570.56 Date: 8/31/2021 Perf: $4,995.69 Date: 7/31/2021 Perf: $5,035.47 Date: 6/30/2021 Perf: $4,939.64 Date: 5/31/2021 Perf: $4,957.99 Date: 4/30/2021 Perf: $4,867.45 Date: 3/31/2021 Perf: $4,784.68 Date: 2/28/2021 Perf: $4,684.89 Date: 1/31/2021 Perf: $4,802.55 Date: 12/31/2020 Perf: $4,879.65 Date: 11/30/2020 Perf: $4,785.85 Date: 10/31/2020 Perf: $4,709.09 Date: 9/30/2020 Perf: $4,797.36 Date: 8/31/2020 Perf: $4,773.02 Date: 7/31/2020 Perf: $4,839.81 Date: 6/30/2020 Perf: $4,803.78 Date: 5/31/2020 Perf: $4,762.35 Date: 4/30/2020 Perf: $4,781.47 Date: 3/31/2020 Perf: $4,746.35 Date: 2/29/2020 Perf: $4,959.61 Date: 1/31/2020 Perf: $5,063.41 Date: 12/31/2019 Perf: $4,916.89 Date: 11/30/2019 Perf: $4,957.04 Date: 10/31/2019 Perf: $4,900.20 Date: 9/30/2019 Perf: $5,019.67 Date: 8/31/2019 Perf: $5,071.40 Date: 7/31/2019 Perf: $4,965.63 Date: 6/30/2019 Perf: $4,852.09 Date: 5/31/2019 Perf: $4,693.45 Date: 4/30/2019 Perf: $4,729.40 Date: 3/31/2019 Perf: $4,667.32 Date: 2/28/2019 Perf: $4,457.38 Date: 1/31/2019 Perf: $4,389.34 Date: 12/31/2018 Perf: $4,281.03 Date: 11/30/2018 Perf: $4,333.47 Date: 10/31/2018 Perf: $4,383.44 Date: 9/30/2018 Perf: $4,541.95 Date: 8/31/2018 Perf: $4,549.23 Date: 7/31/2018 Perf: $4,554.70 Date: 6/30/2018 Perf: $4,518.10 Date: 5/31/2018 Perf: $4,467.17 Date: 4/30/2018 Perf: $4,447.61 Date: 3/31/2018 Perf: $4,421.52 Date: 2/28/2018 Perf: $4,392.09 Date: 1/31/2018 Perf: $4,516.29 Date: 12/31/2017 Perf: $4,528.52 Date: 11/30/2017 Perf: $4,481.90 Date: 10/31/2017 Perf: $4,495.39 Date: 9/30/2017 Perf: $4,363.61 Date: 8/31/2017 Perf: $4,495.32 Date: 7/31/2017 Perf: $4,375.86 Date: 6/30/2017 Perf: $4,318.85 Date: 5/31/2017 Perf: $4,480.14 Date: 4/30/2017 Perf: $4,440.62 Date: 3/31/2017 Perf: $4,393.60 Date: 2/28/2017 Perf: $4,411.25 Date: 1/31/2017 Perf: $4,225.33 Date: 12/31/2016 Perf: $4,250.41 Date: 11/30/2016 Perf: $4,204.58 Date: 10/31/2016 Perf: $4,323.03 Date: 9/30/2016 Perf: $4,475.65 Date: 8/31/2016 Perf: $4,422.58 Date: 7/31/2016 Perf: $4,461.40 Date: 6/30/2016 Perf: $4,410.67 Date: 5/31/2016 Perf: $4,201.84 Date: 4/30/2016 Perf: $4,146.69 Date: 3/31/2016 Perf: $4,254.33 Date: 2/29/2016 Perf: $4,403.61 Date: 1/31/2016 Perf: $4,243.21 Date: 12/31/2015 Perf: $4,218.33 Date: 11/30/2015 Perf: $4,368.15 Date: 10/31/2015 Perf: $4,339.94 Date: 9/30/2015 Perf: $4,291.45 Date: 8/31/2015 Perf: $4,143.13 Date: 7/31/2015 Perf: $4,335.18 Date: 6/30/2015 Perf: $4,277.43 Date: 5/31/2015 Perf: $4,380.82 Date: 4/30/2015 Perf: $4,324.60 Date: 3/31/2015 Perf: $4,411.95 Date: 2/28/2015 Perf: $4,381.28 Date: 1/31/2015 Perf: $4,388.31 Date: 12/31/2014 Perf: $4,275.43 Date: 11/30/2014 Perf: $4,285.72 Date: 10/31/2014 Perf: $4,177.52 Date: 9/30/2014 Perf: $4,082.40 Date: 8/31/2014 Perf: $4,150.89 Date: 7/31/2014 Perf: $4,022.57 Date: 6/30/2014 Perf: $4,037.92 Date: 5/31/2014 Perf: $4,014.23 Date: 4/30/2014 Perf: $3,895.42 Date: 3/31/2014 Perf: $3,865.27 Date: 2/28/2014 Perf: $3,873.80 Date: 1/31/2014 Perf: $3,812.42 Date: 12/31/2013 Perf: $3,805.19 Date: 11/30/2013 Perf: $3,898.36 Date: 10/31/2013 Perf: $3,850.23 Date: 9/30/2013 Perf: $3,730.84 Date: 8/31/2013 Perf: $3,576.69 Date: 7/31/2013 Perf: $3,663.89 Date: 6/30/2013 Perf: $3,576.97 Date: 5/31/2013 Perf: $3,791.97 Date: 4/30/2013 Perf: $3,916.11 Date: 3/31/2013 Perf: $3,819.85 Date: 2/28/2013 Perf: $3,730.69 Date: 1/31/2013 Perf: $3,735.92 Date: 12/31/2012 Perf: $3,744.53 Date: 11/30/2012 Perf: $3,708.19 Date: 10/31/2012 Perf: $3,659.88 Date: 9/30/2012 Perf: $3,756.81 Date: 8/31/2012 Perf: $3,762.07 Date: 7/31/2012 Perf: $3,839.24 Date: 6/30/2012 Perf: $3,639.09 Date: 5/31/2012 Perf: $3,711.84 Date: 4/30/2012 Perf: $3,749.72 Date: 3/31/2012 Perf: $3,695.39 Date: 2/29/2012 Perf: $3,731.97 Date: 1/31/2012 Perf: $3,739.07 Date: 12/31/2011 Perf: $3,641.48 Date: 11/30/2011 Perf: $3,478.35 Date: 10/31/2011 Perf: $3,363.32 Date: 9/30/2011 Perf: $3,376.49 Date: 8/31/2011 Perf: $3,406.81 Date: 7/31/2011 Perf: $3,247.67 Date: 6/30/2011 Perf: $2,986.91 Date: 5/31/2011 Perf: $2,989.90 Date: 4/30/2011 Perf: $2,960.89 Date: 3/31/2011 Perf: $2,774.97 Date: 2/28/2011 Perf: $2,812.08 Date: 1/31/2011 Perf: $2,718.57 Date: 12/31/2010 Perf: $2,829.48 Date: 11/30/2010 Perf: $2,794.55 Date: 10/31/2010 Perf: $2,893.51 Date: 9/30/2010 Perf: $2,914.49 Date: 8/31/2010 Perf: $2,936.22 Date: 7/31/2010 Perf: $2,720.74 Date: 6/30/2010 Perf: $2,658.53 Date: 5/31/2010 Perf: $2,562.19 Date: 4/30/2010 Perf: $2,517.38 Date: 3/31/2010 Perf: $2,442.87 Date: 2/28/2010 Perf: $2,371.03 Date: 1/31/2010 Perf: $2,244.44 Date: 12/31/2009 Perf: $2,213.02 Date: 11/30/2009 Perf: $2,330.72 Date: 10/31/2009 Perf: $2,187.65 Date: 9/30/2009 Perf: $2,195.77 Date: 8/31/2009 Perf: $2,105.65 Date: 7/31/2009 Perf: $2,047.30 Date: 6/30/2009 Perf: $2,017.44 Date: 5/31/2009 Perf: $2,034.33 Date: 4/30/2009 Perf: $2,038.00 Date: 3/31/2009 Perf: $2,090.90 Date: 2/28/2009 Perf: $2,026.85 Date: 1/31/2009 Perf: $2,002.62 Date: 12/31/2008 Perf: $2,053.55 Date: 11/30/2008 Perf: $1,949.08 Date: 10/31/2008 Perf: $1,817.83 Date: 9/30/2008 Perf: $1,970.76 Date: 8/31/2008 Perf: $1,939.34 Date: 7/31/2008 Perf: $2,052.86 Date: 6/30/2008 Perf: $2,080.11 Date: 5/31/2008 Perf: $2,039.93 Date: 4/30/2008 Perf: $2,079.01 Date: 3/31/2008 Perf: $2,201.18 Date: 2/29/2008 Perf: $2,186.31 Date: 1/31/2008 Perf: $2,050.18 Date: 12/31/2007 Perf: $2,027.27 Date: 11/30/2007 Perf: $2,014.18 Date: 10/31/2007 Perf: $2,082.92 Date: 9/30/2007 Perf: $1,978.83 Date: 8/31/2007 Perf: $1,918.03 Date: 7/31/2007 Perf: $2,037.64 Date: 6/30/2007 Perf: $2,130.75 Date: 5/31/2007 Perf: $2,133.74 Date: 4/30/2007 Perf: $2,094.78 Date: 3/31/2007 Perf: $2,017.31 Date: 2/28/2007 Perf: $1,988.87 Date: 1/31/2007 Perf: $1,988.67 Date: 12/31/2006 Perf: $1,952.17 Date: 11/30/2006 Perf: $1,933.03 Date: 10/31/2006 Perf: $1,875.82 Date: 9/30/2006 Perf: $1,853.57 Date: 8/31/2006 Perf: $1,843.98 Date: 7/31/2006 Perf: $1,762.39 Date: 6/30/2006 Perf: $1,750.83 Date: 5/31/2006 Perf: $1,733.84 Date: 4/30/2006 Perf: $1,796.91 Date: 3/31/2006 Perf: $1,785.84 Date: 2/28/2006 Perf: $1,784.05 Date: 1/31/2006 Perf: $1,791.04 Date: 12/31/2005 Perf: $1,757.13 Date: 11/30/2005 Perf: $1,743.35 Date: 10/31/2005 Perf: $1,673.08 Date: 9/30/2005 Perf: $1,731.08 Date: 8/31/2005 Perf: $1,711.06 Date: 7/31/2005 Perf: $1,727.82 Date: 6/30/2005 Perf: $1,722.82 Date: 5/31/2005 Perf: $1,703.57 Date: 4/30/2005 Perf: $1,673.78 Date: 3/31/2005 Perf: $1,648.72 Date: 2/28/2005 Perf: $1,651.36 Date: 1/31/2005 Perf: $1,658.66 Date: 12/31/2004 Perf: $1,638.18 Date: 11/30/2004 Perf: $1,614.76 Date: 10/31/2004 Perf: $1,565.91 Date: 9/30/2004 Perf: $1,497.33 Date: 8/31/2004 Perf: $1,457.68 Date: 7/31/2004 Perf: $1,409.89 Date: 6/30/2004 Perf: $1,373.22 Date: 5/31/2004 Perf: $1,377.35 Date: 4/30/2004 Perf: $1,402.17 Date: 3/31/2004 Perf: $1,535.79 Date: 2/29/2004 Perf: $1,490.33 Date: 1/31/2004 Perf: $1,391.14 Date: 12/31/2003 Perf: $1,382.98 Date: 11/30/2003 Perf: $1,265.54 Date: 10/31/2003 Perf: $1,233.95 Date: 9/30/2003 Perf: $1,299.17 Date: 8/31/2003 Perf: $1,240.02 Date: 7/31/2003 Perf: $1,251.91 Date: 6/30/2003 Perf: $1,288.37 Date: 5/31/2003 Perf: $1,279.93 Date: 4/30/2003 Perf: $1,221.42 Date: 3/31/2003 Perf: $1,221.05 Date: 2/28/2003 Perf: $1,204.79 Date: 1/31/2003 Perf: $1,188.74 Date: 12/31/2002 Perf: $1,108.80 Date: 11/30/2002 Perf: $978.21 Date: 10/31/2002 Perf: $1,029.80 Date: 9/30/2002 Perf: $1,000.00

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Monthly Returns

Date Range: 09/02 - 01/23
Date: 2/28/2023 Return: 5.22 % Date: 1/31/2023 Return: -3.35 % Date: 12/31/2022 Return: 1.09 % Date: 11/30/2022 Return: -6.50 % Date: 10/31/2022 Return: 1.28 % Date: 9/30/2022 Return: 1.19 % Date: 8/31/2022 Return: 0.00 % Date: 7/31/2022 Return: -5.04 % Date: 6/30/2022 Return: -17.06 % Date: 5/31/2022 Return: 1.65 % Date: 4/30/2022 Return: -4.31 % Date: 3/31/2022 Return: -3.61 % Date: 2/28/2022 Return: -3.52 % Date: 1/31/2022 Return: -7.51 % Date: 12/31/2021 Return: 0.63 % Date: 11/30/2021 Return: -1.32 % Date: 10/31/2021 Return: 5.55 % Date: 9/30/2021 Return: -8.51 % Date: 8/31/2021 Return: -0.79 % Date: 7/31/2021 Return: 1.94 % Date: 6/30/2021 Return: -0.37 % Date: 5/31/2021 Return: 1.86 % Date: 4/30/2021 Return: 1.73 % Date: 3/31/2021 Return: 2.13 % Date: 2/28/2021 Return: -2.45 % Date: 1/31/2021 Return: -1.58 % Date: 12/31/2020 Return: 1.96 % Date: 11/30/2020 Return: 1.63 % Date: 10/31/2020 Return: -1.84 % Date: 9/30/2020 Return: 0.51 % Date: 8/31/2020 Return: -1.38 % Date: 7/31/2020 Return: 0.75 % Date: 6/30/2020 Return: 0.87 % Date: 5/31/2020 Return: -0.40 % Date: 4/30/2020 Return: 0.74 % Date: 3/31/2020 Return: -4.30 % Date: 2/29/2020 Return: -2.05 % Date: 1/31/2020 Return: 2.98 % Date: 12/31/2019 Return: -0.81 % Date: 11/30/2019 Return: 1.16 % Date: 10/31/2019 Return: -2.38 % Date: 9/30/2019 Return: -1.02 % Date: 8/31/2019 Return: 2.13 % Date: 7/31/2019 Return: 2.34 % Date: 6/30/2019 Return: 3.38 % Date: 5/31/2019 Return: -0.76 % Date: 4/30/2019 Return: 1.33 % Date: 3/31/2019 Return: 4.71 % Date: 2/28/2019 Return: 1.55 % Date: 1/31/2019 Return: 2.53 % Date: 12/31/2018 Return: -1.21 % Date: 11/30/2018 Return: -1.14 % Date: 10/31/2018 Return: -3.49 % Date: 9/30/2018 Return: -0.16 % Date: 8/31/2018 Return: -0.12 % Date: 7/31/2018 Return: 0.81 % Date: 6/30/2018 Return: 1.14 % Date: 5/31/2018 Return: 0.44 % Date: 4/30/2018 Return: 0.59 % Date: 3/31/2018 Return: 0.67 % Date: 2/28/2018 Return: -2.75 % Date: 1/31/2018 Return: -0.27 % Date: 12/31/2017 Return: 1.04 % Date: 11/30/2017 Return: -0.30 % Date: 10/31/2017 Return: 3.02 % Date: 9/30/2017 Return: -2.93 % Date: 8/31/2017 Return: 2.73 % Date: 7/31/2017 Return: 1.32 % Date: 6/30/2017 Return: -3.60 % Date: 5/31/2017 Return: 0.89 % Date: 4/30/2017 Return: 1.07 % Date: 3/31/2017 Return: -0.40 % Date: 2/28/2017 Return: 4.40 % Date: 1/31/2017 Return: -0.59 % Date: 12/31/2016 Return: 1.09 % Date: 11/30/2016 Return: -2.74 % Date: 10/31/2016 Return: -3.41 % Date: 9/30/2016 Return: 1.20 % Date: 8/31/2016 Return: -0.87 % Date: 7/31/2016 Return: 1.15 % Date: 6/30/2016 Return: 4.97 % Date: 5/31/2016 Return: 1.33 % Date: 4/30/2016 Return: -2.53 % Date: 3/31/2016 Return: -3.39 % Date: 2/29/2016 Return: 3.78 % Date: 1/31/2016 Return: 0.59 % Date: 12/31/2015 Return: -3.43 % Date: 11/30/2015 Return: 0.65 % Date: 10/31/2015 Return: 1.13 % Date: 9/30/2015 Return: 3.58 % Date: 8/31/2015 Return: -4.43 % Date: 7/31/2015 Return: 1.35 % Date: 6/30/2015 Return: -2.36 % Date: 5/31/2015 Return: 1.30 % Date: 4/30/2015 Return: -1.98 % Date: 3/31/2015 Return: 0.70 % Date: 2/28/2015 Return: -0.16 % Date: 1/31/2015 Return: 2.64 % Date: 12/31/2014 Return: -0.24 % Date: 11/30/2014 Return: 2.59 % Date: 10/31/2014 Return: 2.33 % Date: 9/30/2014 Return: -1.65 % Date: 8/31/2014 Return: 3.19 % Date: 7/31/2014 Return: -0.38 % Date: 6/30/2014 Return: 0.59 % Date: 5/31/2014 Return: 3.05 % Date: 4/30/2014 Return: 0.78 % Date: 3/31/2014 Return: -0.22 % Date: 2/28/2014 Return: 1.61 % Date: 1/31/2014 Return: 0.19 % Date: 12/31/2013 Return: -2.39 % Date: 11/30/2013 Return: 1.25 % Date: 10/31/2013 Return: 3.20 % Date: 9/30/2013 Return: 4.31 % Date: 8/31/2013 Return: -2.38 % Date: 7/31/2013 Return: 2.43 % Date: 6/30/2013 Return: -5.67 % Date: 5/31/2013 Return: -3.17 % Date: 4/30/2013 Return: 2.52 % Date: 3/31/2013 Return: 2.39 % Date: 2/28/2013 Return: -0.14 % Date: 1/31/2013 Return: -0.23 % Date: 12/31/2012 Return: 0.98 % Date: 11/30/2012 Return: 1.32 % Date: 10/31/2012 Return: -2.58 % Date: 9/30/2012 Return: -0.14 % Date: 8/31/2012 Return: -2.01 % Date: 7/31/2012 Return: 5.50 % Date: 6/30/2012 Return: -1.96 % Date: 5/31/2012 Return: -1.01 % Date: 4/30/2012 Return: 1.47 % Date: 3/31/2012 Return: -0.98 % Date: 2/29/2012 Return: -0.19 % Date: 1/31/2012 Return: 2.68 % Date: 12/31/2011 Return: 4.69 % Date: 11/30/2011 Return: 3.42 % Date: 10/31/2011 Return: -0.39 % Date: 9/30/2011 Return: -0.89 % Date: 8/31/2011 Return: 4.90 % Date: 7/31/2011 Return: 8.73 % Date: 6/30/2011 Return: -0.10 % Date: 5/31/2011 Return: 0.98 % Date: 4/30/2011 Return: 6.70 % Date: 3/31/2011 Return: -1.32 % Date: 2/28/2011 Return: 3.44 % Date: 1/31/2011 Return: -3.92 % Date: 12/31/2010 Return: 1.25 % Date: 11/30/2010 Return: -3.42 % Date: 10/31/2010 Return: -0.72 % Date: 9/30/2010 Return: -0.74 % Date: 8/31/2010 Return: 7.92 % Date: 7/31/2010 Return: 2.34 % Date: 6/30/2010 Return: 3.76 % Date: 5/31/2010 Return: 1.78 % Date: 4/30/2010 Return: 3.05 % Date: 3/31/2010 Return: 3.03 % Date: 2/28/2010 Return: 5.64 % Date: 1/31/2010 Return: 1.42 % Date: 12/31/2009 Return: -5.05 % Date: 11/30/2009 Return: 6.54 % Date: 10/31/2009 Return: -0.37 % Date: 9/30/2009 Return: 4.28 % Date: 8/31/2009 Return: 2.85 % Date: 7/31/2009 Return: 1.48 % Date: 6/30/2009 Return: -0.83 % Date: 5/31/2009 Return: -0.18 % Date: 4/30/2009 Return: -2.53 % Date: 3/31/2009 Return: 3.16 % Date: 2/28/2009 Return: 1.21 % Date: 1/31/2009 Return: -2.48 % Date: 12/31/2008 Return: 5.36 % Date: 11/30/2008 Return: 7.22 % Date: 10/31/2008 Return: -7.76 % Date: 9/30/2008 Return: 1.62 % Date: 8/31/2008 Return: -5.53 % Date: 7/31/2008 Return: -1.31 % Date: 6/30/2008 Return: 1.97 % Date: 5/31/2008 Return: -1.88 % Date: 4/30/2008 Return: -5.55 % Date: 3/31/2008 Return: 0.68 % Date: 2/29/2008 Return: 6.64 % Date: 1/31/2008 Return: 1.13 % Date: 12/31/2007 Return: 0.65 % Date: 11/30/2007 Return: -3.30 % Date: 10/31/2007 Return: 5.26 % Date: 9/30/2007 Return: 3.17 % Date: 8/31/2007 Return: -5.87 % Date: 7/31/2007 Return: -4.37 % Date: 6/30/2007 Return: -0.14 % Date: 5/31/2007 Return: 1.86 % Date: 4/30/2007 Return: 3.84 % Date: 3/31/2007 Return: 1.43 % Date: 2/28/2007 Return: 0.01 % Date: 1/31/2007 Return: 1.87 % Date: 12/31/2006 Return: 0.99 % Date: 11/30/2006 Return: 3.05 % Date: 10/31/2006 Return: 1.20 % Date: 9/30/2006 Return: 0.52 % Date: 8/31/2006 Return: 4.63 % Date: 7/31/2006 Return: 0.66 % Date: 6/30/2006 Return: 0.98 % Date: 5/31/2006 Return: -3.51 % Date: 4/30/2006 Return: 0.62 % Date: 3/31/2006 Return: 0.10 % Date: 2/28/2006 Return: -0.39 % Date: 1/31/2006 Return: 1.93 % Date: 12/31/2005 Return: 0.79 % Date: 11/30/2005 Return: 4.20 % Date: 10/31/2005 Return: -3.35 % Date: 9/30/2005 Return: 1.17 % Date: 8/31/2005 Return: -0.97 % Date: 7/31/2005 Return: 0.29 % Date: 6/30/2005 Return: 1.13 % Date: 5/31/2005 Return: 1.78 % Date: 4/30/2005 Return: 1.52 % Date: 3/31/2005 Return: -0.16 % Date: 2/28/2005 Return: -0.44 % Date: 1/31/2005 Return: 1.25 % Date: 12/31/2004 Return: 1.45 % Date: 11/30/2004 Return: 3.12 % Date: 10/31/2004 Return: 4.58 % Date: 9/30/2004 Return: 2.72 % Date: 8/31/2004 Return: 3.39 % Date: 7/31/2004 Return: 2.67 % Date: 6/30/2004 Return: -0.30 % Date: 5/31/2004 Return: -1.77 % Date: 4/30/2004 Return: -8.70 % Date: 3/31/2004 Return: 3.05 % Date: 2/29/2004 Return: 7.13 % Date: 1/31/2004 Return: 0.59 % Date: 12/31/2003 Return: 9.28 % Date: 11/30/2003 Return: 2.56 % Date: 10/31/2003 Return: -5.02 % Date: 9/30/2003 Return: 4.77 % Date: 8/31/2003 Return: -0.95 % Date: 7/31/2003 Return: -2.83 % Date: 6/30/2003 Return: 0.66 % Date: 5/31/2003 Return: 4.79 % Date: 4/30/2003 Return: 0.03 % Date: 3/31/2003 Return: 1.35 % Date: 2/28/2003 Return: 1.35 % Date: 1/31/2003 Return: 7.21 % Date: 12/31/2002 Return: 13.35 % Date: 11/30/2002 Return: -5.01 % Date: 10/31/2002 Return: 2.98 % Date: 9/30/2002 Return: 0.00 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 09/02 - 01/23
Return: -17.00 % Count: 1 Return: 8.00 % Count: 1 Return: 6.00 % Count: 3 Return: -8.00 % Count: 2 Return: -6.00 % Count: 5 Return: -4.00 % Count: 9 Return: 4.00 % Count: 8 Return: 2.00 % Count: 23 Return: -2.00 % Count: 15 Return: -9.00 % Count: 2 Return: 9.00 % Count: 2 Return: -1.00 % Count: 20 Return: -3.00 % Count: 16 Return: 5.00 % Count: 11 Return: 1.00 % Count: 58 Return: 7.00 % Count: 6 Return: 13.00 % Count: 1 Return: -5.00 % Count: 4 Return: 3.00 % Count: 27 Return: 0.00 % Count: 32

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Underwater Curve

Date Range: 09/02 - 01/23
Date: 2/28/2023 Drawdown: -38.68 % Date: 1/31/2023 Drawdown: -41.73 % Date: 12/31/2022 Drawdown: -39.71 % Date: 11/30/2022 Drawdown: -40.36 % Date: 10/31/2022 Drawdown: -36.21 % Date: 9/30/2022 Drawdown: -37.02 % Date: 8/31/2022 Drawdown: -37.76 % Date: 7/31/2022 Drawdown: -37.76 % Date: 6/30/2022 Drawdown: -34.45 % Date: 5/31/2022 Drawdown: -20.97 % Date: 4/30/2022 Drawdown: -22.25 % Date: 3/31/2022 Drawdown: -18.75 % Date: 2/28/2022 Drawdown: -15.71 % Date: 1/31/2022 Drawdown: -12.63 % Date: 12/31/2021 Drawdown: -5.54 % Date: 11/30/2021 Drawdown: -6.13 % Date: 10/31/2021 Drawdown: -4.87 % Date: 9/30/2021 Drawdown: -9.88 % Date: 8/31/2021 Drawdown: -1.49 % Date: 7/31/2021 Drawdown: -0.71 % Date: 6/30/2021 Drawdown: -2.60 % Date: 5/31/2021 Drawdown: -2.24 % Date: 4/30/2021 Drawdown: -4.02 % Date: 3/31/2021 Drawdown: -5.65 % Date: 2/28/2021 Drawdown: -7.62 % Date: 1/31/2021 Drawdown: -5.30 % Date: 12/31/2020 Drawdown: -3.78 % Date: 11/30/2020 Drawdown: -5.63 % Date: 10/31/2020 Drawdown: -7.14 % Date: 9/30/2020 Drawdown: -5.40 % Date: 8/31/2020 Drawdown: -5.88 % Date: 7/31/2020 Drawdown: -4.57 % Date: 6/30/2020 Drawdown: -5.28 % Date: 5/31/2020 Drawdown: -6.09 % Date: 4/30/2020 Drawdown: -5.72 % Date: 3/31/2020 Drawdown: -6.41 % Date: 2/29/2020 Drawdown: -2.20 % Date: 1/31/2020 Drawdown: -0.16 % Date: 12/31/2019 Drawdown: -3.05 % Date: 11/30/2019 Drawdown: -2.25 % Date: 10/31/2019 Drawdown: -3.38 % Date: 9/30/2019 Drawdown: -1.02 % Date: 8/31/2019 Drawdown: 0.00 % Date: 7/31/2019 Drawdown: 0.00 % Date: 6/30/2019 Drawdown: 0.00 % Date: 5/31/2019 Drawdown: -0.76 % Date: 4/30/2019 Drawdown: 0.00 % Date: 3/31/2019 Drawdown: 0.00 % Date: 2/28/2019 Drawdown: -2.14 % Date: 1/31/2019 Drawdown: -3.63 % Date: 12/31/2018 Drawdown: -6.01 % Date: 11/30/2018 Drawdown: -4.86 % Date: 10/31/2018 Drawdown: -3.76 % Date: 9/30/2018 Drawdown: -0.28 % Date: 8/31/2018 Drawdown: -0.12 % Date: 7/31/2018 Drawdown: 0.00 % Date: 6/30/2018 Drawdown: -0.23 % Date: 5/31/2018 Drawdown: -1.35 % Date: 4/30/2018 Drawdown: -1.79 % Date: 3/31/2018 Drawdown: -2.36 % Date: 2/28/2018 Drawdown: -3.01 % Date: 1/31/2018 Drawdown: -0.27 % Date: 12/31/2017 Drawdown: 0.00 % Date: 11/30/2017 Drawdown: -0.30 % Date: 10/31/2017 Drawdown: 0.00 % Date: 9/30/2017 Drawdown: -2.93 % Date: 8/31/2017 Drawdown: 0.00 % Date: 7/31/2017 Drawdown: -2.33 % Date: 6/30/2017 Drawdown: -3.60 % Date: 5/31/2017 Drawdown: 0.00 % Date: 4/30/2017 Drawdown: -0.78 % Date: 3/31/2017 Drawdown: -1.83 % Date: 2/28/2017 Drawdown: -1.44 % Date: 1/31/2017 Drawdown: -5.59 % Date: 12/31/2016 Drawdown: -5.03 % Date: 11/30/2016 Drawdown: -6.06 % Date: 10/31/2016 Drawdown: -3.41 % Date: 9/30/2016 Drawdown: 0.00 % Date: 8/31/2016 Drawdown: -0.87 % Date: 7/31/2016 Drawdown: 0.00 % Date: 6/30/2016 Drawdown: -0.03 % Date: 5/31/2016 Drawdown: -4.76 % Date: 4/30/2016 Drawdown: -6.01 % Date: 3/31/2016 Drawdown: -3.57 % Date: 2/29/2016 Drawdown: -0.19 % Date: 1/31/2016 Drawdown: -3.82 % Date: 12/31/2015 Drawdown: -4.39 % Date: 11/30/2015 Drawdown: -0.99 % Date: 10/31/2015 Drawdown: -1.63 % Date: 9/30/2015 Drawdown: -2.73 % Date: 8/31/2015 Drawdown: -6.09 % Date: 7/31/2015 Drawdown: -1.74 % Date: 6/30/2015 Drawdown: -3.05 % Date: 5/31/2015 Drawdown: -0.71 % Date: 4/30/2015 Drawdown: -1.98 % Date: 3/31/2015 Drawdown: 0.00 % Date: 2/28/2015 Drawdown: -0.16 % Date: 1/31/2015 Drawdown: 0.00 % Date: 12/31/2014 Drawdown: -0.24 % Date: 11/30/2014 Drawdown: 0.00 % Date: 10/31/2014 Drawdown: 0.00 % Date: 9/30/2014 Drawdown: -1.65 % Date: 8/31/2014 Drawdown: 0.00 % Date: 7/31/2014 Drawdown: -0.38 % Date: 6/30/2014 Drawdown: 0.00 % Date: 5/31/2014 Drawdown: 0.00 % Date: 4/30/2014 Drawdown: -0.53 % Date: 3/31/2014 Drawdown: -1.30 % Date: 2/28/2014 Drawdown: -1.08 % Date: 1/31/2014 Drawdown: -2.65 % Date: 12/31/2013 Drawdown: -2.83 % Date: 11/30/2013 Drawdown: -0.45 % Date: 10/31/2013 Drawdown: -1.68 % Date: 9/30/2013 Drawdown: -4.73 % Date: 8/31/2013 Drawdown: -8.67 % Date: 7/31/2013 Drawdown: -6.44 % Date: 6/30/2013 Drawdown: -8.66 % Date: 5/31/2013 Drawdown: -3.17 % Date: 4/30/2013 Drawdown: 0.00 % Date: 3/31/2013 Drawdown: -0.51 % Date: 2/28/2013 Drawdown: -2.83 % Date: 1/31/2013 Drawdown: -2.69 % Date: 12/31/2012 Drawdown: -2.47 % Date: 11/30/2012 Drawdown: -3.41 % Date: 10/31/2012 Drawdown: -4.67 % Date: 9/30/2012 Drawdown: -2.15 % Date: 8/31/2012 Drawdown: -2.01 % Date: 7/31/2012 Drawdown: 0.00 % Date: 6/30/2012 Drawdown: -2.95 % Date: 5/31/2012 Drawdown: -1.01 % Date: 4/30/2012 Drawdown: 0.00 % Date: 3/31/2012 Drawdown: -1.17 % Date: 2/29/2012 Drawdown: -0.19 % Date: 1/31/2012 Drawdown: 0.00 % Date: 12/31/2011 Drawdown: 0.00 % Date: 11/30/2011 Drawdown: 0.00 % Date: 10/31/2011 Drawdown: -1.28 % Date: 9/30/2011 Drawdown: -0.89 % Date: 8/31/2011 Drawdown: 0.00 % Date: 7/31/2011 Drawdown: 0.00 % Date: 6/30/2011 Drawdown: -0.10 % Date: 5/31/2011 Drawdown: 0.00 % Date: 4/30/2011 Drawdown: 0.00 % Date: 3/31/2011 Drawdown: -5.49 % Date: 2/28/2011 Drawdown: -4.23 % Date: 1/31/2011 Drawdown: -7.41 % Date: 12/31/2010 Drawdown: -3.64 % Date: 11/30/2010 Drawdown: -4.82 % Date: 10/31/2010 Drawdown: -1.45 % Date: 9/30/2010 Drawdown: -0.74 % Date: 8/31/2010 Drawdown: 0.00 % Date: 7/31/2010 Drawdown: 0.00 % Date: 6/30/2010 Drawdown: 0.00 % Date: 5/31/2010 Drawdown: 0.00 % Date: 4/30/2010 Drawdown: 0.00 % Date: 3/31/2010 Drawdown: 0.00 % Date: 2/28/2010 Drawdown: 0.00 % Date: 1/31/2010 Drawdown: -3.70 % Date: 12/31/2009 Drawdown: -5.05 % Date: 11/30/2009 Drawdown: 0.00 % Date: 10/31/2009 Drawdown: -0.61 % Date: 9/30/2009 Drawdown: -0.25 % Date: 8/31/2009 Drawdown: -4.34 % Date: 7/31/2009 Drawdown: -6.99 % Date: 6/30/2009 Drawdown: -8.35 % Date: 5/31/2009 Drawdown: -7.58 % Date: 4/30/2009 Drawdown: -7.41 % Date: 3/31/2009 Drawdown: -5.01 % Date: 2/28/2009 Drawdown: -7.92 % Date: 1/31/2009 Drawdown: -9.02 % Date: 12/31/2008 Drawdown: -6.71 % Date: 11/30/2008 Drawdown: -11.45 % Date: 10/31/2008 Drawdown: -17.42 % Date: 9/30/2008 Drawdown: -10.47 % Date: 8/31/2008 Drawdown: -11.90 % Date: 7/31/2008 Drawdown: -6.74 % Date: 6/30/2008 Drawdown: -5.50 % Date: 5/31/2008 Drawdown: -7.33 % Date: 4/30/2008 Drawdown: -5.55 % Date: 3/31/2008 Drawdown: 0.00 % Date: 2/29/2008 Drawdown: 0.00 % Date: 1/31/2008 Drawdown: -3.92 % Date: 12/31/2007 Drawdown: -4.99 % Date: 11/30/2007 Drawdown: -5.60 % Date: 10/31/2007 Drawdown: -2.38 % Date: 9/30/2007 Drawdown: -7.26 % Date: 8/31/2007 Drawdown: -10.11 % Date: 7/31/2007 Drawdown: -4.50 % Date: 6/30/2007 Drawdown: -0.14 % Date: 5/31/2007 Drawdown: 0.00 % Date: 4/30/2007 Drawdown: 0.00 % Date: 3/31/2007 Drawdown: 0.00 % Date: 2/28/2007 Drawdown: 0.00 % Date: 1/31/2007 Drawdown: 0.00 % Date: 12/31/2006 Drawdown: 0.00 % Date: 11/30/2006 Drawdown: 0.00 % Date: 10/31/2006 Drawdown: 0.00 % Date: 9/30/2006 Drawdown: 0.00 % Date: 8/31/2006 Drawdown: 0.00 % Date: 7/31/2006 Drawdown: -1.92 % Date: 6/30/2006 Drawdown: -2.56 % Date: 5/31/2006 Drawdown: -3.51 % Date: 4/30/2006 Drawdown: 0.00 % Date: 3/31/2006 Drawdown: -0.29 % Date: 2/28/2006 Drawdown: -0.39 % Date: 1/31/2006 Drawdown: 0.00 % Date: 12/31/2005 Drawdown: 0.00 % Date: 11/30/2005 Drawdown: 0.00 % Date: 10/31/2005 Drawdown: -3.35 % Date: 9/30/2005 Drawdown: 0.00 % Date: 8/31/2005 Drawdown: -0.97 % Date: 7/31/2005 Drawdown: 0.00 % Date: 6/30/2005 Drawdown: 0.00 % Date: 5/31/2005 Drawdown: 0.00 % Date: 4/30/2005 Drawdown: 0.00 % Date: 3/31/2005 Drawdown: -0.60 % Date: 2/28/2005 Drawdown: -0.44 % Date: 1/31/2005 Drawdown: 0.00 % Date: 12/31/2004 Drawdown: 0.00 % Date: 11/30/2004 Drawdown: 0.00 % Date: 10/31/2004 Drawdown: 0.00 % Date: 9/30/2004 Drawdown: -2.50 % Date: 8/31/2004 Drawdown: -5.09 % Date: 7/31/2004 Drawdown: -8.20 % Date: 6/30/2004 Drawdown: -10.59 % Date: 5/31/2004 Drawdown: -10.32 % Date: 4/30/2004 Drawdown: -8.70 % Date: 3/31/2004 Drawdown: 0.00 % Date: 2/29/2004 Drawdown: 0.00 % Date: 1/31/2004 Drawdown: 0.00 % Date: 12/31/2003 Drawdown: 0.00 % Date: 11/30/2003 Drawdown: -2.59 % Date: 10/31/2003 Drawdown: -5.02 % Date: 9/30/2003 Drawdown: 0.00 % Date: 8/31/2003 Drawdown: -3.75 % Date: 7/31/2003 Drawdown: -2.83 % Date: 6/30/2003 Drawdown: 0.00 % Date: 5/31/2003 Drawdown: 0.00 % Date: 4/30/2003 Drawdown: 0.00 % Date: 3/31/2003 Drawdown: 0.00 % Date: 2/28/2003 Drawdown: 0.00 % Date: 1/31/2003 Drawdown: 0.00 % Date: 12/31/2002 Drawdown: 0.00 % Date: 11/30/2002 Drawdown: -5.01 % Date: 10/31/2002 Drawdown: 0.00 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Manager Information

Manager Name:  FORT LP
Address: 2 Wisconsin Circle Suite 850
City: Chevy Chase
State: MD
Zip: 20815
Country: USA

Key People

Name:  Yves Balcer, Ph.D.
Position:  Principal
Biography: 

Yves Balcer has been a principal of FORT since its inception. Mr. Balcer was formerly a Senior Manager of Investment at The World Bank, where he worked from 1985 to 1987 and 1988 to 1992. During his last two years at The World Bank, he directed research for and implementation of systembased trading strategies in global bond markets. Prior to that, he served at various times as Senior Manager for the North American, European and Asian portfolios, where he managed professional traders overseeing $20 billion in fixed income assets. From 1977 to 1985, he was a professor of economics at the University of Wisconsin, Madison. Mr. Balcer has published more than twenty-five finance and economics articles in professional journals. He holds a Ph.D. in Economics and Finance from M.I.T., a Ph.D. in Operations Research and a M.S. in Statistics from Stanford University and a M.S. in Mathematics from Universite de Montreal, Canada.

Name:  Sanjiv Kumar, Ph.D.
Position:  Principal
Biography: 

Sanjiv Kumar has been a principal of FORT since its inception. Mr. Kumar was formerly a Senior Manager responsible for investing $10 billion in US and Canadian dollar securities at The World Bank. He joined The World Bank in 1987 and, during his tenure, he managed large fixed income portfolios in all the major currencies. From 1985 to 1986, he was Vice-President with Free Market, Inc., an economic and financial advisory firm for institutional money managers in Chicago. Mr. Kumar has a Ph.D. in Economics from the University of Chicago and a B.A. in Mathematics from the University of Delhi, India.

Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Interest Rates Yes 
 Currencies Yes 
 Metals Yes 
 Energies Yes 
 Other Futures Yes 
 Investment Methodology
 Technical Yes 
 Trend Following Yes 
 Systematic Yes 
 Diversified Yes 
 Quantitative Analysis Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 Global Yes 
 Holding Period
 Medium Term Yes 
 Short Term Yes 
 Investment Terms & Information
 Managed Account Minimum: $5,000,000 
 Margin / Equity Ratio: 10% 
 Managed Account Availability: Open 
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There are substantial risks and conflicts of interests associated with Managed Futures and commodities accounts, and you should only invest risk capital. The success of an investment is dependent upon the ability of a commodity trading advisor (CTA) to identify profitable investment opportunities and successfully trade. The identification of attractive trading opportunities is difficult, requires skill, and involves a significant degree of uncertainty. CTAs have total trading authority, and the use of a single CTA could mean a lack of diversification and higher risk. The high degree of leverage often obtainable in commodity trading can work against you as well as for you, and can lead to large losses as well as gains. Returns generated from a CTA’s trading, if any, may not adequately compensate you for the business and financial risks you assume. You can lose all or a substantial amount of your investment. If you use notional funding, you may lose more than your initial cash investment. Managed Futures and commodities accounts may be subject to substantial charges for management and advisory fees. It may be necessary for accounts that are subject to these charges to make substantial trading profits in order to avoid depletion or exhaustion of their assets. The disclosure document contains a complete description of each fee to be charged to your account by a CTA. CTAs may trade highly illiquid markets, or on foreign markets, and may not be able to close or offset positions immediately upon request. You may have market exposure even after the CTA has a request for closure or liquidation. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.




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