Welton Investment Partners LLC

Welton Trend *QEP*

Monthly Performance (%)

Date Range: 09/12 - 01/23
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2023 0.51 -2.42   -1.92 
2022 1.52 2.48 7.73 4.44 -0.72 2.64 -1.94 2.19 4.48 -0.73 -5.20 -2.07  15.09 
2021 -0.34 5.90 1.57 3.69 2.63 -0.94 0.72 -0.08 1.28 3.40 -2.62 0.16  16.16 
2020 2.23 0.21 3.72 -0.41 -1.09 -1.23 1.43 -0.27 -1.20 -0.85 5.77 3.98  12.66 
2019 -3.76 -0.44 4.00 2.03 -0.18 3.39 2.95 6.21 -3.53 -3.12 0.78 -2.01  5.89 
2018 2.53 -5.00 -0.81 -0.49 -0.32 1.46 0.27 2.33 0.04 -2.47 0.92 4.02  2.19 
2017 -1.64 1.33 -0.94 -0.40 -0.03 -2.57 0.45 1.69 -3.80 3.06 -0.09 1.07  -2.05 
2016 3.27 3.06 -3.76 -1.37 -0.94 5.20 0.71 -1.96 0.49 -3.65 0.31 1.64  2.61 
2015 6.60 -0.51 4.80 -4.47 -0.64 -2.79 4.08 -4.87 2.94 -2.46 2.27 -1.46  2.75 
2014 -4.24 4.26 0.49 3.92 0.85 1.84 -2.21 4.48 -0.01 0.91 6.90 2.87  21.40 
2013 0.41 -0.97 1.20 2.09 -1.73 -1.56 -0.65 -1.50 -0.61 3.31 3.22 -1.13  1.91 
2012 -3.39 -0.21 -0.59  -4.16 

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

Welton Trend seeks to deliver to its investors index-beating Managed Futures trend strategy exposure, with easily customized volatility targeting for managed account investors. Designed for investors seeking: reliable systematic trend style class exposure at low cost; diversification to broad equity and credit markets and many alternative investments; potential for positive returns during periods of economic contraction. Welton Investment Partners is an established alternative asset manager with offices in NY and CA. We seek to deliver absolute returns with a low correlation to the broader markets. We believe our investment edge derives from our proprietary investment strategies and sophisticated capital allocation process, applied across the major liquid markets spanning equities, fixed income, commodities and currencies. For more information, please visit www.welton.com.

Performance Statistics

Date Range: 09/12 - 01/23
  Program S&P 500 Coquest 40 
Total Return 100.59% 255.03% 36.02% 
Annualized Return 6.97% 12.93% 3.00% 
Annualized Std. Deviation 9.43% 14.54% 8.28% 
Correlation -0.02 0.87 
Sharpe Ratio (rf=2.5%) 0.47 0.72 0.06 
Worst Month -5.20% -12.35% -6.10% 
Date of Worst Month 11/2022 03/2020 02/2018 
Worst Drawdown -10.96% -23.86% -13.63% 
Date of Worst Drawdown 3/15 - 5/18 12/21 - 9/22 3/15 - 1/19 

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: 09/12 - 01/23
Year or YTD Program S&P 500 Coquest 40 
2023 -1.92 3.69 -1.11 
2022 15.09 -18.10 17.65 
2021 16.16 28.72 6.26 
2020 12.66 18.40 0.97 
2019 5.89 31.50 7.53 
2018 2.19 -4.38 -4.29 
2017 -2.05 21.84 1.24 
2016 2.61 11.98 -3.13 
2015 2.75 1.41 0.09 
2014 21.40 13.69 15.75 
2013 1.91 32.41 -2.45 
2012 -4.16 -0.38 -2.88 

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: 09/12 - 01/23
Date: 1/31/2023 Perf: $1,382.99 Date: 12/31/2022 Perf: $1,398.52 Date: 11/30/2022 Perf: $1,407.52 Date: 10/31/2022 Perf: $1,485.83 Date: 9/30/2022 Perf: $1,475.35 Date: 8/31/2022 Perf: $1,415.07 Date: 7/31/2022 Perf: $1,376.26 Date: 6/30/2022 Perf: $1,408.66 Date: 5/31/2022 Perf: $1,391.13 Date: 4/30/2022 Perf: $1,397.70 Date: 3/31/2022 Perf: $1,325.46 Date: 2/28/2022 Perf: $1,237.71 Date: 1/31/2022 Perf: $1,210.95 Date: 12/31/2021 Perf: $1,188.72 Date: 11/30/2021 Perf: $1,187.53 Date: 10/31/2021 Perf: $1,217.73 Date: 9/30/2021 Perf: $1,193.97 Date: 8/31/2021 Perf: $1,188.03 Date: 7/31/2021 Perf: $1,187.79 Date: 6/30/2021 Perf: $1,182.59 Date: 5/31/2021 Perf: $1,187.10 Date: 4/30/2021 Perf: $1,170.02 Date: 3/31/2021 Perf: $1,149.78 Date: 2/28/2021 Perf: $1,134.58 Date: 1/31/2021 Perf: $1,108.53 Date: 12/31/2020 Perf: $1,118.71 Date: 11/30/2020 Perf: $1,078.06 Date: 10/31/2020 Perf: $1,068.66 Date: 9/30/2020 Perf: $1,072.09 Date: 8/31/2020 Perf: $1,087.98 Date: 7/31/2020 Perf: $1,100.41 Date: 6/30/2020 Perf: $1,079.79 Date: 5/31/2020 Perf: $1,093.79 Date: 4/30/2020 Perf: $1,106.74 Date: 3/31/2020 Perf: $1,103.10 Date: 2/29/2020 Perf: $1,102.43 Date: 1/31/2020 Perf: $1,119.11 Date: 12/31/2019 Perf: $1,107.92 Date: 11/30/2019 Perf: $1,114.83 Date: 10/31/2019 Perf: $1,104.01 Date: 9/30/2019 Perf: $1,128.96 Date: 8/31/2019 Perf: $1,161.12 Date: 7/31/2019 Perf: $1,120.56 Date: 6/30/2019 Perf: $1,083.61 Date: 5/31/2019 Perf: $1,062.36 Date: 4/30/2019 Perf: $1,083.60 Date: 3/31/2019 Perf: $1,054.60 Date: 2/28/2019 Perf: $1,018.05 Date: 1/31/2019 Perf: $1,011.58 Date: 12/31/2018 Perf: $1,030.33 Date: 11/30/2018 Perf: $1,026.02 Date: 10/31/2018 Perf: $1,038.48 Date: 9/30/2018 Perf: $1,064.78 Date: 8/31/2018 Perf: $1,069.59 Date: 7/31/2018 Perf: $1,043.00 Date: 6/30/2018 Perf: $1,050.88 Date: 5/31/2018 Perf: $1,042.13 Date: 4/30/2018 Perf: $1,055.74 Date: 3/31/2018 Perf: $1,044.46 Date: 2/28/2018 Perf: $1,045.41 Date: 1/31/2018 Perf: $1,113.32 Date: 12/31/2017 Perf: $1,076.50 Date: 11/30/2017 Perf: $1,064.89 Date: 10/31/2017 Perf: $1,063.51 Date: 9/30/2017 Perf: $1,020.74 Date: 8/31/2017 Perf: $1,042.74 Date: 7/31/2017 Perf: $1,025.72 Date: 6/30/2017 Perf: $1,021.73 Date: 5/31/2017 Perf: $1,052.46 Date: 4/30/2017 Perf: $1,050.47 Date: 3/31/2017 Perf: $1,056.81 Date: 2/28/2017 Perf: $1,072.47 Date: 1/31/2017 Perf: $1,049.59 Date: 12/31/2016 Perf: $1,063.30 Date: 11/30/2016 Perf: $1,055.28 Date: 10/31/2016 Perf: $1,067.02 Date: 9/30/2016 Perf: $1,095.28 Date: 8/31/2016 Perf: $1,109.59 Date: 7/31/2016 Perf: $1,140.27 Date: 6/30/2016 Perf: $1,128.75 Date: 5/31/2016 Perf: $1,082.74 Date: 4/30/2016 Perf: $1,102.02 Date: 3/31/2016 Perf: $1,130.39 Date: 2/29/2016 Perf: $1,163.79 Date: 1/31/2016 Perf: $1,135.85 Date: 12/31/2015 Perf: $1,097.65 Date: 11/30/2015 Perf: $1,123.49 Date: 10/31/2015 Perf: $1,086.45 Date: 9/30/2015 Perf: $1,105.69 Date: 8/31/2015 Perf: $1,082.20 Date: 7/31/2015 Perf: $1,101.25 Date: 6/30/2015 Perf: $1,059.82 Date: 5/31/2015 Perf: $1,117.95 Date: 4/30/2015 Perf: $1,126.06 Date: 3/31/2015 Perf: $1,171.27 Date: 2/28/2015 Perf: $1,145.94 Date: 1/31/2015 Perf: $1,147.78 Date: 12/31/2014 Perf: $1,096.67 Date: 11/30/2014 Perf: $1,077.71 Date: 10/31/2014 Perf: $1,017.18 Date: 9/30/2014 Perf: $1,002.45 Date: 8/31/2014 Perf: $987.73 Date: 7/31/2014 Perf: $947.64 Date: 6/30/2014 Perf: $955.29 Date: 5/31/2014 Perf: $947.14 Date: 4/30/2014 Perf: $923.50 Date: 3/31/2014 Perf: $916.53 Date: 2/28/2014 Perf: $930.30 Date: 1/31/2014 Perf: $922.74 Date: 12/31/2013 Perf: $947.47 Date: 11/30/2013 Perf: $948.79 Date: 10/31/2013 Perf: $931.93 Date: 9/30/2013 Perf: $911.06 Date: 8/31/2013 Perf: $916.56 Date: 7/31/2013 Perf: $934.50 Date: 6/30/2013 Perf: $942.71 Date: 5/31/2013 Perf: $979.84 Date: 4/30/2013 Perf: $1,023.87 Date: 3/31/2013 Perf: $998.12 Date: 2/28/2013 Perf: $983.95 Date: 1/31/2013 Perf: $989.69 Date: 12/31/2012 Perf: $971.23 Date: 11/30/2012 Perf: $966.50 Date: 10/31/2012 Perf: $963.80 Date: 9/30/2012 Perf: $1,000.00 Date: 2/28/2023 Perf: $3,376.53 Date: 1/31/2023 Perf: $3,460.97 Date: 12/31/2022 Perf: $3,256.47 Date: 11/30/2022 Perf: $3,455.50 Date: 10/31/2022 Perf: $3,272.57 Date: 9/30/2022 Perf: $3,027.35 Date: 8/31/2022 Perf: $3,334.46 Date: 7/31/2022 Perf: $3,476.29 Date: 6/30/2022 Perf: $3,182.83 Date: 5/31/2022 Perf: $3,469.03 Date: 4/30/2022 Perf: $3,462.79 Date: 3/31/2022 Perf: $3,793.59 Date: 2/28/2022 Perf: $3,657.89 Date: 1/31/2022 Perf: $3,770.63 Date: 12/31/2021 Perf: $3,976.20 Date: 11/30/2021 Perf: $3,805.70 Date: 10/31/2021 Perf: $3,832.14 Date: 9/30/2021 Perf: $3,581.11 Date: 8/31/2021 Perf: $3,755.75 Date: 7/31/2021 Perf: $3,644.95 Date: 6/30/2021 Perf: $3,560.21 Date: 5/31/2021 Perf: $3,479.15 Date: 4/30/2021 Perf: $3,454.96 Date: 3/31/2021 Perf: $3,279.82 Date: 2/28/2021 Perf: $3,142.19 Date: 1/31/2021 Perf: $3,057.80 Date: 12/31/2020 Perf: $3,089.00 Date: 11/30/2020 Perf: $2,974.77 Date: 10/31/2020 Perf: $2,681.18 Date: 9/30/2020 Perf: $2,754.44 Date: 8/31/2020 Perf: $2,863.25 Date: 7/31/2020 Perf: $2,671.19 Date: 6/30/2020 Perf: $2,528.58 Date: 5/31/2020 Perf: $2,479.24 Date: 4/30/2020 Perf: $2,366.59 Date: 3/31/2020 Perf: $2,097.67 Date: 2/29/2020 Perf: $2,393.23 Date: 1/31/2020 Perf: $2,607.86 Date: 12/31/2019 Perf: $2,608.91 Date: 11/30/2019 Perf: $2,532.43 Date: 10/31/2019 Perf: $2,443.72 Date: 9/30/2019 Perf: $2,391.82 Date: 8/31/2019 Perf: $2,347.91 Date: 7/31/2019 Perf: $2,385.60 Date: 6/30/2019 Perf: $2,351.74 Date: 5/31/2019 Perf: $2,196.86 Date: 4/30/2019 Perf: $2,345.82 Date: 3/31/2019 Perf: $2,254.51 Date: 2/28/2019 Perf: $2,211.61 Date: 1/31/2019 Perf: $2,142.82 Date: 12/31/2018 Perf: $1,983.91 Date: 11/30/2018 Perf: $2,180.84 Date: 10/31/2018 Perf: $2,137.24 Date: 9/30/2018 Perf: $2,294.16 Date: 8/31/2018 Perf: $2,281.16 Date: 7/31/2018 Perf: $2,209.14 Date: 6/30/2018 Perf: $2,129.91 Date: 5/31/2018 Perf: $2,116.78 Date: 4/30/2018 Perf: $2,066.97 Date: 3/31/2018 Perf: $2,059.15 Date: 2/28/2018 Perf: $2,112.81 Date: 1/31/2018 Perf: $2,193.76 Date: 12/31/2017 Perf: $2,074.87 Date: 11/30/2017 Perf: $2,052.09 Date: 10/31/2017 Perf: $1,990.97 Date: 9/30/2017 Perf: $1,945.64 Date: 8/31/2017 Perf: $1,906.36 Date: 7/31/2017 Perf: $1,900.47 Date: 6/30/2017 Perf: $1,862.11 Date: 5/31/2017 Perf: $1,850.64 Date: 4/30/2017 Perf: $1,824.91 Date: 3/31/2017 Perf: $1,806.30 Date: 2/28/2017 Perf: $1,804.14 Date: 1/31/2017 Perf: $1,735.25 Date: 12/31/2016 Perf: $1,702.89 Date: 11/30/2016 Perf: $1,669.83 Date: 10/31/2016 Perf: $1,610.25 Date: 9/30/2016 Perf: $1,640.10 Date: 8/31/2016 Perf: $1,639.77 Date: 7/31/2016 Perf: $1,637.48 Date: 6/30/2016 Perf: $1,579.21 Date: 5/31/2016 Perf: $1,575.11 Date: 4/30/2016 Perf: $1,547.26 Date: 3/31/2016 Perf: $1,541.25 Date: 2/29/2016 Perf: $1,443.39 Date: 1/31/2016 Perf: $1,445.27 Date: 12/31/2015 Perf: $1,520.70 Date: 11/30/2015 Perf: $1,545.11 Date: 10/31/2015 Perf: $1,540.49 Date: 9/30/2015 Perf: $1,420.59 Date: 8/31/2015 Perf: $1,456.57 Date: 7/31/2015 Perf: $1,550.03 Date: 6/30/2015 Perf: $1,518.15 Date: 5/31/2015 Perf: $1,548.19 Date: 4/30/2015 Perf: $1,528.47 Date: 3/31/2015 Perf: $1,513.94 Date: 2/28/2015 Perf: $1,538.24 Date: 1/31/2015 Perf: $1,454.60 Date: 12/31/2014 Perf: $1,499.59 Date: 11/30/2014 Perf: $1,503.35 Date: 10/31/2014 Perf: $1,463.97 Date: 9/30/2014 Perf: $1,429.10 Date: 8/31/2014 Perf: $1,449.39 Date: 7/31/2014 Perf: $1,393.64 Date: 6/30/2014 Perf: $1,413.14 Date: 5/31/2014 Perf: $1,384.48 Date: 4/30/2014 Perf: $1,352.70 Date: 3/31/2014 Perf: $1,342.76 Date: 2/28/2014 Perf: $1,331.57 Date: 1/31/2014 Perf: $1,273.38 Date: 12/31/2013 Perf: $1,319.02 Date: 11/30/2013 Perf: $1,286.47 Date: 10/31/2013 Perf: $1,248.39 Date: 9/30/2013 Perf: $1,193.49 Date: 8/31/2013 Perf: $1,157.16 Date: 7/31/2013 Perf: $1,191.72 Date: 6/30/2013 Perf: $1,134.00 Date: 5/31/2013 Perf: $1,149.40 Date: 4/30/2013 Perf: $1,123.12 Date: 3/31/2013 Perf: $1,101.85 Date: 2/28/2013 Perf: $1,062.03 Date: 1/31/2013 Perf: $1,047.78 Date: 12/31/2012 Perf: $996.18 Date: 11/30/2012 Perf: $987.19 Date: 10/31/2012 Perf: $981.50 Date: 9/30/2012 Perf: $1,000.00 Date: 2/28/2023 Perf: $1,957.37 Date: 1/31/2023 Perf: $2,005.92 Date: 12/31/2022 Perf: $1,995.74 Date: 11/30/2022 Perf: $2,037.92 Date: 10/31/2022 Perf: $2,149.71 Date: 9/30/2022 Perf: $2,165.52 Date: 8/31/2022 Perf: $2,072.66 Date: 7/31/2022 Perf: $2,028.24 Date: 6/30/2022 Perf: $2,068.37 Date: 5/31/2022 Perf: $2,015.17 Date: 4/30/2022 Perf: $2,029.78 Date: 3/31/2022 Perf: $1,943.49 Date: 2/28/2022 Perf: $1,804.04 Date: 1/31/2022 Perf: $1,760.38 Date: 12/31/2021 Perf: $1,734.03 Date: 11/30/2021 Perf: $1,731.26 Date: 10/31/2021 Perf: $1,777.84 Date: 9/30/2021 Perf: $1,719.38 Date: 8/31/2021 Perf: $1,697.65 Date: 7/31/2021 Perf: $1,699.01 Date: 6/30/2021 Perf: $1,686.86 Date: 5/31/2021 Perf: $1,702.87 Date: 4/30/2021 Perf: $1,659.23 Date: 3/31/2021 Perf: $1,600.18 Date: 2/28/2021 Perf: $1,575.45 Date: 1/31/2021 Perf: $1,487.68 Date: 12/31/2020 Perf: $1,492.75 Date: 11/30/2020 Perf: $1,435.61 Date: 10/31/2020 Perf: $1,357.30 Date: 9/30/2020 Perf: $1,368.93 Date: 8/31/2020 Perf: $1,385.56 Date: 7/31/2020 Perf: $1,389.31 Date: 6/30/2020 Perf: $1,369.72 Date: 5/31/2020 Perf: $1,386.78 Date: 4/30/2020 Perf: $1,402.06 Date: 3/31/2020 Perf: $1,407.84 Date: 2/29/2020 Perf: $1,357.34 Date: 1/31/2020 Perf: $1,354.50 Date: 12/31/2019 Perf: $1,324.95 Date: 11/30/2019 Perf: $1,352.13 Date: 10/31/2019 Perf: $1,341.67 Date: 9/30/2019 Perf: $1,384.87 Date: 8/31/2019 Perf: $1,435.55 Date: 7/31/2019 Perf: $1,351.61 Date: 6/30/2019 Perf: $1,312.88 Date: 5/31/2019 Perf: $1,269.84 Date: 4/30/2019 Perf: $1,272.13 Date: 3/31/2019 Perf: $1,246.81 Date: 2/28/2019 Perf: $1,198.86 Date: 1/31/2019 Perf: $1,204.16 Date: 12/31/2018 Perf: $1,251.20 Date: 11/30/2018 Perf: $1,202.85 Date: 10/31/2018 Perf: $1,191.88 Date: 9/30/2018 Perf: $1,222.07 Date: 8/31/2018 Perf: $1,221.58 Date: 7/31/2018 Perf: $1,193.77 Date: 6/30/2018 Perf: $1,190.55 Date: 5/31/2018 Perf: $1,173.42 Date: 4/30/2018 Perf: $1,177.19 Date: 3/31/2018 Perf: $1,182.98 Date: 2/28/2018 Perf: $1,192.64 Date: 1/31/2018 Perf: $1,255.41 Date: 12/31/2017 Perf: $1,224.44 Date: 11/30/2017 Perf: $1,211.47 Date: 10/31/2017 Perf: $1,212.56 Date: 9/30/2017 Perf: $1,176.56 Date: 8/31/2017 Perf: $1,223.04 Date: 7/31/2017 Perf: $1,202.71 Date: 6/30/2017 Perf: $1,197.32 Date: 5/31/2017 Perf: $1,228.91 Date: 4/30/2017 Perf: $1,229.28 Date: 3/31/2017 Perf: $1,234.21 Date: 2/28/2017 Perf: $1,245.92 Date: 1/31/2017 Perf: $1,229.57 Date: 12/31/2016 Perf: $1,250.07 Date: 11/30/2016 Perf: $1,229.90 Date: 10/31/2016 Perf: $1,226.10 Date: 9/30/2016 Perf: $1,272.55 Date: 8/31/2016 Perf: $1,266.34 Date: 7/31/2016 Perf: $1,291.66 Date: 6/30/2016 Perf: $1,282.55 Date: 5/31/2016 Perf: $1,219.16 Date: 4/30/2016 Perf: $1,230.73 Date: 3/31/2016 Perf: $1,247.82 Date: 2/29/2016 Perf: $1,296.57 Date: 1/31/2016 Perf: $1,258.08 Date: 12/31/2015 Perf: $1,218.24 Date: 11/30/2015 Perf: $1,236.29 Date: 10/31/2015 Perf: $1,208.85 Date: 9/30/2015 Perf: $1,239.34 Date: 8/31/2015 Perf: $1,203.94 Date: 7/31/2015 Perf: $1,265.57 Date: 6/30/2015 Perf: $1,215.96 Date: 5/31/2015 Perf: $1,250.86 Date: 4/30/2015 Perf: $1,258.92 Date: 3/31/2015 Perf: $1,317.82 Date: 2/28/2015 Perf: $1,257.47 Date: 1/31/2015 Perf: $1,263.91 Date: 12/31/2014 Perf: $1,185.66 Date: 11/30/2014 Perf: $1,152.58 Date: 10/31/2014 Perf: $1,078.18 Date: 9/30/2014 Perf: $1,068.46 Date: 8/31/2014 Perf: $1,068.57 Date: 7/31/2014 Perf: $1,022.75 Date: 6/30/2014 Perf: $1,045.86 Date: 5/31/2014 Perf: $1,026.97 Date: 4/30/2014 Perf: $1,018.31 Date: 3/31/2014 Perf: $979.90 Date: 2/28/2014 Perf: $975.12 Date: 1/31/2014 Perf: $935.28 Date: 12/31/2013 Perf: $976.69 Date: 11/30/2013 Perf: $987.85 Date: 10/31/2013 Perf: $957.04 Date: 9/30/2013 Perf: $926.37 Date: 8/31/2013 Perf: $932.06 Date: 7/31/2013 Perf: $946.25 Date: 6/30/2013 Perf: $952.44 Date: 5/31/2013 Perf: $967.54 Date: 4/30/2013 Perf: $984.57 Date: 3/31/2013 Perf: $964.41 Date: 2/28/2013 Perf: $952.98 Date: 1/31/2013 Perf: $962.31 Date: 12/31/2012 Perf: $958.38 Date: 11/30/2012 Perf: $964.07 Date: 10/31/2012 Perf: $966.10 Date: 9/30/2012 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: 09/12 - 01/23
Date: 2/28/2023 Return: -2.42 % Date: 1/31/2023 Return: 0.51 % Date: 12/31/2022 Return: -2.07 % Date: 11/30/2022 Return: -5.20 % Date: 10/31/2022 Return: -0.73 % Date: 9/30/2022 Return: 4.48 % Date: 8/31/2022 Return: 2.19 % Date: 7/31/2022 Return: -1.94 % Date: 6/30/2022 Return: 2.64 % Date: 5/31/2022 Return: -0.72 % Date: 4/30/2022 Return: 4.44 % Date: 3/31/2022 Return: 7.73 % Date: 2/28/2022 Return: 2.48 % Date: 1/31/2022 Return: 1.52 % Date: 12/31/2021 Return: 0.16 % Date: 11/30/2021 Return: -2.62 % Date: 10/31/2021 Return: 3.40 % Date: 9/30/2021 Return: 1.28 % Date: 8/31/2021 Return: -0.08 % Date: 7/31/2021 Return: 0.72 % Date: 6/30/2021 Return: -0.94 % Date: 5/31/2021 Return: 2.63 % Date: 4/30/2021 Return: 3.69 % Date: 3/31/2021 Return: 1.57 % Date: 2/28/2021 Return: 5.90 % Date: 1/31/2021 Return: -0.34 % Date: 12/31/2020 Return: 3.98 % Date: 11/30/2020 Return: 5.77 % Date: 10/31/2020 Return: -0.85 % Date: 9/30/2020 Return: -1.20 % Date: 8/31/2020 Return: -0.27 % Date: 7/31/2020 Return: 1.43 % Date: 6/30/2020 Return: -1.23 % Date: 5/31/2020 Return: -1.09 % Date: 4/30/2020 Return: -0.41 % Date: 3/31/2020 Return: 3.72 % Date: 2/29/2020 Return: 0.21 % Date: 1/31/2020 Return: 2.23 % Date: 12/31/2019 Return: -2.01 % Date: 11/30/2019 Return: 0.78 % Date: 10/31/2019 Return: -3.12 % Date: 9/30/2019 Return: -3.53 % Date: 8/31/2019 Return: 6.21 % Date: 7/31/2019 Return: 2.95 % Date: 6/30/2019 Return: 3.39 % Date: 5/31/2019 Return: -0.18 % Date: 4/30/2019 Return: 2.03 % Date: 3/31/2019 Return: 4.00 % Date: 2/28/2019 Return: -0.44 % Date: 1/31/2019 Return: -3.76 % Date: 12/31/2018 Return: 4.02 % Date: 11/30/2018 Return: 0.92 % Date: 10/31/2018 Return: -2.47 % Date: 9/30/2018 Return: 0.04 % Date: 8/31/2018 Return: 2.33 % Date: 7/31/2018 Return: 0.27 % Date: 6/30/2018 Return: 1.46 % Date: 5/31/2018 Return: -0.32 % Date: 4/30/2018 Return: -0.49 % Date: 3/31/2018 Return: -0.81 % Date: 2/28/2018 Return: -5.00 % Date: 1/31/2018 Return: 2.53 % Date: 12/31/2017 Return: 1.07 % Date: 11/30/2017 Return: -0.09 % Date: 10/31/2017 Return: 3.06 % Date: 9/30/2017 Return: -3.80 % Date: 8/31/2017 Return: 1.69 % Date: 7/31/2017 Return: 0.45 % Date: 6/30/2017 Return: -2.57 % Date: 5/31/2017 Return: -0.03 % Date: 4/30/2017 Return: -0.40 % Date: 3/31/2017 Return: -0.94 % Date: 2/28/2017 Return: 1.33 % Date: 1/31/2017 Return: -1.64 % Date: 12/31/2016 Return: 1.64 % Date: 11/30/2016 Return: 0.31 % Date: 10/31/2016 Return: -3.65 % Date: 9/30/2016 Return: 0.49 % Date: 8/31/2016 Return: -1.96 % Date: 7/31/2016 Return: 0.71 % Date: 6/30/2016 Return: 5.20 % Date: 5/31/2016 Return: -0.94 % Date: 4/30/2016 Return: -1.37 % Date: 3/31/2016 Return: -3.76 % Date: 2/29/2016 Return: 3.06 % Date: 1/31/2016 Return: 3.27 % Date: 12/31/2015 Return: -1.46 % Date: 11/30/2015 Return: 2.27 % Date: 10/31/2015 Return: -2.46 % Date: 9/30/2015 Return: 2.94 % Date: 8/31/2015 Return: -4.87 % Date: 7/31/2015 Return: 4.08 % Date: 6/30/2015 Return: -2.79 % Date: 5/31/2015 Return: -0.64 % Date: 4/30/2015 Return: -4.47 % Date: 3/31/2015 Return: 4.80 % Date: 2/28/2015 Return: -0.51 % Date: 1/31/2015 Return: 6.60 % Date: 12/31/2014 Return: 2.87 % Date: 11/30/2014 Return: 6.90 % Date: 10/31/2014 Return: 0.91 % Date: 9/30/2014 Return: -0.01 % Date: 8/31/2014 Return: 4.48 % Date: 7/31/2014 Return: -2.21 % Date: 6/30/2014 Return: 1.84 % Date: 5/31/2014 Return: 0.85 % Date: 4/30/2014 Return: 3.92 % Date: 3/31/2014 Return: 0.49 % Date: 2/28/2014 Return: 4.26 % Date: 1/31/2014 Return: -4.24 % Date: 12/31/2013 Return: -1.13 % Date: 11/30/2013 Return: 3.22 % Date: 10/31/2013 Return: 3.31 % Date: 9/30/2013 Return: -0.61 % Date: 8/31/2013 Return: -1.50 % Date: 7/31/2013 Return: -0.65 % Date: 6/30/2013 Return: -1.56 % Date: 5/31/2013 Return: -1.73 % Date: 4/30/2013 Return: 2.09 % Date: 3/31/2013 Return: 1.20 % Date: 2/28/2013 Return: -0.97 % Date: 1/31/2013 Return: 0.41 % Date: 12/31/2012 Return: -0.59 % Date: 11/30/2012 Return: -0.21 % Date: 10/31/2012 Return: -3.39 % Date: 9/30/2012 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: 09/12 - 01/23
Return: 8.00 % Count: 1 Return: 6.00 % Count: 3 Return: -5.00 % Count: 3 Return: 5.00 % Count: 2 Return: 7.00 % Count: 2 Return: 4.00 % Count: 11 Return: -4.00 % Count: 7 Return: 3.00 % Count: 13 Return: -2.00 % Count: 12 Return: 2.00 % Count: 12 Return: 1.00 % Count: 13 Return: -1.00 % Count: 19 Return: -3.00 % Count: 5 Return: 0.00 % Count: 23

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: 09/12 - 01/23
Date: 2/28/2023 Drawdown: -9.61 % Date: 1/31/2023 Drawdown: -7.37 % Date: 12/31/2022 Drawdown: -7.84 % Date: 11/30/2022 Drawdown: -5.89 % Date: 10/31/2022 Drawdown: -0.73 % Date: 9/30/2022 Drawdown: 0.00 % Date: 8/31/2022 Drawdown: 0.00 % Date: 7/31/2022 Drawdown: -1.94 % Date: 6/30/2022 Drawdown: 0.00 % Date: 5/31/2022 Drawdown: -0.72 % Date: 4/30/2022 Drawdown: 0.00 % Date: 3/31/2022 Drawdown: 0.00 % Date: 2/28/2022 Drawdown: 0.00 % Date: 1/31/2022 Drawdown: -0.98 % Date: 12/31/2021 Drawdown: -2.46 % Date: 11/30/2021 Drawdown: -2.62 % Date: 10/31/2021 Drawdown: 0.00 % Date: 9/30/2021 Drawdown: 0.00 % Date: 8/31/2021 Drawdown: -0.31 % Date: 7/31/2021 Drawdown: -0.23 % Date: 6/30/2021 Drawdown: -0.94 % Date: 5/31/2021 Drawdown: 0.00 % Date: 4/30/2021 Drawdown: 0.00 % Date: 3/31/2021 Drawdown: 0.00 % Date: 2/28/2021 Drawdown: 0.00 % Date: 1/31/2021 Drawdown: -0.34 % Date: 12/31/2020 Drawdown: 0.00 % Date: 11/30/2020 Drawdown: 0.00 % Date: 10/31/2020 Drawdown: -5.45 % Date: 9/30/2020 Drawdown: -4.64 % Date: 8/31/2020 Drawdown: -3.48 % Date: 7/31/2020 Drawdown: -3.22 % Date: 6/30/2020 Drawdown: -4.59 % Date: 5/31/2020 Drawdown: -3.40 % Date: 4/30/2020 Drawdown: -2.33 % Date: 3/31/2020 Drawdown: -1.93 % Date: 2/29/2020 Drawdown: -5.45 % Date: 1/31/2020 Drawdown: -5.65 % Date: 12/31/2019 Drawdown: -7.70 % Date: 11/30/2019 Drawdown: -5.81 % Date: 10/31/2019 Drawdown: -6.54 % Date: 9/30/2019 Drawdown: -3.53 % Date: 8/31/2019 Drawdown: 0.00 % Date: 7/31/2019 Drawdown: 0.00 % Date: 6/30/2019 Drawdown: -0.38 % Date: 5/31/2019 Drawdown: -3.64 % Date: 4/30/2019 Drawdown: -3.47 % Date: 3/31/2019 Drawdown: -5.39 % Date: 2/28/2019 Drawdown: -9.03 % Date: 1/31/2019 Drawdown: -8.63 % Date: 12/31/2018 Drawdown: -5.06 % Date: 11/30/2018 Drawdown: -8.72 % Date: 10/31/2018 Drawdown: -9.56 % Date: 9/30/2018 Drawdown: -7.27 % Date: 8/31/2018 Drawdown: -7.30 % Date: 7/31/2018 Drawdown: -9.41 % Date: 6/30/2018 Drawdown: -9.66 % Date: 5/31/2018 Drawdown: -10.96 % Date: 4/30/2018 Drawdown: -10.67 % Date: 3/31/2018 Drawdown: -10.23 % Date: 2/28/2018 Drawdown: -9.50 % Date: 1/31/2018 Drawdown: -4.74 % Date: 12/31/2017 Drawdown: -7.09 % Date: 11/30/2017 Drawdown: -8.07 % Date: 10/31/2017 Drawdown: -7.99 % Date: 9/30/2017 Drawdown: -10.72 % Date: 8/31/2017 Drawdown: -7.19 % Date: 7/31/2017 Drawdown: -8.74 % Date: 6/30/2017 Drawdown: -9.14 % Date: 5/31/2017 Drawdown: -6.75 % Date: 4/30/2017 Drawdown: -6.72 % Date: 3/31/2017 Drawdown: -6.34 % Date: 2/28/2017 Drawdown: -5.46 % Date: 1/31/2017 Drawdown: -6.70 % Date: 12/31/2016 Drawdown: -5.14 % Date: 11/30/2016 Drawdown: -6.67 % Date: 10/31/2016 Drawdown: -6.96 % Date: 9/30/2016 Drawdown: -3.44 % Date: 8/31/2016 Drawdown: -3.91 % Date: 7/31/2016 Drawdown: -1.99 % Date: 6/30/2016 Drawdown: -2.68 % Date: 5/31/2016 Drawdown: -7.49 % Date: 4/30/2016 Drawdown: -6.61 % Date: 3/31/2016 Drawdown: -5.31 % Date: 2/29/2016 Drawdown: -1.61 % Date: 1/31/2016 Drawdown: -4.53 % Date: 12/31/2015 Drawdown: -7.56 % Date: 11/30/2015 Drawdown: -6.19 % Date: 10/31/2015 Drawdown: -8.27 % Date: 9/30/2015 Drawdown: -5.96 % Date: 8/31/2015 Drawdown: -8.64 % Date: 7/31/2015 Drawdown: -3.96 % Date: 6/30/2015 Drawdown: -7.73 % Date: 5/31/2015 Drawdown: -5.08 % Date: 4/30/2015 Drawdown: -4.47 % Date: 3/31/2015 Drawdown: 0.00 % Date: 2/28/2015 Drawdown: -0.51 % Date: 1/31/2015 Drawdown: 0.00 % 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: -0.01 % Date: 8/31/2014 Drawdown: 0.00 % Date: 7/31/2014 Drawdown: -2.21 % Date: 6/30/2014 Drawdown: 0.00 % Date: 5/31/2014 Drawdown: 0.00 % Date: 4/30/2014 Drawdown: 0.00 % Date: 3/31/2014 Drawdown: -2.01 % Date: 2/28/2014 Drawdown: -2.49 % Date: 1/31/2014 Drawdown: -6.47 % Date: 12/31/2013 Drawdown: -2.33 % Date: 11/30/2013 Drawdown: -1.21 % Date: 10/31/2013 Drawdown: -4.30 % Date: 9/30/2013 Drawdown: -7.36 % Date: 8/31/2013 Drawdown: -6.79 % Date: 7/31/2013 Drawdown: -5.37 % Date: 6/30/2013 Drawdown: -4.76 % Date: 5/31/2013 Drawdown: -3.25 % Date: 4/30/2013 Drawdown: -1.54 % Date: 3/31/2013 Drawdown: -3.56 % Date: 2/28/2013 Drawdown: -4.70 % Date: 1/31/2013 Drawdown: -3.77 % Date: 12/31/2012 Drawdown: -4.16 % Date: 11/30/2012 Drawdown: -3.59 % Date: 10/31/2012 Drawdown: -3.39 %

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:  Welton Investment Partners LLC
Address: Eastwood Building San Carlos between 5th and 6th P.O. Box 6147
City: Carmel
State: CA
Zip: 93921-6147
Country: USA

Key People

Name:  Patrick Welton
Position:  Chief Executive Officer
Biography: 

Dr. Welton is Co-Founder of the firm and serves as the CIO. He has been an active investor for more than three decades, an investment manager since 1989, and actively contributes to the firm’s ongoing research. Dr. Welton has served on committees for the Managed Funds Association (MFA) and as a prior member of the Board of Directors of the National Futures Association (NFA). He speaks at numerous conferences globally every year, participates in panel presentations, and has authored numerous articles about alternative investments, macroeconomic impacts on markets, and investment theory. Dr. Welton serves as Chair of the Board of Montage Health and its subsidiaries and Chairs its pension and foundation investment committee. He serves as the Vice-Chair of the Panetta Institute of Public Policy where he also serves on its investment committee. In the late 1990’s, he Co-Founded Axios Data Analysis, one of the first large scale data analytics firms focused on healthcare data. His former research experience includes molecular biological work in gene sequencing, biophysics with a focus on positron emission neurofunctional brain imaging, and oncology through clinical cancer trials during a nearly 20-year period as Clinical Professor at Stanford University Hospital. He holds undergraduate, doctoral and postdoctoral degrees from the University of Wisconsin, University of California, Los Angeles (UCLA), and Stanford University respectively.

Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Interest Rates Yes 
 Currencies Yes 
 Metals Yes 
 Energies Yes 
 Investment Methodology
 Trend Following Yes 
 Systematic Yes 
 Diversified Yes 
 Quantitative Analysis Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 Global Yes 
 Holding Period
 Long Term Yes 
 Medium Term Yes 
 Investment Terms & Information
 Managed Account Minimum: $25,000,000 
 Margin / Equity Ratio:  
 Managed Account Availability: Open 
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