Welton Investment Partners LLC

Welton Global *QEP*

Monthly Performance (%)

Date Range: 05/04 - 01/23
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2023 0.92 -4.25   -3.37 
2022 2.18 2.45 10.28 7.68 -1.43 4.92 -2.97 1.59 8.65 -3.06 -8.47 -3.34  18.09 
2021 -0.53 6.40 3.63 2.03 3.87 -1.30 1.83 0.57 1.65 0.91 -1.79 -2.91  14.91 
2020 3.88 4.68 3.82 -0.79 -2.28 -1.76 1.94 -0.96 -0.86 -2.58 9.42 5.67  21.23 
2019 -4.24 -0.91 3.68 2.63 -0.27 5.13 3.13 6.77 -5.32 -5.44 1.44 -2.90  2.79 
2018 3.44 -9.95 -1.00 -2.95 0.88 1.37 -1.38 0.91 -0.39 -2.54 0.64 8.83  -3.16 
2017 -0.76 2.71 -1.43 1.03 0.09 -5.01 0.88 4.66 -6.15 5.73 0.54 1.56  3.24 
2016 4.36 7.83 -5.34 -0.44 -2.94 11.26 2.38 -3.95 1.10 -4.98 0.82 1.78  11.02 
2015 7.56 -0.59 3.68 -5.24 -0.79 -6.22 4.39 -7.19 3.18 -1.31 3.58 -1.79  -1.91 
2014 -2.01 5.68 -1.43 6.13 5.17 3.04 -3.59 5.31 -1.14 0.59 8.92 3.95  34.20 
2013 2.86 -1.32 1.03 1.56 -5.70 -2.73 -3.08 -1.10 -2.67 5.29 4.71 -4.06  -5.73 
2012 -1.15 1.31 -1.41 0.85 1.33 -4.71 5.27 -1.26 -2.86 -3.95 -0.85 -0.62  -8.12 
2011 1.55 3.25 -3.25 2.42 -8.86 -1.58 4.32 -3.51 -2.28 -5.49 -1.76 0.53  -14.44 
2010 -6.76 2.48 4.42 4.59 -4.06 1.32 1.07 2.46 3.86 4.58 -3.21 7.51  18.73 
2009 -2.30 -2.29 -0.87 -2.99 3.34 -0.89 -1.51 1.27 0.34 -1.82 5.06 -2.71  -5.57 
2008 3.46 6.20 0.82 0.69 4.02 2.57 -4.95 -3.72 1.05 4.27 6.27 2.76  25.31 
2007 2.87 -1.24 -7.24 6.62 3.53 5.21 -2.84 -9.15 9.28 7.23 -1.43 -0.52  11.00 
2006 4.02 -2.33 7.30 10.77 -0.83 -5.76 -4.64 4.90 0.11 -2.52 5.47 -0.85  15.21 
2005 -5.53 0.56 2.32 -3.38 4.33 1.02 3.64 1.83 5.48 -2.23 7.14 -0.69  14.63 
2004 -3.74 -3.10 4.01 2.18 2.65 6.22 2.08  10.34 

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 Global seeks to deliver to its investors returns that are uncorrelated to the major equity and credit market indices. It utilizes a broad set of proprietary models that trade both directional and spread exposures in the equity, interest rate, commodity and currency markets. Designed for investors seeking: annualized returns of LIBOR + 700 bps over a market cycle; diversifying return sources to long-biased equity and credit portfolios, as well as 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: 05/04 - 01/23
  Program S&P 500 Coquest 40 
Total Return 319.91% 435.34% 92.19% 
Annualized Return 7.99% 9.36% 3.55% 
Annualized Std. Deviation 14.06% 14.99% 8.69% 
Correlation 0.01 0.83 
Sharpe Ratio (rf=2.5%) 0.39 0.46 0.12 
Worst Month -9.95% -16.79% -6.10% 
Date of Worst Month 02/2018 10/2008 02/2018 
Worst Drawdown -33.18% -50.95% -15.74% 
Date of Worst Drawdown 2/11 - 9/13 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: 05/04 - 01/23
Year or YTD Program S&P 500 Coquest 40 
2023 -3.37 3.69 -1.11 
2022 18.09 -18.10 17.65 
2021 14.91 28.72 6.26 
2020 21.23 18.40 0.97 
2019 2.79 31.50 7.53 
2018 -3.16 -4.38 -4.29 
2017 3.24 21.84 1.24 
2016 11.02 11.98 -3.13 
2015 -1.91 1.41 0.09 
2014 34.20 13.69 15.75 
2013 -5.73 32.41 -2.45 
2012 -8.12 15.98 -4.75 
2011 -14.44 2.12 -3.23 
2010 18.73 15.06 11.33 
2009 -5.57 26.45 -7.98 
2008 25.31 -36.99 15.47 
2007 11.00 5.50 7.18 
2006 15.21 15.79 6.70 
2005 14.63 4.89 4.51 
2004 10.34 9.27 5.24 

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: 05/04 - 01/23
Date: 1/31/2023 Perf: $1,953.00 Date: 12/31/2022 Perf: $1,974.92 Date: 11/30/2022 Perf: $1,987.64 Date: 10/31/2022 Perf: $2,098.22 Date: 9/30/2022 Perf: $2,083.42 Date: 8/31/2022 Perf: $1,998.30 Date: 7/31/2022 Perf: $1,943.49 Date: 6/30/2022 Perf: $1,989.24 Date: 5/31/2022 Perf: $1,964.49 Date: 4/30/2022 Perf: $1,973.77 Date: 3/31/2022 Perf: $1,871.76 Date: 2/28/2022 Perf: $1,747.83 Date: 1/31/2022 Perf: $1,710.04 Date: 12/31/2021 Perf: $1,678.65 Date: 11/30/2021 Perf: $1,676.97 Date: 10/31/2021 Perf: $1,719.62 Date: 9/30/2021 Perf: $1,686.07 Date: 8/31/2021 Perf: $1,677.68 Date: 7/31/2021 Perf: $1,677.34 Date: 6/30/2021 Perf: $1,670.00 Date: 5/31/2021 Perf: $1,676.37 Date: 4/30/2021 Perf: $1,652.24 Date: 3/31/2021 Perf: $1,623.67 Date: 2/28/2021 Perf: $1,602.20 Date: 1/31/2021 Perf: $1,565.41 Date: 12/31/2020 Perf: $1,579.79 Date: 11/30/2020 Perf: $1,522.39 Date: 10/31/2020 Perf: $1,509.11 Date: 9/30/2020 Perf: $1,513.96 Date: 8/31/2020 Perf: $1,536.39 Date: 7/31/2020 Perf: $1,553.95 Date: 6/30/2020 Perf: $1,524.82 Date: 5/31/2020 Perf: $1,544.59 Date: 4/30/2020 Perf: $1,562.88 Date: 3/31/2020 Perf: $1,557.74 Date: 2/29/2020 Perf: $1,556.81 Date: 1/31/2020 Perf: $1,580.35 Date: 12/31/2019 Perf: $1,564.55 Date: 11/30/2019 Perf: $1,574.31 Date: 10/31/2019 Perf: $1,559.03 Date: 9/30/2019 Perf: $1,594.27 Date: 8/31/2019 Perf: $1,639.69 Date: 7/31/2019 Perf: $1,582.40 Date: 6/30/2019 Perf: $1,530.22 Date: 5/31/2019 Perf: $1,500.22 Date: 4/30/2019 Perf: $1,530.21 Date: 3/31/2019 Perf: $1,489.26 Date: 2/28/2019 Perf: $1,437.64 Date: 1/31/2019 Perf: $1,428.50 Date: 12/31/2018 Perf: $1,454.98 Date: 11/30/2018 Perf: $1,448.90 Date: 10/31/2018 Perf: $1,466.49 Date: 9/30/2018 Perf: $1,503.63 Date: 8/31/2018 Perf: $1,510.43 Date: 7/31/2018 Perf: $1,472.87 Date: 6/30/2018 Perf: $1,484.00 Date: 5/31/2018 Perf: $1,471.64 Date: 4/30/2018 Perf: $1,490.87 Date: 3/31/2018 Perf: $1,474.94 Date: 2/28/2018 Perf: $1,476.27 Date: 1/31/2018 Perf: $1,572.18 Date: 12/31/2017 Perf: $1,520.19 Date: 11/30/2017 Perf: $1,503.79 Date: 10/31/2017 Perf: $1,501.84 Date: 9/30/2017 Perf: $1,441.45 Date: 8/31/2017 Perf: $1,472.52 Date: 7/31/2017 Perf: $1,448.47 Date: 6/30/2017 Perf: $1,442.84 Date: 5/31/2017 Perf: $1,486.24 Date: 4/30/2017 Perf: $1,483.42 Date: 3/31/2017 Perf: $1,492.38 Date: 2/28/2017 Perf: $1,514.49 Date: 1/31/2017 Perf: $1,482.18 Date: 12/31/2016 Perf: $1,501.55 Date: 11/30/2016 Perf: $1,490.22 Date: 10/31/2016 Perf: $1,506.80 Date: 9/30/2016 Perf: $1,546.70 Date: 8/31/2016 Perf: $1,566.91 Date: 7/31/2016 Perf: $1,610.23 Date: 6/30/2016 Perf: $1,593.97 Date: 5/31/2016 Perf: $1,528.99 Date: 4/30/2016 Perf: $1,556.22 Date: 3/31/2016 Perf: $1,596.29 Date: 2/29/2016 Perf: $1,643.46 Date: 1/31/2016 Perf: $1,604.00 Date: 12/31/2015 Perf: $1,550.06 Date: 11/30/2015 Perf: $1,586.55 Date: 10/31/2015 Perf: $1,534.23 Date: 9/30/2015 Perf: $1,561.40 Date: 8/31/2015 Perf: $1,528.24 Date: 7/31/2015 Perf: $1,555.14 Date: 6/30/2015 Perf: $1,496.62 Date: 5/31/2015 Perf: $1,578.72 Date: 4/30/2015 Perf: $1,590.16 Date: 3/31/2015 Perf: $1,654.01 Date: 2/28/2015 Perf: $1,618.25 Date: 1/31/2015 Perf: $1,620.84 Date: 12/31/2014 Perf: $1,548.67 Date: 11/30/2014 Perf: $1,521.89 Date: 10/31/2014 Perf: $1,436.42 Date: 9/30/2014 Perf: $1,415.61 Date: 8/31/2014 Perf: $1,394.83 Date: 7/31/2014 Perf: $1,338.22 Date: 6/30/2014 Perf: $1,349.01 Date: 5/31/2014 Perf: $1,337.51 Date: 4/30/2014 Perf: $1,304.12 Date: 3/31/2014 Perf: $1,294.29 Date: 2/28/2014 Perf: $1,313.73 Date: 1/31/2014 Perf: $1,303.05 Date: 12/31/2013 Perf: $1,337.97 Date: 11/30/2013 Perf: $1,339.84 Date: 10/31/2013 Perf: $1,316.02 Date: 9/30/2013 Perf: $1,286.56 Date: 8/31/2013 Perf: $1,294.33 Date: 7/31/2013 Perf: $1,319.66 Date: 6/30/2013 Perf: $1,331.25 Date: 5/31/2013 Perf: $1,383.69 Date: 4/30/2013 Perf: $1,445.86 Date: 3/31/2013 Perf: $1,409.49 Date: 2/28/2013 Perf: $1,389.49 Date: 1/31/2013 Perf: $1,397.59 Date: 12/31/2012 Perf: $1,371.53 Date: 11/30/2012 Perf: $1,364.84 Date: 10/31/2012 Perf: $1,361.03 Date: 9/30/2012 Perf: $1,412.15 Date: 8/31/2012 Perf: $1,435.85 Date: 7/31/2012 Perf: $1,455.64 Date: 6/30/2012 Perf: $1,398.45 Date: 5/31/2012 Perf: $1,453.08 Date: 4/30/2012 Perf: $1,425.99 Date: 3/31/2012 Perf: $1,417.48 Date: 2/29/2012 Perf: $1,450.41 Date: 1/31/2012 Perf: $1,444.48 Date: 12/31/2011 Perf: $1,439.88 Date: 11/30/2011 Perf: $1,426.19 Date: 10/31/2011 Perf: $1,421.92 Date: 9/30/2011 Perf: $1,480.55 Date: 8/31/2011 Perf: $1,481.44 Date: 7/31/2011 Perf: $1,484.41 Date: 6/30/2011 Perf: $1,432.96 Date: 5/31/2011 Perf: $1,471.22 Date: 4/30/2011 Perf: $1,526.95 Date: 3/31/2011 Perf: $1,469.63 Date: 2/28/2011 Perf: $1,492.47 Date: 1/31/2011 Perf: $1,467.52 Date: 12/31/2010 Perf: $1,487.90 Date: 11/30/2010 Perf: $1,426.70 Date: 10/31/2010 Perf: $1,479.06 Date: 9/30/2010 Perf: $1,423.81 Date: 8/31/2010 Perf: $1,398.36 Date: 7/31/2010 Perf: $1,342.77 Date: 6/30/2010 Perf: $1,360.32 Date: 5/31/2010 Perf: $1,355.17 Date: 4/30/2010 Perf: $1,388.78 Date: 3/31/2010 Perf: $1,367.72 Date: 2/28/2010 Perf: $1,315.49 Date: 1/31/2010 Perf: $1,303.24 Date: 12/31/2009 Perf: $1,336.52 Date: 11/30/2009 Perf: $1,392.21 Date: 10/31/2009 Perf: $1,338.28 Date: 9/30/2009 Perf: $1,373.44 Date: 8/31/2009 Perf: $1,341.51 Date: 7/31/2009 Perf: $1,337.10 Date: 6/30/2009 Perf: $1,338.57 Date: 5/31/2009 Perf: $1,375.15 Date: 4/30/2009 Perf: $1,356.43 Date: 3/31/2009 Perf: $1,402.28 Date: 2/28/2009 Perf: $1,442.23 Date: 1/31/2009 Perf: $1,442.95 Date: 12/31/2008 Perf: $1,452.40 Date: 11/30/2008 Perf: $1,416.00 Date: 10/31/2008 Perf: $1,365.88 Date: 9/30/2008 Perf: $1,298.98 Date: 8/31/2008 Perf: $1,296.26 Date: 7/31/2008 Perf: $1,331.82 Date: 6/30/2008 Perf: $1,395.89 Date: 5/31/2008 Perf: $1,359.59 Date: 4/30/2008 Perf: $1,332.14 Date: 3/31/2008 Perf: $1,347.64 Date: 2/29/2008 Perf: $1,353.60 Date: 1/31/2008 Perf: $1,280.72 Date: 12/31/2007 Perf: $1,257.83 Date: 11/30/2007 Perf: $1,260.73 Date: 10/31/2007 Perf: $1,268.98 Date: 9/30/2007 Perf: $1,216.55 Date: 8/31/2007 Perf: $1,162.27 Date: 7/31/2007 Perf: $1,207.30 Date: 6/30/2007 Perf: $1,245.80 Date: 5/31/2007 Perf: $1,210.80 Date: 4/30/2007 Perf: $1,169.07 Date: 3/31/2007 Perf: $1,121.95 Date: 2/28/2007 Perf: $1,148.83 Date: 1/31/2007 Perf: $1,193.59 Date: 12/31/2006 Perf: $1,173.52 Date: 11/30/2006 Perf: $1,135.15 Date: 10/31/2006 Perf: $1,108.01 Date: 9/30/2006 Perf: $1,095.95 Date: 8/31/2006 Perf: $1,107.69 Date: 7/31/2006 Perf: $1,095.42 Date: 6/30/2006 Perf: $1,111.88 Date: 5/31/2006 Perf: $1,127.33 Date: 4/30/2006 Perf: $1,158.01 Date: 3/31/2006 Perf: $1,130.43 Date: 2/28/2006 Perf: $1,100.93 Date: 1/31/2006 Perf: $1,120.88 Date: 12/31/2005 Perf: $1,099.87 Date: 11/30/2005 Perf: $1,120.14 Date: 10/31/2005 Perf: $1,074.07 Date: 9/30/2005 Perf: $1,072.35 Date: 8/31/2005 Perf: $1,056.09 Date: 7/31/2005 Perf: $1,050.41 Date: 6/30/2005 Perf: $1,049.78 Date: 5/31/2005 Perf: $1,015.17 Date: 4/30/2005 Perf: $984.74 Date: 3/31/2005 Perf: $1,009.47 Date: 2/28/2005 Perf: $1,015.16 Date: 1/31/2005 Perf: $1,008.20 Date: 12/31/2004 Perf: $1,052.40 Date: 11/30/2004 Perf: $1,048.94 Date: 10/31/2004 Perf: $995.10 Date: 9/30/2004 Perf: $962.20 Date: 8/31/2004 Perf: $949.38 Date: 7/31/2004 Perf: $955.98 Date: 6/30/2004 Perf: $967.00 Date: 5/31/2004 Perf: $1,000.00 Date: 2/28/2023 Perf: $5,152.17 Date: 1/31/2023 Perf: $5,281.03 Date: 12/31/2022 Perf: $4,968.98 Date: 11/30/2022 Perf: $5,272.68 Date: 10/31/2022 Perf: $4,993.54 Date: 9/30/2022 Perf: $4,619.37 Date: 8/31/2022 Perf: $5,087.98 Date: 7/31/2022 Perf: $5,304.40 Date: 6/30/2022 Perf: $4,856.62 Date: 5/31/2022 Perf: $5,293.32 Date: 4/30/2022 Perf: $5,283.80 Date: 3/31/2022 Perf: $5,788.57 Date: 2/28/2022 Perf: $5,581.49 Date: 1/31/2022 Perf: $5,753.52 Date: 12/31/2021 Perf: $6,067.20 Date: 11/30/2021 Perf: $5,807.04 Date: 10/31/2021 Perf: $5,847.39 Date: 9/30/2021 Perf: $5,464.34 Date: 8/31/2021 Perf: $5,730.82 Date: 7/31/2021 Perf: $5,561.75 Date: 6/30/2021 Perf: $5,432.45 Date: 5/31/2021 Perf: $5,308.76 Date: 4/30/2021 Perf: $5,271.86 Date: 3/31/2021 Perf: $5,004.61 Date: 2/28/2021 Perf: $4,794.61 Date: 1/31/2021 Perf: $4,665.83 Date: 12/31/2020 Perf: $4,713.44 Date: 11/30/2020 Perf: $4,539.13 Date: 10/31/2020 Perf: $4,091.15 Date: 9/30/2020 Perf: $4,202.95 Date: 8/31/2020 Perf: $4,368.97 Date: 7/31/2020 Perf: $4,075.91 Date: 6/30/2020 Perf: $3,858.30 Date: 5/31/2020 Perf: $3,783.02 Date: 4/30/2020 Perf: $3,611.13 Date: 3/31/2020 Perf: $3,200.79 Date: 2/29/2020 Perf: $3,651.79 Date: 1/31/2020 Perf: $3,979.28 Date: 12/31/2019 Perf: $3,980.87 Date: 11/30/2019 Perf: $3,864.18 Date: 10/31/2019 Perf: $3,728.82 Date: 9/30/2019 Perf: $3,649.62 Date: 8/31/2019 Perf: $3,582.63 Date: 7/31/2019 Perf: $3,640.14 Date: 6/30/2019 Perf: $3,588.47 Date: 5/31/2019 Perf: $3,352.14 Date: 4/30/2019 Perf: $3,579.44 Date: 3/31/2019 Perf: $3,440.11 Date: 2/28/2019 Perf: $3,374.64 Date: 1/31/2019 Perf: $3,269.69 Date: 12/31/2018 Perf: $3,027.21 Date: 11/30/2018 Perf: $3,327.70 Date: 10/31/2018 Perf: $3,261.17 Date: 9/30/2018 Perf: $3,500.61 Date: 8/31/2018 Perf: $3,480.77 Date: 7/31/2018 Perf: $3,370.88 Date: 6/30/2018 Perf: $3,249.98 Date: 5/31/2018 Perf: $3,229.96 Date: 4/30/2018 Perf: $3,153.95 Date: 3/31/2018 Perf: $3,142.01 Date: 2/28/2018 Perf: $3,223.89 Date: 1/31/2018 Perf: $3,347.41 Date: 12/31/2017 Perf: $3,166.00 Date: 11/30/2017 Perf: $3,131.24 Date: 10/31/2017 Perf: $3,037.98 Date: 9/30/2017 Perf: $2,968.81 Date: 8/31/2017 Perf: $2,908.88 Date: 7/31/2017 Perf: $2,899.89 Date: 6/30/2017 Perf: $2,841.36 Date: 5/31/2017 Perf: $2,823.85 Date: 4/30/2017 Perf: $2,784.59 Date: 3/31/2017 Perf: $2,756.20 Date: 2/28/2017 Perf: $2,752.90 Date: 1/31/2017 Perf: $2,647.78 Date: 12/31/2016 Perf: $2,598.41 Date: 11/30/2016 Perf: $2,547.96 Date: 10/31/2016 Perf: $2,457.05 Date: 9/30/2016 Perf: $2,502.60 Date: 8/31/2016 Perf: $2,502.10 Date: 7/31/2016 Perf: $2,498.60 Date: 6/30/2016 Perf: $2,409.68 Date: 5/31/2016 Perf: $2,403.43 Date: 4/30/2016 Perf: $2,360.94 Date: 3/31/2016 Perf: $2,351.76 Date: 2/29/2016 Perf: $2,202.44 Date: 1/31/2016 Perf: $2,205.31 Date: 12/31/2015 Perf: $2,320.40 Date: 11/30/2015 Perf: $2,357.65 Date: 10/31/2015 Perf: $2,350.60 Date: 9/30/2015 Perf: $2,167.65 Date: 8/31/2015 Perf: $2,222.54 Date: 7/31/2015 Perf: $2,365.16 Date: 6/30/2015 Perf: $2,316.52 Date: 5/31/2015 Perf: $2,362.35 Date: 4/30/2015 Perf: $2,332.26 Date: 3/31/2015 Perf: $2,310.08 Date: 2/28/2015 Perf: $2,347.17 Date: 1/31/2015 Perf: $2,219.54 Date: 12/31/2014 Perf: $2,288.19 Date: 11/30/2014 Perf: $2,293.93 Date: 10/31/2014 Perf: $2,233.84 Date: 9/30/2014 Perf: $2,180.63 Date: 8/31/2014 Perf: $2,211.59 Date: 7/31/2014 Perf: $2,126.53 Date: 6/30/2014 Perf: $2,156.29 Date: 5/31/2014 Perf: $2,112.56 Date: 4/30/2014 Perf: $2,064.05 Date: 3/31/2014 Perf: $2,048.89 Date: 2/28/2014 Perf: $2,031.82 Date: 1/31/2014 Perf: $1,943.03 Date: 12/31/2013 Perf: $2,012.66 Date: 11/30/2013 Perf: $1,963.00 Date: 10/31/2013 Perf: $1,904.90 Date: 9/30/2013 Perf: $1,821.13 Date: 8/31/2013 Perf: $1,765.69 Date: 7/31/2013 Perf: $1,818.42 Date: 6/30/2013 Perf: $1,730.35 Date: 5/31/2013 Perf: $1,753.85 Date: 4/30/2013 Perf: $1,713.75 Date: 3/31/2013 Perf: $1,681.30 Date: 2/28/2013 Perf: $1,620.53 Date: 1/31/2013 Perf: $1,598.78 Date: 12/31/2012 Perf: $1,520.04 Date: 11/30/2012 Perf: $1,506.34 Date: 10/31/2012 Perf: $1,497.65 Date: 9/30/2012 Perf: $1,525.88 Date: 8/31/2012 Perf: $1,487.50 Date: 7/31/2012 Perf: $1,454.77 Date: 6/30/2012 Perf: $1,434.83 Date: 5/31/2012 Perf: $1,378.05 Date: 4/30/2012 Perf: $1,466.17 Date: 3/31/2012 Perf: $1,475.46 Date: 2/29/2012 Perf: $1,428.47 Date: 1/31/2012 Perf: $1,369.31 Date: 12/31/2011 Perf: $1,310.60 Date: 11/30/2011 Perf: $1,297.36 Date: 10/31/2011 Perf: $1,300.22 Date: 9/30/2011 Perf: $1,172.11 Date: 8/31/2011 Perf: $1,260.74 Date: 7/31/2011 Perf: $1,333.13 Date: 6/30/2011 Perf: $1,360.75 Date: 5/31/2011 Perf: $1,383.86 Date: 4/30/2011 Perf: $1,399.68 Date: 3/31/2011 Perf: $1,359.44 Date: 2/28/2011 Perf: $1,358.90 Date: 1/31/2011 Perf: $1,313.83 Date: 12/31/2010 Perf: $1,283.42 Date: 11/30/2010 Perf: $1,203.05 Date: 10/31/2010 Perf: $1,202.93 Date: 9/30/2010 Perf: $1,158.78 Date: 8/31/2010 Perf: $1,063.88 Date: 7/31/2010 Perf: $1,114.13 Date: 6/30/2010 Perf: $1,041.15 Date: 5/31/2010 Perf: $1,098.60 Date: 4/30/2010 Perf: $1,194.01 Date: 3/31/2010 Perf: $1,175.43 Date: 2/28/2010 Perf: $1,108.59 Date: 1/31/2010 Perf: $1,075.25 Date: 12/31/2009 Perf: $1,115.41 Date: 11/30/2009 Perf: $1,094.29 Date: 10/31/2009 Perf: $1,032.35 Date: 9/30/2009 Perf: $1,051.91 Date: 8/31/2009 Perf: $1,014.09 Date: 7/31/2009 Perf: $978.75 Date: 6/30/2009 Perf: $909.96 Date: 5/31/2009 Perf: $908.14 Date: 4/30/2009 Perf: $860.07 Date: 3/31/2009 Perf: $784.95 Date: 2/28/2009 Perf: $721.72 Date: 1/31/2009 Perf: $807.75 Date: 12/31/2008 Perf: $882.11 Date: 11/30/2008 Perf: $872.86 Date: 10/31/2008 Perf: $940.38 Date: 9/30/2008 Perf: $1,130.13 Date: 8/31/2008 Perf: $1,240.67 Date: 7/31/2008 Perf: $1,222.94 Date: 6/30/2008 Perf: $1,233.30 Date: 5/31/2008 Perf: $1,346.84 Date: 4/30/2008 Perf: $1,329.55 Date: 3/31/2008 Perf: $1,267.81 Date: 2/29/2008 Perf: $1,273.28 Date: 1/31/2008 Perf: $1,316.06 Date: 12/31/2007 Perf: $1,400.06 Date: 11/30/2007 Perf: $1,409.79 Date: 10/31/2007 Perf: $1,471.29 Date: 9/30/2007 Perf: $1,448.26 Date: 8/31/2007 Perf: $1,396.05 Date: 7/31/2007 Perf: $1,375.42 Date: 6/30/2007 Perf: $1,419.42 Date: 5/31/2007 Perf: $1,443.38 Date: 4/30/2007 Perf: $1,394.70 Date: 3/31/2007 Perf: $1,335.54 Date: 2/28/2007 Perf: $1,320.75 Date: 1/31/2007 Perf: $1,347.15 Date: 12/31/2006 Perf: $1,327.11 Date: 11/30/2006 Perf: $1,308.79 Date: 10/31/2006 Perf: $1,284.39 Date: 9/30/2006 Perf: $1,243.84 Date: 8/31/2006 Perf: $1,212.55 Date: 7/31/2006 Perf: $1,184.36 Date: 6/30/2006 Perf: $1,177.07 Date: 5/31/2006 Perf: $1,175.42 Date: 4/30/2006 Perf: $1,210.28 Date: 3/31/2006 Perf: $1,194.27 Date: 2/28/2006 Perf: $1,179.65 Date: 1/31/2006 Perf: $1,176.47 Date: 12/31/2005 Perf: $1,146.10 Date: 11/30/2005 Perf: $1,145.75 Date: 10/31/2005 Perf: $1,104.02 Date: 9/30/2005 Perf: $1,122.77 Date: 8/31/2005 Perf: $1,113.75 Date: 7/31/2005 Perf: $1,123.98 Date: 6/30/2005 Perf: $1,083.67 Date: 5/31/2005 Perf: $1,082.15 Date: 4/30/2005 Perf: $1,048.80 Date: 3/31/2005 Perf: $1,069.11 Date: 2/28/2005 Perf: $1,088.38 Date: 1/31/2005 Perf: $1,065.99 Date: 12/31/2004 Perf: $1,092.65 Date: 11/30/2004 Perf: $1,056.72 Date: 10/31/2004 Perf: $1,015.59 Date: 9/30/2004 Perf: $1,000.29 Date: 8/31/2004 Perf: $989.60 Date: 7/31/2004 Perf: $985.66 Date: 6/30/2004 Perf: $1,019.40 Date: 5/31/2004 Perf: $1,000.00 Date: 2/28/2023 Perf: $4,020.68 Date: 1/31/2023 Perf: $4,199.14 Date: 12/31/2022 Perf: $4,160.86 Date: 11/30/2022 Perf: $4,304.63 Date: 10/31/2022 Perf: $4,702.98 Date: 9/30/2022 Perf: $4,851.43 Date: 8/31/2022 Perf: $4,465.19 Date: 7/31/2022 Perf: $4,395.31 Date: 6/30/2022 Perf: $4,529.84 Date: 5/31/2022 Perf: $4,317.42 Date: 4/30/2022 Perf: $4,380.06 Date: 3/31/2022 Perf: $4,067.66 Date: 2/28/2022 Perf: $3,688.49 Date: 1/31/2022 Perf: $3,600.28 Date: 12/31/2021 Perf: $3,523.47 Date: 11/30/2021 Perf: $3,629.07 Date: 10/31/2021 Perf: $3,695.22 Date: 9/30/2021 Perf: $3,661.90 Date: 8/31/2021 Perf: $3,602.45 Date: 7/31/2021 Perf: $3,582.04 Date: 6/30/2021 Perf: $3,517.66 Date: 5/31/2021 Perf: $3,564.00 Date: 4/30/2021 Perf: $3,431.21 Date: 3/31/2021 Perf: $3,362.94 Date: 2/28/2021 Perf: $3,245.14 Date: 1/31/2021 Perf: $3,049.95 Date: 12/31/2020 Perf: $3,066.20 Date: 11/30/2020 Perf: $2,901.67 Date: 10/31/2020 Perf: $2,651.87 Date: 9/30/2020 Perf: $2,722.10 Date: 8/31/2020 Perf: $2,745.71 Date: 7/31/2020 Perf: $2,772.32 Date: 6/30/2020 Perf: $2,719.56 Date: 5/31/2020 Perf: $2,768.29 Date: 4/30/2020 Perf: $2,832.87 Date: 3/31/2020 Perf: $2,855.43 Date: 2/29/2020 Perf: $2,750.37 Date: 1/31/2020 Perf: $2,627.41 Date: 12/31/2019 Perf: $2,529.27 Date: 11/30/2019 Perf: $2,604.81 Date: 10/31/2019 Perf: $2,567.83 Date: 9/30/2019 Perf: $2,715.56 Date: 8/31/2019 Perf: $2,868.14 Date: 7/31/2019 Perf: $2,686.28 Date: 6/30/2019 Perf: $2,604.75 Date: 5/31/2019 Perf: $2,477.65 Date: 4/30/2019 Perf: $2,484.36 Date: 3/31/2019 Perf: $2,420.69 Date: 2/28/2019 Perf: $2,334.77 Date: 1/31/2019 Perf: $2,356.22 Date: 12/31/2018 Perf: $2,460.54 Date: 11/30/2018 Perf: $2,260.91 Date: 10/31/2018 Perf: $2,246.53 Date: 9/30/2018 Perf: $2,305.08 Date: 8/31/2018 Perf: $2,314.10 Date: 7/31/2018 Perf: $2,293.23 Date: 6/30/2018 Perf: $2,325.32 Date: 5/31/2018 Perf: $2,293.90 Date: 4/30/2018 Perf: $2,273.89 Date: 3/31/2018 Perf: $2,343.00 Date: 2/28/2018 Perf: $2,366.67 Date: 1/31/2018 Perf: $2,628.17 Date: 12/31/2017 Perf: $2,540.77 Date: 11/30/2017 Perf: $2,501.75 Date: 10/31/2017 Perf: $2,488.31 Date: 9/30/2017 Perf: $2,353.46 Date: 8/31/2017 Perf: $2,507.68 Date: 7/31/2017 Perf: $2,396.02 Date: 6/30/2017 Perf: $2,375.12 Date: 5/31/2017 Perf: $2,500.39 Date: 4/30/2017 Perf: $2,498.14 Date: 3/31/2017 Perf: $2,472.67 Date: 2/28/2017 Perf: $2,508.55 Date: 1/31/2017 Perf: $2,442.36 Date: 12/31/2016 Perf: $2,461.06 Date: 11/30/2016 Perf: $2,418.02 Date: 10/31/2016 Perf: $2,398.36 Date: 9/30/2016 Perf: $2,524.05 Date: 8/31/2016 Perf: $2,496.59 Date: 7/31/2016 Perf: $2,599.26 Date: 6/30/2016 Perf: $2,538.84 Date: 5/31/2016 Perf: $2,281.90 Date: 4/30/2016 Perf: $2,351.02 Date: 3/31/2016 Perf: $2,361.41 Date: 2/29/2016 Perf: $2,494.62 Date: 1/31/2016 Perf: $2,313.47 Date: 12/31/2015 Perf: $2,216.82 Date: 11/30/2015 Perf: $2,257.22 Date: 10/31/2015 Perf: $2,179.21 Date: 9/30/2015 Perf: $2,208.14 Date: 8/31/2015 Perf: $2,140.08 Date: 7/31/2015 Perf: $2,305.87 Date: 6/30/2015 Perf: $2,208.90 Date: 5/31/2015 Perf: $2,355.41 Date: 4/30/2015 Perf: $2,374.16 Date: 3/31/2015 Perf: $2,505.45 Date: 2/28/2015 Perf: $2,416.52 Date: 1/31/2015 Perf: $2,430.86 Date: 12/31/2014 Perf: $2,260.01 Date: 11/30/2014 Perf: $2,174.13 Date: 10/31/2014 Perf: $1,996.08 Date: 9/30/2014 Perf: $1,984.37 Date: 8/31/2014 Perf: $2,007.25 Date: 7/31/2014 Perf: $1,906.04 Date: 6/30/2014 Perf: $1,977.02 Date: 5/31/2014 Perf: $1,918.69 Date: 4/30/2014 Perf: $1,824.37 Date: 3/31/2014 Perf: $1,719.00 Date: 2/28/2014 Perf: $1,743.93 Date: 1/31/2014 Perf: $1,650.20 Date: 12/31/2013 Perf: $1,684.05 Date: 11/30/2013 Perf: $1,755.32 Date: 10/31/2013 Perf: $1,676.36 Date: 9/30/2013 Perf: $1,592.14 Date: 8/31/2013 Perf: $1,635.81 Date: 7/31/2013 Perf: $1,654.01 Date: 6/30/2013 Perf: $1,706.57 Date: 5/31/2013 Perf: $1,754.47 Date: 4/30/2013 Perf: $1,860.52 Date: 3/31/2013 Perf: $1,831.94 Date: 2/28/2013 Perf: $1,813.26 Date: 1/31/2013 Perf: $1,837.52 Date: 12/31/2012 Perf: $1,786.42 Date: 11/30/2012 Perf: $1,797.57 Date: 10/31/2012 Perf: $1,812.98 Date: 9/30/2012 Perf: $1,887.54 Date: 8/31/2012 Perf: $1,943.11 Date: 7/31/2012 Perf: $1,967.91 Date: 6/30/2012 Perf: $1,869.39 Date: 5/31/2012 Perf: $1,961.79 Date: 4/30/2012 Perf: $1,936.04 Date: 3/31/2012 Perf: $1,919.72 Date: 2/29/2012 Perf: $1,947.18 Date: 1/31/2012 Perf: $1,922.00 Date: 12/31/2011 Perf: $1,944.36 Date: 11/30/2011 Perf: $1,934.11 Date: 10/31/2011 Perf: $1,968.76 Date: 9/30/2011 Perf: $2,083.12 Date: 8/31/2011 Perf: $2,131.73 Date: 7/31/2011 Perf: $2,209.27 Date: 6/30/2011 Perf: $2,117.78 Date: 5/31/2011 Perf: $2,151.78 Date: 4/30/2011 Perf: $2,360.96 Date: 3/31/2011 Perf: $2,305.18 Date: 2/28/2011 Perf: $2,382.61 Date: 1/31/2011 Perf: $2,307.62 Date: 12/31/2010 Perf: $2,272.39 Date: 11/30/2010 Perf: $2,113.66 Date: 10/31/2010 Perf: $2,183.76 Date: 9/30/2010 Perf: $2,088.12 Date: 8/31/2010 Perf: $2,010.51 Date: 7/31/2010 Perf: $1,962.24 Date: 6/30/2010 Perf: $1,941.47 Date: 5/31/2010 Perf: $1,916.18 Date: 4/30/2010 Perf: $1,997.26 Date: 3/31/2010 Perf: $1,909.61 Date: 2/28/2010 Perf: $1,828.78 Date: 1/31/2010 Perf: $1,784.53 Date: 12/31/2009 Perf: $1,913.91 Date: 11/30/2009 Perf: $1,967.22 Date: 10/31/2009 Perf: $1,872.47 Date: 9/30/2009 Perf: $1,907.18 Date: 8/31/2009 Perf: $1,900.72 Date: 7/31/2009 Perf: $1,876.88 Date: 6/30/2009 Perf: $1,905.66 Date: 5/31/2009 Perf: $1,922.77 Date: 4/30/2009 Perf: $1,860.62 Date: 3/31/2009 Perf: $1,917.97 Date: 2/28/2009 Perf: $1,934.80 Date: 1/31/2009 Perf: $1,980.15 Date: 12/31/2008 Perf: $2,026.77 Date: 11/30/2008 Perf: $1,972.33 Date: 10/31/2008 Perf: $1,855.96 Date: 9/30/2008 Perf: $1,779.96 Date: 8/31/2008 Perf: $1,761.46 Date: 7/31/2008 Perf: $1,829.52 Date: 6/30/2008 Perf: $1,924.80 Date: 5/31/2008 Perf: $1,876.57 Date: 4/30/2008 Perf: $1,804.05 Date: 3/31/2008 Perf: $1,791.68 Date: 2/29/2008 Perf: $1,777.11 Date: 1/31/2008 Perf: $1,673.36 Date: 12/31/2007 Perf: $1,617.40 Date: 11/30/2007 Perf: $1,625.86 Date: 10/31/2007 Perf: $1,649.44 Date: 9/30/2007 Perf: $1,538.23 Date: 8/31/2007 Perf: $1,407.60 Date: 7/31/2007 Perf: $1,549.37 Date: 6/30/2007 Perf: $1,594.66 Date: 5/31/2007 Perf: $1,515.69 Date: 4/30/2007 Perf: $1,464.01 Date: 3/31/2007 Perf: $1,373.11 Date: 2/28/2007 Perf: $1,480.28 Date: 1/31/2007 Perf: $1,498.87 Date: 12/31/2006 Perf: $1,457.05 Date: 11/30/2006 Perf: $1,469.54 Date: 10/31/2006 Perf: $1,393.33 Date: 9/30/2006 Perf: $1,429.35 Date: 8/31/2006 Perf: $1,427.78 Date: 7/31/2006 Perf: $1,361.08 Date: 6/30/2006 Perf: $1,427.31 Date: 5/31/2006 Perf: $1,514.55 Date: 4/30/2006 Perf: $1,527.23 Date: 3/31/2006 Perf: $1,378.74 Date: 2/28/2006 Perf: $1,284.94 Date: 1/31/2006 Perf: $1,315.59 Date: 12/31/2005 Perf: $1,264.75 Date: 11/30/2005 Perf: $1,273.53 Date: 10/31/2005 Perf: $1,188.66 Date: 9/30/2005 Perf: $1,215.77 Date: 8/31/2005 Perf: $1,152.61 Date: 7/31/2005 Perf: $1,131.90 Date: 6/30/2005 Perf: $1,092.14 Date: 5/31/2005 Perf: $1,081.12 Date: 4/30/2005 Perf: $1,036.25 Date: 3/31/2005 Perf: $1,072.50 Date: 2/28/2005 Perf: $1,048.18 Date: 1/31/2005 Perf: $1,042.34 Date: 12/31/2004 Perf: $1,103.36 Date: 11/30/2004 Perf: $1,080.88 Date: 10/31/2004 Perf: $1,017.58 Date: 9/30/2004 Perf: $991.31 Date: 8/31/2004 Perf: $970.16 Date: 7/31/2004 Perf: $932.76 Date: 6/30/2004 Perf: $962.60 Date: 5/31/2004 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: 05/04 - 01/23
Date: 2/28/2023 Return: -4.25 % Date: 1/31/2023 Return: 0.92 % Date: 12/31/2022 Return: -3.34 % Date: 11/30/2022 Return: -8.47 % Date: 10/31/2022 Return: -3.06 % Date: 9/30/2022 Return: 8.65 % Date: 8/31/2022 Return: 1.59 % Date: 7/31/2022 Return: -2.97 % Date: 6/30/2022 Return: 4.92 % Date: 5/31/2022 Return: -1.43 % Date: 4/30/2022 Return: 7.68 % Date: 3/31/2022 Return: 10.28 % Date: 2/28/2022 Return: 2.45 % Date: 1/31/2022 Return: 2.18 % Date: 12/31/2021 Return: -2.91 % Date: 11/30/2021 Return: -1.79 % Date: 10/31/2021 Return: 0.91 % Date: 9/30/2021 Return: 1.65 % Date: 8/31/2021 Return: 0.57 % Date: 7/31/2021 Return: 1.83 % Date: 6/30/2021 Return: -1.30 % Date: 5/31/2021 Return: 3.87 % Date: 4/30/2021 Return: 2.03 % Date: 3/31/2021 Return: 3.63 % Date: 2/28/2021 Return: 6.40 % Date: 1/31/2021 Return: -0.53 % Date: 12/31/2020 Return: 5.67 % Date: 11/30/2020 Return: 9.42 % Date: 10/31/2020 Return: -2.58 % Date: 9/30/2020 Return: -0.86 % Date: 8/31/2020 Return: -0.96 % Date: 7/31/2020 Return: 1.94 % Date: 6/30/2020 Return: -1.76 % Date: 5/31/2020 Return: -2.28 % Date: 4/30/2020 Return: -0.79 % Date: 3/31/2020 Return: 3.82 % Date: 2/29/2020 Return: 4.68 % Date: 1/31/2020 Return: 3.88 % Date: 12/31/2019 Return: -2.90 % Date: 11/30/2019 Return: 1.44 % Date: 10/31/2019 Return: -5.44 % Date: 9/30/2019 Return: -5.32 % Date: 8/31/2019 Return: 6.77 % Date: 7/31/2019 Return: 3.13 % Date: 6/30/2019 Return: 5.13 % Date: 5/31/2019 Return: -0.27 % Date: 4/30/2019 Return: 2.63 % Date: 3/31/2019 Return: 3.68 % Date: 2/28/2019 Return: -0.91 % Date: 1/31/2019 Return: -4.24 % Date: 12/31/2018 Return: 8.83 % Date: 11/30/2018 Return: 0.64 % Date: 10/31/2018 Return: -2.54 % Date: 9/30/2018 Return: -0.39 % Date: 8/31/2018 Return: 0.91 % Date: 7/31/2018 Return: -1.38 % Date: 6/30/2018 Return: 1.37 % Date: 5/31/2018 Return: 0.88 % Date: 4/30/2018 Return: -2.95 % Date: 3/31/2018 Return: -1.00 % Date: 2/28/2018 Return: -9.95 % Date: 1/31/2018 Return: 3.44 % Date: 12/31/2017 Return: 1.56 % Date: 11/30/2017 Return: 0.54 % Date: 10/31/2017 Return: 5.73 % Date: 9/30/2017 Return: -6.15 % Date: 8/31/2017 Return: 4.66 % Date: 7/31/2017 Return: 0.88 % Date: 6/30/2017 Return: -5.01 % Date: 5/31/2017 Return: 0.09 % Date: 4/30/2017 Return: 1.03 % Date: 3/31/2017 Return: -1.43 % Date: 2/28/2017 Return: 2.71 % Date: 1/31/2017 Return: -0.76 % Date: 12/31/2016 Return: 1.78 % Date: 11/30/2016 Return: 0.82 % Date: 10/31/2016 Return: -4.98 % Date: 9/30/2016 Return: 1.10 % Date: 8/31/2016 Return: -3.95 % Date: 7/31/2016 Return: 2.38 % Date: 6/30/2016 Return: 11.26 % Date: 5/31/2016 Return: -2.94 % Date: 4/30/2016 Return: -0.44 % Date: 3/31/2016 Return: -5.34 % Date: 2/29/2016 Return: 7.83 % Date: 1/31/2016 Return: 4.36 % Date: 12/31/2015 Return: -1.79 % Date: 11/30/2015 Return: 3.58 % Date: 10/31/2015 Return: -1.31 % Date: 9/30/2015 Return: 3.18 % Date: 8/31/2015 Return: -7.19 % Date: 7/31/2015 Return: 4.39 % Date: 6/30/2015 Return: -6.22 % Date: 5/31/2015 Return: -0.79 % Date: 4/30/2015 Return: -5.24 % Date: 3/31/2015 Return: 3.68 % Date: 2/28/2015 Return: -0.59 % Date: 1/31/2015 Return: 7.56 % Date: 12/31/2014 Return: 3.95 % Date: 11/30/2014 Return: 8.92 % Date: 10/31/2014 Return: 0.59 % Date: 9/30/2014 Return: -1.14 % Date: 8/31/2014 Return: 5.31 % Date: 7/31/2014 Return: -3.59 % Date: 6/30/2014 Return: 3.04 % Date: 5/31/2014 Return: 5.17 % Date: 4/30/2014 Return: 6.13 % Date: 3/31/2014 Return: -1.43 % Date: 2/28/2014 Return: 5.68 % Date: 1/31/2014 Return: -2.01 % Date: 12/31/2013 Return: -4.06 % Date: 11/30/2013 Return: 4.71 % Date: 10/31/2013 Return: 5.29 % Date: 9/30/2013 Return: -2.67 % Date: 8/31/2013 Return: -1.10 % Date: 7/31/2013 Return: -3.08 % Date: 6/30/2013 Return: -2.73 % Date: 5/31/2013 Return: -5.70 % Date: 4/30/2013 Return: 1.56 % Date: 3/31/2013 Return: 1.03 % Date: 2/28/2013 Return: -1.32 % Date: 1/31/2013 Return: 2.86 % Date: 12/31/2012 Return: -0.62 % Date: 11/30/2012 Return: -0.85 % Date: 10/31/2012 Return: -3.95 % Date: 9/30/2012 Return: -2.86 % Date: 8/31/2012 Return: -1.26 % Date: 7/31/2012 Return: 5.27 % Date: 6/30/2012 Return: -4.71 % Date: 5/31/2012 Return: 1.33 % Date: 4/30/2012 Return: 0.85 % Date: 3/31/2012 Return: -1.41 % Date: 2/29/2012 Return: 1.31 % Date: 1/31/2012 Return: -1.15 % Date: 12/31/2011 Return: 0.53 % Date: 11/30/2011 Return: -1.76 % Date: 10/31/2011 Return: -5.49 % Date: 9/30/2011 Return: -2.28 % Date: 8/31/2011 Return: -3.51 % Date: 7/31/2011 Return: 4.32 % Date: 6/30/2011 Return: -1.58 % Date: 5/31/2011 Return: -8.86 % Date: 4/30/2011 Return: 2.42 % Date: 3/31/2011 Return: -3.25 % Date: 2/28/2011 Return: 3.25 % Date: 1/31/2011 Return: 1.55 % Date: 12/31/2010 Return: 7.51 % Date: 11/30/2010 Return: -3.21 % Date: 10/31/2010 Return: 4.58 % Date: 9/30/2010 Return: 3.86 % Date: 8/31/2010 Return: 2.46 % Date: 7/31/2010 Return: 1.07 % Date: 6/30/2010 Return: 1.32 % Date: 5/31/2010 Return: -4.06 % Date: 4/30/2010 Return: 4.59 % Date: 3/31/2010 Return: 4.42 % Date: 2/28/2010 Return: 2.48 % Date: 1/31/2010 Return: -6.76 % Date: 12/31/2009 Return: -2.71 % Date: 11/30/2009 Return: 5.06 % Date: 10/31/2009 Return: -1.82 % Date: 9/30/2009 Return: 0.34 % Date: 8/31/2009 Return: 1.27 % Date: 7/31/2009 Return: -1.51 % Date: 6/30/2009 Return: -0.89 % Date: 5/31/2009 Return: 3.34 % Date: 4/30/2009 Return: -2.99 % Date: 3/31/2009 Return: -0.87 % Date: 2/28/2009 Return: -2.29 % Date: 1/31/2009 Return: -2.30 % Date: 12/31/2008 Return: 2.76 % Date: 11/30/2008 Return: 6.27 % Date: 10/31/2008 Return: 4.27 % Date: 9/30/2008 Return: 1.05 % Date: 8/31/2008 Return: -3.72 % Date: 7/31/2008 Return: -4.95 % Date: 6/30/2008 Return: 2.57 % Date: 5/31/2008 Return: 4.02 % Date: 4/30/2008 Return: 0.69 % Date: 3/31/2008 Return: 0.82 % Date: 2/29/2008 Return: 6.20 % Date: 1/31/2008 Return: 3.46 % Date: 12/31/2007 Return: -0.52 % Date: 11/30/2007 Return: -1.43 % Date: 10/31/2007 Return: 7.23 % Date: 9/30/2007 Return: 9.28 % Date: 8/31/2007 Return: -9.15 % Date: 7/31/2007 Return: -2.84 % Date: 6/30/2007 Return: 5.21 % Date: 5/31/2007 Return: 3.53 % Date: 4/30/2007 Return: 6.62 % Date: 3/31/2007 Return: -7.24 % Date: 2/28/2007 Return: -1.24 % Date: 1/31/2007 Return: 2.87 % Date: 12/31/2006 Return: -0.85 % Date: 11/30/2006 Return: 5.47 % Date: 10/31/2006 Return: -2.52 % Date: 9/30/2006 Return: 0.11 % Date: 8/31/2006 Return: 4.90 % Date: 7/31/2006 Return: -4.64 % Date: 6/30/2006 Return: -5.76 % Date: 5/31/2006 Return: -0.83 % Date: 4/30/2006 Return: 10.77 % Date: 3/31/2006 Return: 7.30 % Date: 2/28/2006 Return: -2.33 % Date: 1/31/2006 Return: 4.02 % Date: 12/31/2005 Return: -0.69 % Date: 11/30/2005 Return: 7.14 % Date: 10/31/2005 Return: -2.23 % Date: 9/30/2005 Return: 5.48 % Date: 8/31/2005 Return: 1.83 % Date: 7/31/2005 Return: 3.64 % Date: 6/30/2005 Return: 1.02 % Date: 5/31/2005 Return: 4.33 % Date: 4/30/2005 Return: -3.38 % Date: 3/31/2005 Return: 2.32 % Date: 2/28/2005 Return: 0.56 % Date: 1/31/2005 Return: -5.53 % Date: 12/31/2004 Return: 2.08 % Date: 11/30/2004 Return: 6.22 % Date: 10/31/2004 Return: 2.65 % Date: 9/30/2004 Return: 2.18 % Date: 8/31/2004 Return: 4.01 % Date: 7/31/2004 Return: -3.10 % Date: 6/30/2004 Return: -3.74 % Date: 5/31/2004 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: 05/04 - 01/23
Return: -8.00 % Count: 1 Return: 10.00 % Count: 1 Return: -10.00 % Count: 1 Return: 8.00 % Count: 4 Return: 9.00 % Count: 5 Return: -9.00 % Count: 2 Return: -7.00 % Count: 3 Return: -5.00 % Count: 10 Return: 11.00 % Count: 2 Return: -1.00 % Count: 31 Return: 7.00 % Count: 5 Return: -2.00 % Count: 14 Return: 5.00 % Count: 16 Return: 1.00 % Count: 27 Return: -6.00 % Count: 5 Return: 6.00 % Count: 8 Return: 3.00 % Count: 14 Return: 2.00 % Count: 19 Return: 4.00 % Count: 20 Return: -3.00 % Count: 21 Return: -4.00 % Count: 10 Return: 0.00 % Count: 7

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: 05/04 - 01/23
Date: 2/28/2023 Drawdown: -17.12 % Date: 1/31/2023 Drawdown: -13.45 % Date: 12/31/2022 Drawdown: -14.23 % Date: 11/30/2022 Drawdown: -11.27 % Date: 10/31/2022 Drawdown: -3.06 % Date: 9/30/2022 Drawdown: 0.00 % Date: 8/31/2022 Drawdown: -1.43 % Date: 7/31/2022 Drawdown: -2.97 % Date: 6/30/2022 Drawdown: 0.00 % Date: 5/31/2022 Drawdown: -1.43 % Date: 4/30/2022 Drawdown: 0.00 % Date: 3/31/2022 Drawdown: 0.00 % Date: 2/28/2022 Drawdown: -0.18 % Date: 1/31/2022 Drawdown: -2.57 % Date: 12/31/2021 Drawdown: -4.65 % Date: 11/30/2021 Drawdown: -1.79 % Date: 10/31/2021 Drawdown: 0.00 % Date: 9/30/2021 Drawdown: 0.00 % Date: 8/31/2021 Drawdown: 0.00 % Date: 7/31/2021 Drawdown: 0.00 % Date: 6/30/2021 Drawdown: -1.30 % 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: -0.53 % Date: 12/31/2020 Drawdown: 0.00 % Date: 11/30/2020 Drawdown: 0.00 % Date: 10/31/2020 Drawdown: -7.54 % Date: 9/30/2020 Drawdown: -5.09 % Date: 8/31/2020 Drawdown: -4.27 % Date: 7/31/2020 Drawdown: -3.34 % Date: 6/30/2020 Drawdown: -5.18 % Date: 5/31/2020 Drawdown: -3.48 % Date: 4/30/2020 Drawdown: -1.23 % Date: 3/31/2020 Drawdown: -0.44 % Date: 2/29/2020 Drawdown: -4.11 % Date: 1/31/2020 Drawdown: -8.39 % Date: 12/31/2019 Drawdown: -11.82 % Date: 11/30/2019 Drawdown: -9.18 % Date: 10/31/2019 Drawdown: -10.47 % Date: 9/30/2019 Drawdown: -5.32 % Date: 8/31/2019 Drawdown: 0.00 % Date: 7/31/2019 Drawdown: 0.00 % Date: 6/30/2019 Drawdown: -0.89 % Date: 5/31/2019 Drawdown: -5.73 % Date: 4/30/2019 Drawdown: -5.47 % Date: 3/31/2019 Drawdown: -7.89 % Date: 2/28/2019 Drawdown: -11.16 % Date: 1/31/2019 Drawdown: -10.35 % Date: 12/31/2018 Drawdown: -6.38 % Date: 11/30/2018 Drawdown: -13.97 % Date: 10/31/2018 Drawdown: -14.52 % Date: 9/30/2018 Drawdown: -12.29 % Date: 8/31/2018 Drawdown: -11.95 % Date: 7/31/2018 Drawdown: -12.74 % Date: 6/30/2018 Drawdown: -11.52 % Date: 5/31/2018 Drawdown: -12.72 % Date: 4/30/2018 Drawdown: -13.48 % Date: 3/31/2018 Drawdown: -10.85 % Date: 2/28/2018 Drawdown: -9.95 % Date: 1/31/2018 Drawdown: 0.00 % Date: 12/31/2017 Drawdown: -2.25 % Date: 11/30/2017 Drawdown: -3.75 % Date: 10/31/2017 Drawdown: -4.27 % Date: 9/30/2017 Drawdown: -9.46 % Date: 8/31/2017 Drawdown: -3.52 % Date: 7/31/2017 Drawdown: -7.82 % Date: 6/30/2017 Drawdown: -8.62 % Date: 5/31/2017 Drawdown: -3.80 % Date: 4/30/2017 Drawdown: -3.89 % Date: 3/31/2017 Drawdown: -4.87 % Date: 2/28/2017 Drawdown: -3.49 % Date: 1/31/2017 Drawdown: -6.04 % Date: 12/31/2016 Drawdown: -5.32 % Date: 11/30/2016 Drawdown: -6.97 % Date: 10/31/2016 Drawdown: -7.73 % Date: 9/30/2016 Drawdown: -2.89 % Date: 8/31/2016 Drawdown: -3.95 % Date: 7/31/2016 Drawdown: 0.00 % Date: 6/30/2016 Drawdown: 0.00 % Date: 5/31/2016 Drawdown: -8.92 % Date: 4/30/2016 Drawdown: -6.16 % Date: 3/31/2016 Drawdown: -5.75 % Date: 2/29/2016 Drawdown: -0.43 % Date: 1/31/2016 Drawdown: -7.66 % Date: 12/31/2015 Drawdown: -11.52 % Date: 11/30/2015 Drawdown: -9.91 % Date: 10/31/2015 Drawdown: -13.02 % Date: 9/30/2015 Drawdown: -11.87 % Date: 8/31/2015 Drawdown: -14.58 % Date: 7/31/2015 Drawdown: -7.97 % Date: 6/30/2015 Drawdown: -11.84 % Date: 5/31/2015 Drawdown: -5.99 % Date: 4/30/2015 Drawdown: -5.24 % Date: 3/31/2015 Drawdown: 0.00 % Date: 2/28/2015 Drawdown: -0.59 % Date: 1/31/2015 Drawdown: 0.00 % Date: 12/31/2014 Drawdown: -5.15 % Date: 11/30/2014 Drawdown: -8.75 % Date: 10/31/2014 Drawdown: -16.22 % Date: 9/30/2014 Drawdown: -16.71 % Date: 8/31/2014 Drawdown: -15.75 % Date: 7/31/2014 Drawdown: -20.00 % Date: 6/30/2014 Drawdown: -17.02 % Date: 5/31/2014 Drawdown: -19.47 % Date: 4/30/2014 Drawdown: -23.43 % Date: 3/31/2014 Drawdown: -27.85 % Date: 2/28/2014 Drawdown: -26.81 % Date: 1/31/2014 Drawdown: -30.74 % Date: 12/31/2013 Drawdown: -29.32 % Date: 11/30/2013 Drawdown: -26.33 % Date: 10/31/2013 Drawdown: -29.64 % Date: 9/30/2013 Drawdown: -33.18 % Date: 8/31/2013 Drawdown: -31.34 % Date: 7/31/2013 Drawdown: -30.58 % Date: 6/30/2013 Drawdown: -28.37 % Date: 5/31/2013 Drawdown: -26.36 % Date: 4/30/2013 Drawdown: -21.91 % Date: 3/31/2013 Drawdown: -23.11 % Date: 2/28/2013 Drawdown: -23.90 % Date: 1/31/2013 Drawdown: -22.88 % Date: 12/31/2012 Drawdown: -25.02 % Date: 11/30/2012 Drawdown: -24.55 % Date: 10/31/2012 Drawdown: -23.91 % Date: 9/30/2012 Drawdown: -20.78 % Date: 8/31/2012 Drawdown: -18.45 % Date: 7/31/2012 Drawdown: -17.41 % Date: 6/30/2012 Drawdown: -21.54 % Date: 5/31/2012 Drawdown: -17.66 % Date: 4/30/2012 Drawdown: -18.74 % Date: 3/31/2012 Drawdown: -19.43 % Date: 2/29/2012 Drawdown: -18.28 % Date: 1/31/2012 Drawdown: -19.33 % Date: 12/31/2011 Drawdown: -18.39 % Date: 11/30/2011 Drawdown: -18.82 % Date: 10/31/2011 Drawdown: -17.37 % Date: 9/30/2011 Drawdown: -12.57 % Date: 8/31/2011 Drawdown: -10.53 % Date: 7/31/2011 Drawdown: -7.28 % Date: 6/30/2011 Drawdown: -11.12 % Date: 5/31/2011 Drawdown: -9.69 % Date: 4/30/2011 Drawdown: -0.91 % Date: 3/31/2011 Drawdown: -3.25 % Date: 2/28/2011 Drawdown: 0.00 % Date: 1/31/2011 Drawdown: 0.00 % Date: 12/31/2010 Drawdown: 0.00 % Date: 11/30/2010 Drawdown: -3.21 % Date: 10/31/2010 Drawdown: 0.00 % Date: 9/30/2010 Drawdown: 0.00 % Date: 8/31/2010 Drawdown: -0.80 % Date: 7/31/2010 Drawdown: -3.18 % Date: 6/30/2010 Drawdown: -4.21 % Date: 5/31/2010 Drawdown: -5.46 % Date: 4/30/2010 Drawdown: -1.46 % Date: 3/31/2010 Drawdown: -5.78 % Date: 2/28/2010 Drawdown: -9.77 % Date: 1/31/2010 Drawdown: -11.95 % Date: 12/31/2009 Drawdown: -5.57 % Date: 11/30/2009 Drawdown: -2.94 % Date: 10/31/2009 Drawdown: -7.61 % Date: 9/30/2009 Drawdown: -5.90 % Date: 8/31/2009 Drawdown: -6.22 % Date: 7/31/2009 Drawdown: -7.40 % Date: 6/30/2009 Drawdown: -5.98 % Date: 5/31/2009 Drawdown: -5.13 % Date: 4/30/2009 Drawdown: -8.20 % Date: 3/31/2009 Drawdown: -5.37 % Date: 2/28/2009 Drawdown: -4.54 % Date: 1/31/2009 Drawdown: -2.30 % Date: 12/31/2008 Drawdown: 0.00 % Date: 11/30/2008 Drawdown: 0.00 % Date: 10/31/2008 Drawdown: -3.58 % Date: 9/30/2008 Drawdown: -7.52 % Date: 8/31/2008 Drawdown: -8.49 % Date: 7/31/2008 Drawdown: -4.95 % Date: 6/30/2008 Drawdown: 0.00 % Date: 5/31/2008 Drawdown: 0.00 % Date: 4/30/2008 Drawdown: 0.00 % Date: 3/31/2008 Drawdown: 0.00 % Date: 2/29/2008 Drawdown: 0.00 % Date: 1/31/2008 Drawdown: 0.00 % Date: 12/31/2007 Drawdown: -1.94 % Date: 11/30/2007 Drawdown: -1.43 % Date: 10/31/2007 Drawdown: 0.00 % Date: 9/30/2007 Drawdown: -3.54 % Date: 8/31/2007 Drawdown: -11.73 % Date: 7/31/2007 Drawdown: -2.84 % Date: 6/30/2007 Drawdown: 0.00 % Date: 5/31/2007 Drawdown: -0.76 % Date: 4/30/2007 Drawdown: -4.14 % Date: 3/31/2007 Drawdown: -10.09 % Date: 2/28/2007 Drawdown: -3.07 % Date: 1/31/2007 Drawdown: -1.86 % Date: 12/31/2006 Drawdown: -4.59 % Date: 11/30/2006 Drawdown: -3.78 % Date: 10/31/2006 Drawdown: -8.77 % Date: 9/30/2006 Drawdown: -6.41 % Date: 8/31/2006 Drawdown: -6.51 % Date: 7/31/2006 Drawdown: -10.88 % Date: 6/30/2006 Drawdown: -6.54 % Date: 5/31/2006 Drawdown: -0.83 % Date: 4/30/2006 Drawdown: 0.00 % Date: 3/31/2006 Drawdown: 0.00 % Date: 2/28/2006 Drawdown: -2.33 % Date: 1/31/2006 Drawdown: 0.00 % Date: 12/31/2005 Drawdown: -0.69 % Date: 11/30/2005 Drawdown: 0.00 % Date: 10/31/2005 Drawdown: -2.23 % Date: 9/30/2005 Drawdown: 0.00 % Date: 8/31/2005 Drawdown: 0.00 % Date: 7/31/2005 Drawdown: 0.00 % Date: 6/30/2005 Drawdown: -1.02 % Date: 5/31/2005 Drawdown: -2.02 % Date: 4/30/2005 Drawdown: -6.08 % Date: 3/31/2005 Drawdown: -2.80 % Date: 2/28/2005 Drawdown: -5.00 % Date: 1/31/2005 Drawdown: -5.53 % 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: -0.87 % Date: 8/31/2004 Drawdown: -2.98 % Date: 7/31/2004 Drawdown: -6.72 % Date: 6/30/2004 Drawdown: -3.74 %

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 
 Softs Yes 
 Grains Yes 
 Meats Yes 
 Forex Yes 
 Mini-Futures Yes 
 Investment Methodology
 Fundamental Analysis Yes 
 Technical Yes 
 Trend Following Yes 
 Systematic Yes 
 Diversified Yes 
 Mean-reversion Yes 
 Quantitative Analysis Yes 
 Instruments Traded
 Forwards Yes 
 Futures Yes 
 Geographical Focus
 Global Yes 
 Holding Period
 Long Term Yes 
 Medium Term Yes 
 Short Term Yes 
 Investment Terms & Information
 Managed Account Minimum: $25,000,000 
 Margin / Equity Ratio: 15% 
 Managed Account Availability: Open 
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