manag ed futures - altegris.com/media/files/commentary/...atmo actio trend were alteg in de news...
Post on 20-Oct-2020
0 Views
Preview:
TRANSCRIPT
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
MQ4
Over
With (repreclass compaTotal
Figure 1MANAQuarter
* Estimno gua
Altegr
HFRI FCompo
S&P 50Return
BarclayCompo
MSCI EIndex (
NAREIIndex
GSCI TReturn
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
anag4 2010 M
rview
returns just sented by the had a very
arison, equitieReturn Index)
. AGED FUTURESly, Annual and 10-Y
mates as of Januarantee that any
is 40 Index
Fund Weighted osite Index
00 Totaln Index
ys US Aggregate osite Bond Index
EAFE (Net)
IT Composite
Total n Index
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
ged FuMarke
shy of 5%, Altegris 40 Ind
profitable fos (represented) were up 10.
S PERFORMANYear Returns throu
uary 7, 2011. PASinvestment prod
Quar
Q1Return Re
2.33% -0.5
2.38% -2.6
5.38% -11.4
1.78% 3.4
0.85% -13.9
9.47% -3.6
-0.90% -10.4
Q
ECESSARILY INDIC. See Important Risk
utureet Com
managed futdexSM)1 as an aourth quarterd by the S&P.74%, while b
NCE VERSUS INugh December 201
ST PERFORMANduct with achieve
rterly Returns2010
Q2eturn
Q3Return
54% 4.67% 4
67% 5.02% 5
42% 11.30% 10
49% 2.49% -1
98% 16.48% 6
66% 12.34% 7
41% 8.27% 13
Quarterly Returns2010
ATIVE OF FUTUREk Disclosures at the
esmenta
tures asset . By
P 500 onds
(reprIndexfuturretur
NDICES 0
NCE IS NOT NECEve its objectives,
RQ4
Return2010
Return
4.66%* 11.49%*
5.52%* 10.43%*
0.74% 15.05%
1.29% 6.56%
6.62% 7.74%
7.66% 27.55%
3.41% 9.02%
R
E RESULTS. end of this docume
ary
resented by thx) were downes returned 1
rned 15.05% a
CESSARILY INDICgenerate profits
Yearly Returns
2009Return
2008Return
-7.98% 15.47%
20.01% -19.03%
26.45% -36.99%
5.93% 5.24%
31.78% -43.39%
27.79% -37.84%
13.67% -46.49%
YearlyReturns
nt.
888.524
he Barclays Un -1.29%. For 11.49% while and 6.56% res
CATIVE OF FUTURs or avoid losses
10-YJanuary 2
TotalReturn R
104.56%* 7.42
95.65%* 6.94
15.03% 1.4
76.36% 5.8
43.05% 3.6
165.72% 10.2
19.35% 1.7
10Januar
ALTE
RESEAR
4.9441 | altegrisa
US Aggregate the year, maequities and pectively (Figu
URE RESULTS. Thes. SOURCE: Alteg
Year Returns001–December 2010
AnnROR
StdDev
2%* 11.03%* -1
4%* 6.45%* -2
1% 16.31% -5
4% 3.79%
4% 18.55% -5
7% 23.83% -6
9% 25.00% -6
0-Year Returnsry 2001–December 2010
EGRIS ACADEMY
RCH SERIES
advisors.com
Bond anaged
bonds ure 1).
here is gris.
MaxDD
13.24%
21.42%
50.95%
-3.82%
56.68%
68.17%
67.65%
1
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
QE2,
Throug
regard
quanti
manag
with m
questi
and th
far.
The R
Our int
and e
Officia
attack
govern
term in
invest
not ex
undou
benefi
is tha
narrow
in the
extens
invest
the US
a resu
has st
will re
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
, China, an
ghout the quar
ding the impa
itative easing
ged futures an
managed futu
on adequately
hen recap its im
oots of QE2
terpretation of
ensure that un
ally announced
k is to purc
nment bonds, w
nterest rates lo
ment by consu
xplicitly stated
btedly a weak
it to US export
at recent eco
wing trade gap
US economic
sion of the Bu
ors feeling op
S does not nee
ult, Treasury yi
trengthened. W
emain weak de
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
nd You
rter, we receiv
act of QE2 (a
by the US Fe
nd specifically
res managers
y, let us discus
mpact on the fu
QE2’s goal is t
nemployment
d in November
chase hundre
with the intent
ow in order to i
umers and bus
by the Fed, the
ker US dollar
ers and hence
onomic indicat
p, have shown
landscape. Thi
ush-era tax c
ptimistic, perha
ed additional st
elds have gon
While many a
espite stimulus
ECESSARILY INDIC. See Important Risk
ved many ques
second roun
ederal Reserve
y your investm
s. To address
ss the roots of
utures markets
to aid price sta
does not wo
r, the Fed’s pla
ds of billion
t of keeping lon
incite spending
siness alike. W
e knock-on effe
(USD), which
e GDP. The pro
tors, such as
some improve
is, coupled wit
uts, has left m
aps indicating
timulus after a
e up and the d
rgue the econ
s measures, ot
ATIVE OF FUTUREk Disclosures at the
stions
nd of
e) on
ments
this
f QE2
thus
ability
rsen.
an of
s in
nger-
g and
While
ect is
is a
blem
s the
ment
h the
many
that
ll. As
dollar
nomy
thers
belie
Acco
Centr
China
have
than
Ww
m
o
For n
tug o
mone
dema
defla
unem
debt
that t
likelih
E RESULTS. end of this docume
ve we are o
ommodative po
ral Bank, only
a and commo
fueled the con
good.
While many
will remain w
measures, o
on a crash c
nearly two yea
of war betwee
etary stimulus
and for comm
ationary press
mployment in
risk. For most
the macro envi
hood of global
ALTEGRIS A
nt.
888.524
n a crash co
olicy measures
modest mone
odity prices ra
ncern that QE2
argue the e
weak despit
others believ
course with
ars, futures ma
n inflation (du
s and emerg
modities) and
sures still ex
the US and
t of the fourth
ironment might
asset reflation
CADEMY | RESEA
4.9441 | altegrisa
ourse with inf
s from the Eur
etary tightening
allying to new
2 might do more
economy
te stimulus
ve we are
inflation.
arkets reacted
e to accommo
ing market/Ch
the fact that
xist, such as
European sov
quarter, it app
t be shifting, w
n as the victor.
ARCH SERIES
advisors.com
flation.
ropean
g from
highs
e harm
to the
odative
hinese
clear
s high
vereign
peared
with the
2
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
Q4we
inf
ra
an
Impac
As a
largely
rallies
shown
in Oc
marke
Optimi
capita
govern
rally
comm
trends
Altegr
the m
return
While
throug
way. I
the sto
patter
hit the
Europe
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
4 2010 mana
ere largely
flationary fo
llies in gold
nd stock ind
ct on the Futur
result, Q4 2010
y derived from
in gold, comm
n in Figure 3 on
ctober. With
ts in October
ism over a gl
l to riskier a
nment bonds.
gave way a
odities (gold i
s led to overal
is 40 Index gai
ajority of man
s.
rallies in fu
gh year-end, th
n November, fu
ock market ros
n for some sign
e tape. Ireland’s
ean sovereig
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
aged future
derived from
orces, inclu
d, commodit
dex futures.
res Markets
0 managed fut
m inflationary
modity and stoc
n page 6). This
QE2’s announ
experienced b
obal economi
assets, and n
The long-stan
s bullish inv
n particular) a
ll gains in man
ned nearly 4%
nagers we rev
utures extend
ere were some
utures markets
se and then fe
nificantly bette
s debt woes fu
gn debt risk
ECESSARILY INDIC. See Important Risk
s returns
m
ding
ty
tures returns w
y forces, inclu
ck index future
was mainly ev
ncement immi
broad based ra
c recovery sh
otably away
nding fixed inc
vestors piled
and stocks. St
naged futures.
for the month,
iew posting st
ded from Oct
e hiccups alon
s were a mixed
ll, as if in a wa
er or worse new
eled concerns
k. Perhaps
ATIVE OF FUTUREk Disclosures at the
were
uding
s (as
ident
nent,
allies.
hifted
from
come
into
trong
. The
with
trong
tober
g the
bag;
aiting
ws to
over
more
signif
bank
2010,
lendi
inflat
plann
Dece
were
coun
overh
inflat
coole
leadi
but n
betw
and
atmo
actio
trend
were
Alteg
In De
news
Futur
Nove
perfo
subst
retur
E RESULTS. end of this docume
ficantly, Chine
ks to halt loan
, and enact a q
ng practices
tion.2 China’s
ned to raise
ember. While C
e modest, they
ntry is conc
heating. China
tion figures an
ed the commod
ng to a revers
not least, escal
ween North and
risk aversion
osphere of disq
on over the se
d following pro
e collectively
gris 40 Index do
ecember, all v
s seemed to
res markets d
ember losses a
ormance. As a
tantially on the
rning 4.5%.
ALTEGRIS A
nt.
888.524
ese regulator
ns for fixed-as
quota for 2011
that have
central bank
e the reserv
China’s measu
were nonethe
cerned abou
a’s higher-tha
d subsequent
dity futures’ ra
sal in many fu
ating tensions
d South Korea
. All this co
quiet and, ther
econd half of
grams, manag
down for th
own -3.59%.
olatility was to
be interpret
drifted higher
and allowing fo
whole, manag
e month, with t
CADEMY | RESEA
4.9441 | altegrisa
rs forced Sha
sset investmen
, in an effort to
helped acce
also announ
ve requireme
ures to curb in
less a signal th
ut their eco
n-expected O
government p
lly in mid-Nove
utures markets
and outright h
led to increase
mbined creat
refore, choppy
f November. L
ed futures man
he month, wit
o the upside, a
ed as good
and higher, e
or strong asset
ged futures we
the Altegris 40
ARCH SERIES
advisors.com
anghai
nts for
o curb
elerate
ced it
ent in
nflation
hat the
onomy
ctober
olicies
ember,
s. Last
ostility
ed fear
ed an
y price
Led by
nagers
th the
and all
news.
erasing
t class
ere up
0 Index
3
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
Stra
While
Altegr
both
system
varied
specif
follow
Speci
Althou
are
system
manag
Altegr
vary c
focus
some
marke
volatil
captur
volatil
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
tegy Summ
managed fu
is 40 Index we
trend follow
matic and disc
based on
fics. A synopsi
s:
alized: Short-T
ugh the majorit
classified as
matic programs
ged futures as
is 40 Index. S
considerably.
on short-term
degree of s
ts). Another p
ity breakout s
ring price mov
ity occurs.
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
mary
utures as rep
ere up for the q
ing and spe
cretionary com
markets trad
s highlighting
Term Systema
ty of managed
s trend follo
s comprise jus
sset class, as r
Short-term sys
For example,
m momentum s
short-term pric
program’s emp
systems (mod
ves often afte
ECESSARILY INDIC. See Important Risk
presented by
quarter, return
ecialty (short-
mmodity) mana
ded and pro
return drivers
atic
d futures strate
owing, short-
st under 10% o
represented by
stematic prog
one program
systems (capt
ce persistenc
phasis may b
els that focu
er a contractio
ATIVE OF FUTUREk Disclosures at the
the
ns for
-term
agers
gram
is as
egies
-term
of the
y the
rams
may
uring
ce in
e on
s on
on in
W
m
tr
p
Gene
seve
perio
week
trade
prese
short
While
futur
profit
mom
seve
adde
E RESULTS. end of this docume
While repres
minefield for
rades in sto
profitable fo
erally, short-ter
ral different sy
ods. What cons
ks for one pro
e intraday. Ov
ented both ri
t-term systema
e representing
es in Q3, trad
table for se
entum in glob
ral short-term
ed exposure to
ALTEGRIS A
nt.
888.524
senting a ch
r managed f
ock index fu
r several m
rm systematic
ystems that tra
stitutes “short
ogram while an
ver the quarte
ipe and rotte
atic programs.
g a choppy mi
des in stock
everal manag
bal stock mar
systematic pr
stock index fut
CADEMY | RESEA
4.9441 | altegrisa
hoppy
futures in Q
utures were
managers in
programs con
ade over varie
-term” may be
nother program
er, several m
en opportunitie
nefield for ma
index futures
gers in Q4.
rkets gaining s
rograms once
tures in size.
ARCH SERIES
advisors.com
Q3,
Q4.
nsist of
d time
e three
m may
markets
es for
anaged
were
With
steam,
again
4
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
Despit
index f
appea
Short-
intrada
with n
exiting
breach
led to
mome
(wider
Figure 2STOCKDecemb
PAST Pproduc
$
$
$
$
$1
$1
$1
$1
$1
$1
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
te a very profi
futures, the rid
r on the year
-term systemat
ay stock index
narrow stop lo
g a trade wh
hed) performed
o whipsaws
ntum program
r threshold for
2. K INDEX FRONTber 2009–Decembe
PERFORMANCE ct with achieve it
$800
$850
$900
$950
,000
,050
,100
,150
,200
,250
12/09 1/10
After sQ4 201across
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
itable year as
de up was not a
r-to-date VAM
tic programs w
swings and as
oss limits (syst
hen a loss th
d the worst as
and hence l
ms with wide
r exiting trade
T MONTH FUTUer 2010
IS NOT NECESSits objectives, ge
2/10 3/10
sideways price acti10 stock index futus multiple markets.
ECESSARILY INDIC. See Important Risk
a whole for s
as smooth as it
I3 chart (Figur
were susceptib
s a result, prog
tematic metho
reshold has
s intraday reve
losses. Short-
r stop loss l
es) performed
URES VAMI CH
SARILY INDICATIenerate profits or
4/10 5/10 6
ion over Q3, ures rallied .
ATIVE OF FUTUREk Disclosures at the
stock
t may
re 2).
ble to
rams
d for
been
rsals
-term
limits
very
well,
interd
(durin
rever
mont
In No
envir
and
progr
their
HART
TIVE OF FUTURE Rr avoid losses. S
6/10 7/10 8/1
E RESULTS. end of this docume
as several sto
day (from one
ng the same
rsals were pre
th ended on a h
ovember, Chine
ronment more
forth throug
rams that requ
programs’ mo
RESULTS. There SOURCE: Bloomb
10 9/10 10/10
ALTEGRIS A
nt.
888.524
ock index futu
day to the ne
trading day
esent in Octob
high note.
ese inflation fe
challenging. M
ghout the da
uire several da
mentum tradin
e is no guarantee berg and Altegris
0 11/10 12/10
CADEMY | RESEA
4.9441 | altegrisa
res contracts
ext) despite in
) hiccups. In
ber, but overa
ars made the t
Markets rocked
ay—a negativ
ys of persisten
g models to pr
e that any investms.
Hang Seng
KOSPI 200Stock ExchS&P 500
Eurex DAXStock IndeDow JonesAverageE-Mini S&P
MSCI EAF
E-Mini Nas
Nikkei 225Stock Exch
ARCH SERIES
advisors.com
rallied
traday
traday
all, the
trading
d back
ve for
nce for
ofit.
tment
g
0 (Koreanhange)
X (Germanex)s Industrial
P 500
FE
sdaq 100
5 (Tokyohange)
5
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
With m
day, D
opport
Figure 3S&P 5October
OCTOBER
NOVEMB
DECEMB
PAST Pproduc
Short-tpersistintradainterda
Macroeand geoconcernchoppy
A smoo
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
markets inching
ecember prese
tunities for the
3. 00 FRONT MONr 2010–December 2
R
BER
BER
PERFORMANCE ct with achieve it
term price tence despite ay and ay reversals
economic opolitical ns lead to price action
th ride up…
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
g higher throug
ented the best
quarter.
NTH FUTURES 2010
IS NOT NECESSits objectives, ge
1120
1140
1160
1180
1200
10/1 1
1160
1180
1200
1220
1240
11/1 11/3
1190
1210
1230
1250
1270
12/1 12/3
ECESSARILY INDIC. See Important Risk
ghout the tradin
momentum ba
SARILY INDICATIenerate profits or
0/3 10/5 10/7
3 11/5 11/7
12/5 12/7 1
ATIVE OF FUTUREk Disclosures at the
ng
sed
Intra
demo
(Figu
TIVE OF FUTURE Rr avoid losses. S
10/9 10/11 10
11/9 11/11 11/13
2/9 12/11 12/13
E RESULTS. end of this docume
day movement
onstrated below
re 3).
RESULTS. There SOURCE: Bloomb
0/13 10/15 10/17
3 11/15 11/17 1
12/15 12/17 12/
ALTEGRIS A
nt.
888.524
ts on a per mon
w of S&P 500 f
e is no guarantee berg and Altegris
10/19 10/21 10
11/19 11/21 11/23
/19 12/21 12/23
CADEMY | RESEA
4.9441 | altegrisa
nth basis are
ront month futu
e that any investms.
0/23 10/25 10/27
3 11/25 11/27 1
12/25 12/27 12/29
Open High Low Last
ARCH SERIES
advisors.com
ures
tment
10/29
11/29
9 12/31
n
Price
6
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
While
the fou
volatil
heel o
curren
minds
presen
takes
points
Figure 4EURO/October
PAST Pproduc
1.28
1.3
1.32
1.34
1.36
1.38
1.4
1.42
1.44
1
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
momentum tra
urth quarter an
ity breakout sy
of many shor
ncy markets. FX
at breakneck
nt than in the E
to buy one e
in December.
4. /USD SPOT r 2010–December 2
PERFORMANCE ct with achieve it
10/31 11/3 11/6
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
ades presented
nd most promin
ystems proved
t-term progra
X traders seem
speeds. Nowh
EUR/USD (how
euro) cross tra
Shown in the
2010
IS NOT NECESSits objectives, ge
11/9 11/12 11/15
ECESSARILY INDIC. See Important Risk
d opportunities
nently in Decem
to be the Ach
ms, chiefly in
med to change
here was this
w many US doll
ade during se
graph below,
SARILY INDICATIenerate profits or
5 11/18 11/21 11/2
ATIVE OF FUTUREk Disclosures at the
over
mber,
hilles
n the
their
more
ars it
veral
from
a tec
break
Dece
seve
only t
tract
break
mana
unpro
TIVE OF FUTURE Rr avoid losses. S
4 11/27 11/30 12/
E RESULTS. end of this docume
chnical perspe
kout against t
ember. The hi
ral times (as
to sputter afte
ion. This lac
kouts difficult
agers (Figure
ofitable as a re
RESULTS. There SOURCE: Bloomb
/3 12/6 12/9 12
Breakouts wifollow-throug
ALTEGRIS A
nt.
888.524
ctive it looked
the USD in b
igh, low, clos
represented b
r one or two d
k of follow-th
for several sh
e 4). Many
esult.
e is no guarantee berg and Altegris
2/12 12/15 12/18 1
ith little gh.
CADEMY | RESEA
4.9441 | altegrisa
as if the euro
both early and
e range cont
by the gold ci
ays, rather tha
hrough made
hort-term syste
y programs
e that any investms.
2/21 12/24 12/27
ARCH SERIES
advisors.com
o might
d mid-
racted
ircles),
an gain
false
ematic
were
tment
12/30
7
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
Althou
vary
as a
The
return
0.42%
Speci
In the
trading
Discre
quarte
(tighte
deman
inflatio
comm
chasin
future
contra
2009,
comm
even
sharp
In our
the Titransit
deman
world’
countr
consu
soybe
since
produc
marke
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
ugh returns o
widely, sho
group had
AlternativeEdg
ed -1.05% for
in 2010.4
alized: Discre
discretionary
g environment
etionary Trade
er and 4.71% f
ening supply,
nd) as well as m
onary forces
odity bull wa
ng after it. In
s volume av
acts per day, u
and up 13% f
odities, precio
energy all ral
China-induced
recent white p
Time for a Hedtion of emergin
nd-driven eco
’s population
ries, creating
mption for ye
an futures ma
the third qua
ction was not
t demand. Cott
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
n a manager-
ort-term syste
d a difficult
ge Short-Term
the quarter a
tionary Comm
commodity tra
was quite favo
rs Index5 was
for 2010. Drive
increased
macroeconomi
as the res
as charging a
n November
veraged a re
up 47% compar
from October
us metals, bas
lied into year-
d reversal in No
paper, Emergindged Approacng markets from
nomies. More
lives in
an engine
ears to come.
arket has mov
arter of this
able to meet i
ton, sugar, cor
ECESSARILY INDIC. See Important Risk
-by-manager b
ematic mana
t fourth qua
m Traders I
and an uninsp
modity Trading
ading universe
orable. The Ba
s up 2.63% for
en by fundam
emerging m
ic factors (prim
sult of QE2),
and everyone
alone, comm
ecord 1.3 m
red with Nove
2010.6 Agricu
se metals, softs
-end, all desp
ovember.
ng Markets: Noch, we discussm export focus
than 70% of
emerging m
of growth
For example,
ved steadily h
year, as soy
nsatiable eme
n, rice, copper
ATIVE OF FUTUREk Disclosures at the
basis
agers
arter,
ndex
piring
e, the
rclay
r the
ental
arket
marily
the
was
odity
million
mber
ltural
s and
ite a
ow is s the
ed to
f the
arket
and
, the
igher
bean
rging
r, and
whea
quart
Mp
m
e
f
Price
funda
beca
to a
only t
in Q4
repor
spec
futur
the e
palla
heati
crow
to b
mark
howe
them
E RESULTS. end of this docume
at, among oth
ter.
More than 7
population li
market coun
engine of gr
for years to
es have ralli
amental supply
ause of increas
long-standing
two commodit
4: natural gas
rt by Bank
ulative positio
es were also p
end of the yea
dium, and ad
ing oil as well
wded in 2010 an
e volatile as
ket. Opportuniti
ever, overbo
mselves to short
ALTEGRIS A
nt.
888.524
hers also ralli
0% of the w
ives in eme
ntries, creat
owth and c
come.
ed not only
y and demand
sed market spe
g commodity
ies that specul
s and cocoa.
of America/M
ons in corn, s
purchased by
ar. Speculators
ded long pos
l.7 Commodity
nd we expect
speculators
ies are abunda
ought condit
t-term market c
CADEMY | RESEA
4.9441 | altegrisa
ied over the
world’s
rging
ting an
onsumption
as the res
d variables, bu
eculation. Acc
manager, ther
lators were ne
Based on a
Merrill Lynch,
soybean and
hedge funds t
s bought coppe
itions to crud
futures trades
markets to co
enter and ex
ant in these ma
tions often
corrections.
ARCH SERIES
advisors.com
fourth
n
ult of
ut also
ording
re are
t short
recent
large
wheat
toward
er and
de and
s were
ontinue
xit the
arkets;
lend
8
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
Trend
Wheth
fashio
marke
where
inflatio
Figure 5FUTUR
2-YEAR January
Market
Copper
Silver
Gold
Australian
Live Cattl
Soybeans
Gasoline
Corn
Soybean
KOSPI 20
Crude Pa
S&P 500
Dow Jone
E-Mini S&
Sugar
Coffee
Orange J
Crude Oil
Nasdaq F
E-Mini Na
Eurex Da
Cotton
PAST Pproduct
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
Following
her it was QE
ned supply
ts have quietl
e the Fed is
on, 32 out of 52
5. RES MARKETS
HIGHS 1, 2009–December
n Dollar
e
s
Oil
00 (Korean Stock Exc
alm Oil
Futures
es Futures
&P 500
uice
l
Futures
asdaq 100
ax (Deutscher Aktien Index, a
PERFORMANCE Ict with achieve it
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
2, tax break e
and demand
y reached new
concerned a8 markets reac
REACH NEW H
31, 2010
change)
aka German Stock Index)
IS NOT NECESSAts objectives, gen
ECESSARILY INDIC. See Important Risk
extensions, or
factors, fut
w highs. In a
about the lac
ched 2-year hig
HIGHS IN Q4 20
Q4 High
12/31
12/31
12/31
12/31
12/31
12/31
12/31
12/31
12/31
12/30
12/30
12/29
12/29
12/29
12/28
12/28
12/27
12/23
12/22
12/22
12/22
12/21
SARILY INDICATIVenerate profits or
ATIVE OF FUTUREk Disclosures at the
old-
tures
time
ck of
ghs in
the
reach
copp
year
(Figu
010
h Price (2-ye
1/2010 Palla
1/2010 Plati
1/2010 Han
1/2010 New
1/2010 5-Ye
1/2010 10-Y
1/2010 Etha
1/2010 E-M
1/2010 2-Ye
0/2010 3-Ye
0/2010
9/2010
9/2010 20-YJanu
9/2010 Mar
8/2010 Cop
8/2010 Silve
7/2010 Gold
3/2010 Aust
2/2010 Sug
2/2010 Cott
2/2010 5-Ye
1/2010 2-Ye
IVE OF FUTURE Rr avoid losses. SO
E RESULTS. end of this docume
fourth quarte
hed 20-year
per, silver, gol
treasury futu
re 5).
year highs continued)
adium
inum
ng Seng
w Zealand Dollar
ear US Treasury
Year US Treasury
anol
Mini MSCI EAFE
ear US Treasury Note
ear US Treasury
YEAR HIGHS uary 1, 1991–Decem
rket
pper
er
d
tralian Dollar
ar
ton
ear US Treasury
ear US Treasury Note
RESULTS. There SOURCE: Bloombe
ALTEGRIS A
nt.
888.524
er of 2010, w
highs, includ
d, the Austral
ures and 2-ye
e
mber 31, 2010
e
is no guarantee berg and Altegris
CADEMY | RESEA
4.9441 | altegrisa
while eight m
ding sugar, c
ian dollar (AU
ear treasury f
Q4 H
12
12
12
12
12
12
e that any investms.
ARCH SERIES
advisors.com
markets
cotton,
UD), 5-
futures
12/3/2010
11/9/2010
11/8/2010
11/5/2010
11/4/2010
11/4/2010
11/4/2010
11/4/2010
11/3/2010
11/1/2010
High Price
2/31/2010
2/31/2010
2/31/2010
2/31/2010
2/28/2010
2/21/2010
11/4/2010
11/3/2010
ment
9
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
The m
of go
such a
and th
has ra
Novem
Over t
AUD is
time s
fact t
curren
New Z
tied to
Figure 6AUD FOctober
PAST Pproduc
0.5
0.6
0.7
0.8
0.9
1.0
1.1
10/08
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
ost newsworth
ld futures. Ho
as the apprec
he AUD garner
allied over 65%
mber of 2008 (1
he second half
s now just abov
since 1983. The
that it is wha
ncy.” Econom
Zealand, South
o raw material
6. FUTURES, GOLDr 2008-December 2
PERFORMANCE ct with achieve it
8 12/08 2/0
Similar price pgold futures a
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
hy trend was th
owever, other
iation of both
ed much less
% after reachin
1.0 AUD could
f of 2010, it ralli
ve parity with t
e root of the A
at is known
ies of countr
h Africa and C
exports. In the
D FUTURES AN2010
IS NOT NECESSits objectives, ge
09 4/09 6/
AUD(Left Axis)
patterns for AUD fund commodity pric
ECESSARILY INDIC. See Important Risk
he near 30% as
sustained tre
the Japanese
attention. The
ng a low of 0.
buy you 0.61 U
ied nearly 20%
the USD for the
AUD rally lies in
as a “comm
ries like Aust
Canada are he
e case of Aust
ND COMMODIT
SARILY INDICATIenerate profits or
09 8/09 1
utures, ces
ATIVE OF FUTUREk Disclosures at the
scent
ends,
e yen
AUD
61 in
USD).
. The
e first
n the
odity
ralia,
eavily
ralia,
good
partic
conti
robus
curre
In fac
Q4 20
and
futur
and f
lock
corre
gold
TY PRICES
TIVE OF FUTURE Rr avoid losses. S
0/09 12/09
CRB Commodity I(2x Right Axis)
E RESULTS. end of this docume
ds such as c
cularly lucrativ
inue to buy ra
st mining indu
ency as investo
ct, if we take a
008, the corre
commodities10
es, front month
found that the
step (Figure
elation to com
futures over th
RESULTS. There SOURCE: Bloomb
2/10 4/10
ndex
ALTEGRIS A
nt.
888.524
coal and iron
ve as emergin
w materials in
ustry has also
ors flee fiat cu
a closer look at
lation between
is profound.
h gold futures,
e three track e
6). In fact, th
modities and
he same time p
e is no guarantee berg and Altegris
6/10 8/10
Gold Fut(Right Ax
CADEMY | RESEA
4.9441 | altegrisa
n ore have p
ng market cou
n size. The cou
added luster
rrency and buy
t the AUD rally
n AUD, gold fu
We compared
and the CRB I
each other ne
he AUD has
a 0.88 correlat
eriod.
e that any investms.
10/10 12/10
turesxis)
ARCH SERIES
advisors.com 1
proven
untries
untry’s
to its
y gold.
y since
utures9
d AUD
Index11
arly in
a 0.92
tion to
tment
500
700
900
1,100
1,300
1,500
10
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
Most
trend
reduci
variou
price
curren
should
AUD c
it’s do
many
detect
than o
one m
anothe
notice
Figure 710-YEAFront M
PAST Pproduc
114
116
118
120
122
124
126
128
130
3/1
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
trend followin
several year
ing and adding
s trend signal
appreciation,
ncy is limited
d commodity p
could continue
one for quite so
trend followin
t trend revers
others to ident
anager may be
er is graduall
ed the same ph
7. AR TREASURY onth Contracts: Q2
PERFORMANCE ct with achieve it
0 4/10
Strong usince Ap
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
g systems init
rs ago, profi
g exposure to
s. Given the p
it is possible
at this point. O
prices continue
to rise alongsi
ome time. The
g systems hav
sals. Some sy
ify reversion s
e significantly
y reducing p
henomenon at
FUTURES 2 2010-Q4 2010
IS NOT NECESSits objectives, ge
5/10
ptrend ril 2010
ECESSARILY INDIC. See Important Risk
tially identified
iting nicely w
the AUD base
persistence of
that upside in
On the other h
e their ascent
ide commoditie
good news is
ve models that
stems are qu
signals. As a re
long the AUD w
osition sizing.
the end of Q3
SARILY INDICATIenerate profits or
6/10
ATIVE OF FUTUREk Disclosures at the
d this
while
ed on
AUD
n the
hand,
t, the
es as
s that
t can
icker
esult,
while
We
2010
in th
progr
reduc
mont
graph
peak
decli
Syste
mark
while
suffe
well
Octo
to co
TIVE OF FUTURE Rr avoid losses. S
7/10
E RESULTS. end of this docume
he interest rat
rams that we
cing long inte
ths of declinin
h below, 10-ye
ked in early
ned nearly eve
ems that red
kets early wer
e systems tha
ered losses. O
over the quar
ber and Decem
ommodity future
RESULTS. There SOURCE: Bloomb
8/10 9/
ALTEGRIS A
nt.
888.524
te markets. M
e follow were
erest rate exp
ng yields. As
ear treasury f
November,
ery day until ye
uced exposu
re less affect
at were late t
Overall, trend f
rter and accru
mber. Program
es were espec
e is no guarantee berg and Altegris
/10 10/10
Trend reverscourse aft
November peak 127.
CADEMY | RESEA
4.9441 | altegrisa
Many trend foll
in the proce
posure after s
exemplified
utures (front m
and subseq
ear-end (Figure
re to interest
ted by the rev
to reduce po
followers perf
ued strong pro
s with high exp
cially successfu
e that any investms.
0 11/10
ed ter of .75
ARCH SERIES
advisors.com 1
lowing
ess of
several
in the
month)
quently
7).
t rate
versal,
sitions
formed
ofits in
posure
ul.
tment
11
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
Conc
Follow(+15.47year inwe puTrend when invest
signifirangesephemtime. TManagup jusreportbut thprice m
For 20deflati(supplmarke
While rates pressuexpec
markecommshouldfollownuancwe exprogracontin
South unemp
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
clusion
wing a terrific y7%), 2009 wasn the past tweublished the r
d Your Friend at unpredictable ment landscap
cant sidewayss. As we advis
meral and persThe difficultiesged futures re
st under 12%. Nt, the macro eere appears tomovement.
011, the potenionary forces y and demants are pushing
the intent of Qlow, the re
ures will likely tations of econ
ts. Fueled bodity prices s
d stock indiceing and speciaes within eachxpect that treams should cue to persist
Korea, neveployment, et c
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
year for manags the asset clanty (-7.98%). Areport, Manag
a nadir for themacro influen
pe and futures
s price actionsed, short-termseverance can s of 2009 were bounded in 20Nearly one yeanvironment is o be more pers
ntial for inflatioare weaker,
d) influences futures marke
QE2 was to keepesult of incre
be that rates nomic improve
by emerging should also coes. The impaalty managers h manager’s pend following capitalize if r. Although, g
r-ending Eurocetera, anythin
ECESSARILY INDIC. See Important Risk
ged futures in ass’s second loAt the onset of ged Futures: Ise asset class; ances dominateds markets exhi
n and tight tram swings are o
be rewarded indeed short l
010 ending the ar after writingstill unpredict
sistence in fut
on is far stroand fundam
in the commts to new highs
p long-term inteeasing inflatiocontinue to ris
ement dominate
market demontinue to rallyact on both t
will vary baserogram. In gen
managed futreflationary triven North ve
opean bank wng can chang
ATIVE OF FUTUREk Disclosures at the
2008 osing 2010,
s the time d the bited
ading often over
lived. year
g the table, ures’
nger, ental odity s.
erest onary se as e the
mand, y, as trend ed on neral, tures
rends ersus
woes, e. In
fact, into 2are inflatperio
Ffa
w
d
m
to
In ge
from perfoWhileresulrepreapproworsannu
repreworsthe evideannuThe eperio
E RESULTS. end of this docume
while strong t2011 (notably clikely as bot
tion as weodically surface
For 2011, the
ar stronger,
weaker, and
demand) infl
markets are
o new highs
eneral, the win
a historical ormed well the past performlts, over the laesented by thoximately 6.26
st drawdown ualized returns
esented by thest drawdown obenefits of m
ent. Managedualized basis wequity market rod, with a wors
ALTEGRIS A
nt.
888.524
trends in markcommodity fututh increased ell as deflae.
e potential f
, deflationa
d fundament
luences in t
pushing fut
s.
d is at manage
perspective, troughout mult
mance does nast five years, e Altegris 40 % on an annu
of -10.27%. of 2.29% for t
e S&P 500 Totaof -50.95%. Ovmanaged futur
futures retuwith a worst drreturned 1.41%
st drawdown of
CADEMY | RESEA
4.9441 | altegrisa
kets should cores), sharp revfear over Ch
ationary influ
for inflation
ry forces ar
tal (supply a
the commod
tures marke
ed futures’ bac
the asset clastiple market c
not guarantee managed futuIndex has ret
ualized basis, wThis compar
the equity mar
al Return Indexer a 10-year pres are even urned 7.42% orawdown of -1
% over the samf -50.95%.
ARCH SERIES
advisors.com 1
ontinue versals hinese
uences
is
re
and
dity
ets
ck, and
ss has cycles. future res as turned with a res to rket as
x and a period,
more on an 3.24%.
me time
12
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
Given
manag
Figure 8RATE January
* Estimno guaIndex D
POSITIRETUR
NEGATRETUR
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
the current
ged futures ret
8. OF RETURN OVy 2000–December
mates as of Januarantee that any Description of ea
GSCI49.77%
NAREI25.88%
BC Ag11.63%
Altegris10.63%
HFRI4.98%
S&P 50-9.09%
EAFE-14.16%
2000
VE RNS
TIVE RNS
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
market back
urns from a his
VER 11 YEARS 2010
uary 7, 2011. PASinvestment prod
ach asset class. S
I%
IT%
NAREIT15.50% 3
gg%
BC Agg8.42%
Al
s 40 %
Altegris 405.39%
B
I%
HFRI4.62%
N
00 %
S&P 500 -11.88%
E %
EAFE -21.45% -
GSCI-31.94%
S-
0 2001
ECESSARILY INDIC. See Important Risk
kdrop as wel
storical contex
ST PERFORMANduct with achieveSOURCE: Altegr
EAFE38.59%
NAREIT38.47%
S&P 500 28.69%
GSCI32.08%
GSCI20.72%
ltegris 4015.22%
HFRI19.55%
BC Agg10.27%
Altegris 4015.99%
NAREIT5.22%
BC Agg4.11%
HFRI -1.44%
EAFE -15.94%
S&P 500 -22.10%
2002 2003
ATIVE OF FUTUREk Disclosures at the
ll as
xt, we
are o
(Figu
NCE IS NOT NECEve its objectives, ris.
NAREIT30.40%
GS25.5
EAFE20.24%
EA13.5
GSCI17.27%
HF9.2
S&P 500 10.87%
NAR8.5
HFRI9.05%
S&P4.8
BC Agg4.34%
Alteg4.5
Altegris 402.57%
BC 2.4
2004 20
E RESULTS. end of this docume
optimistic abou
re 8).
CESSARILY INDICgenerate profits
SCI56%
AFE56%
NAREIT34.02%
FRI27%
EAFE28.12%
REIT52%
S&P 500 15.79%
P 50089%
HFRI12.89%
gris 4051%
Altegris 406.70%
Agg43%
BC Agg4.33%
GSCI-15.10%
005 2006
ALTEGRIS A
nt.
888.524
ut managed fut
CATIVE OF FUTURs or avoid losses
GSCI32.68%
EAFE11.18%
HFRI9.95%
Altegris 407.18%
BC Agg6.96%
Altegris 15.47%
S&P 5005.50%
BC Agg5.24%
NAREIT-17.83%
HFRI -19.03%
S&P 50-36.99%
NAREIT-37.84%
EAFE-43.39%
GSCI-46.49%
2007 2008
CADEMY | RESEA
4.9441 | altegrisa
ures returns fo
URE RESULTS. Thes. See next page
N2
EAFE31.78%
S1
NAREIT27.79%
Alt1
S&P 500 26.45% 1
HFRI20.01%
40%
GSCI13.67%
g%
BC Agg5.93%
B
%
Altegris 40-7.98%
00 %
T%
%
%
2009
ARCH SERIES
advisors.com 1
or 2011
here is e for
NAREIT27.55%
S&P 500 15.05%
tegris 4011.49%
HFRI10.43%
GSCI9.02%
EAFE7.74%
BC Agg6.56%
2010*
13
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
INDEX
NOTE
1 Bas2 The 3 Valu4 The
glob5 An e6 CM7 Ban8 Fifte
four9 Fron10 Reu11 Mul
Altegris 40
BC Agg
GSCI
EAFE
S&P 500
REITs
HFRI
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
X DEFINITION
S
sed on the top 40 CTA
e Wall Street Journa
ue Added Monthly In
e AlternativeEdge Shbal macro managers
equal weighted com
ME Group press releas
nk of America Merrill
teen (15) commodity fr (4) energy futures m
nt month gold future
uters CRB Commodity
ltiplied by 2 for scale
The Altegris 40 Indeas tracked by Altegr
The GSCI Total Ret
The MSCE EAFE InIt represents an agg
The S&P 500 Total of the U.S. equity mAll regular cash divi
The NAREIT CompThe index began on
The Barclays Capitagrade fixed rate bonThese major sectorsCredit Index, Gover
The HFRI Fund We
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
S
TA program assets as
al, China Cracks Dow
ndex based on a $10
hort-Term Traders Inds executing diversifie
mposite of managed p
se dated December 2
ll Lynch Hedge Fund
futures markets, fivemarkets, eleven (11)
e contracts.
ty Index.
e.
ex tracks the performanris Advisors. The Altegr
turn Index measures a f
ndex is a capitalization-wgregate of 21 individual
Return Index is the totamarkets. For the S&P 50
dends are assumed rein
posite Total Return Indexn December 31, 1971 w
al U.S. Aggregate Indexnd market, with index cos are subdivided into mornment Index, Treasury
eighted Composite Index
ECESSARILY INDIC. See Important Risk
s reported to Altegris
wn on Shanghai Lend
000 initial value.
dex is designed to traed trading strategies
programs whose app
2, 2010.
Monitor, December
e (5 ) metals futures ) equity index futures
ce of the 40 leading mais 40 index represents t
fully collateralized comm
weighted index widely a country indices that col
al return version of S&P 00 Total Return Index, dnvested in the S&P 500
x includes both price anith a base value of 100.
x represents securities thomponents for governmore specific indices that Index, Agency Index, an
x is an equal-weighted r
ATIVE OF FUTUREk Disclosures at the
is Advisors or to the A
ding, December 16, 2
rack the daily performs with a less than 10
proach is at least 65
20, 2010.
markets, ten (10) cus markets, and eight
anaged futures programshe dollar-weighted aver
modity futures investme
accepted as a benchmalectively represent many
500 index. The S&P 50ividends are reinvested
0 index on the ex-date. S
nd income returns of all p.
hat are SEC-registered,ent and corporate securt are calculated and repond Credit Index.
return of all funds in the
E RESULTS. end of this docume
Altegris managed fu
2010.
mance of a portfolio -day holding period.
5% discretionary or ju
urrency futures (spot)t (8) fixed income futu
s, by ending monthly eqrage performance of tho
nt. Currently, the GSCI
rk of non-US stocks comy of the major markets o
00 index is unmanaged on a daily basis and the
Special cash dividends t
publicly traded REITs (E
, taxable, and dollar denrities, mortgage pass-thorted on a regular basis
HFR Monthly Indices, e
ALTEGRIS A
nt.
888.524
utures database.
o of CTAs and
judgmental.
t) markets, tures markets.
quity (assets) for the preose 40 programs.
includes 24 commodity
mpiled by Morgan Stanleof the world.
and is generally represee base date for the indetrigger a price adjustme
Equity, Mortgage, and H
nominated. The index corough securities, and as
s. These specific indices
excluding HFRI Fund of
CADEMY | RESEA
4.9441 | altegrisa
evious month,
y nearby futures contract
ey.
entative of certain portioex is January 4, 1988. nt in the price return ind
Hybrid).
overs the US investmensset-backed securities. s include the Governme
f Funds Index.
ARCH SERIES
advisors.com 1
ts.
ons
dex.
nt
nt/
14
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
Abo
Altegr
what w
invest
With o
Altegr
talent
Vetera
compl
Altern
highes
maxim
The A
Altegr
$2.1 bi
ALTEGRIS AD888.524.9441 www.altegri
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
ut Altegris
is has one cor
we believe are
ors seeking to
one of the lead
is follows a dis
across the spe
an experts in
ex and often o
atives are in o
st standards o
mizing potential
Altegris compa
is Advisors, Alt
illion in client a
DVISORS
sadvisors.com
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
s
re mission—to
e straightforwa
improve portfo
ding Research
sciplined proce
ectrum of hedg
the art and s
paque universe
ur DNA. Our ve
f integrity, and
returns.
nies, wholly o
tegris Funds, a
assets, and pro
m
ECESSARILY INDIC. See Important Risk
find the best a
ard and efficien
olio diversificat
and Investme
ess for identify
e funds, mana
cience of alte
e of alternative
ery name, Alte
d a process th
owned by Gen
and Altegris Cle
vides clearing
ATIVE OF FUTUREk Disclosures at the
alternative inve
nt solutions for
tion with histor
nt Groups focu
ying, evaluating
ged futures fun
ernatives, Alteg
e investing.
gris, highlights
hat constantly
nworth Financi
earing Solution
services to $80
E RESULTS. end of this docume
estments for o
r financial prof
rically low corr
used solely on
g, selecting, an
nds, and other
gris guides ou
s our singular f
seeks to mini
ial, Inc., includ
ns. Altegris cur
00 million in ins
ALTEGRIS A
nt.
888.524
ur clients. Alte
fessionals and
elated investm
alternative inv
nd monitoring i
alternative inv
ur investors th
focus on altern
imize investor
de Altegris Inv
rrently has app
stitutional clien
TRUSTINTELL
CADEMY | RESEA
4.9441 | altegrisa
egris offers
d individual
ments.
vestments,
investment
estments.
hrough the
natives, the
risk while
vestments,
proximately
nt assets.
TED ALTERNATIVELIGENT INVESTIN
ARCH SERIES
advisors.com 1
ES. NG.®
15
-
© 2011 Altegris AThe risk of loss in
TRUSTED ALTERNA
IMPO
The rissuitableyou, yo
• If yo• If yo
fundagaion syour
Undwhelossit imp
A “spre
The higleveragchargemake complethose s
This btherefoprincipforeignlinked States non-unrelevantypes o
This coreturnsof comAltegrisfunds, for clearecommstate-reinteresservicesales cdistribuand/or
dvisors. PAST RESU trading commodities
ATIVES. INTELLIGE
RTANT RISKS
sk of loss in trade for you in lighou should be aw
u purchase a coou purchase or sds and any additiinst your positionshort notice, in or position may be
der certain marken the market ma” or “stop-limit” opossible to exec
ead” position ma
gh degree of levge can lead to laes for managemsubstantial trad
ete description osections of the d
rief statement core carefully studal risk factors o
n futures or optioto a United Stat regulatory authnited states jurisdnt to your particof redress availa
ommentary was s through both m
mpanies (Altegris s Companies als futures funds anaring at multiple mendations as toegistered advise
st in the productses accessed by ccommissions, a pution, a portion o futures advisory
ULTS ARE NOT NEs can be substantial
NT INVESTING.®
AND DISCLO
ding commoditiet of your financi
ware of the follow
ommodity option sell a commoditional funds that n, you may be corder to maintaine liquidated at a
et conditions, yoakes a “limit movorder, will not necute such orders
ay not be less ris
verage that is oftearge losses as went and advisor
ding profits to aof each fee to bedisclosure docum
cannot disclose dy the disclosurf this investmenons contracts. Ttes market may horities may be udictions where y
cular contemplatable in both your
prepared by Altemanaged futures
Companies), whso include a broknd alternative str futures commisso commodity traer that sponsors s they sponsor, aclients, the Altegportion of managof commodity futy consulting fees
ECESSARILY INDIC. See Important Risk
SURES
es can be substaial condition. In c
wing:
you may sustainty future or sell you deposit withcalled upon by yn your position. loss, and you w
ou may find it difve.” The placemeecessarily limit yos.
sky than a simple
en obtainable inwell as gains. In ry fees. It may bavoid depletion e charged to youment prior to mak
all the risks are document andnt. You should aTransactions on be subject to reunable to compyour transactionsted transactions local and other
egris Advisors, a and fixed incomhich are wholly oker-dealer that rerategy mutual funsion merchants; ding advisors an a family of hedgadvise, and/or regris Companies agement or incenures trading coms.
ATIVE OF FUTUREk Disclosures at the
antial. You shouconsidering whe
n a total loss of a commodity oph your broker to your broker to de If you do not p
will be liable for a
fficult or impossient of contingenour losses to the
e “long” or “short
commodity trad some cases, mbe necessary foor exhaustion o
ur account by theking an investme
nd other signifid commodity tralso be aware th
markets locatedgulations which el the enforcems may be effecte and ask the fir relevant jurisdic
an adviser to alteme strategies. Alowned subsidiarrecommends a pnds; futures intr a commodity trand futures tradinge funds and futuecommend, as aand their affiliatetive fees, investm
mmissions, marg
E RESULTS. end of this docume
uld therefore carether to trade or
the premium anption you may s establish or maieposit a substan
provide the requany resulting defi
ible to liquidate ant orders by you e intended amou
rt” position.
ding can work agmanaged commoor those accounof their assets. e commodity tradent decision.
icant aspects oading before youhat a commodityd outside the Un offer different o
ment of the rulesed. Before you trrm with which yoctions.
ernative strategyltegris Advisors ries of Genworthplatform of alternroducing brokersading advisor th
ng programs; andures funds. The
applicable. Depees and employeement advisory fegin interest and o
ALTEGRIS A
nt.
888.524
refully consider r to authorize so
d of all transactisustain a total lointain your positintial amount of a
uested funds withficit in your accou
a position. This or your trading aunts, since mark
gainst you as weodity accounts arnts that are subj The disclosureding advisor. Yo
f the commoditu trade, includiny trading advisornited States, incor diminished pros of regulatory arade you should
you intend to tra
y mutual funds th is an affiliate with Financial, Inc. native investmens that introduce at provides consd a commodity pe Altegris Compaending on the types may receive, ees, 12b-1 fees other futures-rela
CADEMY | RESEA
4.9441 | altegrisa
whether such tromeone else to t
ion costs. oss of the initiaion. If the markeadditional margihin the prescribunt.
can occur, for eadvisor, such asket conditions ma
ell as for you. Thre subject to subject to these chae document conou should carefu
ty markets. Young the descriptior may engage including markets otection. Furtherauthorities or mad inquire about ade for details ab
hat pursue investhin the Altegris (NYSE: GNW).
nts including hed client futures acsulting services pool operator ananies have a finape of investment directly or indire or similar paymeated fee revenue
ARCH SERIES
advisors.com 1
rading is trade for
l margin et moves in funds,
bed time,
example, s a “stop-ay make
he use of bstantial arges to ntains a
ully study
u should on of the n trading formally r, United arkets in any rules bout the
stment group The
dge ccounts and d ancial ts or ectly, ent for e,
16
/ColorImageDict > /JPEG2000ColorACSImageDict > /JPEG2000ColorImageDict > /AntiAliasGrayImages false /CropGrayImages true /GrayImageMinResolution 300 /GrayImageMinResolutionPolicy /OK /DownsampleGrayImages true /GrayImageDownsampleType /Bicubic /GrayImageResolution 300 /GrayImageDepth -1 /GrayImageMinDownsampleDepth 2 /GrayImageDownsampleThreshold 1.50000 /EncodeGrayImages true /GrayImageFilter /DCTEncode /AutoFilterGrayImages true /GrayImageAutoFilterStrategy /JPEG /GrayACSImageDict > /GrayImageDict > /JPEG2000GrayACSImageDict > /JPEG2000GrayImageDict > /AntiAliasMonoImages false /CropMonoImages true /MonoImageMinResolution 1200 /MonoImageMinResolutionPolicy /OK /DownsampleMonoImages true /MonoImageDownsampleType /Bicubic /MonoImageResolution 1200 /MonoImageDepth -1 /MonoImageDownsampleThreshold 1.50000 /EncodeMonoImages true /MonoImageFilter /CCITTFaxEncode /MonoImageDict > /AllowPSXObjects false /CheckCompliance [ /None ] /PDFX1aCheck false /PDFX3Check false /PDFXCompliantPDFOnly false /PDFXNoTrimBoxError true /PDFXTrimBoxToMediaBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXSetBleedBoxToMediaBox true /PDFXBleedBoxToTrimBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXOutputIntentProfile () /PDFXOutputConditionIdentifier () /PDFXOutputCondition () /PDFXRegistryName () /PDFXTrapped /False
/CreateJDFFile false /Description > /Namespace [ (Adobe) (Common) (1.0) ] /OtherNamespaces [ > /FormElements false /GenerateStructure false /IncludeBookmarks false /IncludeHyperlinks false /IncludeInteractive false /IncludeLayers false /IncludeProfiles false /MultimediaHandling /UseObjectSettings /Namespace [ (Adobe) (CreativeSuite) (2.0) ] /PDFXOutputIntentProfileSelector /DocumentCMYK /PreserveEditing true /UntaggedCMYKHandling /LeaveUntagged /UntaggedRGBHandling /UseDocumentProfile /UseDocumentBleed false >> ]>> setdistillerparams> setpagedevice
top related