Estlander & Partners : Alpha Trend

Year-to-Date: 0.42%
Dec Performance: 0.72%

Min Investment: $ 30,000k
Mgmt. Fee: 1.50%
Perf. Fee: 20.00%

Annualized Vol: 13.83%
Sharpe (RFR=1%): 0.55
CAROR: 8.00%

Assets: $ 88.0M
Worst DD: -29.71
S&P Correlation: 0.00

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Growth of 1,000 - VAMI

Monthly Performance

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD	DD

Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial.

Period Returns

Program / Index	Dec	Qtr	2019	1yr	3yr	5yr	10yr	Since 10/1991
Alpha Trend	0.72	-4.84	-0.42	-0.42	-14.50	-15.22	-13.72	779.70
S&P 500	2.86	8.53	28.87	28.87	42.84	55.32	186.74	714.73
+/- S&P 500	-2.14	-13.37	-29.29	-29.29	-57.34	-70.54	-200.46	64.97

Strategy Description

Summary

Account & Fees

Type: Managed Account
Minimum Investment: $ 30,000k
Trading Level Incremental Increase: $ 0k
CTA Max Funding Factor: 1.00
Management Fee: 1.50%
Performance Fee: 20.00%
Average Commission: $0
Available to US Investors: No

Subscriptions

High Water Mark: Yes
Subscription Frequency: Daily
Redemption Frequency: Daily
Investor Requirements: QEP
Lock-up Period: 0

Trading

Trading Frequency: 800 RT/YR/$M
Avg. Margin-to-Equity: 11%
Targeted Worst DD: -15.00%
Worst Peak-to-Trough: 12.40%
Sector Focus: Diversified Traders

Holding Periods

Over 12 Months: 0%
4-12 Months: 8.00%
1-3 Months: 46.00%
1-30 Days: 45.00%
Intraday: 1.00%

Summary

Alpha Trend’s investment philosophy is based on the following theses:

• All relevant information is reflected in historic price movements.
• Quantitative analysis is the most effective way of accessing information about future market price movements.
• Historic price movements repeat and provide investment opportunities.
• Diversification across a broad range of markets maximises the investment opportunity.
• Alpha Trend capitalizes on market moves driven by investor behaviour in a systematic and disciplined way.

The system tries to exploit profit opportunities based on marketparticipant’s behaviours. There are psychological reasons behind the existence of trends and there are also economical reasons for some participants to reduce volatility. The philosophy of the system is to trade with the trend and take on volatility. That is achieved by selective shortterm trading in line with the longer-term trend and having the risk management focused on drawdowns instead of volatility reduction. The programme takes selective breakouts in the direction of the trend by a unique combination of level identification and trend filtering. The methodology leads to trades in varying holding periods with the average trade lasting 28 days but some positions can be held for 6 months and longer. The strategy is applied on a diversified futures portfolio of 74 markets but being selective in position taking holds full positions only in 29 markets on average. The model and its parameters are the same for all markets in the portfolio. Our risk management is focused on drawdown control and worst case scenarios. The risk management is an integral part of the model and takes a bottom-up approach when evaluating portfolio risk. The sizing Estlander & Partners Alpha Trend is a diversified short- to mid term trend programme which is active on more than 70 liquid futures markets. It is a fully systematic programme with a highly selective trading process. Positions are held on average for 20-30 days. The historical track record goes back to 1991.

Investment Strategy

Alpha Trend’s investment philosophy is based on the following theses: • All relevant information is reflected in historic price movements. • Quantitative analysis is the most effective way of accessing information about future market price movements. • Historic price movements repeat and provide investment opportunities. • Diversification across a broad range of markets maximises the investment opportunity. • Alpha Trend capitalizes on market moves driven by investor behaviour in a systematic and disciplined way. The system tries to exploit profit opportunities based on market participant’s behaviours. There are psychological reasons behind the existence of trends and there are also economical reasons for some participants to reduce volatility. The philosophy of the system is to trade with the trend and take on volatility. That is achieved by selective shortterm trading in line with the longer-term trend and having the risk management focused on drawdowns instead of volatility reduction. The programme takes selective breakouts in the direction of the trend by a unique combination of level identification and identification of market structure. The methodology leads to trades in varying holding periods with the average trade lasting 28 days but some positions can be held for 6 months and longer. The strategy is applied on a diversified futures portfolio of 74 markets but being selective in position taking holds full positions only in 29 markets on average. The model and its parameters are the same for all markets in the portfolio. Our risk management is focused on drawdown control and worst case scenarios. The risk management is an integral part of the model and takes a bottom-up approach when evaluating portfolio risk. The sizing of new positions is dynamic and based on the volatility of the markets and the total risk in the portfolio at the time of entry. All position risks are accumulated to achieve a better estimate of a worst case scenario and to avoid an over-reliance on low or negative correlations. The information is provided on strategy level for the investment programme in question. Performance figures and other information on funds applying the investment programme in question are available by contacting Estlander & Partners Ltd.

Risk Management

The 73 exchange traded futures markets within the portfolio are traded both on the long and short side and the program also applies a prudent risk management that ensures optimal portfolio balance at all times.

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Index: Chart Type:

Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial.

Compare to:

Index:

Monthly Annual

Reward
Average RoR:
Max Gain:
Gain Frequency:
Average Gain:
Gain Deviation:
Risk
Standard Deviation:
Worst Loss:
Loss Frequency:
Average Loss:
Loss Deviation:
Reward/Risk
Sharpe Ratio: (RF=1%)
Skewness:
Kurtosis:

Reward
Compound RoR:
Average RoR:
Max Gain:
Gain Frequency:
Average Gain:
Gain Deviation:
Risk
Standard Deviation:
Worst Loss:
Loss Frequency:
Average Loss:
Loss Deviation:
Reward/Risk
Sharpe Ratio: (RF=1%)
Skewness:
Kurtosis:

Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial.

Note: Figures shown in the Monthly column are the greatest figures (or worst for losses/drawdowns) for any particular month. The Annual figures are the greatest for any calendar year.

Drawdown Report

Depth	Length (Mos.)	Recovery (Mos.)	Peak	Valley
-29.71	96	-	4/1/2011	4/1/2019
-12.44	4	3	7/1/1997	11/1/1997
-12.41	5	2	5/1/1995	10/1/1995
-12.04	6	14	3/1/2004	9/1/2004
-12.04	3	8	11/1/2009	2/1/2010
-10.70	2	2	12/1/1995	2/1/1996
-10.41	4	13	5/1/2006	9/1/2006
-9.88	4	4	9/1/1992	1/1/1993
-9.63	6	2	10/1/2001	4/1/2002
-9.00	3	2	6/1/2008	9/1/2008
-8.08	5	2	3/1/2001	8/1/2001
-7.82	4	1	4/1/1996	8/1/1996
-7.74	3	2	7/1/1993	10/1/1993
-7.74	1	2	9/1/1999	10/1/1999
-7.65	4	1	12/1/2008	4/1/2009
-7.48	1	2	2/1/2003	3/1/2003
-7.08	2	2	8/1/2000	10/1/2000
-6.78	2	4	12/1/1991	2/1/1992
-6.35	2	5	9/1/1998	11/1/1998
-6.02	2	3	12/1/1993	2/1/1994
-5.33	3	2	11/1/1994	2/1/1995
-4.86	4	1	6/1/1994	10/1/1994
-4.83	2	2	9/1/2002	11/1/2002
-4.29	1	3	3/1/1998	4/1/1998
-4.25	1	1	1/1/2006	2/1/2006
-4.09	1	1	11/1/1996	12/1/1996
-4.08	1	2	2/1/2008	3/1/2008
-3.71	1	1	10/1/2003	11/1/2003
-2.90	1	1	9/1/2009	10/1/2009
-2.87	1	2	5/1/2009	6/1/2009
-2.47	1	2	4/1/1999	5/1/1999
-2.16	1	2	5/1/2003	6/1/2003
-1.61	1	1	1/1/2001	2/1/2001
-1.20	1	1	10/1/2010	11/1/2010
-1.02	1	1	12/1/1999	1/1/2000
-1.00	1	1	5/1/1993	6/1/1993
-0.71	1	1	6/1/2000	7/1/2000
-0.59	1	1	10/1/2007	11/1/2007
-0.57	1	1	8/1/2003	9/1/2003
-0.39	1	1	12/1/2010	1/1/2011
-0.36	1	1	4/1/1997	5/1/1997
-0.01	1	1	2/1/2000	3/1/2000

Consecutive Gains

Run-up	Length (Mos.)	Start	End
24.84	3	12/1/2007	2/1/2008
24.51	7	3/1/1992	9/1/1992
21.45	5	5/1/2002	9/1/2002
21.37	4	12/1/1997	3/1/1998
18.62	4	10/1/2005	1/1/2006
17.81	3	10/1/2008	12/1/2008
17.78	4	12/1/2003	3/1/2004
17.60	2	3/1/1996	4/1/1996
17.35	3	9/1/1996	11/1/1996
17.13	2	11/1/1995	12/1/1995
16.32	4	11/1/2014	2/1/2015
15.91	2	11/1/1993	12/1/1993
15.14	6	12/1/2012	5/1/2013
14.43	4	5/1/2019	8/1/2019
14.06	3	11/1/2000	1/1/2001
14.04	4	2/1/1993	5/1/1993
14.02	4	1/1/1997	4/1/1997
13.99	3	12/1/2002	2/1/2003
13.39	3	10/1/1991	12/1/1991
13.39	3	3/1/2006	5/1/2006
12.84	5	5/1/1998	9/1/1998
12.76	2	5/1/1994	6/1/1994
11.80	2	4/1/2003	5/1/2003
11.61	2	9/1/2001	10/1/2001
11.54	2	11/1/1999	12/1/1999
10.91	2	9/1/2007	10/1/2007
10.76	4	6/1/1999	9/1/1999
10.37	1	10/1/2003	10/1/2003
10.32	3	3/1/1995	5/1/1995
10.31	1	5/1/2009	5/1/2009
10.24	2	1/1/2016	2/1/2016
9.23	1	11/1/1994	11/1/1994
9.18	2	5/1/2010	6/1/2010
8.65	3	4/1/2008	6/1/2008
8.21	3	8/1/2010	10/1/2010
7.56	3	10/1/2004	12/1/2004
7.53	1	2/1/2005	2/1/2005
7.47	2	4/1/2012	5/1/2012
7.01	3	4/1/2007	6/1/2007
7.00	2	6/1/1997	7/1/1997
6.73	3	7/1/2015	9/1/2015
6.25	3	7/1/2009	9/1/2009
6.12	3	7/1/2014	9/1/2014
5.97	1	3/1/2001	3/1/2001
5.78	2	8/1/2011	9/1/2011
5.43	3	2/1/2011	4/1/2011
5.19	1	2/1/2000	2/1/2000
5.03	1	12/1/2010	12/1/2010
4.91	1	11/1/1992	11/1/1992
4.67	2	6/1/2016	7/1/2016
4.65	2	10/1/2006	11/1/2006
4.52	1	3/1/1994	3/1/1994
4.42	1	2/1/1999	2/1/1999
4.36	1	7/1/1993	7/1/1993
4.12	2	5/1/2005	6/1/2005
4.10	2	11/1/2016	12/1/2016
3.87	1	7/1/2012	7/1/2012
3.79	1	1/1/2018	1/1/2018
3.79	1	12/1/1998	12/1/1998
3.70	1	8/1/2006	8/1/2006
3.28	1	4/1/1999	4/1/1999
3.26	1	11/1/2009	11/1/2009
3.16	2	7/1/2018	8/1/2018
3.14	1	3/1/2002	3/1/2002
2.84	1	3/1/2010	3/1/2010
2.82	1	10/1/2017	10/1/2017
2.81	1	11/1/2015	11/1/2015
2.49	1	12/1/2013	12/1/2013
2.43	1	5/1/2014	5/1/2014
2.41	1	2/1/2014	2/1/2014
2.28	1	7/1/2017	7/1/2017
2.27	2	7/1/2003	8/1/2003
2.18	2	1/1/2012	2/1/2012
2.14	2	11/1/2018	12/1/2018
2.10	1	2/1/2019	2/1/2019
1.85	1	8/1/2000	8/1/2000
1.63	1	8/1/2008	8/1/2008
1.46	3	4/1/2000	6/1/2000
1.26	1	5/1/2001	5/1/2001
1.19	1	9/1/1997	9/1/1997
1.15	1	9/1/1994	9/1/1994
0.91	1	6/1/1996	6/1/1996
0.88	1	8/1/2005	8/1/2005
0.72	1	12/1/2019	12/1/2019
0.72	1	12/1/2001	12/1/2001
0.69	2	4/1/2018	5/1/2018
0.69	1	10/1/2013	10/1/2013
0.32	1	7/1/2004	7/1/2004
0.26	1	9/1/1993	9/1/1993
0.11	1	4/1/2017	4/1/2017
0.07	1	1/1/2007	1/1/2007

Consecutive Losses

Run-up	Length (Mos.)	Start	End
-13.42	4	6/1/2013	9/1/2013
-12.41	5	6/1/1995	10/1/1995
-12.18	4	8/1/2012	11/1/2012
-12.06	3	10/1/2011	12/1/2011
-12.04	3	12/1/2009	2/1/2010
-10.83	3	9/1/2019	11/1/2019
-10.70	2	1/1/1996	2/1/1996
-10.26	2	10/1/1997	11/1/1997
-10.23	3	5/1/2011	7/1/2011
-10.13	2	6/1/2006	7/1/2006
-9.61	3	3/1/2016	5/1/2016
-9.32	3	8/1/2016	10/1/2016
-8.36	3	4/1/2004	6/1/2004
-7.74	1	10/1/1999	10/1/1999
-7.65	4	1/1/2009	4/1/2009
-7.48	1	3/1/2003	3/1/2003
-7.39	1	10/1/1992	10/1/1992
-7.25	2	12/1/1992	1/1/1993
-7.08	2	9/1/2000	10/1/2000
-6.98	1	7/1/2008	7/1/2008
-6.96	2	7/1/2007	8/1/2007
-6.78	2	1/1/1992	2/1/1992
-6.74	4	3/1/2015	6/1/2015
-6.72	2	1/1/2002	2/1/2002
-6.35	2	10/1/1998	11/1/1998
-6.18	3	1/1/2017	3/1/2017
-6.03	3	6/1/2001	8/1/2001
-6.02	1	10/1/2015	10/1/2015
-6.02	2	1/1/1994	2/1/1994
-5.33	3	12/1/1994	2/1/1995
-5.32	2	7/1/1996	8/1/1996
-5.21	1	6/1/2012	6/1/2012
-5.13	2	5/1/2017	6/1/2017
-4.86	1	10/1/1993	10/1/1993
-4.83	2	10/1/2002	11/1/2002
-4.73	2	2/1/2018	3/1/2018
-4.66	2	3/1/2005	4/1/2005
-4.57	2	9/1/2018	10/1/2018
-4.32	2	8/1/2004	9/1/2004
-4.29	1	4/1/1998	4/1/1998
-4.25	1	2/1/2006	2/1/2006
-4.20	2	3/1/2014	4/1/2014
-4.09	1	12/1/1996	12/1/1996
-4.08	1	3/1/2008	3/1/2008
-4.03	1	3/1/2012	3/1/2012
-3.87	1	9/1/2006	9/1/2006
-3.74	1	9/1/2008	9/1/2008
-3.72	2	8/1/2017	9/1/2017
-3.71	1	11/1/2003	11/1/2003
-3.57	1	11/1/2001	11/1/2001
-3.57	1	8/1/1997	8/1/1997
-3.52	1	5/1/1996	5/1/1996
-3.40	1	4/1/2001	4/1/2001
-3.29	1	4/1/2002	4/1/2002
-3.28	1	8/1/1993	8/1/1993
-3.02	1	10/1/1994	10/1/1994
-3.02	2	7/1/1994	8/1/1994
-2.98	1	1/1/2014	1/1/2014
-2.95	1	1/1/2019	1/1/2019
-2.92	1	1/1/2005	1/1/2005
-2.90	1	10/1/2009	10/1/2009
-2.87	1	6/1/2009	6/1/2009
-2.53	1	6/1/2018	6/1/2018
-2.47	2	11/1/2017	12/1/2017
-2.47	1	5/1/1999	5/1/1999
-2.22	2	3/1/2019	4/1/2019
-2.16	1	12/1/2015	12/1/2015
-2.16	1	6/1/2003	6/1/2003
-2.05	1	10/1/2014	10/1/2014
-2.04	1	1/1/1999	1/1/1999
-2.03	1	4/1/1994	4/1/1994
-1.72	2	2/1/2007	3/1/2007
-1.61	1	2/1/2001	2/1/2001
-1.45	1	3/1/1999	3/1/1999
-1.21	1	12/1/2006	12/1/2006
-1.20	1	11/1/2010	11/1/2010
-1.13	1	11/1/2013	11/1/2013
-1.02	1	1/1/2000	1/1/2000
-1.00	1	6/1/1993	6/1/1993
-0.89	1	7/1/2010	7/1/2010
-0.82	1	4/1/2010	4/1/2010
-0.71	1	7/1/2000	7/1/2000
-0.63	1	9/1/2005	9/1/2005
-0.59	1	11/1/2007	11/1/2007
-0.57	1	9/1/2003	9/1/2003
-0.39	1	1/1/2011	1/1/2011
-0.36	1	5/1/1997	5/1/1997
-0.32	1	7/1/2005	7/1/2005
-0.01	1	6/1/2014	6/1/2014
-0.01	1	3/1/2000	3/1/2000

Time Windows Analysis

	1 Month	3 Month	6 Month	12 Month	18 Month	2 Year	3 Year	4 Year	5 Year
Number of Periods	339.00	337.00	334.00	328.00	322.00	316.00	304.00	292.00	280.00
Percent Profitable	56.05	61.72	66.17	73.48	77.02	79.11	82.24	78.77	77.86
Average Period Return	0.72	2.15	4.30	8.60	13.18	18.06	29.04	42.02	57.29
Average Gain	3.52	6.23	8.91	13.94	19.61	25.63	38.21	55.73	75.53
Average Loss	-2.84	-4.41	-4.72	-6.18	-8.38	-10.59	-13.41	-8.86	-6.85
Best Period	14.40	24.84	37.64	39.24	49.66	66.46	76.54	114.03	118.08
Worst Period	-9.11	-12.06	-13.81	-16.16	-21.95	-21.97	-26.33	-22.66	-15.68
Standard Deviation	3.99	6.65	8.55	12.01	15.35	18.67	26.05	33.89	41.86
Gain Standard Deviation	2.77	4.70	6.41	9.02	10.84	12.56	18.47	23.70	27.18
Loss Standard Deviation	1.95	3.14	3.56	4.57	5.12	5.52	6.73	5.47	4.17
Sharpe Ratio (1%)	0.16	0.29	0.44	0.63	0.76	0.86	1.00	1.12	1.25
Average Gain / Average Loss	1.24	1.41	1.89	2.26	2.34	2.42	2.85	6.29	11.02
Profit / Loss Ratio	1.58	2.28	3.69	6.25	7.84	9.17	13.19	23.35	38.75
Downside Deviation (10%)	2.51	3.99	4.68	6.29	8.15	9.97	13.16	15.11	17.21
Downside Deviation (5%)	2.33	3.47	3.67	4.37	5.33	6.28	7.48	6.47	5.98
Downside Deviation (0%)	2.28	3.35	3.44	3.95	4.70	5.45	6.31	4.79	3.77
Sortino Ratio (10%)	0.13	0.23	0.39	0.57	0.69	0.78	1.01	1.35	1.72
Sortino Ratio (5%)	0.27	0.55	1.03	1.74	2.19	2.56	3.48	5.86	8.73
Sortino Ratio (0%)	0.32	0.64	1.25	2.18	2.80	3.32	4.60	8.78	15.21

Top Performer Badges

Index	Award Type	Rank	Performance	Period
Trend Following Strategy Index	Month	3	4.21	4/2008
Diversified Trader Index	Month	7	4.21	4/2008
Systematic Trader Index	Month	10	4.21	4/2008
Diversified Trader Index	Month	10	7.53	2/2005
Systematic Trader Index	Month	7	7.53	2/2005
Trend Following Strategy Index	Month	7	7.53	2/2005
Trend Following Strategy Index	Month	8	2.18	7/2003
Trend Following Strategy Index	Month	9	5.05	4/2003
Diversified Trader Index	Month	10	5.05	4/2003
Systematic Trader Index	Month	10	5.05	4/2003
IASG CTA Index	Month	10	5.19	2/2000
Diversified Trader Index	Month	8	5.19	2/2000
Systematic Trader Index	Month	8	5.19	2/2000
Trend Following Strategy Index	Month	5	5.19	2/2000
Trend Following Strategy Index	Month	9	7.56	12/1999
Trend Following Strategy Index	Month	9	2.94	7/1999
Trend Following Strategy Index	Month	10	3.79	12/1998
Diversified Trader Index	Month	9	1.62	7/1998
Systematic Trader Index	Month	8	1.62	7/1998
Trend Following Strategy Index	Month	5	1.62	7/1998
Trend Following Strategy Index	Month	9	-4.29	4/1998
Diversified Trader Index	Month	7	3.75	3/1998
IASG CTA Index	Month	8	3.75	3/1998
Trend Following Strategy Index	Month	6	3.75	3/1998
Systematic Trader Index	Month	6	3.75	3/1998
Trend Following Strategy Index	Month	3	4.71	2/1998
Systematic Trader Index	Month	4	4.71	2/1998
Diversified Trader Index	Month	4	4.71	2/1998
IASG CTA Index	Month	5	4.71	2/1998
Trend Following Strategy Index	Month	8	6.47	12/1997
Systematic Trader Index	Month	9	6.47	12/1997
Trend Following Strategy Index	Month	9	-3.57	8/1997
IASG CTA Index	Month	7	1.39	4/1997
Systematic Trader Index	Month	3	1.39	4/1997
Diversified Trader Index	Month	3	1.39	4/1997
Trend Following Strategy Index	Month	2	1.39	4/1997
Trend Following Strategy Index	Month	9	-4.09	12/1996
Trend Following Strategy Index	Month	7	13.46	4/1996
Systematic Trader Index	Month	9	13.46	4/1996
IASG CTA Index	Month	9	13.46	4/1996
Diversified Trader Index	Month	9	13.46	4/1996
Trend Following Strategy Index	Month	9	3.65	3/1996
Trend Following Strategy Index	Month	10	-6.73	2/1996
Diversified Trader Index	Month	8	14.40	12/1995
Systematic Trader Index	Month	8	14.40	12/1995
IASG CTA Index	Month	8	14.40	12/1995
Trend Following Strategy Index	Month	7	14.40	12/1995
Trend Following Strategy Index	Month	8	-0.85	10/1995
Trend Following Strategy Index	Month	5	-0.03	9/1995
Systematic Trader Index	Month	9	-0.03	9/1995
Diversified Trader Index	Month	10	-0.03	9/1995
Diversified Trader Index	Month	9	5.63	4/1995
Trend Following Strategy Index	Month	8	5.63	4/1995
Systematic Trader Index	Month	8	5.63	4/1995
IASG CTA Index	Month	9	5.63	4/1995
Trend Following Strategy Index	Month	6	-1.56	1/1995
Diversified Trader Index	Month	10	-1.56	1/1995
Systematic Trader Index	Month	10	-1.56	1/1995
IASG CTA Index	Sharpe	9	1.02	1993 - 1994
Trend Following Strategy Index	Month	10	9.23	11/1994
Trend Following Strategy Index	Month	10	-3.02	10/1994
Systematic Trader Index	Month	4	-1.74	8/1994
Diversified Trader Index	Month	5	-1.74	8/1994
IASG CTA Index	Month	7	-1.74	8/1994
Trend Following Strategy Index	Month	4	-1.74	8/1994
Trend Following Strategy Index	Month	8	-1.30	7/1994
Systematic Trader Index	Month	10	-1.30	7/1994
Systematic Trader Index	Month	10	9.25	5/1994
Diversified Trader Index	Month	10	9.25	5/1994
IASG CTA Index	Month	10	9.25	5/1994
Trend Following Strategy Index	Month	9	9.25	5/1994
Trend Following Strategy Index	Month	10	-4.06	2/1994
IASG CTA Index	Month	10	-2.04	1/1994
Systematic Trader Index	Month	9	-2.04	1/1994
Diversified Trader Index	Month	9	-2.04	1/1994
Trend Following Strategy Index	Month	5	-2.04	1/1994
IASG CTA Index	Sharpe	8	1.20	1992 - 1993
Trend Following Strategy Index	Month	9	7.94	12/1993
Diversified Trader Index	Month	5	7.38	11/1993
IASG CTA Index	Month	5	7.38	11/1993
Systematic Trader Index	Month	4	7.38	11/1993
Trend Following Strategy Index	Month	4	7.38	11/1993
Trend Following Strategy Index	Month	3	0.26	9/1993
Systematic Trader Index	Month	7	0.26	9/1993
Diversified Trader Index	Month	8	0.26	9/1993
IASG CTA Index	Month	9	0.26	9/1993
Trend Following Strategy Index	Month	10	-1.00	6/1993
Diversified Trader Index	Month	8	1.71	3/1993
IASG CTA Index	Month	8	1.71	3/1993
Trend Following Strategy Index	Month	7	1.71	3/1993
Systematic Trader Index	Month	8	1.71	3/1993
IASG CTA Index	Year Rolling	9	9.29	1991 - 1992
Trend Following Strategy Index	Month	9	-3.09	12/1992
IASG CTA Index	Sharpe	5	1.11	1991 - 1992
Trend Following Strategy Index	Month	4	4.91	11/1992
IASG CTA Index	Month	6	4.91	11/1992
Diversified Trader Index	Month	5	4.91	11/1992
Systematic Trader Index	Month	5	4.91	11/1992
IASG CTA Index	Month	4	0.77	9/1992
Trend Following Strategy Index	Month	2	0.77	9/1992

Past performance is not necessarily indicative of future results. The risk of loss in trading commodity futures, options, and foreign exchange ("forex") is substantial.

^#3

Top Performer

TREND FOLLOWING STRATEGY INDEX

APRIL
2008

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Estlander & Partners : Alpha Trend

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