Estlander & Partners : Global XL

Year-to-Date: N / A
Aug Performance: -5.68%

Min Investment: $ 5,000k
Mgmt. Fee: 2.00%
Perf. Fee: 20.00%

Annualized Vol: 23.91%
Sharpe (RFR=1%): 0.43
CAROR: 8.76%

Assets: $ 16.0M
Worst DD: -28.15
S&P Correlation: -0.02

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Growth of 1,000 - VAMI

Monthly Performance

Export Data

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	Aug	Qtr	2019	1yr	3yr	5yr	10yr	Since 8/1991
Global XL	-5.68	-16.28	-	-3.76	-16.40	-2.28	3.92	656.13
S&P 500	-6.26	-6.42	-	-1.56	40.21	87.92	61.58	398.66
+/- S&P 500	0.58	-9.86	-	-2.20	-56.61	-90.20	-57.67	257.47

Strategy Description

Summary

Account & Fees

Type: Managed Account
Minimum Investment: $ 5,000k
Trading Level Incremental Increase: $ 0k
CTA Max Funding Factor: 1.00
Management Fee: 2.00%
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: RT/YR/$M
Avg. Margin-to-Equity: 20%
Targeted Worst DD: 30.00%
Worst Peak-to-Trough: -28.00%
Sector Focus: Diversified Traders

Holding Periods

Over 12 Months: 4.00%
4-12 Months: 21.00%
1-3 Months: 46.00%
1-30 Days: 23.00%
Intraday: 6.00%

Summary

Estlander & Partners Global Markets is a highly diversified global futures trading programme that aims at producing attractive risk adjusted returns and low correlation to traditional investments. The program adopts a diversified trading approach, including strategies capturing global price trends in multiple time frames, ranging from intraday to several months. In addition systematic macro models are applied. These will hold small positions when expected return expectations are low. The diversified trading approach is combined with prudent risk management on several layers. The historical track record goes back to 1991.

Investment Strategy

Estlander & Partners Global Markets adopt a systematic trading approach to global and liquid futures and forward markets. Over 110 markets are traded in the programme, where price and fundamental information is used for decision making. The core parts of Global Markets are trend following models. Return extraction is based on behavioural biases and cyclical risk premiums as well as changes in global economies. Here, models with holding periods from a few hours up to several months are combined. In the decision making process, data from the underlying market as well as related markets is used. Positions are both long and short. Systematic Macro models take further advantage of non-price information in the decision making process. The models take advantage of global capital flows based on economic trends and extract time-varying risk premia and value opportunities. The models provide a diversifying return stream to the trend-following models. Counter-trend models models are trading on horizons ranging from a few hours to approximately 10 days. These models are a positive diversifier to the price driven trend and systematic macro models. The Global XL program operates at two times the leverage of the Global Markets program. 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

Risk is balanced in the portfolio with Achilles risk management. It is a forward looking estimation of the worst case outcome (including correlation breakdowns) for each model and is used for balancing risk in the models.

Compare to:

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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
-28.15	13	10	9/1/1998	10/1/1999
-27.57	6	12	2/1/2004	8/1/2004
-27.38	35	-	4/1/2011	3/1/2014
-27.32	21	15	11/1/2005	8/1/2007
-24.25	6	9	10/1/2001	4/1/2002
-19.97	5	3	11/1/1996	4/1/1997
-18.55	2	6	1/1/1996	3/1/1996
-18.25	5	2	5/1/1995	10/1/1995
-17.98	6	1	1/1/1998	7/1/1998
-17.26	15	2	10/1/1993	1/1/1995
-17.04	6	6	2/1/2003	8/1/2003
-16.85	4	3	3/1/2001	7/1/2001
-11.60	3	3	4/1/2010	7/1/2010
-10.30	2	3	11/1/2009	1/1/2010
-9.80	2	1	8/1/2005	10/1/2005
-9.51	5	2	10/1/1992	3/1/1993
-7.23	1	3	5/1/1993	6/1/1993
-7.15	2	3	2/1/2009	4/1/2009
-7.12	2	1	1/1/0001	9/1/1991
-6.87	1	1	7/1/1997	8/1/1997
-5.45	1	2	9/1/1997	10/1/1997
-4.70	1	1	8/1/2000	9/1/2000
-4.25	3	3	12/1/1991	3/1/1992
-3.25	1	1	10/1/2010	11/1/2010
-2.79	1	1	2/1/2011	3/1/2011
-2.27	1	1	12/1/2010	1/1/2011
-1.92	1	2	7/1/2009	8/1/2009
-0.91	1	1	12/1/2000	1/1/2001

Consecutive Gains

Run-up	Length (Mos.)	Start	End
64.12	4	2/1/1995	5/1/1995
56.46	4	8/1/1996	11/1/1996
35.74	7	4/1/1992	10/1/1992
34.90	3	12/1/2002	2/1/2003
33.90	3	11/1/1995	1/1/1996
31.30	2	8/1/1998	9/1/1998
30.70	3	5/1/1997	7/1/1997
29.25	6	9/1/2003	2/1/2004
29.20	2	11/1/1999	12/1/1999
28.20	3	4/1/2007	6/1/2007
27.60	5	5/1/2002	9/1/2002
27.15	4	9/1/2004	12/1/2004
26.78	2	9/1/2007	10/1/2007
26.55	3	8/1/2001	10/1/2001
26.42	3	10/1/1991	12/1/1991
24.21	5	10/1/2008	2/1/2009
22.21	2	2/1/2001	3/1/2001
19.87	3	10/1/2000	12/1/2000
16.69	3	8/1/2010	10/1/2010
15.35	2	5/1/2005	6/1/2005
14.08	2	1/1/2008	2/1/2008
13.77	2	4/1/1993	5/1/1993
13.27	3	7/1/2012	9/1/2012
13.09	1	11/1/2005	11/1/2005
12.40	1	8/1/2000	8/1/2000
12.34	3	11/1/1997	1/1/1998
12.17	3	2/1/2010	4/1/2010
11.80	1	4/1/1999	4/1/1999
10.74	4	7/1/1993	10/1/1993
10.73	3	1/1/2015	3/1/2015
10.69	3	7/1/2006	9/1/2006
9.99	1	5/1/1998	5/1/1998
9.78	1	4/1/1996	4/1/1996
9.56	3	4/1/2014	6/1/2014
8.69	1	4/1/2011	4/1/2011
8.32	1	9/1/1997	9/1/1997
8.22	3	12/1/2011	2/1/2012
8.06	1	12/1/2010	12/1/2010
7.52	1	7/1/2011	7/1/2011
7.42	1	12/1/2001	12/1/2001
6.65	1	1/1/2006	1/1/2006
6.61	1	5/1/2009	5/1/2009
6.47	1	5/1/1994	5/1/1994
6.18	3	9/1/2009	11/1/2009
6.14	1	6/1/2008	6/1/2008
6.11	1	5/1/2003	5/1/2003
5.78	1	2/1/2011	2/1/2011
5.69	1	11/1/2006	11/1/2006
5.44	1	7/1/2009	7/1/2009
5.42	1	4/1/2013	4/1/2013
4.56	1	3/1/1994	3/1/1994
4.56	2	8/1/2014	9/1/2014
4.53	2	12/1/2012	1/1/2013
4.16	1	11/1/2014	11/1/2014
4.07	1	2/1/2000	2/1/2000
4.01	1	3/1/1998	3/1/1998
3.87	1	8/1/2005	8/1/2005
3.34	2	1/1/1997	2/1/1997
3.12	1	2/1/1999	2/1/1999
2.91	2	5/1/2001	6/1/2001
2.85	1	10/1/2013	10/1/2013
2.75	1	12/1/1993	12/1/1993
2.44	1	9/1/1994	9/1/1994
2.31	1	2/1/2014	2/1/2014
2.20	1	11/1/1994	11/1/1994
1.88	1	4/1/2006	4/1/2006
1.76	1	2/1/1993	2/1/1993
1.71	1	5/1/2012	5/1/2012
1.10	1	6/1/1999	6/1/1999
0.89	1	5/1/2000	5/1/2000
0.45	1	12/1/1992	12/1/1992
0.41	1	12/1/1998	12/1/1998
0.29	1	7/1/1995	7/1/1995
0.21	1	2/1/2002	2/1/2002

Consecutive Losses

Run-up	Length (Mos.)	Start	End
-27.57	6	3/1/2004	8/1/2004
-23.96	2	7/1/2007	8/1/2007
-19.98	4	7/1/1999	10/1/1999
-18.55	2	2/1/1996	3/1/1996
-18.37	5	4/1/2015	8/1/2015
-16.38	2	3/1/1997	4/1/1997
-16.24	1	11/1/2001	11/1/2001
-16.01	3	6/1/2003	8/1/2003
-15.59	3	8/1/1995	10/1/1995
-15.40	1	4/1/1998	4/1/1998
-14.95	1	4/1/2001	4/1/2001
-14.93	2	5/1/2006	6/1/2006
-14.59	5	5/1/2013	9/1/2013
-13.84	4	12/1/2006	3/1/2007
-13.57	2	5/1/2011	6/1/2011
-12.71	2	1/1/1994	2/1/1994
-11.60	3	5/1/2010	7/1/2010
-11.53	2	3/1/2002	4/1/2002
-11.32	3	7/1/2008	9/1/2008
-10.88	2	6/1/1998	7/1/1998
-10.30	2	12/1/2009	1/1/2010
-10.05	2	2/1/2006	3/1/2006
-9.87	4	8/1/2011	11/1/2011
-9.80	2	9/1/2005	10/1/2005
-8.98	2	11/1/2007	12/1/2007
-8.97	1	12/1/2005	12/1/2005
-8.92	1	5/1/1999	5/1/1999
-8.34	1	6/1/2012	6/1/2012
-8.14	2	10/1/2002	11/1/2002
-7.50	2	10/1/2012	11/1/2012
-7.47	3	5/1/1996	7/1/1996
-7.39	1	12/1/1996	12/1/1996
-7.23	1	6/1/1993	6/1/1993
-7.15	2	3/1/2009	4/1/2009
-7.12	2	8/1/1991	9/1/1991
-6.91	2	3/1/2003	4/1/2003
-6.87	1	8/1/1997	8/1/1997
-6.82	2	12/1/1994	1/1/1995
-6.81	3	6/1/1994	8/1/1994
-6.48	2	10/1/1998	11/1/1998
-6.12	4	1/1/2005	4/1/2005
-6.06	3	3/1/2008	5/1/2008
-5.82	3	11/1/2013	1/1/2014
-5.72	1	1/1/1993	1/1/1993
-5.62	1	1/1/1999	1/1/1999
-5.45	1	10/1/1997	10/1/1997
-5.24	1	10/1/1994	10/1/1994
-5.04	1	1/1/2002	1/1/2002
-4.99	1	7/1/2001	7/1/2001
-4.91	1	2/1/1998	2/1/1998
-4.70	1	9/1/2000	9/1/2000
-4.56	1	3/1/1999	3/1/1999
-4.53	1	3/1/2014	3/1/2014
-4.35	2	3/1/2012	4/1/2012
-4.25	3	1/1/1992	3/1/1992
-4.14	2	6/1/2000	7/1/2000
-3.69	2	2/1/2013	3/1/2013
-3.66	1	11/1/1993	11/1/1993
-3.52	1	11/1/1992	11/1/1992
-3.43	1	6/1/1995	6/1/1995
-3.25	1	11/1/2010	11/1/2010
-2.91	2	3/1/2000	4/1/2000
-2.79	1	3/1/2011	3/1/2011
-2.68	1	3/1/1993	3/1/1993
-2.27	1	1/1/2011	1/1/2011
-2.26	1	10/1/2006	10/1/2006
-1.92	1	8/1/2009	8/1/2009
-1.49	1	7/1/2014	7/1/2014
-1.34	1	12/1/2014	12/1/2014
-0.99	1	1/1/2000	1/1/2000
-0.91	1	1/1/2001	1/1/2001
-0.74	1	7/1/2005	7/1/2005
-0.61	1	6/1/2009	6/1/2009
-0.51	1	10/1/2014	10/1/2014
-0.16	1	4/1/1994	4/1/1994

Time Windows Analysis

	1 Month	3 Month	6 Month	12 Month	18 Month	2 Year	3 Year	4 Year	5 Year
Number of Periods	289.00	287.00	284.00	278.00	272.00	266.00	254.00	242.00	230.00
Percent Profitable	51.21	56.10	61.27	67.63	73.53	77.82	87.40	89.26	96.96
Average Period Return	0.94	2.88	5.51	10.67	15.27	20.58	33.02	47.34	63.05
Average Gain	5.98	10.62	14.05	19.50	23.53	28.44	39.28	53.75	65.10
Average Loss	-4.39	-7.01	-7.99	-7.79	-7.68	-6.99	-10.38	-5.91	-2.36
Best Period	28.06	52.85	58.95	79.66	75.36	120.85	160.67	156.49	179.27
Worst Period	-20.17	-22.47	-27.57	-24.21	-22.61	-25.86	-26.75	-18.35	-3.63
Standard Deviation	6.90	11.98	14.71	18.16	20.33	25.03	32.75	38.95	45.81
Gain Standard Deviation	5.13	10.03	11.94	15.19	17.07	22.75	30.16	36.24	45.00
Loss Standard Deviation	3.92	4.87	5.92	5.66	5.95	5.59	6.72	5.07	1.15
Sharpe Ratio (1%)	0.12	0.22	0.34	0.53	0.68	0.74	0.92	1.11	1.27
Average Gain / Average Loss	1.36	1.51	1.76	2.50	3.07	4.07	3.78	9.10	27.59
Profit / Loss Ratio	1.44	1.94	2.78	5.23	8.51	14.27	26.26	75.60	878.86
Downside Deviation (10%)	4.30	6.34	7.48	8.00	8.61	8.87	10.50	10.45	9.46
Downside Deviation (5%)	4.13	5.79	6.43	5.94	5.62	4.98	5.32	3.69	1.49
Downside Deviation (0%)	4.09	5.65	6.18	5.47	4.98	4.20	4.37	2.53	0.45
Sortino Ratio (10%)	0.12	0.26	0.41	0.71	0.89	1.17	1.64	2.47	3.75
Sortino Ratio (5%)	0.21	0.45	0.78	1.63	2.45	3.73	5.64	11.72	38.93
Sortino Ratio (0%)	0.23	0.51	0.89	1.95	3.06	4.90	7.56	18.70	139.64

Top Performer Badges

Index	Award Type	Rank	Performance	Period
Systematic Trader Index	Month	6	6.34	5/2014
Trend Following Strategy Index	Month	7	6.34	5/2014
Diversified Trader Index	Month	8	6.34	5/2014
IASG CTA Index	Month	10	6.34	5/2014
Trend Following Strategy Index	Month	8	11.36	7/2012
Trend Following Strategy Index	Month	10	1.88	10/2009
Trend Following Strategy Index	Month	6	5.44	7/2009
Systematic Trader Index	Month	6	13.60	4/2007
IASG CTA Index	Month	7	13.60	4/2007
Diversified Trader Index	Month	6	13.60	4/2007
Trend Following Strategy Index	Month	4	13.60	4/2007
Trend Following Strategy Index	Month	1	9.43	8/2006
IASG CTA Index	Month	2	9.43	8/2006
Systematic Trader Index	Month	2	9.43	8/2006
Diversified Trader Index	Month	2	9.43	8/2006
Trend Following Strategy Index	Month	4	1.03	7/2006
Trend Following Strategy Index	Month	7	8.34	6/2005
Systematic Trader Index	Month	7	8.34	6/2005
Diversified Trader Index	Month	7	8.34	6/2005
IASG CTA Index	Month	10	8.34	6/2005
Trend Following Strategy Index	Month	10	12.38	11/2004
Systematic Trader Index	Month	10	12.38	11/2004
Diversified Trader Index	Month	10	7.39	10/2004
Systematic Trader Index	Month	9	7.39	10/2004
Trend Following Strategy Index	Month	7	7.39	10/2004
IASG CTA Index	Month	8	2.22	11/2003
Diversified Trader Index	Month	6	2.22	11/2003
Trend Following Strategy Index	Month	3	2.22	11/2003
Systematic Trader Index	Month	3	2.22	11/2003
Trend Following Strategy Index	Month	7	13.16	1/2003
IASG CTA Index	Month	9	13.16	1/2003
Systematic Trader Index	Month	8	13.16	1/2003
Diversified Trader Index	Month	9	13.16	1/2003
Diversified Trader Index	Month	9	0.21	2/2002
Trend Following Strategy Index	Month	6	0.21	2/2002
IASG CTA Index	Month	5	7.42	12/2001
Diversified Trader Index	Month	3	7.42	12/2001
Trend Following Strategy Index	Month	4	7.42	12/2001
Systematic Trader Index	Month	4	7.42	12/2001
IASG CTA Index	Month	10	11.42	9/2001
Diversified Trader Index	Month	8	11.42	9/2001
Trend Following Strategy Index	Month	9	11.42	9/2001
Systematic Trader Index	Month	9	11.42	9/2001
IASG CTA Index	Month	1	17.30	3/2001
Systematic Trader Index	Month	1	17.30	3/2001
Diversified Trader Index	Month	1	17.30	3/2001
Trend Following Strategy Index	Month	1	17.30	3/2001
Trend Following Strategy Index	Month	8	4.19	2/2001
Systematic Trader Index	Month	9	4.19	2/2001
Diversified Trader Index	Month	9	4.19	2/2001
Diversified Trader Index	Month	7	5.95	10/2000
IASG CTA Index	Month	7	5.95	10/2000
Systematic Trader Index	Month	5	5.95	10/2000
Trend Following Strategy Index	Month	4	5.95	10/2000
Systematic Trader Index	Month	5	12.40	8/2000
Trend Following Strategy Index	Month	5	12.40	8/2000
IASG CTA Index	Month	6	12.40	8/2000
Diversified Trader Index	Month	6	12.40	8/2000
Trend Following Strategy Index	Month	7	4.07	2/2000
Systematic Trader Index	Month	1	16.12	12/1999
Trend Following Strategy Index	Month	1	16.12	12/1999
IASG CTA Index	Month	2	16.12	12/1999
Diversified Trader Index	Month	2	16.12	12/1999
IASG CTA Index	5 Year Rolling	9	153.56	1994 - 1999
Trend Following Strategy Index	Month	3	11.26	11/1999
Systematic Trader Index	Month	4	11.26	11/1999
IASG CTA Index	Month	5	11.26	11/1999
Diversified Trader Index	Month	5	11.26	11/1999
IASG CTA Index	Month	3	11.80	4/1999
Systematic Trader Index	Month	2	11.80	4/1999
Diversified Trader Index	Month	3	11.80	4/1999
Trend Following Strategy Index	Month	2	11.80	4/1999
IASG CTA Index	5 Year Rolling	10	120.34	1993 - 1998
Diversified Trader Index	Month	9	28.06	8/1998
Systematic Trader Index	Month	9	28.06	8/1998
Trend Following Strategy Index	Month	9	28.06	8/1998
IASG CTA Index	Month	9	28.06	8/1998
IASG CTA Index	Month	4	9.99	5/1998
Diversified Trader Index	Month	4	9.99	5/1998
Systematic Trader Index	Month	4	9.99	5/1998
Trend Following Strategy Index	Month	4	9.99	5/1998
Trend Following Strategy Index	Month	4	4.01	3/1998
IASG CTA Index	Month	6	4.01	3/1998
Diversified Trader Index	Month	5	4.01	3/1998
Systematic Trader Index	Month	4	4.01	3/1998
IASG CTA Index	Month	8	5.96	1/1998
Diversified Trader Index	Month	8	5.96	1/1998
Trend Following Strategy Index	Month	8	5.96	1/1998
Systematic Trader Index	Month	8	5.96	1/1998
IASG CTA Index	3 Year Rolling	6	139.37	1994 - 1997
Trend Following Strategy Index	Month	6	8.32	9/1997
Diversified Trader Index	Month	6	8.32	9/1997
Systematic Trader Index	Month	6	8.32	9/1997
IASG CTA Index	Month	6	8.32	9/1997
Trend Following Strategy Index	Month	4	19.93	7/1997
Diversified Trader Index	Month	4	19.93	7/1997
Systematic Trader Index	Month	4	19.93	7/1997
IASG CTA Index	Month	4	19.93	7/1997
Trend Following Strategy Index	Month	8	4.58	6/1997
Systematic Trader Index	Month	8	4.58	6/1997

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

^#6

Top Performer

SYSTEMATIC TRADER INDEX

MAY
2014

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Watchlists 30

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Estlander & Partners : Global XL

Growth of 1,000 - VAMI

Monthly Performance

Period Returns

Strategy Description

Summary

Account & Fees

Subscriptions

Trading

Holding Periods

Decision-Making

Strategy

Composition

Summary

Investment Strategy

Risk Management

Drawdown Report

Consecutive Gains

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