PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Performance is net of all fees.  Composites are combinations of separately managed accounts and does not represent individual returns. 

Performance accounting is performed by outside provider specializing in this industry.  Variance between composites or composites and individual accounts is expected to be minimal, but is sometimes possible for the following reasons:  new assets are being scaled in, capitalization differences, fee differences at your FCM, or fee agreement differences with ACT.