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The following represents the performance of Program 1
Please Note:
An investment with BAM is speculative, volatile, involves a high degree of risk and is designed only for sophisticated investors who are able to bear the loss of more than their entire investment. Read and examine the disclosure document before seeking BAM's services.
Past performance is not necessarily indicative of future results.
Alternative investments such as managed futures investmentsare speculative, involve substantial risk, and are not suitable for all investors.

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| Net of Fees Performance |
CLIENT
COMPOSITE |
%
Change |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
|
2010 |
NT |
NT |
-3.80 |
2.91 |
6.14 |
10.39 |
4.72 |
-2.07 |
|
|
|
|
18.96 |
2009 |
NT |
NT |
NT |
NT |
NT |
NT |
NT |
NT |
NT |
NT |
NT |
NT |
0.00 |
2008 |
-9.73 |
5.23 |
-2.00 |
-8.68 |
-0.12 |
0.72 |
NT |
NT |
NT |
NT |
NT |
NT |
-14.48 |
2007 |
|
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|
1.07 |
0.55 |
-3.26 |
-1.69 |
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 |
Note: "NT" refers to no trading.
Return
Windows
|
CLIENT
COMPOSITE |
| Length (Mos.) |
Best |
Worst |
Average |
| 1 |
10.39% |
-9.73% |
0.14% |
| 3 |
22.70% |
-12.19% |
0.74% |
| 6 |
18.96% |
-17.86% |
-7.83% |
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This tabular analysis summarizes the best, worst and average performance for the trading program during time windows of varying lengths. For example, three-month time windows measure performance in all rolling three-month time periods (e.g., months 1 through 3, 2 through 4, etc.). |
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Drawdown Analysis - September 2007 - Present (Lifetime)
Drawdown refers to the decline in the net asset of the program. Drawdowns are measured on the basis of month-end net asset values only, and do not reflect intra-month figures.
CLIENT
COMPOSITE |
Depth |
Length
(Mos.) |
Recovery
(Mos.) |
Peak
Date |
Valley
Date |
| -20.41% |
8 |
4 |
11/07 |
3/10 |
| -2.07 |
1 |
0 |
7/10 |
8/10 |
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| |
|
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Please Note:
An investment with BAM is speculative, volatile, involves a high degree of risk and is designed only for sophisticated investors who are able to bear the loss of more than their entire investment. Read and examine the disclosure document before seeking BAM's services.
Past performance is not necessarily indicative of future results.
Alternative investments such as managed futures investmentsare speculative, involve substantial risk, and are not suitable for all investors.

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Net of Fees Performance |
|
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PROPRIETARY
COMPOSITE |
%
Change |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
|
2010 |
5.26 |
1.13 |
-1.29 |
1.82 |
5.29 |
10.95 |
8.84 |
-2.65 |
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|
|
32.43 |
2009 |
1.19 |
0.16 |
8.62 |
4.24 |
20.33 |
-8.09 |
2.32 |
-1.35 |
1.57 |
8.79 |
-1.90 |
0.52 |
39.59 |
2008 |
-5.91 |
3.32 |
-0.89 |
-5.03 |
0.10 |
-1.39 |
2.92 |
5.33 |
-1.42 |
6.94 |
-2.29 |
4.79 |
5.68 |
2007 |
9.54 |
6.96 |
8.08 |
6.50 |
0.30 |
0.77 |
18.97 |
-1.91 |
-5.77 |
8.66 |
7.03 |
-2.74 |
69.57 |
2006 |
-7.75 |
-8.14 |
1.86 |
-7.23 |
3.25 |
-3.74 |
-4.76 |
-3.00 |
-0.09 |
-4.82 |
5.47 |
-3.65 |
-28.96 |
2005 |
1.14 |
6.81 |
6.28 |
3.57 |
-6.10 |
-3.91 |
3.74 |
-2.17 |
-12.24 |
-8.47 |
23.16 |
8.42 |
16.80 |
2004 |
|
1.18 |
-22.65 |
12.83 |
-4.83 |
15.03 |
-14.10 |
-28.20 |
46.12 |
30.62 |
40.10 |
6.90 |
70.43 |
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Return
Windows
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|
| |
PROPRIETARY
COMPOSITE |
| Length (Mos.) |
Best |
Worst |
Average |
| 1 |
46.12% |
-28.20% |
2.52% |
| 3 |
167.40% |
-29.05% |
8.51% |
| 6 |
208.79% |
-41.07% |
17.29% |
| 12 |
211.26% |
-28.95% |
33.64% |
| 24 |
145.46% |
-17.02% |
51.36% |
| 36 |
277.32% |
8.26% |
88.84% |
| 60 |
444.51% |
86.75% |
188.13% |
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This tabular analysis summarizes the best, worst and average performance for the trading program during time windows of varying lengths. For example, three-month time windows measure performance in all rolling three-month time periods (e.g., months 1 through 3, 2 through 4, etc.).
Drawdown Analysis - September 2007 - August 2010 (Last 3 Years)
Drawdown refers to the decline in the net asset of the program. Drawdowns are measured on the basis of month-end net asset values only, and do not reflect intra-month figures.
PROPRIETARY
COMPOSITE |
Depth |
Length
(Mos.) |
Recovery
(Mos.) |
Peak
Date |
Valley
Date |
| -12.15% |
7 |
4 |
11/07 |
6/08 |
| -8.09% |
1 |
4 |
5/09 |
6/09 |
| -5.77% |
1 |
1 |
9/07 |
9/07 |
| -2.65 |
1 |
0 |
7/10 |
8/10 |
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Drawdown Analysis - February 2004 - Present (Lifetime)
Drawdown refers to the decline in the net asset of the program. Drawdowns are measured on the basis of month-end net asset values only, and do not reflect intra-month figures.
PROPRIETARY
COMPOSITE |
Depth |
Length
(Mos.) |
Recovery
(Mos.) |
Peak
Date |
Valley
Date |
| -41.07% |
6 |
2 |
2/04 |
8/04 |
| -31.33% |
18 |
9 |
4/05 |
10/06 |
| -12.15% |
7 |
4 |
11/07 |
6/08 |
| -8.09% |
1 |
4 |
6/09 |
6/09 |
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Notes to Performance Information:
The performance set forth here represents the proprietary trading of Becker Asset Management, LLC from Jan 2004 forward. CFTC regulations require proprietary
performance to be presented supplementary, and regard such performance to be less relevant in assessing of an
advisor’s trading generally. |
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| 2005-2010 All rights
reserved, Becker Asset Management, LLC. |