Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from security transactions are determined using the specific identification cost method. Change in net unrealized gain or loss from the preceding period is reported in the Statements of Income (Loss). Brokerage commissions on securities and other trading fees are reflected as an adjustment to cost or proceeds at the time of the transaction. Interest income is recorded on an accrual basis.
Gains or losses on futures contracts are realized when contracts are closed. Net unrealized gains or losses on open contracts (the difference between contract trade price and quoted market price) are reflected in the Statements of Financial Condition. Any change in net unrealized gain or loss from the preceding period is reported in the Statements of Income (Loss). Brokerage commissions on futures contracts include other trading fees and are incurred as an expense when contracts are opened, and are recognized as trading gains and losses.
Net realized gains and losses from foreign currency related transactions represent gains and losses from sales of foreign currencies, sales and maturities of foreign currency forward contracts, currency gains and losses realized between trade and settlement dates on securities transactions, and the difference between the amounts of interest and foreign withholding taxes recorded on the Partnership’s books and the U.S. Dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on foreign currency denominated other assets and liabilities arise from changes in the value of assets, other than investments in securities, and liabilities at fiscal year end, resulting from changes in the exchange rates.
The Partnership may engage in futures contracts as part of its investment strategy. Upon entering into a futures contract, the Partnership is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial margin.” Subsequent payments (“variation margin”) are made or received by the Partnership each day, depending on the daily fluctuations in the value of the contract, and are included in unrealized gain (loss) on futures contracts. The Partnership recognizes a realized gain or loss when the contract is closed.
ALTEGRIS QIM FUTURES FUND, L.P.
There are several risks in connection with the use of futures contracts as an investment option. The change in value of futures contracts primarily corresponds with the value of their underlying instruments. In addition, there is the risk that the Partnership may not be able to enter into a closing transaction because of an illiquid secondary market. Open positions in futures contracts at March 31, 2014 and December 31, 2013 are reflected within the Condensed Schedules of Investments.
The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in the Statements of Income (Loss).
Offering costs incurred in connection with the ongoing offering of the Partnership’s interests are borne by the Partnership. These costs include, but are not limited to, legal fees pertaining to updating the Partnership’s offering documents and materials, accounting and printing costs. These costs are charged as an expense when incurred.
ALTEGRIS QIM FUTURES FUND, L.P.
Certain amounts in the 2013 financial statements were reclassified to conform to the 2014 presentation.
The Partnership accounts for subscriptions and redemptions on a per partner capital account basis.
The Partnership consists of the General Partner’s Interest, Class A Interests, Class B Interests and Institutional Interests (collectively referred to as “Interests”). Income or loss (prior to management fees, administrative fees, service fees and incentive fees) is allocated pro rata among the partners based on their respective capital accounts as of the end of each month in which the items accrue, pursuant to the terms of the Partnership’s agreement of limited partnership, as may be amended and restated from time to time (the “Agreement”). Class A Interests, Class B Interests and Institutional Interests are then charged with their applicable management fee, administrative fee, service fee and incentive fee in accordance with the Agreement.
No limited partner of the Partnership (each, a “Limited Partner” and collectively the “Limited Partners”) shall be liable for any debts or liabilities of the Partnership or any losses thereof in excess of such Limited Partner's capital contributions, except as may be required by law.
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2 - PARTNERS’ CAPITAL (CONTINUED)
B. Subscriptions, Distributions and Redemptions
Investments in the Partnership are made by subscription agreement, subject to acceptance by the General Partner.
The Partnership is not required to make distributions, but may do so at the sole discretion of the General Partner. The General Partner may request and receive redemption of capital, subject to the same terms as any Limited Partner. No distributions were made for the three months ended March 31, 2014 and 2013.
The partners may withdraw their interests on a monthly basis upon at least 15 days’ prior written notice, subject to the discretion of the General Partner.
NOTE 3 - RELATED PARTY TRANSACTIONS
A. General Partner Management Fee
The General Partner receives a monthly management fee from the Partnership equal to 0.104% (1.25% annually) for Class A and Class B, and 0.0625% (0.75% annually) for Institutional Interests of the Partnership's management fee net asset value. The General Partner may declare any Limited Partner a “Special Limited Partner” and the management fees or incentive fees charged to any such partner may be different than those charged to other Limited Partners.
Total management fees earned by the General Partner for the three months ended March 31, 2014 and 2013 are shown on the Statements of Income (Loss) as Management Fee.
B. Administrative Fee
The General Partner receives a monthly administrative fee from the Partnership equal to 0.0275% (0.33% annually) of the Partnership's management fee net asset value attributable to Class A and Class B Interests. For the three months ended March 31, 2014 and 2013, administrative fees for Class A Interests were $31,816 and $45,130, respectively, and administrative fees for Class B Interests were $23,583 and $40,742, respectively.
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 3 - RELATED PARTY TRANSACTIONS (CONTINUED)
C. Altegris Investments, Inc. and Altegris Futures, L.L.C.
Altegris Investments, Inc. (“Altegris Investments”), an affiliate of the General Partner, is registered as a broker-dealer with the Securities Exchange Commission. Beginning January 1, 2011, Altegris Futures, L.L.C. (“Altegris Futures”), an affiliate of the General Partner and an introducing broker registered with the CFTC, became the Partnership’s introducing broker. Prior to January 1, 2011, Altegris Investments served as the Partnership’s introducing broker. Altegris Investments has entered into a selling agreement with the Partnership whereby it receives 2% per annum as continuing compensation for Class A Interests sold by Altegris Investments that are outstanding at month end. Altegris Futures, as the Partnership’s introducing broker, receives a portion of the commodity brokerage commissions paid by the Partnership to the Clearing Broker and interest income retained by the Clearing Broker. Additionally, the Partnership pays to its clearing brokers and Altegris Futures, at a minimum, brokerage charges at a monthly flat rate of 0.125% (1.5% annually) of the Partnership’s management fee net asset value. Brokerage charges may exceed the flat rate described above, depending on commission and trading volume levels, which may vary.
At March 31, 2014 and December 31, 2013, respectively, the Partnership had commissions and brokerage fees payable to Altegris Futures of $18,162 and $60,231 and service fees payable to Altegris Investments of $12,798 and $13,850, respectively. The following tables show the fees paid to Altegris Investments and Altegris Futures for the three months ended March 31, 2014 and 2013, respectively:
| | | Three months ended March 31, 2014 | | | Three months ended March 31, 2013 | |
| Altegris Futures - Brokerage Commission fees | | $ | 119,792 | | | $ | 177,735 | |
| Altegris Investments- Service fees | | | 39,728 | | | | 69,013 | |
| Total | | $ | 159,520 | | | $ | 246,748 | |
The amounts above are included in Brokerage Commissions and Service Fees on the Statements of Income (Loss), respectively. The amounts shown on the Statements of Income (Loss) include fees paid to non-related parties.
NOTE 4 - ADVISORY CONTRACT
The Partnership’s trading activities are conducted pursuant to an advisory contract with Quantitative Investment Management LLC (QIM) (“Advisor”). The Partnership pays the Advisor a quarterly incentive fee of 30% of the trading profits. However, the quarterly incentive fee is payable only on cumulative profits, calculated separately for each partner’s interest, achieved from commodity trading. The incentive fee is accrued on a monthly basis and paid quarterly. Incentive fees are reflected in the Statements of Income (Loss).
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5 - SERVICE FEES
Class A Interests pay selling agents an ongoing monthly payment of 0.166% of the month-end net asset value (2% annually) of the value of Interests sold by them which are outstanding at month-end as compensation for their continuing services to such Class A Limited Partners. Institutional Interests may pay selling agents, if the selling agent so elects, an ongoing monthly payment of 0.0417% (0.50% annually) of the value of Institutional Interests sold by them which are outstanding at month-end as compensation for their continuing services to such Limited Partners holding Institutional Interests. For the three months ended March 31, 2014 and 2013, service fees for Class A Interests were $191,161 and $267,138, respectively, and service fees for Institutional Interests were $125 and $123, respectively.
NOTE 6 - BROKERAGE COMMISSIONS
The Partnership pays brokerage commissions to the Clearing Broker for clearing trades on its behalf, which are reflected in the Statements of Income (Loss) as Brokerage Commissions. The Partnership pays to its Clearing Broker a monthly brokerage commission equal to the greater of: (1) actual brokerage commissions, which are based upon trading volume, or (2) a flat rate of 0.125% (1.5% annually) (the “Minimum Amount”) of the Partnership’s management fee net asset value.
If actual brokerage commissions paid to the Clearing Broker are less than the Minimum Amount, the Partnership will pay to the introducing broker, the difference. However, if actual brokerage commissions are greater than the Minimum Amount, the Partnership only pays the actual brokerage commissions.
NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS
The Partnership engages in the speculative trading of futures contracts for the purpose of achieving capital appreciation. None of the Partnership’s derivative instruments are designated as hedging instruments, nor are they used for other risk management purposes. The Advisor and General Partner actively assess, manage and monitor risk exposure on derivatives on a contract basis, a sector basis (e.g., interest rate derivatives, agricultural derivatives, etc.), and on an overall basis in accordance with established risk parameters. Due to the speculative nature of the Partnership’s derivative trading activity, the Partnership is subject to the risk of substantial losses from derivatives trading.
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)
The following presents the fair value of derivative contracts as of March 31, 2014 and December 31, 2013. The fair value of derivative contracts is presented as an asset if in a gain position and a liability if in a loss position. Fair value is presented on a gross basis in the table below even though the derivative contracts qualify for net presentation in the Statements of Financial Condition.
| | | Asset | | | Liability | | | | |
| Type of | | Derivatives | | | Derivatives | | | Net | |
| Futures Contracts | | Fair Value | | | Fair Value | | | Fair Value | |
| | | | | | | | | | |
| Currencies | | $ | 23,003 | | | $ | (9,171 | ) | | $ | 13,832 | |
| | | | | | | | | | | | | |
| Energy | | | - | | | | (23,704 | ) | | | (23,704 | ) |
| | | | | | | | | | | | | |
| Interest Rates | | | 71,160 | | | | (13,735 | ) | | | 57,425 | |
| | | | | | | | | | | | | |
| Metals | | | - | | | | (77,030 | ) | | | (77,030 | ) |
| | | | | | | | | | | | | |
| Stock Indices | | | 40,444 | | | | (238,476 | ) | | | (198,032 | ) |
| | | | | | | | | | | | | |
| Treasury Rates | | | 23,931 | | | | (55,656 | ) | | | (31,725 | ) |
| | | | | | | | | | | | | |
| | | $ | 158,538 | | | $ | (417,772 | ) | | $ | (259,234 | ) |
December 31, 2013
| | | Asset | | | Liability | | | | |
| Type of | | Derivatives | | | Derivatives | | | Net | |
| Futures Contracts | | Fair Value | | | Fair Value | | | Fair Value | |
| | | | | | | | | | |
| Currencies | | $ | 119,092 | | | $ | - | | | $ | 119,092 | |
| | | | | | | | | | | | | |
| Energy | | | 19 | | | | (85,488 | ) | | | (85,469 | ) |
| | | | | | | | | | | | | |
| Interest Rates | | | 165,915 | | | | (935 | ) | | | 164,980 | |
| | | | | | | | | | | | | |
| Metals | | | 14,690 | | | | (1,843 | ) | | | 12,847 | |
| | | | | | | | | | | | | |
| Stock Indices | | | 490,873 | | | | (1,120 | ) | | | 489,753 | |
| | | | | | | | | | | | | |
| Treasury Rates | | | 194,068 | | | | - | | | | 194,068 | |
| | | | | | | | | | | | | |
| | | $ | 984,657 | | | $ | (89,386 | ) | | $ | 895,271 | |
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)
The following presents the trading results of the Partnership’s derivative trading and information related to the volume of the Partnership’s derivative activity for the three months ended March 31, 2014 and 2013.
The below captions of “Realized” and “Change in Unrealized” correspond to the captions in the Statements of Income (Loss) for gain (loss) on trading derivatives contracts.
Three Months Ended March 31, 2014
| Type of | | | | | Change in | |
| Futures Contracts | | Realized | | | Unrealized | |
| | | | | | | |
| Agricultural | | $ | - | | | $ | - | |
| | | | | | | | | |
| Currencies | | | (644,135 | ) | | | (105,260 | ) |
| | | | | | | | . | |
| Energy | | | 696,945 | | | | 61,765 | |
| | | | | | | | | |
| Interest Rates | | | 1,966,772 | | | | (107,555 | ) |
| | | | | | | | | |
| Metals | | | (147,985 | ) | | | (89,878 | ) |
| | | | | | | | | |
| Stock Indices | | | (571,915 | ) | | | (687,785 | ) |
| | | | | | | | | |
| Treasury Rates | | | (818,028 | ) | | | (225,792 | ) |
| | | | | | | | | |
| | | $ | 481,654 | | | $ | (1,154,505 | ) |
For the three months ended March 31, 2014, the number of futures contracts closed was 19,209.
Three Months Ended March 31, 2013
| Type of | | | | | Change in | |
| Futures Contracts | | Realized | | | Unrealized | |
| | | | | | | |
| Agricultural | | $ | (132,972 | ) | | $ | (33,643 | ) |
| | | | | | | | | |
| Currencies | | | 65,607 | | | | 183,709 | |
| | | | | | | | . | |
| Energy | | | (51,783 | ) | | | 18,209 | |
| | | | | | | | | |
| Interest Rates | | | 263,159 | | | | (1,478,004 | ) |
| | | | | | | | | |
| Metals | | | 938,328 | | | | (36,791 | ) |
| | | | | | | | | |
| Stock Indices | | | (4,559,101 | ) | | | 1,147,289 | |
| | | | | | | | | |
| Treasury Rates | | | (4,430,363 | ) | | | 679,197 | |
| | | | | | | | | |
| | | $ | (7,907,125 | ) | | $ | 479,966 | |
For the three months ended March 31, 2013, the number of futures contracts closed was 39,754.
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)
Effective January 1, 2013, the Partnership adopted Accounting Standards Update 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (the “ASU,” “ASU 2011-11”). The amendments to this standard require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.
With respect to futures contracts and options on futures contracts, the Partnership has entered into an agreement with the Clearing Broker which grants the Clearing Broker the right to offset recognized derivative assets and derivative liabilities if certain conditions exist, which would require the Clearing Broker to liquidate the Partnership’s positions. These events include the following: (i) upon the dissolution, winding-up, liquidation or merger of the Partnership, (ii) failure to maintain initial margin or failure to make timely payment of additional variation margin, (iii) failure to pay the premium on any option purchased, (iv) upon the commencement of bankruptcy, insolvency or similar proceeding for the protection of creditors against the Partnership, (v) the Clearing Broker determines, at its discretion, that the risk in the Partnership’s account must be reduced for protection of the Clearing Broker, or (vi) if the Partnership’s registration status is suspended or is pending suspension.
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)
The following table summarizes the disclosure requirements for offsetting assets and liabilities:
| Offsetting the Financial Assets and Derivative Assets |
| | | | | | | | | | | | Gross Amounts Not Offset in the Statement of Financial Condition | | | | |
| As of March 31, 2014 |
| Description | | | | | Gross Amounts Offset in the | | | Net Amounts of Assets Presented | | | | | | Cash Collateral Received (1) | | | Net Amount | |
| | | | | | | | | | | | | | | | | | | |
| Commodity futures contracts | | $ | 158,538 | | | $ | (158,538 | ) | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Offsetting the Financial Liabilities and Derivative Liabilities |
| | | | | | | | | | | | | | | Gross Amounts Not Offset in the Statement of Financial Condition | | | | | |
| | | | | | | | | | | | | | | | | |
| As of March 31, 2014 | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Gross Amounts of Liabilities | | | Gross Amounts Offset in the | | | Net Amounts of Liabilities Presented | | | | | | Cash Collateral Pledged (1) | | | Net Amount | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Commodity futures contracts | | $ | (417,772 | ) | | $ | 158,538 | | | $ | (259,234 | ) | | $ | - | | | $ | - | | | $ | (259,234 | ) |
| Offsetting the Financial Assets and Derivative Assets | | | | | | | | | | | | | |
| | | | | | | | | | | | Gross Amounts Not Offset in the Statement of Financial Condition | | | | |
| | | | | | | | | | | | | |
| As of December 31, 2013 | | | | | | | | | | | | | | | | | | |
| Description | | | | | Gross Amounts Offset in the | | | Net Amounts of Assets Presented | | | | | | Cash Collateral Received (1) | | | Net Amount | |
| | | | | | | | | | | | | | | | | | | |
| Commodity futures contracts | | $ | 984,657 | | | $ | (89,386 | ) | | $ | 895,271 | | | $ | - | | | $ | - | | | $ | 895,271 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Offsetting the Financial Liabilities and Derivative Liabilities | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | Gross Amounts Not Offset in the Statement of Financial Condition | | | | | |
| | | | | | | | | | | | | | | | | |
| As of December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | | | | Gross Amounts Offset in the | | | Net Amounts of Liabilities Presented | | | Financial Instruments | | | Cash Collateral Pledged (1) | | | Net Amount | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Commodity futures contracts | | $ | (89,386 | ) | | $ | 89,386 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
| (1) | Does not include maintenance margin deposits held at the Clearing Broker of $3,050,050 for 2014 & $2,460,129 for 2013, respectively. |
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 8 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND UNCERTAINTIES
The Partnership participates in the speculative trading of commodity futures contracts, substantially all of which are subject to margin requirements. The minimum amount of margin required for each contract is set from time to time in response to various market factors by the respective exchanges. Further, the Clearing Broker has the right to require margin in excess of the minimum exchange requirement. Risk arises from changes in the value of these contracts (market risk) and the potential inability of brokers to perform under the terms of their contracts (credit risk).
All of the contracts currently traded by the Partnership are exchange traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions because, in over-the-counter transactions, the Partnership must rely solely on the credit of its respective individual counterparties. However, in the future, if the Partnership were to enter into non-exchange traded contracts, it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any.
The Partnership also has credit risk because the sole counterparty to all domestic futures contracts is the exchange clearing corporation. In addition, the Partnership bears the risk of financial failure by the Clearing Broker. The Partnership's policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting and control procedures. In addition, the Partnership has a policy of reviewing the credit standing of each clearing broker or counterparty with which it conducts business.
The Partnership has a substantial portion of its assets on deposit with the Custodian in U.S. government agency bonds and notes and corporate notes. Risks arise from investments in bonds and notes due to possible illiquidity and the potential for default by the issuer or counterparty. Such instruments are also sensitive to changes in interest rates and economic conditions.
NOTE 9 - INDEMNIFICATIONS
In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote.
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 10 - FINANCIAL HIGHLIGHTS
The following information presents the financial highlights of the Partnership for the three months ended March 31, 2014 and 2013. This information has been derived from information presented in the financial statements.
| | | Three Months ended March 31, 2014 |
| | | |
| | | | | | | | | Institutional | |
| | | Class A | | | Class B | | | Interest | |
| | | | | | | | | | |
| Total return for Limited Partners (3) | | | | | | | | | |
| Total return prior to incentive fees | | | (2.41 | %) | | | (1.92 | %) | | | (1.70 | %) |
| Incentive fees | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
| Total return after incentive fees | | | (2.41 | %) | | | (1.92 | %) | | | (1.70 | %) |
| | | | | | | | | | | | | |
| Ratio to average net asset value | | | | | | | | | | | | |
| Expenses prior to incentive fees (2) | | | 4.30 | % | | | 2.29 | % | | | 1.46 | % |
| Incentive fees (3) | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
| | | | | | | | | | | | | |
| Total expenses | | | 4.30 | % | | | 2.29 | % | | | 1.46 | % |
| | | | | | | | | | | | | |
| Net investment loss (1) (2) | | | (4.21 | %) | | | (2.20 | %) | | | (1.37 | %) |
| | | | |
| | | Three Months ended March 31, 2013 |
| | | |
| | | | | | | | | | | Institutional | |
| | | Class A | | | Class B | | | Interest | |
| | | | | | | | | | | | | |
| Total return for Limited Partners (3) | | | | | | | | | | | | |
| Total return prior to incentive fees | | | (6.71 | %) | | | (6.25 | %) | | | (6.05 | %) |
| Incentive fees | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
| Total return after incentive fees | | | (6.71 | %) | | | (6.25 | %) | | | (6.05 | %) |
| | | | | | | | | | | | | |
| Ratio to average net asset value | | | | | | | | | | | | |
| Expenses prior to incentive fees (2) | | | 4.13 | % | | | 2.13 | % | | | 1.25 | % |
| Incentive fees (3) | | | 0.00 | % | | | 0.00 | % | | | 0.00 | % |
| | | | | | | | | | | | | |
| Total expenses | | | 4.13 | % | | | 2.13 | % | | | 1.25 | % |
| | | | | | | | | | | | | |
| Net investment loss (1) (2) | | | (4.02 | %) | | | (2.01 | %) | | | (1.13 | %) |
Total return and the ratios to average net asset value are calculated for each class of Limited Partners’ capital taken as a whole. An individual Limited Partner’s total return and ratios may vary from the above returns and ratios due to the timing of their contributions and withdrawals and differing fee structures.
Total return is calculated on a monthly compounded basis.
| (1) | Excludes incentive fee. |
ALTEGRIS QIM FUTURES FUND, L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 11 - SUBSEQUENT EVENTS
Management of the Partnership evaluated subsequent events through the date these financial statements were available to be issued.
From April 1, 2014 through May 15, 2014, the Partnership had subscriptions of $676,410 and redemptions of $2,053,377. Management has determined there are no additional matters requiring disclosure.
