ALTEGRIS ADVISORS, L.L.C.

ALTEGRIS ADVISORS, L.L.C. is the registered investment adviser of the Altegris group, an alternatives-focused asset management platform based in La Jolla, California. The firm specializes in providing access to managed futures, global macro, long/short equity, and other hedge fund–like strategies through registered investment companies and private pooled vehicles. Its franchise is built around delivering institutional-style alternative strategies to financial advisors, high-net-worth investors, and institutions in liquid, regulated formats. Altegris Advisors serves as investment adviser to a family of alternative mutual funds and other investment products. Day-to-day portfolio management for many strategies is implemented through sub-advisory arrangements with external commodity trading advisors (CTAs), global macro managers, or specialist equity and credit managers, as well as through internally managed sleeves. The firm’s role includes manager selection and oversight, portfolio construction, risk monitoring, and product governance across a range of multi-manager and single-manager offerings. The firm files Form 13F with the US Securities and Exchange Commission under CIK 0001506208 as an institutional investment manager with discretionary authority over reportable US-listed securities. These filings aggregate the long positions in US equities, ETFs, listed funds, and certain other 13F securities held across advised accounts and registered funds as of each quarter-end. The majority of Altegris’ alternative exposures—particularly futures, swaps, and other derivatives used in managed futures and macro strategies—are not captured in 13F data, so the filings represent only the cash-equity and ETF component of a broader alternatives platform. Within an allocator-oriented 13F analytics environment, the Altegris 13F History can be reconstructed into a notional long US-listed sleeve, normalized to a user-defined starting capital. This historical replication offers a transparent, position-level view of how the firm’s advised products have used equities and ETFs over time, complementing fund prospectuses, statements of additional information, and manager due diligence.

Altegris Advisors’ core competency lies in alternative investment strategies designed to diversify away from traditional long-only equity and bond exposures. The platform has been particularly associated with managed futures and global macro, where systematic and discretionary managers seek to harvest trend, carry, and relative-value premia across futures and forwards on equities, rates, commodities, and currencies. In addition, Altegris offers long/short equity, multi-strategy, and other hedge fund–like approaches packaged in 1940 Act mutual funds and private vehicles. At the product level, many strategies follow a multi-manager, multi-strategy architecture. Altegris Advisors conducts manager research and due diligence on a roster of CTAs, macro managers, and equity specialists, then allocates capital across these managers within defined risk budgets. Portfolio construction emphasizes diversification across trading styles, time horizons, and underlying markets, with the aim of delivering more stable, uncorrelated capital trajectories relative to traditional benchmarks. Implementation relies heavily on derivatives. Managed futures and macro exposures are typically expressed via exchange-traded futures, forwards, and swaps, with associated collateral held in cash, short-term fixed income, and, in some cases, US Treasuries or ETFs. Long/short equity and equity market–neutral strategies may use combinations of cash equities, swaps, and ETFs to establish long and short exposures. As a result, the 13F-visible holdings often reflect: - Collateral and liquidity sleeves (e.g., US Treasuries and money market instruments that happen to be 13F-reportable); - Long legs of equity or ETF positions where the corresponding short or derivative hedges are not captured in 13F; - Tactical index and sector ETFs used for beta management, hedging, or efficient portfolio completion. Sector allocations in the 13F portfolio therefore should not be read as pure, unconstrained convictions on individual industries. Instead, they are the by-product of how Altegris’ alternative strategies make use of listed equities and funds within a broader derivatives and manager-of-managers framework. Because underlying models and sub-advised mandates are actively managed, effective turnover in the equity and ETF sleeve tends to be high, even when some core implementation exposures remain in place over multiple quarters. For allocators examining the firm via a Backtesting Service or Portfolio Simulator, tracking 13F Portfolio Composition over time—by instrument type, sector, and issuer concentration—helps clarify how Altegris uses the US-listed sleeve to support its alternative mandates, and how that usage shifts across different volatility and macro regimes.

ALTEGRIS ADVISORS, L.L.C. is an alternatives-focused RIA whose core mandate is to deliver managed futures, global macro, and hedge fund–like strategies through registered and private vehicles. Its Form 13F filings under CIK 0001506208 provide a structured record of the US-listed equities, ETFs, and other reportable securities held within those vehicles, even though the majority of directional and relative-value exposures are implemented via futures, options, and swaps that sit outside the 13F framework. Aggregating these filings into a time series enables construction of a notional Historical Track Record for the US-listed sleeve, illuminating how the equity and ETF component of Altegris-advised portfolios has evolved across different macro backdrops, volatility regimes, and industry cycles. Holdings-based diagnostics—such as trends in 13F Portfolio Composition, shifts in instrument mix, and the degree of issuer diversification—help distinguish structural implementation choices from shorter-lived tactical moves. When this reconstructed sleeve is run through Performance Backtests Online or a Portfolio Simulator, allocators can derive summary statistics such as an ex post Sharpe Ratio and realized Max Drawdown Depth for the long US-listed book. Interpreted carefully alongside knowledge of the firm’s derivatives usage, manager-of-managers framework, and risk controls, these analytics offer one empirical lens on how the observable portion of Altegris’ strategies has contributed to capital stability and compounding. A central diagnostic question for allocators is how the alternative, derivatives-centric architecture implied by Altegris’ 13F record would respond under materially different regimes—such as extended periods of low trend persistence, structurally higher funding costs, or persistent equity-factor crowding—and whether the historical behavior of the US-listed sleeve suggests robustness or vulnerability across those potential environments.

The economic risk profile of Altegris Advisors’ strategies is dominated by exposures in derivatives and alternative trading programs rather than by the long-only equity holdings visible in Form 13F. Managed futures and macro strategies can exhibit distinct drawdown and recovery patterns compared with long-only equities: they may mitigate losses in protracted bear markets yet experience stress during sharp, choppy reversals or environments where trending behavior is limited. From the narrow perspective of 13F-reported holdings, a reconstructed portfolio will show a blend of equity, ETF, and listed fund exposures whose aggregate behavior is influenced by broad equity market moves, sector cycles, and any factor tilts implicit in the underlying strategies. Because shorts and many derivatives are not reported, the 13F-based view generally overstates net equity beta and understates the degree of market-hedging or diversification present in the full portfolio architecture. Altegris’ multi-manager structure spreads risk across a variety of CTAs and macro managers with different styles and time horizons, which can mitigate manager-specific risk but may still leave the platform exposed to crowded trades or simultaneous factor drawdowns—for example, during rapid momentum reversals or sudden shifts in interest-rate regimes. Similarly, long/short and relative-value strategies can encounter elevated volatility when correlations change abruptly or liquidity thins. By converting the firm’s 13F history into a notional US-listed equity sleeve, allocators can approximate volatility and downside behavior for that visible component. Analysis of historical Max Drawdown Depth during major equity and volatility spikes, alongside an empirically derived Sharpe Ratio for the reconstructed sleeve, offers a quantitative summary of risk-adjusted outcomes for the long US exposures alone. These metrics are most informative when explicitly framed as a subset of the overall risk budget, recognizing that large portions of the strategies’ risk and diversification reside in non-13F instruments.