Barclays Capital U.S. Long Government Bond Index (BCGI)
:
$1,498
S&P 500
:
$898
MSCI EAFE
:
$867
Goldman Sachs Commodity Index (GSCI)
:
$564
This chart shows the growth of a hypothetical Investment of $1,000
invested at the inception of the program and maintained through
the current period, as indicated.
*Performance shown above was derived using actual trading (except as otherwise noted below) , adjusted on a pro forma basis for the fees and interest which would likely be charged or credited to a client account traded pursuant to this strategy. Since August 2006 an account using proprietary capital has traded pursuant to this strategy. This account's performance contains hypothetical performance for the period January 1, 2007 through January 4, 2007 due to a change in the trading process. Performance for that period is hypothetical because no trades were executed at those prices. December 31, 2006 settle prices were utilized for that period. Actual trade prices may have varied from these prices. Effective January 5, 2007 actual trading performance has been reflected in the performance. The performance was adjusted for the following fees: 2% annual management fee, paid monthly at 1/12th the annual rate. A 20% incentive fee on net new high profits is accrued monthly and paid quarterly. Interest is earned at 95% of the 3-month T-bill rate. Actual clearing, administration and distribution charges, as well as interest arrangements negotiated by clients may vary from these rates, and JWH does not represent that they are or will be available to clients.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS FREQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE PROGRAMS WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS, AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.
Program Overview 
