Table of Contents
Introduction

3

Account Overview

4

Open Position Summary

5

Allocation By Asset Class

7

Allocation By Sector

8

Time Period Performance Statistics

9

Time Period Benchmark Comparison

10

Cumulative Performance Statistics

11

Cumulative Benchmark Comparison

12

Risk Measures

13

Risk Measures Benchmark Comparison

14

Historical Performance

15

Historical Performance Benchmark Comparison

18

Deposits and Withdrawals

21

Dividends

22

Interest Details

23

Fee Summary

24

Notes

25

Glossary

26

Disclaimer

28

PortfolioAnalyst

Page: 2

Introduction
Name:

ABERLIN CAPITAL SL

Account:

U1373777

Base Currency:

EUR

Account Type:

Institution Master

Analysis Period:

Jul 2014 to May 2015 (Monthly)

Performance Measure:

TWR

PortfolioAnalyst

Page: 3

Account Overview
Cumulative Return

Net Asset Value

PortfolioAnalyst

Key Statistics
Beginning NAV:

0.00

Ending NAV:

934,894.82

Cumulative Return:

18.03%

1 Month Return:

1.20%

(May 2015)

3 Month Return:

0.81%

(Mar 2015 - May 2015)

Best Return:

33.56%

(Aug 2014)

Worst Return:

-14.86%

(Jul 2014)

Deposits/Withdrawals:

795,023.67

Ending Asset Allocation

Page: 4

Open Position Summary

Symbol

Description

Sector

Quantity

Close Price

Value

Unrealized P&L

Base Value

ANTM

ANTHEM INC

Consumer Non Cyclicals

0

155.84

0.00

0.00

0.00

DO

DIAMOND OFFSHORE DRILLING

Energy

-600

33.10

-19,860.00

20.63

-17,814.42

FCX

FREEPORT-MCMORAN INC

Basic Materials

-675

23.39

-15,788.25

-624.65

-14,162.06

FLO

FLOWERS FOODS INC

Consumer Non Cyclicals

0

22.57

0.00

0.00

0.00

LB

L BRANDS INC

Consumer Cyclicals

388

90.57

35,141.16

-506.34

31,521.62

MAT

MATTEL INC

Consumer Cyclicals

0

27.84

0.00

0.00

0.00

RYAM

RAYONIER ADVANCED MATERIALS

Basic Materials

-1,176

18.79

-22,097.04

487.62

-19,821.04

SPXU

PROSH ULTRAPRO SHORT S&P 500

Unclassified

-1,455

33.38

-48,567.90

4,055.91

-43,565.41

Total USD

3,433.17

-71,172.03

Total In EUR

3,079.56

-63,841.31

Total Stocks In EUR

3,079.56

-63,841.31

Open Positions
Stocks
USD

PortfolioAnalyst

Page: 5

Open Position Summary (Cont.)
Symbol

Description

Sector

Quantity

Close Price

Value

Unrealized P&L

Base Value

FGBS JUN 15

GBS 08JUN15

Unclassified

45

111.18

5,003,100.00

660.00

5,003,100.00

IM5

I 15JUN15

Unclassified

43

100.01

10,751,075.00

6,564.00

10,751,075.00

7,224.00

15,754,175.00

Futures
EUR

Total In EUR
GBP
LM5

L 17JUN15

Unclassified

44

99.41

5,467,550.00

1,575.20

7,415,638.06

LU5

L 16SEP15

Unclassified

50

99.35

6,209,375.00

-2,272.50

8,421,775.31

RM5

R 26JUN15

Unclassified

5

118.17

590,850.00

-4,868.50

801,369.86

Total GBP

-5,565.80

12,267,775.00

Total In EUR

-7,548.89

16,638,783.23

USD
ADM5

AUD 15JUN15

Unclassified

-2

0.78

-156,560.00

-3,364.92

-140,434.32

BO JUL 15

ZL 14JUL15

Unclassified

-3

0.33

-58,734.00

-1,070.43

-52,684.40

C JUL 15

ZC 14JUL15

Unclassified

-2

3.61

-36,125.00

-5.62

-32,404.12

CDM5

CAD 16JUN15

Unclassified

-2

0.83

-165,200.00

-6,744.92

-148,184.40

DXM5

DX 15JUN15

Unclassified

7

95.64

669,459.00

-13,916.47

600,504.72

ESM5

ES 19JUN15

Unclassified

1

2,109.30

105,465.00

1,162.98

94,602.10

JYM5

JPY 15JUN15

Unclassified

-1

0.01

-104,100.00

-939.96

-93,377.70

LCM5

LE 30JUN15

Unclassified

1

1.51

60,290.00

-702.89

54,080.13

SBN5

SB JUL15

Unclassified

-4

0.13

-56,044.80

615.76

-50,272.19

TFM5

TF 19JUN15

Unclassified

1

1,228.30

122,830.00

-2,552.00

110,178.51

ZB JUN 15

ZB 19JUN15

Unclassified

2

156.78

313,562.50

-9,378.02

281,265.56

ZN JUN 15

ZN 19JUN15

Unclassified

5

127.77

638,828.12

3,117.45

573,028.83

ZT JUN 15

ZT 30JUN15

Unclassified

12

109.60

2,630,437.50

9,356.88

2,359,502.44

Total USD

-24,422.16

3,964,108.32

Total In EUR

-21,906.68

3,555,805.17

Total Futures In EUR

-22,231.57

35,948,763.40

PortfolioAnalyst

Page: 6

Allocation By Asset Class

Date

Stocks

Cash

NAV

Jul 2014

0.00

187,452.43

187,452.43

Aug 2014

0.00

348,028.35

348,028.35

Sep 2014

0.00

302,791.35

302,791.35

Oct 2014

0.00

330,598.89

330,598.89

Nov 2014

0.00

483,213.97

483,213.97

Dec 2014

268,090.18

299,066.51

567,156.69

Jan 2015

37,403.54

898,055.83

935,459.37

Feb 2015

0.00

927,366.60

927,366.60

Mar 2015

54,694.18

973,098.48

1,027,792.66

Apr 2015

31,089.45

892,715.39

923,804.84

May 2015

-63,841.31

998,736.13

934,894.82

29,766.91

603,738.54

633,505.45

Average

PortfolioAnalyst

Page: 7

Allocation By Sector

Date

Basic Materials

Communications

Energy

Financials

Industrials

Technology

Unclassified

Total

Jul 2014

0

0

0

0

0

0

0

0

Aug 2014

0

0

0

0

0

0

0

0

0

0

Sep 2014

0

0

0

0

0

0

0

0

0

0

Oct 2014

0

0

0

0

0

0

0

0

0

0

Nov 2014

0

0

0

0

0

0

0

0

0

0

Dec 2014

0

53,628

0

53,557

0

0

0

160,905

0

268,090

Jan 2015

0

0

37,404

0

0

0

0

0

0

37,404

Feb 2015

0

0

0

0

0

0

0

0

0

0

Mar 2015

0

0

46,999

48,193

0

0

0

0

-40,498

54,694

Apr 2015

-13,995

0

42,598

39,552

0

0

0

0

-37,065

31,089

May 2015

-33,983

0

31,522

0

-17,814

0

0

0

-43,565

-63,841

-4,362

4,875

14,411

12,846

-1,619

0

0

14,628

-11,012

29,767

Average

PortfolioAnalyst

Consumer Consumer Non
Cyclicals
Cyclicals
0
0

Page: 8

Time Period Performance Statistics

Date

U1373777

Jul 2014

-14.86%

Aug 2014

33.56%

Sep 2014

-13.00%

Oct 2014

-7.41%

Nov 2014

9.98%

Dec 2014

4.70%

Jan 2015

11.96%

Feb 2015

Key Statistics
Beginning NAV:

0.00

Ending NAV:

934,894.82

Cumulative Return:

18.03%

1 Month Return:

1.20%

(May 2015)

3 Month Return:

0.81%

(Mar 2015 - May 2015)

-0.87%

Best Return:

33.56%

(Aug 2014)

Mar 2015

10.83%

Worst Return:

-14.86%

(Jul 2014)

Apr 2015

-10.12%

Deposits/Withdrawals:

795,023.67

May 2015

1.20%

Average

2.36%

PortfolioAnalyst

Page: 9

Time Period Benchmark Comparison

Date

SPX

EFA

VT

U1373777

Jul 2014

-2.66%

-3.80%

-3.09%

-14.86%

Aug 2014

4.00%

0.18%

2.65%

33.56%

Sep 2014

-1.40%

-3.88%

-3.34%

-13.00%

Oct 2014

2.44%

-0.27%

0.94%

-7.41%

Nov 2014

2.69%

0.06%

1.26%

9.98%

Dec 2014

-0.26%

-4.00%

-1.99%

4.70%

Jan 2015

-3.00%

0.62%

-1.63%

11.96%

Feb 2015

5.75%

6.34%

5.95%

-0.87%

Mar 2015

-1.58%

-1.43%

-1.21%

10.83%

Apr 2015

0.96%

3.65%

2.55%

-10.12%

May 2015

1.39%

1.01%

1.08%

1.20%

Average

0.76%

-0.14%

0.29%

2.36%

PortfolioAnalyst

Page: 10

Cumulative Performance Statistics

Date

U1373777

Key Statistics

Jul 2014

-14.86%

Aug 2014

13.72%

Beginning NAV:

0.00

Sep 2014

-1.06%

Ending NAV:

934,894.82

Oct 2014

-8.39%

Cumulative Return:

18.03%

Nov 2014

0.75%

1 Month Return:

1.20%

(May 2015)

Dec 2014

5.49%

Jan 2015

18.10%

3 Month Return:

0.81%

(Mar 2015 - May 2015)

Feb 2015

17.08%

Best Return:

33.56%

(Aug 2014)

Mar 2015

29.76%

Worst Return:

-14.86%

(Jul 2014)

Apr 2015

16.63%

Deposits/Withdrawals:

795,023.67

May 2015

18.03%

Jul 2014 to May 2015

18.03%

PortfolioAnalyst

Page: 11

Cumulative Benchmark Comparison

Date

SPX

EFA

VT

U1373777

Jul 2014

-2.66%

-3.80%

-3.09%

-14.86%

Aug 2014

1.24%

-3.63%

-0.52%

13.72%

Sep 2014

-0.18%

-7.37%

-3.85%

-1.06%

Oct 2014

2.26%

-7.61%

-2.94%

-8.39%

Nov 2014

5.01%

-7.56%

-1.71%

0.75%

Dec 2014

4.74%

-11.26%

-3.66%

5.49%

Jan 2015

1.59%

-10.70%

-5.23%

18.10%

Feb 2015

7.43%

-5.04%

0.41%

17.08%

Mar 2015

5.73%

-6.40%

-0.80%

29.76%

Apr 2015

6.75%

-2.99%

1.72%

16.63%

May 2015

8.23%

-2.01%

2.82%

18.03%

Jul 2014 to May 2015

8.23%

-2.01%

2.82%

18.03%

PortfolioAnalyst

Page: 12

Risk Measures

Risk Analysis

Distribution of Returns
U1373777

Ending VAMI
Max Drawdown:
Peak-To-Valley:
Recovery:

1,180.29
19.44%
Aug 14 - Oct 14
3 Months

Sharpe Ratio:

0.58

Sortino Ratio:

0.80

Calmar Ratio:

1.02

Standard Deviation:

14.13%

Downside Deviation:

7.45%

Mean Return:

2.36%

Positive Periods:

6 (54.55%)

Negative Periods:

5 (45.45%)

PortfolioAnalyst

Page: 13

Risk Measures Benchmark Comparison

Risk Analysis

Distribution of Returns
SPX

EFA

VT

U1373777

1,082.30

979.91

1,028.19

1,180.29

3.25%

11.26%

5.23%

19.44%

Nov 14 - Jan 15

Start - Dec 14

1 Month

Ongoing

1 Month

3 Months

Sharpe Ratio:

0.93

-0.15

0.35

0.58

Sortino Ratio:

0.21

-1.10

-0.62

0.80

Calmar Ratio:

2.77

-0.19

0.59

1.02

Standard Deviation:

2.82%

3.20%

2.84%

14.13%

Downside Deviation:

1.77%

2.48%

2.03%

7.45%

Mean Return:

0.76%

-0.14%

0.29%

2.36%

Positive Periods:

6 (54.55%)

6 (54.55%)

6 (54.55%)

6 (54.55%)

Negative Periods:

5 (45.45%)

5 (45.45%)

5 (45.45%)

5 (45.45%)

Ending VAMI
Max Drawdown:
Peak-To-Valley:
Recovery:

PortfolioAnalyst

Start - Jan 15 Aug 14 - Oct 14

Page: 14

Historical Performance
History

U1373777

PortfolioAnalyst

Since Inception

MTD

QTD

YTD

Since Inception

0.97%

-5.10%

3.89%

-2.84%

Page: 15

Historical Performance (Cont.)
2014
January

N/A

February

N/A

March

N/A

April

N/A

May

N/A

June

N/A

July

N/A

August
September
October

31.09%
-16.32%
-8.14%

November

9.22%

December

1.55%

2014
Q1

N/A

Q2

N/A

Q3

N/A

Q4

1.89%

PortfolioAnalyst

Page: 16

Historical Performance (Cont.)

YTD
U1373777

PortfolioAnalyst

3.89%

Page: 17

Historical Performance Benchmark Comparison
History

Since Inception

MTD

QTD

YTD

Since Inception

U1373777

0.97%

-5.10%

3.89%

-2.84%

SPX

1.39%

2.36%

3.34%

8.23%

EFA

1.01%

4.69%

10.42%

-2.01%

VT

1.08%

3.65%

6.73%

2.82%

PortfolioAnalyst

Page: 18

Historical Performance Benchmark Comparison (Cont.)
2014
U1373777

SPX

EFA

VT

January

N/A

N/A

N/A

N/A

February

N/A

N/A

N/A

N/A

March

N/A

N/A

N/A

N/A

April

N/A

N/A

N/A

N/A

May

N/A

N/A

N/A

N/A

June

N/A

N/A

N/A

N/A

July

N/A

N/A

N/A

N/A

31.09%

4.00%

0.18%

2.65%

-16.32%

-1.40%

-3.88%

-3.34%

-8.14%

2.44%

-0.27%

0.94%

November

9.22%

2.69%

0.06%

1.26%

December

1.55%

-0.26%

-4.00%

-1.99%

August
September
October

2014
U1373777

SPX

EFA

VT

Q1

N/A

N/A

N/A

N/A

Q2

N/A

N/A

N/A

N/A

Q3

N/A

N/A

N/A

N/A

Q4

1.89%

4.93%

-4.20%

0.19%

PortfolioAnalyst

Page: 19

Historical Performance Benchmark Comparison (Cont.)

YTD
U1373777

3.89%

SPX

3.34%

EFA

10.42%

VT

6.73%

PortfolioAnalyst

Page: 20

Deposits and Withdrawals
Date

Type

Description

07/07/2014

Deposit

Cash Receipts / Electronic Fund Transfers

73,490.30

07/09/2014

Deposit

Cash Receipts / Electronic Fund Transfers

146,591.34

08/05/2014

Deposit

Cash Receipts / Electronic Fund Transfers

37,365.05

08/07/2014

Deposit

Cash Receipts / Electronic Fund Transfers

37,399.53

10/10/2014

Deposit

Cash Receipts / Electronic Fund Transfers

50,000.00

11/04/2014

Deposit

Cash Receipts / Electronic Fund Transfers

108,000.00

12/02/2014

Withdrawal

Disbursement Initiated By Rafael R Martinez Sanchez

-40,322.55

12/04/2014

Deposit

Cash Receipts / Electronic Fund Transfers

100,000.00

01/02/2015

Deposit

Cash Receipts / Electronic Fund Transfers

65,000.00

01/13/2015

Deposit

Cash Receipts / Electronic Fund Transfers

85,000.00

01/23/2015

Deposit

Cash Receipts / Electronic Fund Transfers

62,000.00

01/28/2015

Deposit

Cash Receipts / Electronic Fund Transfers

70,500.00

Total

PortfolioAnalyst

Amount

795,023.67

Page: 21

Dividends

Pay Date

Ex-Date

Symbol

03/25/15

03/06/15

ANTM

Total

PortfolioAnalyst

Quantity
335

Dividend
Per Share
0.63

Estimated Forward
Dividend Yield %
1.70

Estimated Annual
Dividend
837.52

Amount
190.85
190.85

Page: 22

Interest Details
Date

Description

Amount

08/05/14

EUR Debit Interest Paid for July 2014

-30.29

09/04/14

EUR Debit Interest Paid for August 2014

-53.94

10/03/14

EUR Debit Interest Paid for September 2014

-1.53

10/03/14

HKD Debit Interest Paid for September 2014

-34.84

11/05/14

EUR Debit Interest Paid for October 2014

-3.69

11/05/14

HKD Debit Interest Paid for October 2014

-8.52

12/03/14

HKD Debit Interest Paid for November 2014

-0.02

12/03/14

GBP Debit Interest Paid for November 2014

-21.00

01/06/15

GBP Debit Interest Paid for December 2014

-8.69

02/04/15

JPY Debit Interest Paid for January 2015

-145.64

02/04/15

USD Debit Interest Paid for January 2015

-19.67

02/04/15

GBP Debit Interest Paid for January 2015

-0.21

03/04/15

JPY Debit Interest Paid for February 2015

-0.19

03/04/15

USD Net Stock Interest Paid for February 2015

-62.01

03/04/15

GBP Debit Interest Paid for February 2015

-51.87

03/04/15

CHF Credit Interest Paid for February 2015

-5.88

03/04/15

CHF Debit Interest Paid for February 2015

-3.15

03/04/15

CAD Debit Interest Paid for February 2015

-8.78

03/04/15

AUD Debit Interest Paid for February 2015

-41.55

04/06/15

CAD Debit Interest Paid for March 2015

-43.25

04/06/15

CHF Credit Interest Paid for March 2015

-1.69

04/06/15

CHF Debit Interest Paid for March 2015

-6.70

04/06/15

GBP Debit Interest Paid for March 2015

-37.74

04/06/15

USD Net Stock Interest Paid for March 2015

04/06/15

AUD Debit Interest Paid for March 2015

04/06/15

JPY Debit Interest Paid for March 2015

-156.04
-28.74
-0.12

Total

-775.76

PortfolioAnalyst

Page: 23

Fee Summary
Date

Description

Amount

08/05/2014

Cme

-67.28

09/03/2014

Cme

-68.44

10/01/2014

Cme

-71.29

10/31/2014

Order Cancellation Fee For Oct 2014

11/05/2014

Cme

-72.08

12/03/2014

Cme

-73.11

01/06/2015

Cme

-75.69

02/04/2015

Cme

-79.34

03/04/2015

Cme

-81.23

04/02/2015

Cme

-82.71

05/04/2015

Cme

-80.73

-0.50

Total

-752.41

PortfolioAnalyst

Page: 24

Notes
1. The Net Asset Value (NAV) consists of all positions by asset class (stock, securities options, warrants, bonds, cash, etc.). All non-base currency amounts are converted to the base
currency at the close of period rate.
2. The deposit/withdrawal amount displayed in the Account Overview report includes internal transfers along with cash and position transfers.
3. There are no open futures positions, as the gain or loss for futures contracts settles into cash each night.
4. Dividend and interest accruals are included in cash amounts throughout the report.
5. Price valuations are obtained from outside parties. Interactive Brokers shall have no responsibility for the accuracy or timeliness of any such price valuation.
6. The Allocation by Sector report includes only the following asset classes; stocks (except ETFs) and options. All other asset classes are included in Unclassified sector.
7. Amounts are formatted to two decimal places. If amounts are greater than two decimal places, Interactive Brokers uses "half-even" rounding. This means that Interactive Brokers
rounds such amounts up to the nearest even number.
8. As of January 31, 2014 the historical annual return since inception of the S&P 500 was 7.82%. This rate was used to calculate the downside deviation and the Sortino ratio. As of
January 31, 2015 the US 3 Month Treasury Bill was 0.02%. This was the risk free rate used to calculate the Sharpe ratio.
9. The mean return is the average TWR for the period.
10. Frongello is the method used for mathematical smoothing in the Performance Attribution report. It has been developed by Andrew Scott Bay Frongello.
11. For accounts opened and funded before 2009, reports with a time period of Since Inception will include data going back to January 1, 2009. This includes some default reports
and both Historical Performance reports.
12. The Modified Dietz method is used to calculate MWR. This method only values the portfolio at the start and end of the period and weights the cash flows. When large flows
occur, its accuracy can diminish.

PortfolioAnalyst

Page: 25

Glossary
Allocation Effect

Money Weighted Return (MWR)

The percent effectiveness of an account's asset allocation to various sectors. The
allocation effect determines whether the overweighting or underweighting of sectors
relative to a benchmark contributes negatively or positively to an account's overall
return.

Money Weighted Return (MWR) is used to measure performance during the specified
report period. MWR is influenced by the time of decisions to contribute or to withdraw
funds, as well as the decisions made by the portfolio manager of the fund.

Asset Class

Negative Periods

A category of investment products in your portfolio. Cash, stocks, options, futures, etc.
are examples.

The number of occurrences of negative performance returns. For example, if you select
a monthly report with 12 months, each month with a negative return would be a
negative occurrence.

Attribution Effect

Net Asset Value (NAV)

The percent effectiveness of asset allocation and selection of securities on the
portfolio's performance when compared to the performance of a benchmark over a
specified time period.

The total value of your account.

Benchmark

The time period during which the Max Drawdown (largest cumulative percentage
decline in the NAV) occurred.

A standard against which the performance of your portfolio can be measured.

Calmar Ratio

Peak-to-Valley

Period Return

A ratio used to determine return versus drawdown risk.

A performance measure that calculates the return you have received over a period of
time.

Contribution To Return

Positive Periods

The percent contribution of certain portfolio constituents (symbols, sectors) to the
account's overall return.

The number of occurrences of positive performance returns. For example, if you select
a monthly report with 12 months, each month with a positive return would be a
positive occurrence.

Cumulative Return
Geometric linking of single period returns. Cumulative return is presented as a
percentage.

Downside Deviation
The standard deviation for all negative returns in your portfolio in the specific time
period.

Max Drawdown
The largest cumulative percentage decline in the Net Asset Value of your portfolio from
the highest or peak value to the lowest or trough value after the peak.

Mean Return
The average time weighted return of your portfolio for a specified time period.

PortfolioAnalyst

Recovery
The time it took for the NAV of your account to recover from the valley (lowest NAV)
back to the peak (highest NAV).

Sector
A firm's general area of business. Financials, Communications and Energy are all
examples of sectors.

Selection Effect
A percentage that measures the ability to select securities within a sector relative to a
benchmark.

Sharpe Ratio
A ratio that measures the excess return per unit of risk. The ratio is used to characterize
how well the return compensates the account holder for the risk taken.

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Glossary (Cont.)
Sortino Ratio

Time-Weighted Return (TWR)

The ratio measures the risk adjusted return of the account. The ratio penalizes only
those returns that fall below the required rate of return.

TWR measures the percent return produced over time independent of contributions or
withdrawals. TWR eliminates the impact of the timing of inflows and outflows and
isolates the portion of a portfolio's return that is attributable solely to the account's
actions.

Standard Deviation
Standard deviation is a statistical measurement of variability. It shows how much
variation or dispersion there is from the average.

Time Period Return

Value-Added Monthly Index (VAMI)
A statistical figure that tracks the daily/monthly/quarterly performance of a
hypothetical $1000 investment.

The return your portfolio has gained or lost for the specific time period. Time period
performance is presented as a percentage.

PortfolioAnalyst

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Disclaimer
This Portfolio Analysis was generated using Interactive Brokers' Portfolio Analyst tool, which allows Interactive Brokers customers to generate reports concerning the customer's
account using the trade and account data contained in Interactive Brokers' systems and market data provided by third parties.
This report is for information purposes only. This report is provided AS IS and Interactive Brokers makes no warranty of any kind, express or implied, as to this report and its
contents. The data provided for use in this Portfolio Analsyis is believed to be accurate and completeness of the information is not guaranteed and Interactive Brokers has no
liability with respect thereto. This material in this report is intended only as a reference and should not be relied upon for the maintenance of your books and records for tax,
accounting, financial, or regulatory reporting or for any other disclosure purposes. This report is not an offer or a solicitation of an offer to buy or sell any security. Interactive
Brokers does not solicit orders and does not provide proprietary research, recommendations or advice. Interactive Brokers is not responsible for any trading decisions resulting
from or related to this information, data or analysis.

PortfolioAnalyst

05/05/2015 12:23:12 EDT

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