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Sharpe Ratio



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Here is a published list of CTA's which purports to show amongst the
rankings, the Sharpe Ratio. A possibly more meaningful first measure than
Sharpe Ratio for ranking might be the ROR divided by the WDD, Ratio of
Return to Drawdown. In analysing the following by reference to amounts under
management (which are not shown here) it appears that variability of returns
and variability of drawdown and the relationship between the two is very
important.  Some of the CTA's with the lowest returns who also have the
lowest drawdown, have the largest amounts under management. 

Source: COPYRIGHT 1998 International Traders Research, Inc. (800-591-5886,
619-459-0818) see their website also at http://www.ManagedFutures.com

___________________________________________________________________________

Note:  This represents only managers reporting Full 3 Years.
    
Compounded ROR (Jan-95 to Dec-97)

(ROR= Rate of Return)**
(WDD= Worst Drawdown)**
(Sharpe= purported to be Sharpe Ratio)**

**added by Michael Paauwe

RankManager                                         *ROR   WDD    Sharpe
 1  HWB Capital Management (Worldwide Financials)   451.89%-15.81%  1.25
 2  Dennis Trading Group (Current Program)          413.82%-27.56%  1.64
 3  Dunn Capital Management (WMA)                   349.08%-17.46%  1.82
 4  Eckhardt Trading Co. (Higher Leverage)          345.07%-33.90%  1.52
 5  Core Capital Management Futures (Proprietary)   308.32%-70.12%  0.47
 6  Sawyer, John A. (Diversified)                   296.71%-26.22%  0.95
 7  Tactical Investment Management (Flagship)       255.44%-17.76%  1.32
 8  Dunn Capital Management (Standard)              252.70%-21.00%  1.35
 9  HWB Capital Management (Foreign Exchange)       247.43%-12.86%  1.03
 10 Namath-Hanger Investments (Select)              245.00%-27.22%  1.63
 11 Denant Pty. Limited (Denant)                    239.57%-29.30%   1.4
 12 Eckhardt Trading Co. (Standard)                 217.62%-21.44%  1.68
 13 Beacon Management  (Meka Partners, L.P.)        217.06%-15.22%  1.39
 14 Martin Money Management (Orion Diversified)     213.35%-20.90%  1.32
 15 Belhumeur, Richard (T-Bond Hi Lvg)              212.42%-15.71%  1.27
 16 Ansbacher Investment Mgmt. (Options Writing)    189.33%-15.31%  1.75
 17 HWB Capital Management (Div. Commodities)       182.36%-18.39%  1.13
 18 LPS International Ltd. (Gain B Ltd.)            176.09%-21.03%  1.28
 19 Cipher Investment Management Co. (Composite)    171.54%-12.90%  1.58
 20 KMJ Capital Management (Diversified)            168.95%-23.77%  1.46
 21 HWB Capital Management (Intl' Financial & Metals165.39%-21.31%     1
 22 John W. Henry & Company  (Global Financial)     160.08% -7.13%  1.22
 23 PWA Futures (DCS II (#21348))                   159.08%-37.90%  0.84
 24 Namath-Hanger Investments (Diversified Pro Forma158.55%-18.95%   1.3
 25 QST, Inc. (Composite)                           154.60% -2.76%  1.94
 26 Tamiso & Company (Original Currency)            154.04%-15.01%  1.68
 27 KMJ Capital Management (Currency)               146.96%-15.70%  1.15
 28 Chickasaw Capital, Inc. (Diversified)           146.41%-11.98%  1.48
 29 TrendLogic Associates (Financial & Metals)      143.71%-13.34%  1.32
 30 Estlander & Ronnlund (Diversified)              138.67%-20.23%  1.05
 31 Walsh, Mark J. & Co. (Standard)                 138.26%-36.26%   0.7
 32 Tactical Investment Management (Institutional)  136.75%-12.70%  1.17
 33 Willowbridge Associates (Titan)                 134.45%-15.79%  1.25
 34 Vector Commodity Services, LTD (Composite)      134.32%-15.04%  1.29
 35 Meyer, Daniel (Diversified)                     132.45% -7.33%  1.22
 36 Worldwide Money Management (Composite)          132.11%-28.22%  0.82
 37 Fritz, John W. (Revised Diversified)            131.46%-42.63%  0.73
 38 Gaiacorp Ireland Ltd. (25% Risk)                131.43%-14.71%  1.43
 39 Dunn Capital Management (Financial TOPS)        128.86%-25.09%  0.76
 40 Fort Orange Capital Management (Global Strategic125.17%-22.08%  1.14
 41 Union Investment Management (Helix Global Levera122.18%-14.52%  1.19
 42 Trendview (World Currency)                      121.45% -7.21%  1.27
 43 Lyon Investment Corporation (Financial/Currency)120.68%-17.18%  1.12
 44 Little Brook Corporation (Country)              119.21%-14.22%  1.63
 45 Dolphin Capital Management (Global Diversified I118.42%-14.59%  1.41
 46 Willowbridge Associates (MTECH)                 116.57%-25.68%  0.91
 47 FTC Asset Management (Global Diversified)       115.86%-19.68%  0.96
 48 LPS International Ltd. (High Performance B)     115.32%-20.88%  1.07
 49 Coquest, Inc. (Indices)                         114.83%-31.42%  0.92
 50 Int'l Trading Advisors (Rates)                  114.63%-17.04%  1.08
 51 Campbell & Company (Forex)                      113.21%-14.45%  1.21
 52 Brandywine Asset Management (Financial)         112.82%-12.01%  1.26
 53 Tactical Derivatives Management (Chess I)       110.13%-17.66%   1.6
 54 PWA Futures (SML Program (#21270))              108.66%-51.78%  0.43
 55 John W. Henry & Company  (Int'l Foreign Exchange107.47%-13.78%  1.39
 56 John W. Henry & Company  (Financial & Metals)   106.71%-13.58%  1.36
 57 Quantitative Financial Strategy (IPS Currency)  106.03%-12.97%  1.71
 58 John W. Henry & Company  (World Financial Perspe105.21% -8.12%  1.44
 59 Willowbridge Associates (Vulcan )               103.80%-19.64%  1.06
 60 Adam Harding & Lueck (AHL Composite)            103.60% -7.38%  1.78
 61 First Southeastern (Diversified Financial)      101.54% -9.13%  1.63
 62 Dunn Capital Management (Diversified TOPS)       99.28%-27.78%  0.63
 63 John W. Henry & Company  (Original Investment)   98.73%-10.21%  1.29
 64 Dolphin Capital Management (Global Diversified I 98.66%-15.99%  1.25
 65 Tamiso & Company (Global Diversified)            97.57%-10.42%  1.63
 66 AIS Futures Management, LLC (MAAP 6X)            97.07%-34.28%  0.77
 67 Willowbridge Associates (Primary )               96.25%-20.28%  0.95
 68 Welton Investment Corporation (Financial & Metal 95.40%-27.51%   1.1
 69 Colorado Commodities Management (Blended II)     95.29%-23.70%  0.98
 70 Beacon Management  (Currency )                   94.64%-31.13%  0.65
 71 Hyman Beck & Company (FX)                        94.46%-12.55%  0.84
 72 Little Brook Corporation (Prime)                 93.07%-26.07%  0.98
 73 Campbell & Company (Fin. Met. & Energy -Large)   92.85% -7.57%  1.52
 74 Coast Asset Management (Arbitrage)               92.83% -0.59%   5.5
 75 Quantitative Financial Strategy (IPS Financial F 92.21%-13.66%  1.53
 76 John W. Henry & Company  (Int'l Currency & Bond) 91.67% -7.65%  1.55
 77 TrendLogic Associates (Diversified)              91.08% -8.20%  1.36
 78 Atlas Capital Management (Composite)             88.86%-21.70%  0.92
 79 Sorrentino Asset Management, LC (Diversified Fut 88.59%-34.56%  0.52
 80 Friedberg Commodity Management (Currency Only)   87.81%-34.42%  0.77
 81 Sunrise Capital Partners, LLC (Diversified)      87.71%-11.19%  1.16
 82 Barrington Capital Management (Emerging Markets) 86.62%-25.05%  1.05
 83 Sunrise Capital Partners, LLC (CIMCO)            86.36%-10.40%  1.03
 84 Minogue Investment Co. (Special Situations)      85.85%-50.87%  0.48
 85 Kenzie Global Asset Management (Three Oaks Fund) 85.71% -3.28%  3.44
 86 Global Deposit Fund (Composite)                  85.16%  0.00%  8.05
 87 Gaiacorp Ireland Ltd. (FX Program)               83.88%-16.65%  0.95
 88 John W. Henry & Company  (G7 Currency)           83.14% -6.92%  1.33
 89 Willowbridge Associates (Argo )                  83.12%-22.72%  0.77
 90 Eclipse Capital Management (Global Monetary)     82.05% -4.93%  2.01
 91 Little Brook Corporation (Spectrum)              81.47%-12.80%   1.1
 92 Welton Investment Corporation (Diversified )     80.65%-25.96%  0.98
 93 Telesis Management, Inc. (Leveraged)             78.65%-10.42%  1.09
 94 Partin Company, Inc. (Demand Supply)             77.80% -7.95%  1.67
 95 D.W. Futures & Currency Mgmt. (Currency)         77.52%-23.12%  0.62
 96 Sunrise Capital Partners, LLC (Currency)         77.49%-10.70%  0.82
 97 FX Concepts, Inc. (CAAC)                         77.48%-10.09%  1.25
 98 Hyman Beck & Company (Global)                    77.09%-11.88%  1.09
 99 Transtrend B.V. (Diversified)                    76.10% -6.24%  1.67
100 Millburn Ridgefield (Diversified)                75.10%-11.59%   1.1
101 Eickelberg & Associates, Inc. (Phoenix)          75.09%-16.26%  1.28
102 Willowbridge Associates (XLIM)                   74.11%-19.56%  0.75
103 Rotella, Robert P. (Composite)                   72.72% -3.63%  2.38
104 IEM Global Trading (Global Insitutional)         72.32%-23.24%  0.82
105 Red Oak Commodity Advisors (Composite)           72.01%-24.24%  0.65
106 KMJ Capital Management (Foreign Financials)      69.00%-12.33%  1.24
107 Stonebrook Capital Management (2X Global Macro)  68.65% -8.86%  1.45
108 Cosight Capital Pty (Composite)                  68.53%-17.50%  1.02
109 Trendview (World Diversified)                    68.07%-22.68%  0.53
110 Lawrence Capital Management (S&P Index)          68.00%-57.30%  0.36
111 Colorado Commodities Management (Currency/Fin.)  67.16%-17.62%  0.69
112 Willowbridge Associates (Cur. Fin & Metal)       66.83%-18.26%  0.64
113 Simons Capital, Inc. (Diversified)               66.79%-51.52%  0.41
114 Treasury Management Services (Triad Trading Fund 66.23%-14.85%  0.92
115 Witter & Lester, Inc. (Stock Index Trading)      64.93%-20.57%  1.27
116 Paraskevaidis, Janis (Diversified 1)             64.92%-23.47%  0.67
117 Ashley Capital Management, Inc. (Composite)      63.92%-23.18%  0.98
118 Chesapeake Capital (Diversified 2XL)             62.90%-17.59%  0.55
119 Mississippi River Investments (Managed Accounts) 62.52%-16.97%  0.72
120 Grinham Managed Futures (Div. Managed Accounts)  61.72%-13.13%  1.32
121 Leboz Trading Company (Composite)                61.36%-25.93%  0.56
122 Rohden Funds Management (Fin. Mkt. Overlay)      60.81% -2.06%  3.15
123 Kottke Grain (Ag Spread)                         60.66% -9.32%  1.39
124 Strategic Investments (Modified Strategic)       60.18%-10.27%  1.35
125 Hutson Inc., Steven (Diversified)                60.11%-43.76%  0.51
126 Millburn Ridgefield (Currency)                   59.96% -8.87%  0.79
127 Millburn Ridgefield (Global Financial)           59.79%-11.64%  0.93
128 Little Brook Corporation (Craft)                 58.57%-22.41%  0.77
129 Brandywine Asset Management (Financial Conservat 58.50% -8.37%  1.32
130 Sunrise Capital Partners, LLC (Expanded Diversif 58.47% -9.72%  0.98
131 Dreiss Research Corporation (Composite)          57.13%-38.29%  0.54
132 Lyon Investment Corporation (Int'l Interest Rate 57.00%-12.14%  0.78
133 John W. Henry & Company  (Global Diversified)    56.98%-21.04%   0.7
134 Nibor Capital Management (Global Financial)      56.11%-10.44%  0.67
135 Currency Management, Inc. (Partners I)           55.90% -4.81%  2.44
136 Brandywine Asset Management (Benchmark)          55.89%-20.81%  0.69
137 Campbell & Company (Global Diversified -Large)   55.31% -7.56%  1.07
138 Harbour Management (Diversified)                 55.18%-18.10%  0.71
139 Clarke Capital Management (Domestic Diversified) 54.08%-15.03%  0.89
140 Walsh, Mark J. & Co. (Sys. Incl. Proprietary)    53.63%-22.26%  0.57
141 Willowbridge Associates (Siren )                 53.34%-13.97%  1.01
142 Strategic Investments (Equity Hedge)             53.31% -8.88%  1.11
143 Eagle Trading (Original)                         52.95%-11.41%  1.21
144 Advanced Trdg. Strategy (Alert Currency)         52.71%-10.21%  1.18
145 AIS Futures Management, LLC (MAAP 2X-4X)         51.99%-22.84%  0.79
146 KB Partners, Inc. (Friend Trading)               50.68% -7.38%  1.34
147 Sheridan Investments (Interest Plus)             50.10% -8.40%  2.02
148 Fundamental Futures (Composite)                  50.06%-13.37%  0.97
149 JPD Enterprises, Inc. (Composite)                50.04%-13.24%  0.89
150 Loran Futures, L.C. (A-Leg Only Mode #2)         49.73%-29.68%  0.39
151 LaSalle Portfolio Management (Int'l Cross Mkts)  48.47% -3.09%  2.61
152 AGTech Trading Co.  (Ag Trading)                 47.78%-30.43%  0.51
153 Dominion Capital Management (Global Financial)   47.57%-11.65%  1.05
154 Strategic Investments (Strategic Timing)         47.45%-10.16%  1.02
155 Nito UK Asset Management (Burmese Tiger)         47.27% -4.18%   1.4
156 GK Capital Management (Currency Trading)         46.46% -6.38%  0.89
157 Cyber Capital LLC (Cyber Strategy)               44.80%-10.27%  1.77
158 Jackson Grain Management (Composite)             44.77% -3.24%  1.32
159 Apex Trading Group, L.L.C. (Diversified)         44.20%-10.72%  1.01
160 Kottke Grain (Crush)                             43.83% -7.58%  1.31
161 Chesapeake Capital (Diversified)                 43.54% -7.88%  0.81
162 Three Crown Capital Partners (Composite)         43.19%-16.54%  0.58
163 Dynex Corporation (MAPS)                         42.91%-15.94%  1.06
164 Hill Financial Group, Ltd. (Multiple Strategy)   41.87% -9.36%  1.17
165 Di Tomasso Group (Equilibrium)                   41.52%-11.12%  0.91
166 LaSalle Portfolio Management (Fin. Instruments)  41.51% -3.55%  1.82
167 Willowbridge Associates (Currency )              41.33%-11.94%  0.85
168 D.W. Futures & Currency Mgmt. (Global)           41.30%-27.92%   0.5
169 Eclipse Capital Management (Global Yield)        40.84%-10.18%  0.91
170 Tueta Gestion Asset Management (Proprietary)     40.63% -5.30%  1.82
171 Elm Financial, Inc. (Global Financial)           40.37%-17.19%  0.56
172 Liquinvest (Table 2000)                          38.58%-37.37%   0.4
173 Capital Futures Management (Composite)           38.22%-25.47%  0.64
174 Allied Irish Capital Management  (Financial Futu 37.74% -1.02%  4.41
175 Horton Investment Service (Seasonality)          37.64%-15.77%  0.63
176 FORT, Inc. (Int'l Interest Rate)                 37.08% -9.19%  1.19
177 Intermarket Tech. Management (Composite)         37.00%-12.03%  0.75
178 GNI Ltd. (Technical)                             36.65% -8.94%  1.01
179 Allied Irish Capital Management  (Foreign Exchan 36.48% -2.19%  2.58
180 EMC Capital Management (Classic)                 35.69%-45.16%  0.31
181 Beacon Management  (Beacon System)               35.61%-21.93%  0.49
182 Parker Capital, Inc. (Proprietary)               35.27%-10.08%  0.72
183 Compucom Finance, Inc. (Currency)                35.26%-28.63%  0.45
184 Trendstat Capital Management (World Currencies)  35.22% -8.72%  0.93
185 Light Blue Trading Co. (Harbourer Fund)          34.76% -3.75%  2.12
186 Colorado Commodities Management (Interest Rate I 34.73%-29.39%  0.37
187 Gateway Futures Ltd. (Financial)                 33.85% -4.93%  1.57
188 Int'l Trading Advisors (Diversified)             33.77%-10.64%  0.66
189 Trendstat Capital Management (Multi-Trend)       33.31%-10.30%  0.97
190 Crow Trading, Inc. (Composite)                   33.20% -2.70%  1.69
191 SJO, Inc. (Foreign Financial)                    32.99%-20.57%  0.45
192 Northfield Trading (Composite)                   32.02% -9.77%   0.9
193 Muirlands Capital Management (Proprietary Divers 31.86%-30.51%  0.41
194 Hansen Capital Management (Composite)            31.80%-18.97%  0.57
195 RAM Management Group (Managed Risk)              31.36% -6.82%  0.98
196 FORT, Inc. (U.S. Interest Rates)                 31.33%-13.02%  0.86
197 Pasante Corporation (Composite)                  29.47%-21.71%  0.55
198 River Associates Futures Trading (Diversified)   29.02%-14.16%  0.57
199 M.C. Futures Inc. (Standard Diversified)         28.85%-13.19%  0.48
200 Gandon Financial Fund Management (Breakout)      28.65% -4.16%  1.11
201 Chesapeake Capital (Financial & Metals)          28.46%-13.10%  0.54
202 Infinity Futures, Inc. (Composite)               28.25% -3.02%  1.24
203 IXORCAP (1)                                      28.07% -2.31%  2.49
204 Coast Asset Management (Enhanced Income II)      28.02%  0.00%  9.32
205 Denali Asset Management (Global Diversified)     27.57% -7.77%  0.83
206 GNI Ltd. (Directional)                           27.37%-13.56%  0.69
207 Urkena Management (Currency)                     27.14%-18.53%  0.46
208 ARA Portfolio Management (Alpha )                27.06% -8.22%   0.8
209 ALH Capital Corporation (Financial Futures)      27.05% -2.49%  1.68
210 Templeton Futures, Ltd. (York Mtn. Futs. Fund)   27.04%-14.27%  0.41
211 Rabar Market Research (Composite)                26.18%-29.84%  0.33
212 Adyield, Inc. (Oracle Fund)                      25.72%  0.00% 86.46
213 First Quadrant, L.P. (Tactical Currency)         25.52% -2.81%  1.81
214 Crabel Capital Management (Diversified)          24.10% -3.96%  1.43
215 Coral Rock Investments (Leveraged)               23.45% -3.11%  2.17
216 GLS Managed Futures (S&P Day)                    23.37% -9.74%  0.66
217 Witter & Lester, Inc. (Redstone)                 23.31% -9.36%  0.91
218 Millennium (Libor Plus Fund)                     22.61% -1.96%  1.88
219 Visioneering Research & Dev. (V-100)             20.79%-43.36%  0.18
220 Drapeau Advisors, Inc. (Composite)               20.73% -4.16%  1.15
221 Niederhoffer Capital, RG (Diversified)           20.10%-28.92%  0.36
222 Gandon Financial Fund Management (Global Financi 19.73% -1.97%  1.39
223 ARA Portfolio Management (Gamma)                 19.55%-22.72%  0.29
224 Telesis Management, Inc. (Institutional)         19.00% -7.52%  0.57
225 Sabre Fund Management, Ltd. (PRS)                18.93% -6.76%  0.57
226 Time Tech Management (Composite)                 18.91%-15.39%  0.28
227 Commodity Capital (Composite)                    18.67%-15.30%  0.52
228 Allied Irish Capital Management  (Equity Index)  18.42% -3.79%  1.06
229 Whistler Trading Co. (Fin. Futures & Cash)       18.40% -0.89%  3.38
230 Sandpiper Trading, Inc. (Composite)              18.19%-13.91%  0.45
231 DGM Investments (CTP Fund, L.P.)                 18.15%-18.65%   0.3
232 Hanseatic Advisory Corporation (Portfolio Plus)  17.82% -0.15%  4.53
233 Wizard Trading, Inc.  (Global Diversified)       17.59%-24.03%  0.24
234 Island View Financial Group (Currency/Financial) 17.35%-25.37%  0.26
235 Abraham Trading Co.  (Diversified)               17.17%-24.47%  0.21
236 Advanced Trdg. Strategy (FX Yield Enhancement)   15.47% -2.07%  1.17
237 PRAGMA, Inc. (Gamma)                             15.01%-17.09%  0.27
238 Whistler Trading Co. (Diversified Futures)       14.18% -0.77%  3.01
239 Int'l Trading Advisors (Forex)                   13.80%-26.54%  0.24
240 Webster Management Group (Diversified)           13.52%-11.81%  0.38
241 Market Flow (Sucden (U.K.), Ltd.)                13.36% -1.45%  1.52
242 Lawless Commodities (Low Volatility)             12.80%-15.21%  0.25
243 Primus Capital Management (CMS Diversified)      12.78%-12.27%  0.32
244 Range Wise, Inc. (Composite)                      9.77%-10.31%   0.4
245 GK Capital Management (Global FX Trading)         9.39%-17.26%  0.24
246 Zimlev, Inc.  (Composite)                         9.05%-24.39%  0.26
247 Loran Futures, L.C. (A-Leg Only Mode #6)          8.99%-21.15%  0.12
248 First Quadrant, L.P. (Global Tactical)            7.51% -5.10%  0.78
249 Nessler Futures Trading (Agricultural)            7.01%-12.05%  0.27
250 Colorado Commodities Management (Diversified)     5.45%-34.14%  0.07
251 First Futures & Commodities (Large Cap.)          4.47%-43.73%  0.05
252 Island View Financial Group (Diversified)         4.32%-16.68%   0.1
253 Hawksbill Capital Management (Global Diversified  1.48%-39.54%  0.01
254 Counter Research (FUTAN)                          0.62%-23.51%  0.01
255 Saxon Investment Corporation (Diversified)       -3.69%-41.63%     0
256 HB Capital Management (Composite)                -7.05%-32.64%     0
257 D.W. Futures & Currency Mgmt. (Diversified)     -12.29%-28.07%     0
258 DEC Capital, Inc. (Benchmark Agricultural)      -12.61%-64.02%     0
259 Witter & Lester, Inc. (Intermediate)            -15.02%-17.14%     0
260 Bower Trading, Inc. (Hy-Brid Trading)           -16.88%-89.99%     0
261 Visioneering Research & Dev. (V-50)             -21.52%-44.63%     0
262 Bacon Investments Corporation (Composite)       -23.14%-24.45%     0
263 PRAGMA, Inc. (Beta)                             -23.97%-33.31%     0
264 Int'l Trading Advisors (Index)                  -24.43%-37.10%     0
265 Murray Investment Co. (Stock Index)             -25.69%-35.09%     0
266 Wizard Trading, Inc.  (Foreign Currency )       -26.72%-37.49%     0
267 Frischmeyer, M.J. (Regular Fee Schedule)        -27.96%-42.65%     0
268 SDK Investments, Inc. (Composite)               -30.61%-50.69%     0
269 Fenchurch Gamma Fund, L.P. (Composite)          -31.73%-40.47%     0
270 Saxon Investment Corporation (Aggressive Div.)  -32.00%-65.86%     0
271 C & M Traders, Inc. (Live Cattle)               -36.88%-74.31%     0
272 Eiger Futures Management (Index)                -38.82%-42.53%     0
273 Commodity Futures Services (IPATS)              -40.78%-55.75%     0

THE FIGURES CONTAINED HEREIN WERE COMPILED FROM INFORMATION
PROVIDED BY THE CTAs. THIS MATERIAL IS PROVIDED FOR INFORMATIONAL
PURPOSES ONLY, NOT AS A SOLICITATION FOR ANY PROGRAM. INTERNATIONAL
TRADERS RESEARCH, INC. MAKES NO ENDORSEMENT OR ANY REPRESENTATION 
AS TO PERFORMANCE. INVESTORS SHOULD CAREFULLY READ THE CTA'S 
DISCLOSURE DOCUMENT BEFORE INVESTING.  THE TRADING PROGRAMS AND 
SERVICES OF THESE CTAs MAY NOT BE AVAILABLE IN ALL JURISDICTIONS
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
FUTURES TRADING CONTAINS RISK OF SUBSTANTIAL LOSS.  
© COPYRIGHT 1998 BY INTERNATIONAL TRADERS RESEARCH, INC.

*Cumulative Rate of Return as reported by the CTA

Michael Paauwe
mpaauwe@xxxxxxxxxx