Graham Alternative Investment Fund I 10-Q 15 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	0-53965
Entity Registrant Name	GRAHAM ALTERNATIVE INVESTMENT FUND I LLC
Entity Central Index Key	0001461219
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4897069
Entity Address, Address Line One	40 Highland Avenue
Entity Address, City or Town	Rowayton
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06853
City Area Code	203
Local Phone Number	899-3400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		176,264.280

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Assets
Investment in Graham Alternative Investment Trading LLC, at fair value	$ 27,254,103	$ 29,194,816
Redemptions receivable from Graham Alternative Investment Trading LLC	0	233,089
Total assets	27,254,103	29,427,905
Liabilities:
Redemptions payable	0	233,089
Total liabilities	0	233,089
Members' capital:
Members' capital	27,254,103	29,194,816
Total liabilities and members' capital	27,254,103	29,427,905
Class 0 Units [Member]
Members' capital:
Members' capital	16,165,772	17,458,496
Class 2 Units [Member]
Members' capital:
Members' capital	$ 11,088,331	$ 11,736,320

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Class 0 Units [Member]
Members' capital:
Capital units, issued (in units)	90,019.092	100,881.333
Capital units, outstanding (in units)	90,019.092	100,881.333
Capital units, value (in dollars per unit)	$ 179.58	$ 173.06
Class 2 Units [Member]
Members' capital:
Capital units, issued (in units)	86,438.110	94,473.834
Capital units, outstanding (in units)	86,438.110	94,473.834
Capital units, value (in dollars per unit)	$ 128.28	$ 124.23

Unaudited Statements of Operati

Unaudited Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net (loss) gain allocated from investment in Graham Alternative Investment Trading LLC:
Net realized (loss) gain on investment	$ (392,273)	$ 2,609,754	$ 2,829,475	$ 3,982,112
Net increase (decrease) in unrealized appreciation on investment	19,448	(681,055)	(594,966)	(409,192)
Brokerage commissions and fees	(21,069)	(19,362)	(61,931)	(94,373)
Net (loss) gain allocated from investment in Graham Alternative Investment Trading LLC	(393,894)	1,909,337	2,172,578	3,478,547
Investment income:
Interest income	3,628	58,061	19,097	254,825
Expenses:
Advisory fees	103,921	110,724	327,523	313,592
Incentive allocation	0	233,979	429,807	307,558
Sponsor fees	55,505	59,576	174,936	169,124
Professional fees	64,075	47,747	133,698	101,783
Administrator's fees	8,847	9,507	27,795	27,010
Interest expense	1,666	1,703	5,041	5,048
Total expenses	234,014	463,236	1,098,800	924,115
Net investment loss allocated from investment in Graham Alternative Investment Trading LLC	(230,386)	(405,175)	(1,079,703)	(669,290)
Net (loss) income	$ (624,280)	$ 1,504,162	$ 1,092,875	$ 2,809,257

Unaudited Statements of Changes

Unaudited Statements of Changes in Members' Capital - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (Decrease) in Partners' Capital [Roll Forward]
Members' capital, beginning balance	$ 28,493,446	$ 30,006,236	$ 29,194,816	$ 27,475,546	$ 27,646,893	$ 26,882,563	$ 29,194,816	$ 26,882,563
Subscriptions	0	0	0	0	0	0
Redemptions	(615,063)	(1,849,508)	(569,017)	(339,503)	(193,211)	(518,901)
Net income (loss)	(624,280)	336,718	1,380,437	1,504,162	21,864	1,283,231	1,092,875	2,809,257
Members' capital, ending balance	27,254,103	28,493,446	30,006,236	28,640,205	27,475,546	27,646,893	27,254,103	28,640,205
Class 0 Units [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Members' capital, beginning balance	$ 17,145,652	$ 17,893,287	$ 17,458,496	$ 16,146,540	$ 16,187,657	$ 15,804,368	$ 17,458,496	$ 15,804,368
Members' capital, beginning balance (in units)	93,469.423	98,617.932	100,881.333	101,205.423	101,607.120	103,946.549	100,881.333	103,946.549
Subscriptions	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Subscriptions (in units)	0	0	0	0	0	0
Redemptions	$ (615,063)	$ (949,508)	$ (397,412)	$ 0	$ (64,067)	$ (355,086)
Redemptions (in units)	(3,450.331)	(5,148.509)	(2,263.401)	0	(401.697)	(2,339.429)
Net income (loss)	$ (364,817)	$ 201,873	$ 832,203	$ 825,048	$ 22,950	$ 738,375
Members' capital, ending balance	$ 16,165,772	$ 17,145,652	$ 17,893,287	$ 16,971,588	$ 16,146,540	$ 16,187,657	$ 16,165,772	$ 16,971,588
Members' capital, ending balance (in units)	90,019.092	93,469.423	98,617.932	101,205.423	101,205.423	101,607.120	90,019.092	101,205.423
Class 2 Units [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Members' capital, beginning balance	$ 11,347,794	$ 12,112,949	$ 11,736,320	$ 11,329,006	$ 11,459,236	$ 11,078,195	$ 11,736,320	$ 11,078,195
Members' capital, beginning balance (in units)	86,438.110	93,140.816	94,473.834	99,567.417	100,702.524	102,244.827	94,473.834	102,244.827
Subscriptions	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Subscriptions (in units)	0	0	0	0	0	0
Redemptions	$ 0	$ (900,000)	$ (171,605)	$ (339,503)	$ (129,144)	$ (163,815)
Redemptions (in units)	0	(6,702.706)	(1,333.018)	(2,780.619)	(1,135.107)	(1,542.303)
Net income (loss)	$ (259,463)	$ 134,845	$ 548,234	$ 679,114	$ (1,086)	$ 544,856
Members' capital, ending balance	$ 11,088,331	$ 11,347,794	$ 12,112,949	$ 11,668,617	$ 11,329,006	$ 11,459,236	$ 11,088,331	$ 11,668,617
Members' capital, ending balance (in units)	86,438.110	86,438.110	93,140.816	96,786.798	99,567.417	100,702.524	86,438.110	96,786.798

Unaudited Statements of Cash Fl

Unaudited Statements of Cash Flows - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash flows provided by operating activities
Net income	$ (624,280)	$ 1,380,437	$ 1,504,162	$ 1,283,231	$ 1,092,875	$ 2,809,257
Adjustments to reconcile net income to net cash provided by operating activities:
Net (income) allocated from investment in Graham Alternative Investment Trading LLC					(1,092,875)	(2,809,257)
Proceeds from sale of investment in Graham Alternative Investment Trading LLC					3,266,677	1,170,322
Net cash provided by operating activities					3,266,677	1,170,322
Cash flows used in financing activities
Subscriptions					0	0
Redemptions (net of redemptions payable)					(3,266,677)	(1,170,322)
Net cash used in financing activities					(3,266,677)	(1,170,322)
Net change in cash and cash equivalents					0	0
Cash and cash equivalents, beginning of period		$ 0		$ 0	0	0
Cash and cash equivalents, end of period	$ 0		$ 0		$ 0	$ 0

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2021
Organization and Business [Abstract]
Organization and Business	1. Organization and Business The Blended Strategies Portfolio (the “Fund”) is a series of Graham Alternative Investment Fund I LLC (“GAIF I”), a Delaware Series Limited Liability Company established through an amendment to the certificate of formation, effective March 28, 2013. Prior to March 28, 2013, GAIF I was organized as a Delaware Limited Liability Company which was formed on May 16, 2006 and commenced operations on August 1, 2006. GAIF I is registered as a commodity pool and as such is subject to the oversight and jurisdiction of the U.S. Commodity Futures Trading Commission (“CFTC”). As a Series Limited Liability Company each series is legally segregated, and the assets associated with each series are held separately and accounted for in separate and distinct records from the assets of any other series of GAIF I. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series are enforceable against the assets of such series only, and not against the assets of GAIF I generally or any other series thereof. Further, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to GAIF I are enforceable against the assets of any other series. As of September 30, 2021 and September 30, 2020, only the Blended Strategies Portfolio is open and available to investors. The Fund offers members Class 0 and Class 2 Units (collectively the “Units”). The Fund invests all of its assets dedicated to trading in Graham Alternative Investment Trading LLC (“GAIT”), a Delaware Limited Liability Company which was formed on May 18, 2006 and commenced operations on August 1, 2006. GAIT invests in various master trading vehicles (“Master Funds”) and Graham Cash Assets LLC (“Cash Assets”), all of which are managed by Graham Capital Management, L.P. (the “Advisor” or “Manager”). The Manager is the manager and the sole investment advisor of GAIT and the Fund. The Manager is registered as a Commodity Pool Operator and Commodity Trading Advisor with the CFTC and is a member of the National Futures Association. The Manager is also registered with the Securities and Exchange Commission as an investment adviser. The Fund’s Units are registered under Section 12 of the Securities Exchange Act of 1934. The investment objective of the Fund is to achieve long-term capital appreciation through professionally managed trading in both U.S. and foreign markets primarily in futures contracts, forwards contracts, spot currency contracts, and associated derivative instruments, such as options and swaps, through its investment in GAIT, which in turn invests in various Master Funds. The Master Funds seek to profit from opportunities in the global financial markets, including interest rate futures, foreign exchange, global stock indices and energy, metals and agricultural futures, as professionally managed multi-strategy investment vehicles. Each of the investment programs consists of multiple trading strategies of the Manager, which the Manager has combined in an effort to diversify the Fund’s investment exposure and to make the Fund’s performance returns less volatile and more consistently profitable. SEI Global Services, Inc. (“SEI”) is the Fund’s independent administrator and transfer agent. SEI is responsible for certain matters pertaining to the administration of the Fund. The Fund will terminate on December 31, 2050 or at an earlier date if certain conditions occur as outlined in the Limited Liability Company Agreement (“LLC Agreement”) of the Fund. The performance of the Fund is directly affected by the performance of GAIT; therefore, these financial statements should be read in conjunction with the attached financial statements of GAIT, including the condensed schedules of investments. Duties of the Manager Subject to the terms and conditions of the LLC Agreement, the Manager has complete and exclusive responsibility for managing and administering the affairs of the Fund and for directing the investment and reinvestment of the assets of the Fund and GAIT.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies These financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies Investment in Graham Alternative Investment Trading LLC The Fund records its investment in GAIT at fair value based upon the Fund’s proportionate share of GAIT’s reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in the Master Funds and Cash Assets at fair value based upon GAIT’s proportionate share of the Master Funds’ and Cash Assets reported net asset value. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements. GAIT charges its investors, including the Fund, an advisory fee, sponsor fee, and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however, each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, and incentive allocation charged by GAIT. At September 30, 2021 and December 31, 2020, the Fund owned 47.19% and 48.87%, respectively of GAIT. Fair Value The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations. The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date. The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value. • Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded. • Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security. • Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value. The Fund’s investment in GAIT has been valued at net asset value using the practical expedient. Accordingly, under U.S. GAAP, this investment is excluded from categorization in the fair value hierarchy. There were no Level 3 assets or liabilities held at any point during the nine months ended September 30, 2021 or the year ended December 31, 2020 by the Fund, GAIT, the Master Funds or Cash Assets. Cash and Cash Equivalents The Fund classifies all highly liquid investments with a maturity of three months or less at the time of purchase as cash equivalents on the statements of financial condition. Cash deposited with a bank is subject to credit risk. In the event of the bank’s insolvency, recovery of the Fund’s cash would be limited to account insurance or other protection afforded by such deposit, which could be substantially less than the amount deposited. At September 30, 2021 and December 31, 2020, the Fund did not have any cash or cash equivalents. Indemnifications In the normal course of business, the Master Funds, GAIT, Cash Assets and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund’s maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote. At September 30, 2021 and December 31, 2020, no accruals have been recorded by the Fund for indemnifications.

Capital Accounts

Capital Accounts	9 Months Ended
	Sep. 30, 2021
Capital Accounts [Abstract]
Capital Accounts	3. Capital Accounts The Fund offers two classes (each a “Class”) of Units, being Class 0 Units and Class 2 Units. The Fund may issue additional Classes in the future subject to different fees, expenses or other terms, or may invest in other investment programs or combinations of investment programs managed by the Manager. A separate capital account is maintained for each member with respect to each member’s Class of Units. The initial balance of each Members’ Capital account is equal to the initial subscription to the Fund by such member with respect to the Class to which such capital account relates. Each Members’ Capital account is increased by any additional subscription and decreased by any redemption by such member of Units of such Class to which the capital account relates. All income and expenses of the Fund are allocated among the Members’ Capital accounts in proportion to the balance that each capital account bears to the balance of all capital as of the beginning of such fiscal period. Subscriptions Units may be purchased at a price equal to the Net Asset Value per Unit of the relevant Class as of the immediately preceding Valuation Day, as defined in the LLC Agreement. The minimum initial subscription from each investor in each Class is $10,000. Members may subscribe for additional Units in a minimum amount of not less than $5,000. Units are available for subscription as of the first business day of each month upon written notice of at least three Redemption of Units Units are not subject to any minimum holding period. Members may redeem Units at the Net Asset Value thereof as of each Valuation Day, as defined in the LLC Agreement, upon not less than three

Fees and Related Party Transact

Fees and Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Fees and Related Party Transactions [Abstract]
Fees and Related Party Transactions	4. Fees and Related Party Transactions Advisory Fees Each Class of GAIT other than Class M paid the Manager an advisory fee (the “Advisory Fee”) at an aggregate annual rate of 1.50% of the Members’ Capital of such Class. The Advisory Fee is payable monthly in arrears calculated as of the last business day of each month and any other date the Manager may permit, in its sole and absolute discretion, as of which any subscription or redemption is affected with respect to Units of such Class during the month. For the nine months ended September 30, 2021 and 2020, the Advisory Fees allocated to the Fund by each Class of GAIT totaled $327,523 and $313,592, respectively. Sponsor Fees Each Class of GAIT other than Class M paid the Manager a sponsor fee (the “Sponsor Fee”) at an annual rate of the Members’ Capital specified in the table below. The Sponsor Fee is payable monthly in arrears calculated as of the last business day of each month in the same manner as the Advisory Fee. For the nine months ended September 30, 2021 and 2020, the Sponsor Fees allocated to the Fund by each Class of GAIT totaled $174,936 and $169,124, respectively. Class 0 Class 2 0.50% 1.25% Incentive Allocation At the end of each calendar quarter, Graham Capital LLC, an affiliate of the Manager, will receive a special allocation of net profits (the “Incentive Allocation”) in an amount equal to 20% of the New High Net Trading Profits of each Class of GAIT, as defined in the LLC Agreement. The Incentive Allocation is also accrued and allocable on the date of redemption with respect to any Units that are redeemed prior to the end of a calendar quarter. Additionally, any loss carryforward attributable to any class of GAIT shall be proportionately reduced, effective as of the date of any redemption of any Units of such class, by multiplying the loss carryforward by the ratio that the amount of Members’ Capital redeemed from such class bears to the Members’ Capital of such class immediately prior to such redemption. The loss carryforward of a class must be recouped before any subsequent Incentive Allocation can be made to Graham Capital LLC. For the nine months ended September 30, 2021 and 2020, Incentive Allocation of $429,807 and $307,558, respectively were allocated to the Fund by GAIT. Any portion of any of the above fees, including the Incentive Allocation, may be paid by the Manager to third parties as compensation for selling activities in connection with the Fund. Administrator’s Fee For the nine months ended September 30, 2021 and 2020, GAIT paid SEI a monthly administrator’s fee based on GAIT’s Members’ Capital, calculated as of the last business day of each month. In addition, GAIT reimbursed SEI for reasonable out-of-pocket expenses incurred on behalf of GAIT. The total administrator’s fees, including out-of-pocket expenses, allocated to the Fund by GAIT for the nine months ended September 30, 2021 and 2020 were $27,795 and $27,010, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes [Abstract]
Income Taxes	5. Income Taxes No provision for income taxes has been made in the accompanying financial statements, as members are individually responsible for reporting income or loss based upon their respective share of the Fund’s income and expenses for income tax purposes. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a “more-likely-than-not” threshold would be recorded as a tax expense in the current year. The Fund identifies its major tax jurisdictions as the U.S. for Federal tax purposes and Connecticut for state tax purposes. The Manager has evaluated the Fund’s tax positions and has concluded that there are no significant tax positions requiring recognition, measurement or disclosure in the financial statements for all open tax years. The Manager is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will change materially in the next twelve months. Tax years which are considered open by the relevant jurisdiction are subject to potential examination. Any assessment for interest or penalties on taxes related to uncertain tax positions, when present, would be included in interest and penalties on tax on the statements of operations. No such interest and/or penalties were assessed to the Fund for the nine months ended September 30, 2021 and 2020.

Risk Factors

Risk Factors	9 Months Ended
	Sep. 30, 2021
Risk Factors [Abstract]
Risk Factors	6. Risk Factors Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak could have a significant impact on the Fund’s performance. The extent of the impact will depend on future developments, including (i) the duration and spread of the outbreak, (ii) any restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted. The Advisor is monitoring these developments and continually assessing the potential impact on the performance and operations of the Fund, including the terms of brokerage agreements, ISDAs, and other trading agreements with the Fund. The Advisor has enacted the appropriate portions of its business continuity plans and adapted its workflow accordingly.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2021
Financial Highlights [Abstract]
Financial Highlights	7. Financial Highlights The following is the per Unit operating performance calculation for the three months ended September 30, 2021 and 2020: Class 0 Class 2 Per unit operating performance Net asset value per Unit, June 30, 2020 $ 159.54 $ 113.78 Net income: Net investment loss (2.90 ) (1.13 ) Net gain on investments 11.05 7.91 Net income 8.15 6.78 Net asset value per Unit, September 30, 2020 $ 167.69 $ 120.56 Net asset value per Unit, June 30, 2021 $ 183.44 $ 131.28 Net loss: Net investment loss (1.37 ) (1.21 ) Net loss on investments (2.49 ) (1.79 ) Net loss (3.86 ) (3.00 ) Net asset value per Unit, September 30, 2021 $ 179.58 $ 128.28 The following represents ratios to average Members’ Capital and total return for the three months ended September 30, 2021 and 2020: Class 0 Class 2 2021 2020 2021 2020 Total return before Incentive Allocation (2.10 )% 6.33 % (2.29 )% 6.20 % Incentive Allocation 0.00 (1.22 ) 0.00 (0.24 ) Total return after Incentive Allocation (2.10 )% 5.11 % (2.29 )% 5.96 % Net investment loss before Incentive Allocation (0.76 )% (0.52 )% (0.95 )% (0.71 )% Incentive Allocation 0.00 (1.22 ) 0.00 (0.24 ) Net investment loss after Incentive Allocation (0.76 )% (1.74 )% (0.95 )% (0.95 )% Total expenses before Incentive Allocation 0.78 % 0.72 % 0.96 % 0.92 % Incentive Allocation 0.00 1.22 0.00 0.24 Total expenses after Incentive Allocation 0.78 % 1.94 % 0.96 % 1.16 % The following is the per Unit operating performance calculation for the nine months ended September 30, 2021 and 2020: Class 0 Class 2 Per unit operating performance Net asset value per Unit, December 31, 2019 $ 152.04 $ 108.35 Net income: Net investment loss (4.47 ) (2.15 ) Net gain on investments 20.12 14.36 Net income 15.65 12.21 Net asset value per Unit, September 30, 2020 $ 167.69 $ 120.56 Net asset value per Unit, December 31, 2020 $ 173.06 $ 124.23 Net income: Net investment loss (6.34 ) (5.23 ) Net gain on investments 12.86 9.28 Net income 6.52 4.05 Net asset value per Unit, September 30, 2021 $ 179.58 $ 128.28 The following represents ratios to average Members’ Capital and total return for the nine months ended September 30, 2021 and 2020: Class 0 Class 2 2021 2020 2021 2020 Total return before Incentive Allocation 5.43 % 12.02 % 4.85 % 11.51 % Incentive Allocation (1.66 ) (1.73 ) (1.59 ) (0.24 ) Total return after Incentive Allocation 3.77 % 10.29 % 3.26 % 11.27 % Net investment loss before Incentive Allocation (2.03 )% (1.08 )% (2.60 )% (1.65 )% Incentive Allocation (1.51 ) (1.73 ) (1.48 ) (0.24 ) Net investment loss after Incentive Allocation (3.54 )% (2.81 )% (4.08 )% (1.89 )% Total expenses before Incentive Allocation 2.10 % 2.00 % 2.67 % 2.57 % Incentive Allocation 1.51 1.73 1.48 0.24 Total expenses after Incentive Allocation 3.61 % 3.73 % 4.15 % 2.81 % Total return is calculated for Class 0 and Class 2 Units taken as a whole and is not annualized. Total return is calculated as the change in total Members’ Capital adjusted for subscriptions or redemptions during the period. An individual member’s return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator’s Fees, and the Incentive Allocation. The net investment loss and total expense ratios (including Incentive Allocation) are calculated for Class 0 and Class 2 Units taken as a whole and include net amounts allocated from GAIT. The computation of such ratios is based on the amount of net investment loss, expenses and Incentive Allocation. Net investment loss and total expense ratios are computed based upon the weighted average of Members’ Capital for Class 0 and Class 2 Units of the Fund for the three and nine months ended September 30, 2021 and 2020 and are not annualized.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events The Fund had no subscriptions and redemptions of approximately $0.03 million from October 1, 2021 through November 15, 2021, the date through which subsequent events were evaluated by management. These amounts have not been included in the financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies [Abstract]
Basis of Accounting	These financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all amounts are stated in U.S. dollars. The Fund is an investment company and applies specialized accounting guidance as outlined in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies
Investment in Graham Alternative Investment Trading LLC	Investment in Graham Alternative Investment Trading LLC The Fund records its investment in GAIT at fair value based upon the Fund’s proportionate share of GAIT’s reported net asset value in accordance with U.S. GAAP. In determining its net asset value, GAIT records its investments in the Master Funds and Cash Assets at fair value based upon GAIT’s proportionate share of the Master Funds’ and Cash Assets reported net asset value. The Fund records its proportionate share of GAIT’s investment income and loss, expenses, fees, and realized and unrealized gains and losses on a monthly basis and includes them in the statements of operations. Purchases and sales of units in GAIT are recorded on a trade date basis. The accounting policies of GAIT are described in its attached financial statements. GAIT charges its investors, including the Fund, an advisory fee, sponsor fee, and incentive allocation, all of which are described in detail in Note 4. The Fund does not charge any additional fees; however, each investor in the Fund indirectly bears a portion of the advisory fee, sponsor fee, and incentive allocation charged by GAIT. At September 30, 2021 and December 31, 2020, the Fund owned 47.19% and 48.87%, respectively of GAIT.
Fair Value	Fair Value The fair value of the assets and liabilities of the Fund and GAIT, which qualify as financial instruments under U.S. GAAP, approximates the carrying amounts presented in the statements of financial condition. Changes in these carrying amounts are included in the statements of operations. The Fund follows U.S. GAAP for fair value measurements, which defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurements. The Fund reports the fair value of its investment related assets and liabilities in accordance with the hierarchy established under U.S. GAAP. U.S. GAAP uses a three-level hierarchy for fair value measurement based on the activeness of the market and the transparency and independence of inputs used in the valuation of an asset or liability as of the measurement date. The fair value hierarchy categorizes asset and liability positions into one of three levels, as summarized below, based on the inputs and assumptions used in deriving fair value. • Level 1 inputs are unadjusted closing or settlement prices for such assets or liabilities as published by the primary exchange upon which they are traded. • Level 2 inputs include quoted prices for similar assets and liabilities obtained from independent brokers and/or market makers in each security. • Level 3 inputs are those which are considered unobservable and are significant in arriving at fair value. The Fund’s investment in GAIT has been valued at net asset value using the practical expedient. Accordingly, under U.S. GAAP, this investment is excluded from categorization in the fair value hierarchy. There were no Level 3 assets or liabilities held at any point during the nine months ended September 30, 2021 or the year ended December 31, 2020 by the Fund, GAIT, the Master Funds or Cash Assets.
Cash and Cash Equivalents	Cash and Cash Equivalents The Fund classifies all highly liquid investments with a maturity of three months or less at the time of purchase as cash equivalents on the statements of financial condition. Cash deposited with a bank is subject to credit risk. In the event of the bank’s insolvency, recovery of the Fund’s cash would be limited to account insurance or other protection afforded by such deposit, which could be substantially less than the amount deposited. At September 30, 2021 and December 31, 2020, the Fund did not have any cash or cash equivalents.
Indemnifications	Indemnifications In the normal course of business, the Master Funds, GAIT, Cash Assets and the Fund enter into contracts that contain a variety of indemnifications. Such contracts may include those by Cash Assets and the Master Funds with their brokers and trading counterparties. The Fund’s maximum exposure under these arrangements is unknown; however, the Fund has not had prior claims or losses with respect to such indemnifications and considers the risk of loss to be remote. At September 30, 2021 and December 31, 2020, no accruals have been recorded by the Fund for indemnifications.

Fees and Related Party Transa_2

Fees and Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Fees and Related Party Transactions [Abstract]
Sponsor Fees	For the nine months ended September 30, 2021 and 2020, the Sponsor Fees allocated to the Fund by each Class of GAIT totaled $174,936 and $169,124, respectively. Class 0 Class 2 0.50% 1.25%

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2021
Financial Highlights [Abstract]
Unit Operating Performance	The following is the per Unit operating performance calculation for the three months ended September 30, 2021 and 2020: Class 0 Class 2 Per unit operating performance Net asset value per Unit, June 30, 2020 $ 159.54 $ 113.78 Net income: Net investment loss (2.90 ) (1.13 ) Net gain on investments 11.05 7.91 Net income 8.15 6.78 Net asset value per Unit, September 30, 2020 $ 167.69 $ 120.56 Net asset value per Unit, June 30, 2021 $ 183.44 $ 131.28 Net loss: Net investment loss (1.37 ) (1.21 ) Net loss on investments (2.49 ) (1.79 ) Net loss (3.86 ) (3.00 ) Net asset value per Unit, September 30, 2021 $ 179.58 $ 128.28 The following is the per Unit operating performance calculation for the nine months ended September 30, 2021 and 2020: Class 0 Class 2 Per unit operating performance Net asset value per Unit, December 31, 2019 $ 152.04 $ 108.35 Net income: Net investment loss (4.47 ) (2.15 ) Net gain on investments 20.12 14.36 Net income 15.65 12.21 Net asset value per Unit, September 30, 2020 $ 167.69 $ 120.56 Net asset value per Unit, December 31, 2020 $ 173.06 $ 124.23 Net income: Net investment loss (6.34 ) (5.23 ) Net gain on investments 12.86 9.28 Net income 6.52 4.05 Net asset value per Unit, September 30, 2021 $ 179.58 $ 128.28
Ratios to Average Members' Capital and Total Return	The following represents ratios to average Members’ Capital and total return for the three months ended September 30, 2021 and 2020: Class 0 Class 2 2021 2020 2021 2020 Total return before Incentive Allocation (2.10 )% 6.33 % (2.29 )% 6.20 % Incentive Allocation 0.00 (1.22 ) 0.00 (0.24 ) Total return after Incentive Allocation (2.10 )% 5.11 % (2.29 )% 5.96 % Net investment loss before Incentive Allocation (0.76 )% (0.52 )% (0.95 )% (0.71 )% Incentive Allocation 0.00 (1.22 ) 0.00 (0.24 ) Net investment loss after Incentive Allocation (0.76 )% (1.74 )% (0.95 )% (0.95 )% Total expenses before Incentive Allocation 0.78 % 0.72 % 0.96 % 0.92 % Incentive Allocation 0.00 1.22 0.00 0.24 Total expenses after Incentive Allocation 0.78 % 1.94 % 0.96 % 1.16 % The following represents ratios to average Members’ Capital and total return for the nine months ended September 30, 2021 and 2020: Class 0 Class 2 2021 2020 2021 2020 Total return before Incentive Allocation 5.43 % 12.02 % 4.85 % 11.51 % Incentive Allocation (1.66 ) (1.73 ) (1.59 ) (0.24 ) Total return after Incentive Allocation 3.77 % 10.29 % 3.26 % 11.27 % Net investment loss before Incentive Allocation (2.03 )% (1.08 )% (2.60 )% (1.65 )% Incentive Allocation (1.51 ) (1.73 ) (1.48 ) (0.24 ) Net investment loss after Incentive Allocation (3.54 )% (2.81 )% (4.08 )% (1.89 )% Total expenses before Incentive Allocation 2.10 % 2.00 % 2.67 % 2.57 % Incentive Allocation 1.51 1.73 1.48 0.24 Total expenses after Incentive Allocation 3.61 % 3.73 % 4.15 % 2.81 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Sep. 30, 2021	Dec. 31, 2020
Graham Alternative Investment Trading LLC [Member]
Schedule of Equity Method Investments [Abstract]
Ownership percentage	47.19%	48.87%

Capital Accounts (Details)

Capital Accounts (Details)	9 Months Ended
	Sep. 30, 2021USD ($)Class
Capital Accounts [Abstract]
Number of classes of units offered by Fund | Class	2
Minimum [Member]
Capital Accounts [Abstract]
Initial subscription amount	$ 10,000
Cost for additional units	$ 5,000
Notice period for units subscription	3 days
Notice period for units redemption	3 days
Amount for partial redemption request	$ 10,000
Holding post partial redemption	$ 10,000
Maximum [Member]
Capital Accounts [Abstract]
Period of remittance for redemption proceeds	15 days

Fees and Related Party Transa_3

Fees and Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Advisory Fees [Abstract]
Advisory fees at annual rate of Members' Capital			1.50%
Advisory fees	$ 103,921	$ 110,724	$ 327,523	$ 313,592
Sponsor Fees [Abstract]
Sponsor fees	55,505	59,576	$ 174,936	169,124
Incentive Allocation [Abstract]
Percentage of incentive allocation			20.00%
Incentive allocation	0	233,979	$ 429,807	307,558
Administrator's fees [Abstract]
Administrator's fees	$ 8,847	$ 9,507	$ 27,795	$ 27,010
Class 0 Units [Member]
Sponsor Fees [Abstract]
Sponsor fees at annual rate of Members' Capital			0.50%
Class 2 Units [Member]
Sponsor Fees [Abstract]
Sponsor fees at annual rate of Members' Capital			1.25%

Financial Highlights (Details)

Financial Highlights (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class 0 Units [Member]
Per unit operating performance [Abstract]
Net asset value per unit, beginning of period (in dollars per unit)	$ 183.44	$ 159.54	$ 173.06	$ 152.04
Net income (loss): [Abstract]
Net investment loss (in dollars per unit)	(1.37)	(2.90)	(6.34)	(4.47)
Net gain (loss) on investments (in dollars per unit)	(2.49)	11.05	12.86	20.12
Net income (loss) (in dollars per unit)	(3.86)	8.15	6.52	15.65
Net asset value per unit, end of period (in dollars per unit)	$ 179.58	$ 167.69	$ 179.58	$ 167.69
Ratios to average members capital and total return [Abstract]
Total return before Incentive Allocation	(2.10%)	6.33%	5.43%	12.02%
Incentive Allocation	0.00%	(1.22%)	(1.66%)	(1.73%)
Total return after Incentive Allocation	(2.10%)	5.11%	3.77%	10.29%
Net investment loss before Incentive Allocation	(0.76%)	(0.52%)	(2.03%)	(1.08%)
Incentive Allocation	0.00%	(1.22%)	(1.51%)	(1.73%)
Net investment loss after Incentive Allocation	(0.76%)	(1.74%)	(3.54%)	(2.81%)
Total expenses before Incentive Allocation	0.78%	0.72%	2.10%	2.00%
Incentive Allocation	0.00%	1.22%	1.51%	1.73%
Total expenses after Incentive Allocation	0.78%	1.94%	3.61%	3.73%
Class 2 Units [Member]
Per unit operating performance [Abstract]
Net asset value per unit, beginning of period (in dollars per unit)	$ 131.28	$ 113.78	$ 124.23	$ 108.35
Net income (loss): [Abstract]
Net investment loss (in dollars per unit)	(1.21)	(1.13)	(5.23)	(2.15)
Net gain (loss) on investments (in dollars per unit)	(1.79)	7.91	9.28	14.36
Net income (loss) (in dollars per unit)	(3)	6.78	4.05	12.21
Net asset value per unit, end of period (in dollars per unit)	$ 128.28	$ 120.56	$ 128.28	$ 120.56
Ratios to average members capital and total return [Abstract]
Total return before Incentive Allocation	(2.29%)	6.20%	4.85%	11.51%
Incentive Allocation	0.00%	(0.24%)	(1.59%)	(0.24%)
Total return after Incentive Allocation	(2.29%)	5.96%	3.26%	11.27%
Net investment loss before Incentive Allocation	(0.95%)	(0.71%)	(2.60%)	(1.65%)
Incentive Allocation	0.00%	(0.24%)	(1.48%)	(0.24%)
Net investment loss after Incentive Allocation	(0.95%)	(0.95%)	(4.08%)	(1.89%)
Total expenses before Incentive Allocation	0.96%	0.92%	2.67%	2.57%
Incentive Allocation	0.00%	0.24%	1.48%	0.24%
Total expenses after Incentive Allocation	0.96%	1.16%	4.15%	2.81%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] $ in Thousands	2 Months Ended
	Nov. 15, 2021USD ($)
Subsequent Event, Fund [Abstract]
Fund subscriptions	$ 0
Fund redemptions	$ 30