Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2024 shares | |
Document and Entity Information | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Mar. 31, 2024 |
Entity File Number | 0-50316 |
Entity Registrant Name | GRANT PARK FUTURES FUND LIMITED PARTNERSHIP |
Entity Incorporation, State or Country Code | IL |
Entity Tax Identification Number | 36-3596839 |
Entity Address, Address Line One | 566 West Adams Street |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60661 |
City Area Code | 312 |
Local Phone Number | 756-4450 |
Title of 12(b) Security | Not applicable. |
No Trading Symbol Flag | true |
Security Exchange Name | NONE |
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 | 0 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0000845698 |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Equity in brokers' trading accounts: | ||
Cash | $ 4,970,507 | $ 6,110,343 |
Net unrealized gain (loss) on open futures contracts | $ 1,481,949 | $ 885,701 |
Investment type | Futures Contracts | Futures Contracts |
Total equity in brokers' trading accounts | $ 6,452,456 | $ 6,996,044 |
Cash and cash equivalents | 7,963,173 | 7,731,824 |
Securities owned, at fair value | 19,290,410 | 17,635,232 |
Net interest receivable, net | 35,172 | 49,086 |
Total assets | 33,741,211 | 32,412,186 |
Liabilities | ||
Brokerage charge payable | 164,867 | 157,747 |
Accrued incentive fees | 145,642 | |
Organization and offering costs payable | 7,611 | 7,370 |
Accrued operating expenses | 6,864 | 6,628 |
Redemptions payable to limited partners | 506,717 | 184,287 |
Total liabilities | 831,701 | 356,032 |
Partners' Capital (Net Asset Value) | ||
Total partners' capital (net asset value) | 32,909,510 | 32,056,154 |
Total liabilities and partners' capital (net asset value) | 33,741,211 | 32,412,186 |
Class A | ||
Partners' Capital (Net Asset Value) | ||
General Partner | 234,518 | 214,617 |
Limited Partners | 3,498,118 | 3,205,977 |
Class B | ||
Partners' Capital (Net Asset Value) | ||
Limited Partners | 17,237,756 | 17,342,365 |
Legacy 1 Class | ||
Partners' Capital (Net Asset Value) | ||
Limited Partners | 396,997 | 361,592 |
Legacy 2 Class | ||
Partners' Capital (Net Asset Value) | ||
General Partner | 223,843 | 203,985 |
Limited Partners | 125,503 | 114,370 |
Global 1 Class | ||
Partners' Capital (Net Asset Value) | ||
Limited Partners | 10,239,707 | 9,735,931 |
Global 2 Class | ||
Partners' Capital (Net Asset Value) | ||
Limited Partners | 318,330 | 289,761 |
General Partner Class | ||
Partners' Capital (Net Asset Value) | ||
General Partner | $ 634,738 | $ 587,556 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Securities owned, cost (in dollars) | $ 19,585,428 | $ 18,091,535 |
Class A | ||
General Partner, units outstanding | 231.29 | 231.29 |
Limited Partners, units outstanding | 3,450.05 | 3,455.12 |
Class B | ||
Limited Partners, units outstanding | 21,577.98 | 23,691.52 |
Legacy 1 Class | ||
Limited Partners, units outstanding | 427.56 | 427.56 |
Legacy 2 Class | ||
General Partner, units outstanding | 250.67 | 250.67 |
Limited Partners, units outstanding | 140.55 | 140.55 |
Global 1 Class | ||
Limited Partners, units outstanding | 10,735.94 | 11,220.92 |
Global 2 Class | ||
Limited Partners, units outstanding | 345.49 | 345.49 |
Consolidated Condensed Schedule
Consolidated Condensed Schedule of Investments - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | ||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Investments Owned, Cost | $ 19,585,428 | $ 18,091,535 | ||
Investments Owned, Fair Value | 19,290,410 | 17,635,232 | ||
Open contracts | Futures Contracts | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 1,481,949 | $ 885,701 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 4.50% | 2.76% | |
Open contracts | U.S. Futures Positions | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 1,061,957 | $ 607,093 | |
Open contracts | U.S. Futures Positions | Agriculturals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (8,635) | $ 118,540 | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.03%) | 0.37% | |
Open contracts | U.S. Futures Positions | Currencies | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 374,417 | $ 130,091 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 1.14% | 0.41% | |
Open contracts | U.S. Futures Positions | Energy | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 280,949 | $ (156,609) | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.85% | (0.49%) | |
Open contracts | U.S. Futures Positions | Interest rates | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (10,010) | $ (9,186) | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.03%) | (0.03%) | |
Open contracts | U.S. Futures Positions | Meats | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (21,235) | $ 19,519 | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.06%) | 0.06% | |
Open contracts | U.S. Futures Positions | Metals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 71,393 | $ 4,498 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.22% | 0.01% | |
Open contracts | U.S. Futures Positions | Soft commodities | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 257,132 | $ 317,775 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.78% | 0.99% | |
Open contracts | U.S. Futures Positions | Stock indices | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 117,946 | $ 182,465 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.36% | 0.57% | |
Open contracts | Foreign Futures Positions | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 419,992 | $ 278,608 | |
Open contracts | Foreign Futures Positions | Agriculturals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 16,164 | $ 21,112 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.05% | 0.07% | |
Open contracts | Foreign Futures Positions | Currencies | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | $ 40,801 | [1] | $ (6,410) | |
Percent of Partners' Capital (Net Asset Value) | 0.12% | [1] | (0.02%) | |
Open contracts | Foreign Futures Positions | Energy | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (118,414) | $ 13,609 | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.36%) | 0.04% | |
Open contracts | Foreign Futures Positions | Interest rates | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (40,959) | $ 217,312 | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.12%) | 0.68% | |
Open contracts | Foreign Futures Positions | Metals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 17,439 | $ (45,082) | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.05% | (0.14%) | |
Open contracts | Foreign Futures Positions | Soft commodities | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 228,576 | $ 81,483 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.69% | 0.25% | |
Open contracts | Foreign Futures Positions | Stock indices | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 276,385 | $ (3,416) | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.84% | (0.01%) | |
Open long contracts | Futures Contracts | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 1,236,335 | $ 1,100,620 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 3.76% | 3.43% | |
Open long contracts | U.S. Futures Positions | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 675,995 | $ 407,727 | |
Open long contracts | U.S. Futures Positions | Agriculturals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (14,513) | $ (26,215) | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.04%) | (0.08%) | |
Open long contracts | U.S. Futures Positions | Currencies | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 14,653 | $ 197,887 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.04% | 0.62% | |
Open long contracts | U.S. Futures Positions | Energy | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 249,791 | $ (204,964) | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.76% | (0.64%) | |
Open long contracts | U.S. Futures Positions | Interest rates | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 4,070 | $ 64,578 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.01% | 0.20% | |
Open long contracts | U.S. Futures Positions | Meats | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (21,235) | ||
Percent of Partners' Capital (Net Asset Value) | [1] | (0.06%) | ||
Open long contracts | U.S. Futures Positions | Metals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 76,742 | $ 37,236 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.23% | 0.11% | |
Open long contracts | U.S. Futures Positions | Soft commodities | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 268,541 | $ 135,619 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.81% | 0.42% | |
Open long contracts | U.S. Futures Positions | Stock indices | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 97,946 | $ 203,586 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.30% | 0.64% | |
Open long contracts | Foreign Futures Positions | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 560,340 | $ 692,893 | |
Open long contracts | Foreign Futures Positions | Agriculturals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | (518) | ||
Open long contracts | Foreign Futures Positions | Currencies | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | $ 40,801 | [1] | $ (6,410) | |
Percent of Partners' Capital (Net Asset Value) | 0.12% | [1] | (0.02%) | |
Open long contracts | Foreign Futures Positions | Energy | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (41,273) | ||
Percent of Partners' Capital (Net Asset Value) | [1] | (0.13%) | ||
Open long contracts | Foreign Futures Positions | Interest rates | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 38,450 | $ 423,556 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.12% | 1.32% | |
Open long contracts | Foreign Futures Positions | Metals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (1,346) | $ 141,195 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.44% | ||
Open long contracts | Foreign Futures Positions | Soft commodities | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 228,576 | $ 81,483 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.69% | 0.25% | |
Open long contracts | Foreign Futures Positions | Stock indices | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 295,650 | $ 53,069 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.90% | 0.17% | |
Open short contracts | Futures Contracts | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 245,614 | $ (214,919) | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.74% | (0.67%) | |
Open short contracts | U.S. Futures Positions | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 385,962 | $ 199,366 | |
Open short contracts | U.S. Futures Positions | Agriculturals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 5,878 | $ 144,755 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.01% | 0.45% | |
Open short contracts | U.S. Futures Positions | Currencies | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 359,764 | $ (67,796) | |
Percent of Partners' Capital (Net Asset Value) | [1] | 1.10% | (0.21%) | |
Open short contracts | U.S. Futures Positions | Energy | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 31,158 | $ 48,355 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.09% | 0.15% | |
Open short contracts | U.S. Futures Positions | Interest rates | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (14,080) | $ (73,764) | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.04%) | (0.23%) | |
Open short contracts | U.S. Futures Positions | Meats | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 19,519 | ||
Percent of Partners' Capital (Net Asset Value) | [1] | 0.06% | ||
Open short contracts | U.S. Futures Positions | Metals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (5,349) | $ (32,738) | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.01%) | (0.10%) | |
Open short contracts | U.S. Futures Positions | Soft commodities | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (11,409) | $ 182,156 | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.03%) | 0.57% | |
Open short contracts | U.S. Futures Positions | Stock indices | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 20,000 | $ (21,121) | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.06% | (0.07%) | |
Open short contracts | Foreign Futures Positions | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (140,348) | $ (414,285) | |
Open short contracts | Foreign Futures Positions | Agriculturals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 16,682 | $ 21,112 | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.05% | 0.07% | |
Open short contracts | Foreign Futures Positions | Energy | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (77,141) | $ 13,609 | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.23%) | 0.04% | |
Open short contracts | Foreign Futures Positions | Interest rates | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (79,409) | $ (206,244) | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.24%) | (0.64%) | |
Open short contracts | Foreign Futures Positions | Metals | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ 18,785 | $ (186,277) | |
Percent of Partners' Capital (Net Asset Value) | [1] | 0.06% | (0.58%) | |
Open short contracts | Foreign Futures Positions | Stock indices | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Net unrealized gain/(loss) on open contracts | [1] | $ (19,265) | $ (56,485) | |
Percent of Partners' Capital (Net Asset Value) | [1] | (0.06%) | (0.18%) | |
Securities owned | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Percent of Partners' Capital (Net Asset Value) | 58.61% | 55.01% | ||
Investments Owned, Cost | $ 19,585,428 | $ 18,091,535 | ||
Investments Owned, Fair Value | $ 19,290,410 | $ 17,635,232 | ||
Securities owned | U.S. Government-sponsored enterprises | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Percent of Partners' Capital (Net Asset Value) | [2] | 54.10% | 55.01% | |
Investments Owned, Cost | [2] | $ 18,100,000 | $ 18,091,535 | |
Investments Owned, Fair Value | [2] | $ 17,804,751 | $ 17,635,232 | |
Securities owned | Federal Farm Credit Banks | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Percent of Partners' Capital (Net Asset Value) | [2],[3] | 8.76% | ||
Investments Owned, Face Value | [2],[3] | $ 2,900,000 | ||
Investments Owned, Rate of Return Range Minimum | [2],[3] | 0.40% | ||
Investments Owned, Rate of Return Range Maximum | [2],[3] | 2.90% | ||
Investments Owned, Fair Value | [2],[3] | $ 2,882,493 | ||
Securities owned | Federal Farm Credit Banks, Other | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Percent of Partners' Capital (Net Asset Value) | [2],[3] | 8.88% | ||
Investments Owned, Face Value | [2],[3] | $ 2,900,000 | ||
Investments Owned, Rate of Return Range Minimum | [2],[3] | 0.40% | ||
Investments Owned, Rate of Return Range Maximum | [2],[3] | 2.90% | ||
Investments Owned, Fair Value | [2],[3] | $ 2,847,412 | ||
Securities owned | Federal Home Loan Bank Maturing 8/26/2024 | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Percent of Partners' Capital (Net Asset Value) | [2] | 8.94% | 9.10% | |
Investments Owned, Face Value | [2] | $ 3,000,000 | $ 3,000,000 | |
Investments Owned, Rate of Return | [2] | 0.50% | 0.50% | |
Investments Owned, Fair Value | [2] | $ 2,943,735 | $ 2,917,917 | |
Securities owned | Federal Home Loan Bank Maturing 9/30/2024 | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Percent of Partners' Capital (Net Asset Value) | [2] | 8.90% | 9.06% | |
Investments Owned, Face Value | [2] | $ 3,000,000 | $ 3,000,000 | |
Investments Owned, Rate of Return | [2] | 0.50% | 0.50% | |
Investments Owned, Fair Value | [2] | $ 2,928,717 | $ 2,905,193 | |
Securities owned | Federal Home Loan Bank, Other | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Percent of Partners' Capital (Net Asset Value) | [2],[3] | 27.50% | 27.97% | |
Investments Owned, Face Value | [2],[3] | $ 9,200,000 | $ 9,200,000 | |
Investments Owned, Rate of Return Range Minimum | [2],[3] | 0.40% | 0.40% | |
Investments Owned, Rate of Return Range Maximum | [2],[3] | 3.50% | 3.50% | |
Investments Owned, Fair Value | [2],[3] | $ 9,049,806 | $ 8,964,710 | |
Securities owned | U.S. Treasury Bills | ||||
Unrealized gain/(loss), percent of partners' capital (net asset value), face value and fair value of Investments Owned | ||||
Percent of Partners' Capital (Net Asset Value) | 4.51% | |||
Investments Owned, Face Value | $ 1,500,000 | |||
Investments Owned, Rate of Return | 5.40% | |||
Investments Owned, Cost | $ 1,485,428 | |||
Investments Owned, Fair Value | $ 1,485,659 | |||
[1] No individual futures contract position constituted greater than 1 percent of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented. All or a portion of these positions are related to the General Partner's contribution (see Note 5). No individual position constituted greater than 5 percent of partners’ capital (net asset value). |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net gains (losses) from futures, forward, and swap trading | ||
Realized | $ 2,820,130 | $ (994,645) |
Change in unrealized | 596,248 | (1,052,458) |
Commissions | (122,501) | (136,644) |
Net gains (losses) | $ 3,293,877 | $ (2,183,747) |
Investment type | Futures Contracts | Futures Contracts |
Realized | $ (29,042) | |
Change in unrealized | $ 141,580 | 223,964 |
Net gains (losses) from securities | 141,580 | 194,922 |
Net trading gains (losses) | 3,435,457 | (1,988,825) |
Income | ||
Interest and dividend income, net | 139,233 | 119,291 |
Expenses from operations | ||
Brokerage charge | 384,511 | 436,685 |
Incentive fees | 145,642 | 738 |
Organizational and offering costs | 22,681 | 25,524 |
Operating expenses | 20,417 | 22,774 |
Total expenses | 573,251 | 485,721 |
Net investment loss | (434,018) | (366,430) |
Net income (loss) | $ 3,001,439 | $ (2,355,255) |
Class A | ||
Net income (loss) per unit | ||
Net income (loss) per unit (based on weighted average number of units outstanding during the period) and increase (decrease) in net asset value per unit for the period | $ 86.05 | $ (64.96) |
Weighted average number of units outstanding | 3,683.87 | 3,768.76 |
Class B | ||
Net income (loss) per unit | ||
Net income (loss) per unit (based on weighted average number of units outstanding during the period) and increase (decrease) in net asset value per unit for the period | $ 66.85 | $ (52.75) |
Weighted average number of units outstanding | 22,501.99 | 27,536.85 |
Legacy 1 Class | ||
Net income (loss) per unit | ||
Net income (loss) per unit (based on weighted average number of units outstanding during the period) and increase (decrease) in net asset value per unit for the period | $ 82.80 | $ (53.18) |
Weighted average number of units outstanding | 427.56 | 427.56 |
Legacy 2 Class | ||
Net income (loss) per unit | ||
Net income (loss) per unit (based on weighted average number of units outstanding during the period) and increase (decrease) in net asset value per unit for the period | $ 79.22 | $ (51.79) |
Weighted average number of units outstanding | 391.22 | 391.22 |
Global 1 Class | ||
Net income (loss) per unit | ||
Net income (loss) per unit (based on weighted average number of units outstanding during the period) and increase (decrease) in net asset value per unit for the period | $ 86.12 | $ (53.11) |
Weighted average number of units outstanding | 10,992.46 | 12,288.63 |
Global 2 Class | ||
Net income (loss) per unit | ||
Net income (loss) per unit (based on weighted average number of units outstanding during the period) and increase (decrease) in net asset value per unit for the period | $ 82.69 | $ (51.97) |
Weighted average number of units outstanding | 345.49 | 350.74 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Partners' Capital (Net Asset Value) - USD ($) | Class A General Partner | Class A Limited Partners | Class A | Class B Limited Partners | Class B | Legacy 1 Class Limited Partners | Legacy 1 Class | Legacy 2 Class General Partner | Legacy 2 Class Limited Partners | Legacy 2 Class | Global 1 Class Limited Partners | Global 1 Class | Global 2 Class Limited Partners | Global 2 Class | General Partner Class General Partner | General Partner Class | Total |
Increase (Decrease) in Partners' Capital | |||||||||||||||||
Net asset value per unit at end of period (in dollars per unit) | $ 974.07 | $ 773.14 | $ 868.22 | $ 837.46 | $ 885.97 | $ 858.49 | |||||||||||
Partners' capital, (net asset value) at Dec. 31, 2022 | $ 225,297 | $ 209,927 | |||||||||||||||
Partners' capital, (net asset value) (in units) at Dec. 31, 2022 | 231.29 | 250.67 | |||||||||||||||
Partners' capital, (net asset value) at Dec. 31, 2022 | $ 3,445,730 | $ 21,870,064 | $ 371,216 | $ 117,701 | $ 10,904,093 | $ 305,639 | |||||||||||
Partners' capital, (net asset value) (in units) at Dec. 31, 2022 | 3,537.47 | 28,287.24 | 427.56 | 140.55 | 12,307.53 | 356.02 | |||||||||||
Partners' capital, (net asset value) at Dec. 31, 2022 | $ 37,449,667 | ||||||||||||||||
Increase (Decrease) in Partners' Capital | |||||||||||||||||
Net increase (decrease) from payments by General Partner | $ 1,106 | $ 16,922 | $ 105,205 | $ 1,827 | $ 1,033 | $ 579 | $ 53,681 | $ 1,475 | $ (25,028) | $ 156,800 | |||||||
Redemptions | $ (1,080,769) | $ (52,346) | $ (5,975) | ||||||||||||||
Redemptions (in units) | (1,424.56) | (61.73) | (7.03) | (1,139,090) | |||||||||||||
Net income (loss) | (16,130) | (246,693) | $ (1,542,808) | (24,562) | (14,014) | (7,857) | $ (706,372) | $ (19,676) | 222,857 | $ (2,355,255) | |||||||
Partners' capital, (net asset value) at Mar. 31, 2023 | $ 210,273 | $ 196,946 | 197,829 | ||||||||||||||
Partners' capital, (net asset value) (in units) at Mar. 31, 2023 | 231.29 | 250.67 | |||||||||||||||
Partners' capital, (net asset value) at Mar. 31, 2023 | $ 3,215,959 | $ 19,351,692 | $ 348,481 | $ 110,423 | $ 10,199,056 | $ 281,463 | |||||||||||
Partners' capital, (net asset value) (in units) at Mar. 31, 2023 | 3,537.47 | 26,862.68 | 427.56 | 140.55 | 12,245.80 | 348.99 | |||||||||||
Partners' capital, (net asset value) at Mar. 31, 2023 | 34,112,122 | ||||||||||||||||
Partners' capital, (net asset value) at Dec. 31, 2022 | $ 225,297 | $ 209,927 | |||||||||||||||
Partners' capital, (net asset value) (in units) at Dec. 31, 2022 | 231.29 | 250.67 | |||||||||||||||
Partners' capital, (net asset value) at Dec. 31, 2022 | $ 3,445,730 | $ 21,870,064 | $ 371,216 | $ 117,701 | $ 10,904,093 | $ 305,639 | |||||||||||
Partners' capital, (net asset value) (in units) at Dec. 31, 2022 | 3,537.47 | 28,287.24 | 427.56 | 140.55 | 12,307.53 | 356.02 | |||||||||||
Partners' capital, (net asset value) at Dec. 31, 2022 | 37,449,667 | ||||||||||||||||
Increase (Decrease) in Partners' Capital | |||||||||||||||||
Net increase (decrease) from payments by General Partner | 156,800 | ||||||||||||||||
Partners' capital, (net asset value) at Dec. 31, 2023 | $ 214,617 | $ 214,617 | $ 203,985 | $ 203,985 | 587,556 | $ 587,556 | |||||||||||
Partners' capital, (net asset value) (in units) at Dec. 31, 2023 | 231.29 | 231.29 | 250.67 | 250.67 | |||||||||||||
Partners' capital, (net asset value) at Dec. 31, 2023 | $ 3,205,977 | $ 3,205,977 | $ 17,342,365 | $ 17,342,365 | $ 361,592 | $ 361,592 | $ 114,370 | $ 114,370 | $ 9,735,931 | $ 9,735,931 | $ 289,761 | $ 289,761 | |||||
Partners' capital, (net asset value) (in units) at Dec. 31, 2023 | 3,455.12 | 3,455.12 | 23,691.52 | 23,691.52 | 427.56 | 427.56 | 140.55 | 140.55 | 11,220.92 | 11,220.92 | 345.49 | 345.49 | |||||
Partners' capital, (net asset value) at Dec. 31, 2023 | 32,056,154 | ||||||||||||||||
Increase (Decrease) in Partners' Capital | |||||||||||||||||
Net asset value per unit at end of period (in dollars per unit) | $ 909.11 | $ 720.39 | $ 815.04 | $ 785.67 | $ 832.86 | $ 806.52 | |||||||||||
Net asset value per unit at end of period (in dollars per unit) | $ 927.89 | $ 732.01 | $ 845.71 | $ 813.75 | $ 867.66 | $ 838.70 | |||||||||||
Net increase (decrease) from payments by General Partner | $ 174 | $ 2,597 | $ 13,408 | $ 294 | $ 166 | $ 93 | $ 7,793 | $ 235 | (24,760) | ||||||||
Redemptions | $ (5,059) | $ (1,616,579) | $ (449,947) | (76,498) | (2,148,083) | ||||||||||||
Redemptions (in units) | (5.07) | (2,113.54) | (484.98) | ||||||||||||||
Net income (loss) | 19,727 | $ 294,603 | $ 1,498,562 | 35,111 | 19,692 | 11,040 | $ 945,930 | 28,334 | 148,440 | 3,001,439 | |||||||
Partners' capital, (net asset value) at Mar. 31, 2024 | $ 234,518 | $ 234,518 | $ 223,843 | $ 223,843 | $ 634,738 | $ 634,738 | |||||||||||
Partners' capital, (net asset value) (in units) at Mar. 31, 2024 | 231.29 | 231.29 | 250.67 | 250.67 | |||||||||||||
Partners' capital, (net asset value) at Mar. 31, 2024 | $ 3,498,118 | $ 3,498,118 | $ 17,237,756 | $ 17,237,756 | $ 396,997 | $ 396,997 | $ 125,503 | $ 125,503 | $ 10,239,707 | $ 10,239,707 | $ 318,330 | $ 318,330 | |||||
Partners' capital, (net asset value) (in units) at Mar. 31, 2024 | 3,450.05 | 3,450.05 | 21,577.98 | 21,577.98 | 427.56 | 427.56 | 140.55 | 140.55 | 10,735.94 | 10,735.94 | 345.49 | 345.49 | |||||
Partners' capital, (net asset value) at Mar. 31, 2024 | $ 32,909,510 | ||||||||||||||||
Increase (Decrease) in Partners' Capital | |||||||||||||||||
Net asset value per unit at end of period (in dollars per unit) | $ 1,013.94 | $ 798.86 | $ 928.51 | $ 892.97 | $ 953.78 | $ 921.39 |
Nature of Business and Signific
Nature of Business and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Nature of Business and Significant Accounting Policies | |
Nature of Business and Significant Accounting Policies | Note 1. Nature of Business and Significant Accounting Policies Nature of business: Effective April 1, 2019, limited partnership units of the Partnership are no longer offered for sale. For existing investors in the Partnership, business continues to be conducted as usual. There was no change in the trading, operations, or monthly statements, etc. as a result of the termination of the offering, and redemption requests continue to be offered on a monthly basis. The Partnership engages in the speculative trading of futures and forward contracts for commodities, financial instruments or currencies, any rights pertaining thereto and any options thereon, or on physical commodities, equities, listed options, swap transactions and broad based exchange-traded funds. The Partnership may also engage in hedge, arbitrage and cash trading of commodities and futures. The Partnership is a multi-advisor commodity pool that invests the assets of each class of the Partnership in the Partnership’s subsidiary limited liability trading companies (each, a “Trading Company” and collectively, the “Trading Companies”) which (i) enter into advisory agreements with the independent commodity trading advisors retained by the general partner; (ii) enter into swap transactions or derivative instruments tied to the performance of certain reference traders; and/or (iii) allocate assets to the Partnership’s cash management trading company. The Partnership’s general partner, commodity pool operator and sponsor is Dearborn Capital Management, L.L.C. (“the General Partner”), an Illinois limited liability company. The Trading Companies were set up to, among other things, segregate risk by commodity trading advisor or reference trader. Effectively, this structure isolates one trading advisor or reference trader from another and any losses from one Trading Company will not carry over to the other Trading Companies. The following is a list of the Trading Companies, for which the Partnership is the sole member and all of which were organized as Delaware limited liability companies: GP 1, LLC (“GP 1”) GP 4, LLC (“GP 4”) GP 18, LLC (“GP 18”) GP 3, LLC (“GP 3”) GP 8, LLC (“GP 8”) There were no assets allocated to GP 1 as of March 31, 2024 and December 31, 2023. Additionally, GP Cash Management, LLC (“GP Cash Management”) was created as a Delaware limited liability company to collectively manage and invest excess cash not required to be held at clearing brokers. The excess cash is held in a separate account in the name of GP Cash Management, LLC and custodied at State Street Bank and Trust Company. The members of GP Cash Management are the Trading Companies. Classes of interests: The GP Class was established December 31, 2022 as a non-earning equity general partner class for accounting purposes only (see Note 5). As previously disclosed and described in the Partnership’s prospectus, all Global 3 Class units have either been exchanged to Global 1 Class units or fully redeemed. As a result, the Global 3 Class is closed effective as of February 28, 2022. Both Class A and Class B units are traded pursuant to identical trading programs and differ only in respect to the brokerage charge and organization and offering costs payable to the General Partner. Both Legacy 1 Class and Legacy 2 Class units are traded pursuant to trading programs pursuing a technical trend trading philosophy, which is the same trading philosophy used for the Class A and Class B units. The Legacy 1 Class and Legacy 2 Class units differ only in respect to the brokerage charge payable to the General Partner. The Legacy 1 Class and Legacy 2 Class units were offered only to investors who are represented by approved selling agents who are directly compensated by the investor for services rendered in connection with an investment in the Partnership (such arrangements commonly referred to as “wrap-accounts”). The Global 1 Class, Global 2 Class and Global 3 Class units are traded pursuant to trading programs pursuing technical trend trading philosophies. The Global 1 Class, Global 2 Class and Global 3 Class units differ in respect to the General Partner’s brokerage charge. The Global 1 Class and Global 2 Class units were offered only to investors in wrap accounts. The Partnership’s significant accounting policies are as follows: Accounting principles: Financial Services – Investment Companies Consolidation: Use of estimates: Cash and cash equivalents: Valuation of investments: Investment transactions, investment income and expenses: contract trade price and market price) or securities are reported in the consolidated statement of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with FASB ASC 210-20, Balance Sheet, Offsetting Set forth in Note 10 are instruments and transactions eligible for offset in the consolidated statement of financial condition and which are subject to derivative clearing agreements with the Partnership’s clearing brokers. Each clearing broker nets margin held on behalf of the Partnership or payment obligations of the clearing broker to the Partnership against any payment obligations of the Partnership to the clearing broker. The Partnership is required to deposit margin at each clearing broker to meet the original and maintenance requirements established by that clearing broker, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each clearing broker a security interest in this margin to secure any liabilities owed to the clearing broker arising from a default by the Partnership. Commissions: Redemptions payable: Distinguishing Liabilities from Equity Income taxes: The Partnership follows the provisions of FASB ASC 740, Income Taxes Organization and offering costs: unreimbursed organization and offering costs incurred by the General Partner were approximately $54,000 and may be reimbursed by the Partnership in the future. Foreign currency transactions: The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments. Statement of cash flows: Statement of Cash Flows Recent accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform . The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. ASU 2020-04 has been updated by ASU 2022-06 to defer the effective date through December 31, 2024. ASU 2020-04 has not had a significant impact on the Partnership’s consolidated financial statements and disclosures. The Partnership did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three months ended March 31, 2024. Interim financial statements: The consolidated financial statements included herein were prepared without audit according to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP may be omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year or for any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K previously filed with the SEC. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurements | |
Fair Value Measurements | Note 2. Fair Value Measurements As described in Note 1, the Partnership follows the provisions of FASB ASC 820, Fair Value Measurements and Disclosures Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement. Level 3. Inputs that are unobservable for the asset or liability. The Partnership does not have any assets classified as Level 3. The following section describes the valuation techniques used by the Partnership to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized. The fair value of exchange-traded futures contracts and exchange-traded funds are based upon exchange settlement prices as of the last business day of the reporting period. These financial instruments are classified in Level 1 of the fair value hierarchy. U.S. Government securities and U.S. Government-sponsored enterprise securities are valued using current market quotations provided by an independent external pricing source to determine fair value. These securities are classified in Level 2 of the fair value hierarchy. The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2024: Assets and Liabilities Level 1 Level 2 Level 3 Total Equity in brokers' trading accounts U.S. and foreign futures contracts $ 1,481,949 $ — $ — $ 1,481,949 Securities owned U.S. Government-sponsored enterprises — 17,804,751 — 17,804,751 U.S. Government securities — 1,485,659 — 1,485,659 Total $ 1,481,949 $ 19,290,410 $ — $ 20,772,359 The gross presentation of the fair value of the Partnership’s derivatives by contract type is shown in Note 10. See the consolidated condensed schedule of investments for detail by sector. The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2023: Assets and Liabilities Level 1 Level 2 Level 3 Total Equity in brokers' trading accounts U.S. and foreign futures contracts $ 885,701 $ — $ — $ 885,701 Securities owned U.S. Government-sponsored enterprises — 17,635,232 — 17,635,232 Total $ 885,701 $ 17,635,232 $ — $ 18,520,933 The gross presentation of the fair value of the Partnership’s derivatives by contract type is shown in Note 10. See the consolidated condensed schedule of investments for detail by sector. The Partnership assesses the level of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. There were no transfers among Levels 1, 2, and 3 during the three months ended March 31, 2024 and year ended December 31, 2023. |
Deposits with Brokers and Inter
Deposits with Brokers and Interbank Market Makers | 3 Months Ended |
Mar. 31, 2024 | |
Deposits with Brokers and Interbank Market Makers | |
Deposits with Brokers and Interbank Market Makers | Note 3. Deposits with Brokers The Partnership, through the Trading Companies, deposits assets with ADM Investor Services, Inc. and R.J. O’Brien & Associates, LLC subject to CFTC regulations and various exchange and broker requirements. Margin requirements may be satisfied by the deposit of U.S. Treasury bills, U.S. Government-sponsored enterprise securities and/or cash with such clearing brokers. The Partnership may earn interest income on its assets deposited with the clearing brokers. |
Commodity Trading Advisors and
Commodity Trading Advisors and Cash Managers | 3 Months Ended |
Mar. 31, 2024 | |
Commodity Trading Advisors, Reference Traders, and Cash Managers | |
Commodity Trading Advisors and Cash Managers | Note 4. Commodity Trading Advisors and Cash Managers The Partnership, through the Trading Companies, allocates assets to the commodity trading advisors. Each trading advisor that receives a direct allocation from the Partnership has entered into an advisory contract with the Partnership. As of March 31, 2024, the commodity trading advisors are EMC Capital Advisors, LLC (“EMC”), Episteme Capital Partners (UK) LLP (“Episteme”), Quantica Capital AG (“Quantica”) and Sterling Partners Quantitative Investments LLC (“Sterling”) (collectively, the “Advisors”). The Advisors are paid a quarterly consulting fee ranging from 0.2 percent to 1 percent per annum of the Partnership’s month-end allocated net assets and a quarterly or semi-annual incentive fee ranging from 0 percent to 20 percent of the new trading profits on the allocated net assets of the Advisor. The Partnership previously engaged Middleton Dickinson Capital Management, LLC (the “Cash Manager”) as cash manager to manage the liquid assets of the Partnership through September 30, 2023. The Cash Manager is a limited liability company formed in the State of Illinois, and was registered as an investment adviser with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The Partnership opened a custodial account at State Street Bank and Trust Company (“Custodian”), and granted the Cash Manager a limited power of attorney over such account. Such power of attorney gave the Cash Manager authority to make certain investments on behalf of the Partnership provided such investments are consistent with agreed upon investment guidelines. Such investments include, but are not limited to, U.S. Government-sponsored enterprise securities, U.S. Treasury securities, corporate bonds, investment grade money markets instruments and exchange-traded funds. All securities purchased by the Cash Manager on behalf of the Partnership or other liquid funds of the Partnership are held in the Partnership’s custody account at the Custodian. The Cash Manager had no beneficial or other interest in the securities and cash in such custody account. The Partnership incurred monthly fees, payable in arrears to the Custodian, equal to approximately 0.09% per annum of the Partnership’s average month-end net assets for the three months ended March 31, 2024 and incurred monthly fees, payable in arrears to the Cash Manager and Custodian equal to approximately 0.19% per annum of the Partnership’s average month-end net assets for the three months ended March 31, 2023. The fees are netted against interest and dividend income on the consolidated statements of operations. |
General Partner and Related Par
General Partner and Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
General Partner and Related Party Transactions | |
General Partner and Related Party Transactions | Note 5. General Partner and Related Party Transactions The General Partner shall at all times, so long as it remains a general partner of the Partnership, own Units in the Partnership: (i) in an amount sufficient, in the opinion of counsel for the Partnership, for the Partnership to be taxed as a partnership rather than as an association taxable as a corporation; and (ii) during such time as the Units are registered for sale to the public, in an amount at least equal to the greater of: (a) 1 percent of all capital contributions of all Partners to the Partnership; or (b) $25,000; or such other amount satisfying the requirements then imposed by the North American Securities Administrators Association, Inc. (“NASAA”) Guidelines. Further, during such time as the Units are registered for sale to the public, the General Partner shall, so long as it remains a general partner of the Partnership, maintain a net worth (as such term may be defined in the NASAA Guidelines) at least equal to the greater of: (i) 5 percent of the total capital contributions of all partners and all limited partnerships to which it is a general partner (including the Partnership) plus 5 percent of the Units being offered for sale in the Partnership; or (ii) $50,000; or such other amount satisfying the requirements then imposed by the NASAA Guidelines. In no event, however, shall the General Partner be required to maintain a net worth in excess of $1,000,000 or such other maximum amount satisfying the requirements then imposed by the NASAA Guidelines. Ten percent of the General Partner’s limited partnership interest in the Partnership is characterized as a general partnership interest. Notwithstanding, the general partnership interest will continue to pay all fees associated with a limited partnership interest. The Partnership pays the General Partner a monthly brokerage charge, organization and offering reimbursement and operating expenses. The annualized brokerage charge, organization and offering reimbursement and operating expenses are presented in the table below. Organization and Offering Brokerage charge* Reimbursement* Operating Expense* Class A units 7.00 % 0.10 % 0.25 % Class B units 7.45 % 0.30 % 0.25 % Legacy 1 Class units 4.50 % 0.30 % 0.25 % Legacy 2 Class units 4.75 % 0.30 % 0.25 % Global 1 Class units 3.95 % 0.30 % 0.25 % Global 2 Class units 4.20 % 0.30 % 0.25 % Global 3 Class units 5.95 % 0.30 % 0.25 % *The fees are calculated and payable monthly on the basis of month-end adjusted net assets. “Adjusted net assets” is defined as the month-end net assets of the particular class before accruals for fees and expenses and redemptions. Included in the total brokerage charge are amounts paid to the clearing brokers for execution and clearing costs, which are reflected in the commissions line of the consolidated statements of operations, and the remaining amounts are management fees paid to the Advisors, compensation to the selling agents and an amount to the General Partner for management services rendered, which are reflected in the brokerage charge line on the consolidated statements of operations. The brokerage charge in the amounts of $384,511 and $436,685 for the three months ended March 31, 2024 and 2023, respectively, are shown on the consolidated statements of operations. Ongoing organization and offering costs of the Partnership are paid for by the General Partner and reimbursed by the Partnership. The organization and offering costs in the amounts of $22,681 and $25,524 for the three months ended March 31, 2024 and 2023, respectively, are shown on the consolidated statements of operations. Operating expenses of the Partnership are paid for by the General Partner and reimbursed by the Partnership. To the extent operating expenses are less than 0.25 percent of the Partnership’s average month-end net assets during the year, the difference may be reimbursed, at the General Partner’s discretion, pro rata to record-holders as of December 31 of each year. The operating expenses in the amounts of $20,417 and $22,774 for the three months ended March 31, 2024 and 2023, respectively, are shown on the consolidated statement of operations. An entity owned in part and controlled by Mr. Kavanagh, who indirectly controls and is president of Dearborn Capital Management, L.L.C., the general partner of the Partnership, and in part by Mr. Al Rayes, who is a principal of the General Partner, and an entity owned in part and controlled by Mr. Meehan, the chief operating officer of the general partner, and Mr. Benitez, executive vice president, product management of the general partner, hold a minority ownership interest in EMC, which is one of the commodity trading advisors of the Partnership. The general partner, on behalf of the Partnership, pays EMC a quarterly consulting fee and a quarterly incentive fee based on new trading profits, if any, achieved on EMC’s allocated net assets at the end of each period. EMC was paid approximately $23,600 and $24,900, in consulting fees and no incentive fees for the three months ended March 31, 2024 and 2023, respectively. The General Partner has entered into an agreement with the Partnership and made a capital contribution in the amount of $1,150,000 to the Partnership related to certain U.S. Government-sponsored enterprise securities held by the Partnership as of December 31, 2022 that were initially valued using cost plus accrued interest in accordance with the Partnership’s valuation procedures at the time. The U.S. Government-sponsored enterprises decreased in value due to the significant rise in interest rates in 2022 and were written down to fair value on the Partnership’s books as of December 31, 2022, as required by GAAP, resulting in a $1,150,000 unrealized loss on these positions . The full $1,150,000 unrealized loss was allocated to the General Partner. The capital contribution was invested in the GP Class, as reflected on the consolidated statements of changes in partners’ capital. The GP Class was opened solely to absorb the losses of the specific U.S. Government-sponsored enterprise securities. The General Partner’s contribution that can be recovered will be reduced monthly by a percentage of the Limited Partner’s redemptions. As of March 31, 2024, the total amount of the contribution recovered was $777,250 and the remaining amount that can be recovered was $245,182 . The total amount of the reduction was $127,568 at March 31, 2024. To the extent the securities are sold or held to maturity without any realized losses, and after the monthly reduction for Limited Partner redemptions, the capital contribution shall be returned to the General Partner. The agreement will terminate on November 18, 2024, when all specific U.S. Government-sponsored enterprise securities have matured. The General Partner elected to make a contribution to the Partnership in 2023 in the amount of $156,800 which amount represents the difference between the mark-to-market valuation and the cost plus accrued interest value for redeeming Limited Partners and certain fund expense allocations throughout 2022. As a result of these contributions, Limited Partners in the Partnership were not impacted by the valuation differences. |
Redemptions and Allocation of N
Redemptions and Allocation of Net Income or Loss | 3 Months Ended |
Mar. 31, 2024 | |
Redemptions and Allocation of Net Income or Loss | |
Redemptions and Allocation of Net Income or Loss | Note 6. Redemptions and Allocation of Net Income or Loss Class A, Class B, Legacy 1 Class, Legacy 2 Class, Global 1 Class and Global 2 Class Limited Partners have the right to redeem units as of any month-end upon ten (10) days’ prior written notice to the Partnership. The General Partner, however, may permit earlier redemptions in its discretion. Redemptions will be made as of the last day of the month for an amount equal to the net asset value per unit, as defined, represented by the units to be redeemed. The right to obtain redemption is also contingent upon the Partnership’s having property sufficient to discharge its liabilities on the redemption date and may be delayed if the General Partner determines that earlier liquidation of commodity interest positions to meet redemption payments would be detrimental to the Partnership or nonredeeming Limited Partners. In addition, the General Partner may at any time cause the redemption of all or a portion of any Limited Partner’s units upon fifteen (15) days’ written notice. The General Partner may also immediately redeem any Limited Partner’s units without notice if the General Partner believes that (i) the redemption is necessary to avoid having the assets of the Partnership deemed Plan Assets under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) the Limited Partner made a misrepresentation in connection with its subscription for the units, or (iii) the redemption is necessary to avoid a violation of law by the Partnership or any Partner. In accordance with the Third Amended and Restated Limited Partnership Agreement, net income or loss of the Partnership is allocated to partners according to their respective interests in the Partnership as of the beginning of the month. |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2024 | |
Financial Highlights | |
Financial Highlights | Note 7. Financial Highlights The following financial highlights and per unit performance reflect activity related to the Partnership. The following per unit performance calculations reflect activity related to the Partnership for the three months ended March 31, 2024 and 2023. Total return is based on the change in value during the period of a theoretical investment made by a limited partner at the beginning of each calendar month during the period and is not annualized. The expense ratios below are computed based upon the weighted average net assets of the Limited Partners for the three months ended March 31, 2024 and 2023 (annualized). Individual limited partners’ ratios may vary from these ratios based on various factors, including but not limited to the timing of capital transactions. Three Months ended March 31, 2024 Class A Class B Legacy 1 Legacy 2 Global 1 Global 2 Units Units Class Units Class Units Class Units Class Units Per Unit Performance (for unit outstanding throughout the entire period): Net asset value per unit at beginning of period $ 927.89 $ 732.01 $ 845.71 $ 813.75 $ 867.66 $ 838.70 Income (loss) from operations Net realized and change in unrealized gain (loss) from trading (1) 99.71 78.76 91.04 87.59 93.53 90.32 Net increase from payments by General Partner (2) 0.75 0.60 0.69 0.66 0.71 0.68 Net investment loss (1) (14.41) (12.51) (8.93) (9.03) (8.12) (8.31) Total income (loss) from operations 86.05 66.85 82.80 79.22 86.12 82.69 Net asset value per unit at end of period $ 1,013.94 $ 798.86 $ 928.51 $ 892.97 $ 953.78 $ 921.39 Total Return (3) 9.27 % 9.13 % 9.79 % 9.73 % 9.93 % 9.86 % Ratios as a percentage of average net assets Expenses prior to incentive fees (4) 5.97 % 6.73 % 3.62 % 3.88 % 3.08 % 3.32 % Incentive fees (5) 0.43 % 0.40 % 0.54 % 0.53 % 0.56 % 0.55 % Total expenses 6.40 % 7.13 % 4.16 % 4.41 % 3.64 % 3.87 % Net investment loss (4) (6) (4.23) % (4.97) % (1.88) % (2.14) % (1.33) % (1.58) % Three Months Ended March 31, 2023 Class A Class B Legacy 1 Legacy 2 Global 1 Global 2 Units Units Class Units Class Units Class Units Class Units Per Unit Performance (for unit outstanding throughout the entire period): Net asset value per unit at beginning of period $ 974.07 $ 773.14 $ 868.22 $ 837.46 $ 885.97 $ 858.49 Income (loss) from operations Net realized and change in unrealized gain (loss) from trading (1) (58.87) (46.60) (52.67) (50.78) (53.79) (52.07) Net increase from payments by General Partner (2) 4.78 3.82 4.27 4.12 4.37 4.21 Net investment loss (1) (10.87) (9.97) (4.78) (5.13) (3.69) (4.11) Total income (loss) from operations (64.96) (52.75) (53.18) (51.79) (53.11) (51.97) Net asset value per unit at end of period $ 909.11 $ 720.39 $ 815.04 $ 785.67 $ 832.86 $ 806.52 Total Return (3) (6.67) % (6.82) % (6.12) % (6.18) % (5.99) % (6.05) % Ratios as a percentage of average net assets: Expenses prior to incentive fees (4) 5.85 % 6.56 % 3.55 % 3.80 % 3.00 % 3.25 % Incentive fees (5) — % — % — % — % — % — % Total expenses 5.85 % 6.56 % 3.55 % 3.80 % 3.00 % 3.25 % Net investment loss (4) (6) (4.54) % (5.24) % (2.24) % (2.48) % (1.69) % (1.94) % (1) Net investment loss per unit is calculated by dividing the expenses net of interest income by the average number of units outstanding during the period. The net realized and change in unrealized gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. (2) Net increase from payments by General Partner represents the reduction amount of the General Partner’s contribution (see Note 5). (3) The three months ended March 31, 2024 Total Return before the General Partner contribution (see Note 5) was 9.26% for the Class A units, 9.13% for the Class B units, 9.78% for the Legacy 1 Class units, 9.73% for the Legacy 2 Class units, 9.92% for the Global 1 Class units and 9.85% for the Global 2 Class units. The three months ended March 31, 2023 Total Return before the General Partner contribution (see Note 5) was (7.16)% for the Class A units, (7.31)% for the Class B units, (6.62)% for the Legacy 1 Class units, (6.68)% for the Legacy 2 Class units, (6.49)% for the Global 1 Class units and (6.55)% for the Global 2 Class units. (4) Annualized. (5) Not annualized. (6) Excludes incentive fee. |
Trading Activities and Related
Trading Activities and Related Risks | 3 Months Ended |
Mar. 31, 2024 | |
Trading Activities and Related Risks | |
Trading Activities and Related Risks | Note 8. Trading Activities and Related Risks The Partnership, through its Advisors, engages in the speculative trading of a variety of instruments, which may include U.S. and foreign futures contracts, options on U.S. and foreign futures contracts, forward contracts and other derivative instruments including swap contracts (collectively, derivatives; see Note 10). These derivatives include both financial and nonfinancial contracts held as part of a diversified trading strategy. Additionally, the Partnership’s speculative trading may include equities and exchange-traded funds. The Partnership is exposed to both market risk, the risk arising from changes in the market value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract. The purchase and sale of futures and options on futures contracts require margin deposits with FCMs. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The Partnership utilizes ADM Investor Services, Inc. and R.J. O’Brien & Associates, LLC as its clearing brokers. The Partnership previously used Marex Capital Markets Inc. as one of its clearing brokers. The amount of required margin and good faith deposits with the FCMs usually ranges from 5% to 35% of the Partnership’s net asset value. The cash deposited with the FCMs at March 31, 2024 and December 31, 2023 was $4,970,507 and $6,110,343, respectively, which was 15.10% and 19.06% of the net asset value, respectively, and is included in equity in brokers’ trading accounts on the consolidated statements of financial condition. For derivatives, risks arise from changes in the fair value of the contracts. Theoretically, the Partnership is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. As both a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership to potentially unlimited liability; for purchased options the risk of loss is limited to the premiums paid. In addition to market risk, trading futures, forwards and swap contracts entails a credit risk that a counterparty will not be able to meet its obligations to the Partnership. The counterparty for futures and options on futures contracts traded in the United States and on most non-U.S. futures exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases in which the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions. In the case of forward contracts, over-the-counter options contracts or swap contracts, which are traded on the interbank or other institutional markets rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus, there likely will be greater counterparty credit risk. The Partnership trades only with those counterparties that it believes to be creditworthy. All positions of the Partnership are valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Partnership. Securities sold short represent obligations of the Partnership to deliver specific securities and thereby create a liability to purchase these instruments in the open market at prevailing prices. These transactions may result in market risk not reflected in the consolidated statement of financial condition as the Partnership’s ultimate obligation to satisfy its obligation for trading liabilities may exceed the amount reflected in the consolidated statements of financial condition. The Partnership maintains deposits with high quality financial institutions in amounts that are in excess of federally insured limits; however, the Partnership does not believe it is exposed to any significant credit risk. The General Partner has established procedures to actively monitor and minimize market and credit risks. The Limited Partners bear the risk of loss only to the extent of the fair value of their respective investments and, in certain specific circumstances, distributions and redemptions received. Trading on international markets may increase the risk that events or circumstances that disrupt such markets may have a materially adverse effect on the Partnership’s business or operations or the value of positions held by the Partnership. Such events or circumstances may include, but are not limited to, inflation or deflation, currency devaluation, interest rate changes, exchange rate fluctuations, changes in government policies, natural disasters, COVID-19 or other extraordinary events, armed conflicts, political or social instability or other unforeseen developments that cannot be quantified. Prolonged periods of global economic uncertainty, volatility or slowdown may adversely impact the Partnership. As a result, the Partnership could lose money over short periods of time due to short-term volatility or market movements and over longer periods of time during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. |
Indemnifications
Indemnifications | 3 Months Ended |
Mar. 31, 2024 | |
Indemnifications | |
Indemnifications | Note 9. Indemnifications In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments | |
Derivative Instruments | Note 10. Derivative Instruments The Partnership follows the provisions of FASB ASC 815, Derivatives and Hedging The Partnership’s business is speculative trading. The Partnership intends to close out all futures, options on futures and forward contracts prior to their expiration. The Partnership trades in futures and other commodity interest contracts and is therefore a party to financial instruments with elements of off-balance sheet market risk and credit risk. In entering into these contracts, the Partnership faces the market risk that these contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. The Partnership minimizes market risk through real-time monitoring of open positions, diversification of the portfolio and maintenance of a margin-to-equity ratio that rarely exceeds 25%. The Partnership does not designate any derivative instruments as hedging instruments under FASB ASC 815-10-05. The monthly average number of futures contracts bought and sold was 5,890 and 4,919, respectively, for the three months ended March 31, 2024 and 2023. The following tables summarize the quantitative information required by FASB ASC 815: Fair Values of Derivative Instruments at March 31, 2024 and December 31, 2023 Consolidated Asset Liability Statements of Financial Derivatives Derivatives Type of Contract Condition Location March 31, 2024 March 31, 2024 Fair Value Agriculturals contracts Net unrealized gain (loss) on open futures contracts $ 139,961 $ (132,432) $ 7,529 Currencies contracts Net unrealized gain (loss) on open futures contracts 501,650 (86,432) 415,218 Energy contracts Net unrealized gain (loss) on open futures contracts 302,043 (139,508) 162,535 Interest rates contracts Net unrealized gain (loss) on open futures contracts 89,804 (140,773) (50,969) Meats contracts Net unrealized gain (loss) on open futures contracts — (21,235) (21,235) Metals contracts Net unrealized gain (loss) on open futures contracts 200,097 (111,265) 88,832 Soft commodities contracts Net unrealized gain (loss) on open futures contracts 524,501 (38,793) 485,708 Stock indices contracts Net unrealized gain (loss) on open futures contracts 444,816 (50,485) 394,331 Total $ 2,202,872 $ (720,923) $ 1,481,949 Consolidated Asset Liability Statements of Financial Derivatives Derivatives Type of Contract Condition Location December 31, 2023 December 31, 2023 Fair Value Agriculturals contracts Net unrealized gain (loss) on open futures contracts $ 203,405 $ (63,753) $ 139,652 Currencies contracts Net unrealized gain (loss) on open futures contracts 205,979 (82,298) 123,681 Energy contracts Net unrealized gain (loss) on open futures contracts 130,062 (273,062) (143,000) Interest rates contracts Net unrealized gain (loss) on open futures contracts 492,331 (284,205) 208,126 Meats contracts Net unrealized gain (loss) on open futures contracts 22,497 (2,978) 19,519 Metals contracts Net unrealized gain (loss) on open futures contracts 248,177 (288,761) (40,584) Soft commodities contracts Net unrealized gain (loss) on open futures contracts 438,070 (38,812) 399,258 Stock indices contracts Net unrealized gain (loss) on open futures contracts 307,977 (128,928) 179,049 Total $ 2,048,498 $ (1,162,797) $ 885,701 The Effect of Derivative Instruments on the Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 Three Months Ended Type of Contract Line Item in Consolidated Statements of Operations March 31, 2024 March 31, 2023 Futures contracts Agriculturals contracts Net gains (losses) from futures trading $ 835,746 $ (1,608) Currencies contracts Net gains (losses) from futures trading 467,132 50,547 Energy contracts Net gains (losses) from futures trading 53,805 (21,653) Interest rates contracts Net gains (losses) from futures trading (353,345) (1,787,142) Meats contracts Net gains (losses) from futures trading 5,672 31,057 Metals contracts Net gains (losses) from futures trading (712,536) (244,397) Soft commodities contracts Net gains (losses) from futures trading 1,342,626 208,633 Stock indices contracts Net gains (losses) from futures trading 1,777,278 (282,540) Total futures contracts Net gains (losses) from futures trading $ 3,416,378 $ (2,047,103) Line Item in Consolidated Statements of Operations Three Months Ended March 31, 2024 March 31, 2023 Net gains (losses) from futures trading Realized $ 2,820,130 $ (994,645) Change in unrealized 596,248 (1,052,458) Total realized and change in unrealized net gains (losses) from futures trading $ 3,416,378 $ (2,047,103) The tables below show the gross amounts of recognized derivative assets and gross amounts offset in the accompanying Consolidated Statements of Financial Condition: Offsetting of Derivative Assets As of March 31, 2024 Net Amount of Gross Amounts Unrealized Gain/(Loss) Offset in the Presented in Gross Amount of Consolidated the Consolidated Recognized Statements of Statements of Type of Instrument Assets Financial Condition Financial Condition Total U.S. and foreign futures contracts $ 2,202,872 $ (720,923) $ 1,481,949 Offsetting of Derivative Liabilities As of March 31, 2024 Net Amount of Gross Amounts Unrealized Gain/(Loss) Offset in the Presented in Gross Amount of Consolidated the Consolidated Recognized Statements of Statements of Type of Instrument Liabilities Financial Condition Financial Condition Total U.S. and foreign futures contracts $ 720,923 $ (720,923) $ — Derivative Assets and Liabilities and Collateral Received by Counterparty As of March 31, 2024 Gross Amounts Not Offset in the Consolidated Statements of Financial Condition Net Amount of Unrealized Gain/(Loss) Presented in the Consolidated Statements of Financial Cash Collateral Counterparty Financial Condition Instruments Pledged Net Amount ADM Investor Services, Inc. $ 414,683 $ — $ — $ 414,683 R.J. O'Brien & Associates, LLC 1,067,266 — — 1,067,266 Total $ 1,481,949 $ — $ — $ 1,481,949 Offsetting of Derivative Assets As of December 31, 2023 Net Amount of Gross Amounts Unrealized Gain/(Loss) Offset in the Presented in Gross Amount of Consolidated the Consolidated Recognized Statements of Statements of Type of Instrument Assets Financial Condition Financial Condition Total U.S. and foreign futures contracts $ 2,048,498 $ (1,162,797) $ 885,701 Offsetting of Derivative Liabilities As of December 31, 2023 Net Amount of Gross Amounts Unrealized Gain/(Loss) Offset in the Presented in Gross Amount of Consolidated the Consolidated Recognized Statements of Statements of Type of Instrument Liabilities Financial Condition Financial Condition Total U.S. and foreign futures contracts $ 1,162,797 $ (1,162,797) $ — Derivative Assets and Liabilities and Collateral Received by Counterparty As of December 31, 2023 Gross Amounts Not Offset in the Consolidated Statements of Financial Condition Net Amount of Unrealized Gain/(Loss) Presented in the Consolidated Statements of Financial Cash Collateral Counterparty Financial Condition Instruments Pledged Net Amount ADM Investor Services, Inc. $ 19,758 $ — $ — $ 19,758 Marex Capital Markets Inc. 865,943 — — 865,943 Total $ 885,701 $ — $ — $ 885,701 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events | |
Subsequent Events | Note 11. Subsequent Events The Partnership has evaluated subsequent events for potential recognition and/or disclosure through date of issuance of the accompanying consolidated financial statements. There are no subsequent events to disclose or record. |
Nature of Business and Signif_2
Nature of Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Nature of Business and Significant Accounting Policies | |
Accounting principles | Accounting principles: Financial Services – Investment Companies |
Consolidation | Consolidation: |
Use of estimates | Use of estimates: |
Cash and cash equivalents | Cash and cash equivalents: |
Valuation of investments | Valuation of investments: |
Investment transactions, investment income and expenses | Investment transactions, investment income and expenses: contract trade price and market price) or securities are reported in the consolidated statement of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with FASB ASC 210-20, Balance Sheet, Offsetting Set forth in Note 10 are instruments and transactions eligible for offset in the consolidated statement of financial condition and which are subject to derivative clearing agreements with the Partnership’s clearing brokers. Each clearing broker nets margin held on behalf of the Partnership or payment obligations of the clearing broker to the Partnership against any payment obligations of the Partnership to the clearing broker. The Partnership is required to deposit margin at each clearing broker to meet the original and maintenance requirements established by that clearing broker, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each clearing broker a security interest in this margin to secure any liabilities owed to the clearing broker arising from a default by the Partnership. |
Commissions | Commissions: |
Redemptions payable | Redemptions payable: Distinguishing Liabilities from Equity |
Income taxes | Income taxes: The Partnership follows the provisions of FASB ASC 740, Income Taxes |
Organization and offering costs | Organization and offering costs: unreimbursed organization and offering costs incurred by the General Partner were approximately $54,000 and may be reimbursed by the Partnership in the future. |
Foreign currency transactions | Foreign currency transactions: The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments. |
Statement of cash flows | Statement of cash flows: Statement of Cash Flows |
Recent accounting pronouncements | Recent accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform . The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. ASU 2020-04 has been updated by ASU 2022-06 to defer the effective date through December 31, 2024. ASU 2020-04 has not had a significant impact on the Partnership’s consolidated financial statements and disclosures. The Partnership did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three months ended March 31, 2024. |
Interim financial statements | Interim financial statements: The consolidated financial statements included herein were prepared without audit according to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP may be omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments necessary that were of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year or for any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K previously filed with the SEC. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Measurements | |
Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis | The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2024: Assets and Liabilities Level 1 Level 2 Level 3 Total Equity in brokers' trading accounts U.S. and foreign futures contracts $ 1,481,949 $ — $ — $ 1,481,949 Securities owned U.S. Government-sponsored enterprises — 17,804,751 — 17,804,751 U.S. Government securities — 1,485,659 — 1,485,659 Total $ 1,481,949 $ 19,290,410 $ — $ 20,772,359 The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2023: Assets and Liabilities Level 1 Level 2 Level 3 Total Equity in brokers' trading accounts U.S. and foreign futures contracts $ 885,701 $ — $ — $ 885,701 Securities owned U.S. Government-sponsored enterprises — 17,635,232 — 17,635,232 Total $ 885,701 $ 17,635,232 $ — $ 18,520,933 |
General Partner and Related P_2
General Partner and Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
General Partner and Related Party Transactions | |
Schedule of annualized brokerage charge, organization and offering reimbursement and operating expenses | Organization and Offering Brokerage charge* Reimbursement* Operating Expense* Class A units 7.00 % 0.10 % 0.25 % Class B units 7.45 % 0.30 % 0.25 % Legacy 1 Class units 4.50 % 0.30 % 0.25 % Legacy 2 Class units 4.75 % 0.30 % 0.25 % Global 1 Class units 3.95 % 0.30 % 0.25 % Global 2 Class units 4.20 % 0.30 % 0.25 % Global 3 Class units 5.95 % 0.30 % 0.25 % |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Financial Highlights | |
Schedule of financial highlights and per unit performance reflecting activity related to the Partnership | Three Months ended March 31, 2024 Class A Class B Legacy 1 Legacy 2 Global 1 Global 2 Units Units Class Units Class Units Class Units Class Units Per Unit Performance (for unit outstanding throughout the entire period): Net asset value per unit at beginning of period $ 927.89 $ 732.01 $ 845.71 $ 813.75 $ 867.66 $ 838.70 Income (loss) from operations Net realized and change in unrealized gain (loss) from trading (1) 99.71 78.76 91.04 87.59 93.53 90.32 Net increase from payments by General Partner (2) 0.75 0.60 0.69 0.66 0.71 0.68 Net investment loss (1) (14.41) (12.51) (8.93) (9.03) (8.12) (8.31) Total income (loss) from operations 86.05 66.85 82.80 79.22 86.12 82.69 Net asset value per unit at end of period $ 1,013.94 $ 798.86 $ 928.51 $ 892.97 $ 953.78 $ 921.39 Total Return (3) 9.27 % 9.13 % 9.79 % 9.73 % 9.93 % 9.86 % Ratios as a percentage of average net assets Expenses prior to incentive fees (4) 5.97 % 6.73 % 3.62 % 3.88 % 3.08 % 3.32 % Incentive fees (5) 0.43 % 0.40 % 0.54 % 0.53 % 0.56 % 0.55 % Total expenses 6.40 % 7.13 % 4.16 % 4.41 % 3.64 % 3.87 % Net investment loss (4) (6) (4.23) % (4.97) % (1.88) % (2.14) % (1.33) % (1.58) % Three Months Ended March 31, 2023 Class A Class B Legacy 1 Legacy 2 Global 1 Global 2 Units Units Class Units Class Units Class Units Class Units Per Unit Performance (for unit outstanding throughout the entire period): Net asset value per unit at beginning of period $ 974.07 $ 773.14 $ 868.22 $ 837.46 $ 885.97 $ 858.49 Income (loss) from operations Net realized and change in unrealized gain (loss) from trading (1) (58.87) (46.60) (52.67) (50.78) (53.79) (52.07) Net increase from payments by General Partner (2) 4.78 3.82 4.27 4.12 4.37 4.21 Net investment loss (1) (10.87) (9.97) (4.78) (5.13) (3.69) (4.11) Total income (loss) from operations (64.96) (52.75) (53.18) (51.79) (53.11) (51.97) Net asset value per unit at end of period $ 909.11 $ 720.39 $ 815.04 $ 785.67 $ 832.86 $ 806.52 Total Return (3) (6.67) % (6.82) % (6.12) % (6.18) % (5.99) % (6.05) % Ratios as a percentage of average net assets: Expenses prior to incentive fees (4) 5.85 % 6.56 % 3.55 % 3.80 % 3.00 % 3.25 % Incentive fees (5) — % — % — % — % — % — % Total expenses 5.85 % 6.56 % 3.55 % 3.80 % 3.00 % 3.25 % Net investment loss (4) (6) (4.54) % (5.24) % (2.24) % (2.48) % (1.69) % (1.94) % (1) Net investment loss per unit is calculated by dividing the expenses net of interest income by the average number of units outstanding during the period. The net realized and change in unrealized gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. (2) Net increase from payments by General Partner represents the reduction amount of the General Partner’s contribution (see Note 5). (3) The three months ended March 31, 2024 Total Return before the General Partner contribution (see Note 5) was 9.26% for the Class A units, 9.13% for the Class B units, 9.78% for the Legacy 1 Class units, 9.73% for the Legacy 2 Class units, 9.92% for the Global 1 Class units and 9.85% for the Global 2 Class units. The three months ended March 31, 2023 Total Return before the General Partner contribution (see Note 5) was (7.16)% for the Class A units, (7.31)% for the Class B units, (6.62)% for the Legacy 1 Class units, (6.68)% for the Legacy 2 Class units, (6.49)% for the Global 1 Class units and (6.55)% for the Global 2 Class units. (4) Annualized. (5) Not annualized. (6) Excludes incentive fee. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments | |
Summary of Fair Values of Derivative Instruments | Consolidated Asset Liability Statements of Financial Derivatives Derivatives Type of Contract Condition Location March 31, 2024 March 31, 2024 Fair Value Agriculturals contracts Net unrealized gain (loss) on open futures contracts $ 139,961 $ (132,432) $ 7,529 Currencies contracts Net unrealized gain (loss) on open futures contracts 501,650 (86,432) 415,218 Energy contracts Net unrealized gain (loss) on open futures contracts 302,043 (139,508) 162,535 Interest rates contracts Net unrealized gain (loss) on open futures contracts 89,804 (140,773) (50,969) Meats contracts Net unrealized gain (loss) on open futures contracts — (21,235) (21,235) Metals contracts Net unrealized gain (loss) on open futures contracts 200,097 (111,265) 88,832 Soft commodities contracts Net unrealized gain (loss) on open futures contracts 524,501 (38,793) 485,708 Stock indices contracts Net unrealized gain (loss) on open futures contracts 444,816 (50,485) 394,331 Total $ 2,202,872 $ (720,923) $ 1,481,949 Consolidated Asset Liability Statements of Financial Derivatives Derivatives Type of Contract Condition Location December 31, 2023 December 31, 2023 Fair Value Agriculturals contracts Net unrealized gain (loss) on open futures contracts $ 203,405 $ (63,753) $ 139,652 Currencies contracts Net unrealized gain (loss) on open futures contracts 205,979 (82,298) 123,681 Energy contracts Net unrealized gain (loss) on open futures contracts 130,062 (273,062) (143,000) Interest rates contracts Net unrealized gain (loss) on open futures contracts 492,331 (284,205) 208,126 Meats contracts Net unrealized gain (loss) on open futures contracts 22,497 (2,978) 19,519 Metals contracts Net unrealized gain (loss) on open futures contracts 248,177 (288,761) (40,584) Soft commodities contracts Net unrealized gain (loss) on open futures contracts 438,070 (38,812) 399,258 Stock indices contracts Net unrealized gain (loss) on open futures contracts 307,977 (128,928) 179,049 Total $ 2,048,498 $ (1,162,797) $ 885,701 |
Schedule of Effect of Derivative Instruments on the Consolidated Statement of Operations | Three Months Ended Type of Contract Line Item in Consolidated Statements of Operations March 31, 2024 March 31, 2023 Futures contracts Agriculturals contracts Net gains (losses) from futures trading $ 835,746 $ (1,608) Currencies contracts Net gains (losses) from futures trading 467,132 50,547 Energy contracts Net gains (losses) from futures trading 53,805 (21,653) Interest rates contracts Net gains (losses) from futures trading (353,345) (1,787,142) Meats contracts Net gains (losses) from futures trading 5,672 31,057 Metals contracts Net gains (losses) from futures trading (712,536) (244,397) Soft commodities contracts Net gains (losses) from futures trading 1,342,626 208,633 Stock indices contracts Net gains (losses) from futures trading 1,777,278 (282,540) Total futures contracts Net gains (losses) from futures trading $ 3,416,378 $ (2,047,103) |
Schedule of Line Item in Consolidated Statement of Operations | Line Item in Consolidated Statements of Operations Three Months Ended March 31, 2024 March 31, 2023 Net gains (losses) from futures trading Realized $ 2,820,130 $ (994,645) Change in unrealized 596,248 (1,052,458) Total realized and change in unrealized net gains (losses) from futures trading $ 3,416,378 $ (2,047,103) |
Schedule of Offsetting of Derivative Assets | Offsetting of Derivative Assets As of March 31, 2024 Net Amount of Gross Amounts Unrealized Gain/(Loss) Offset in the Presented in Gross Amount of Consolidated the Consolidated Recognized Statements of Statements of Type of Instrument Assets Financial Condition Financial Condition Total U.S. and foreign futures contracts $ 2,202,872 $ (720,923) $ 1,481,949 Offsetting of Derivative Assets As of December 31, 2023 Net Amount of Gross Amounts Unrealized Gain/(Loss) Offset in the Presented in Gross Amount of Consolidated the Consolidated Recognized Statements of Statements of Type of Instrument Assets Financial Condition Financial Condition Total U.S. and foreign futures contracts $ 2,048,498 $ (1,162,797) $ 885,701 |
Schedule of Offsetting of Derivative Liabilities | Offsetting of Derivative Liabilities As of March 31, 2024 Net Amount of Gross Amounts Unrealized Gain/(Loss) Offset in the Presented in Gross Amount of Consolidated the Consolidated Recognized Statements of Statements of Type of Instrument Liabilities Financial Condition Financial Condition Total U.S. and foreign futures contracts $ 720,923 $ (720,923) $ — Offsetting of Derivative Liabilities As of December 31, 2023 Net Amount of Gross Amounts Unrealized Gain/(Loss) Offset in the Presented in Gross Amount of Consolidated the Consolidated Recognized Statements of Statements of Type of Instrument Liabilities Financial Condition Financial Condition Total U.S. and foreign futures contracts $ 1,162,797 $ (1,162,797) $ — |
Schedule of Derivative Assets and Liabilities and Collateral Received by Counterparty | Derivative Assets and Liabilities and Collateral Received by Counterparty As of March 31, 2024 Gross Amounts Not Offset in the Consolidated Statements of Financial Condition Net Amount of Unrealized Gain/(Loss) Presented in the Consolidated Statements of Financial Cash Collateral Counterparty Financial Condition Instruments Pledged Net Amount ADM Investor Services, Inc. $ 414,683 $ — $ — $ 414,683 R.J. O'Brien & Associates, LLC 1,067,266 — — 1,067,266 Total $ 1,481,949 $ — $ — $ 1,481,949 Derivative Assets and Liabilities and Collateral Received by Counterparty As of December 31, 2023 Gross Amounts Not Offset in the Consolidated Statements of Financial Condition Net Amount of Unrealized Gain/(Loss) Presented in the Consolidated Statements of Financial Cash Collateral Counterparty Financial Condition Instruments Pledged Net Amount ADM Investor Services, Inc. $ 19,758 $ — $ — $ 19,758 Marex Capital Markets Inc. 865,943 — — 865,943 Total $ 885,701 $ — $ — $ 885,701 |
Nature of Business and Signif_3
Nature of Business and Significant Accounting Policies (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) class | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Assets allocated to GP 1 | $ 0 | $ 0 | |
Classes of interests | |||
Number of classes of limited partner interests | class | 7 | ||
Income taxes | |||
Income taxes | $ 0 | $ 0 | |
Debt | |||
Debt carried by partners | 0 | $ 0 | |
Related party | General Partner | |||
Organization and offering costs | |||
Unreimbursed organization and offering costs | $ 54,000 | ||
Related party | General Partner | Maximum | |||
Organization and offering costs | |||
Allowable monthly reimbursement of organization and offering costs as a percent of net Partnership asset value | 0.083% | ||
Allowable annual reimbursement of organization and offering costs as a percent of net Partnership asset value | 1% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value Measurements | ||
U.S. and foreign futures contracts | $ 1,481,949 | $ 885,701 |
Investments Owned, Fair Value | 19,290,410 | 17,635,232 |
Amount of transfers among Levels 1, 2, and 3 | 0 | 0 |
Recurring basis | ||
Fair Value Measurements | ||
U.S. and foreign futures contracts | 1,481,949 | 885,701 |
Total - Assets | 20,772,359 | 18,520,933 |
Recurring basis | U.S. Government-sponsored enterprises | ||
Fair Value Measurements | ||
Investments Owned, Fair Value | 17,804,751 | 17,635,232 |
Recurring basis | U.S. Government securities | ||
Fair Value Measurements | ||
Investments Owned, Fair Value | 1,485,659 | |
Recurring basis | Level 1 | ||
Fair Value Measurements | ||
U.S. and foreign futures contracts | 1,481,949 | 885,701 |
Total - Assets | 1,481,949 | 885,701 |
Recurring basis | Level 2 | ||
Fair Value Measurements | ||
Total - Assets | 19,290,410 | 17,635,232 |
Recurring basis | Level 2 | U.S. Government-sponsored enterprises | ||
Fair Value Measurements | ||
Investments Owned, Fair Value | 17,804,751 | $ 17,635,232 |
Recurring basis | Level 2 | U.S. Government securities | ||
Fair Value Measurements | ||
Investments Owned, Fair Value | $ 1,485,659 |
Commodity Trading Advisors an_2
Commodity Trading Advisors and Cash Managers (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commodity Trading Advisors and Reference Traders | ||
Percentage of average month-end net assets paid as a monthly fee to the Cash Manager for management and control of the liquid assets of the Partnership | 0.09% | 0.19% |
Low end of the range | ||
Commodity Trading Advisors and Reference Traders | ||
Annual percentage of allocated net assets paid as a management fee to commodity trading advisors and reference traders | 0.20% | |
Percentage of new trading profits on allocated net assets paid as a incentive fee to commodity trading advisors and reference traders | 0% | |
Maximum | ||
Commodity Trading Advisors and Reference Traders | ||
Annual percentage of allocated net assets paid as a management fee to commodity trading advisors and reference traders | 1% | |
Percentage of new trading profits on allocated net assets paid as a incentive fee to commodity trading advisors and reference traders | 20% |
General Partner and Related P_3
General Partner and Related Party Transactions (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
General Partner and Related Party Transactions | ||||
Brokerage charge | $ 384,511 | $ 436,685 | ||
Incentive fees | 145,642 | 738 | ||
Organizational and offering costs | 22,681 | 25,524 | ||
Operating expenses | 20,417 | 22,774 | ||
Unrealized loss on investments | $ (141,580) | $ (223,964) | ||
Investment type | Futures Contracts | Futures Contracts | Futures Contracts | |
Net increase (decrease) from payments by General Partner | $ 156,800 | $ 156,800 | ||
Maximum | ||||
General Partner and Related Party Transactions | ||||
Percentage of average month-end net assets as basis for determining operating expense reimbursements | 0.25% | |||
General Partner | ||||
General Partner and Related Party Transactions | ||||
Minimum ownership of units as a percentage of all capital contributions of all Partners to the Partnership, option one | 1% | |||
Value of minimum ownership of units, option two | $ 25,000 | |||
Percentage of total capital contributions of all partners and all related limited partnerships used in computation of minimum net worth, option one | 5% | |||
Percentage of Units being offered for sale in the Partnership used in computation of minimum net worth, option one | 5% | |||
Amount of minimum net worth required to be maintained, option two | $ 50,000 | |||
Amount of maximum net worth required to be maintained | 1,000,000 | |||
General Partner Class | General Partner | ||||
General Partner and Related Party Transactions | ||||
Net increase (decrease) from payments by General Partner | (24,760) | (25,028) | ||
Related party | General Partner | ||||
General Partner and Related Party Transactions | ||||
Recoverable capital contributions from General Partner | $ 1,150,000 | |||
Unrealized loss on investments | $ 1,150,000 | |||
Investment type | U.S. Government-sponsored enterprises | |||
Amount of contributions recovered | 777,250 | |||
Remaining amount of contributions recoverable | 245,182 | |||
Net increase (decrease) from payments by General Partner | $ (127,568) | |||
Related party | General Partner | General Partner | ||||
General Partner and Related Party Transactions | ||||
Percentage of General Partners limited partnership interest in the entity treated as a general partnership interest | 10% | |||
Related party | EMC | ||||
General Partner and Related Party Transactions | ||||
Consulting fees | $ 23,600 | 24,900 | ||
Incentive fees | $ 0 | $ 0 |
General Partner and Related P_4
General Partner and Related Party Transactions - Annualized General Partner Fees and Reimbursement Percentages (Details) - General Partner - Related party | 3 Months Ended |
Mar. 31, 2024 | |
Class A | |
General Partner and Related Party Transactions | |
Brokerage charge (as a percent) | 7% |
Organization and Offering Reimbursement (as a percent) | 0.10% |
Operating Expense (as a percent) | 0.25% |
Class B | |
General Partner and Related Party Transactions | |
Brokerage charge (as a percent) | 7.45% |
Organization and Offering Reimbursement (as a percent) | 0.30% |
Operating Expense (as a percent) | 0.25% |
Legacy 1 Class | |
General Partner and Related Party Transactions | |
Brokerage charge (as a percent) | 4.50% |
Organization and Offering Reimbursement (as a percent) | 0.30% |
Operating Expense (as a percent) | 0.25% |
Legacy 2 Class | |
General Partner and Related Party Transactions | |
Brokerage charge (as a percent) | 4.75% |
Organization and Offering Reimbursement (as a percent) | 0.30% |
Operating Expense (as a percent) | 0.25% |
Global 1 Class | |
General Partner and Related Party Transactions | |
Brokerage charge (as a percent) | 3.95% |
Organization and Offering Reimbursement (as a percent) | 0.30% |
Operating Expense (as a percent) | 0.25% |
Global 2 Class | |
General Partner and Related Party Transactions | |
Brokerage charge (as a percent) | 4.20% |
Organization and Offering Reimbursement (as a percent) | 0.30% |
Operating Expense (as a percent) | 0.25% |
Global 3 Class | |
General Partner and Related Party Transactions | |
Brokerage charge (as a percent) | 5.95% |
Organization and Offering Reimbursement (as a percent) | 0.30% |
Operating Expense (as a percent) | 0.25% |
Redemptions and Allocation of_2
Redemptions and Allocation of Net Income or Loss (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Class A | |
Redemptions | |
Notice period by Limited Partner for redemption of Limited Partner units | 10 days |
Notice period by General Partner for redemption of Limited Partner units | 15 days |
Class B | |
Redemptions | |
Notice period by Limited Partner for redemption of Limited Partner units | 10 days |
Notice period by General Partner for redemption of Limited Partner units | 15 days |
Legacy 1 Class | |
Redemptions | |
Notice period by Limited Partner for redemption of Limited Partner units | 10 days |
Notice period by General Partner for redemption of Limited Partner units | 15 days |
Legacy 2 Class | |
Redemptions | |
Notice period by Limited Partner for redemption of Limited Partner units | 10 days |
Notice period by General Partner for redemption of Limited Partner units | 15 days |
Global 1 Class | |
Redemptions | |
Notice period by Limited Partner for redemption of Limited Partner units | 10 days |
Notice period by General Partner for redemption of Limited Partner units | 15 days |
Global 2 Class | |
Redemptions | |
Notice period by Limited Partner for redemption of Limited Partner units | 10 days |
Notice period by General Partner for redemption of Limited Partner units | 15 days |
Financial Highlights (Details)
Financial Highlights (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Class A | ||
Per Unit Performance (for unit outstanding throughout the entire period): | ||
Net asset value per unit at beginning of period (in dollars per unit) | $ 927.89 | $ 974.07 |
Income (loss) from operations: | ||
Net realized and change in unrealized gain (loss) from trading (in dollars per unit) | 99.71 | (58.87) |
Net increase from payments by General Partner | 0.75 | 4.78 |
Net investment loss (in dollars per unit) | (14.41) | (10.87) |
Total income (loss) from operations (in dollars per unit) | 86.05 | (64.96) |
Net asset value per unit at end of period (in dollars per unit) | $ 1,013.94 | $ 909.11 |
Total return (as a percent) | 9.27% | (6.67%) |
Total return before General Partner contribution (as a percent) | 9.26% | (7.16%) |
Ratios as a percentage of average net assets: | ||
Expenses prior to incentive fees (as a percent) | 5.97% | 5.85% |
Incentive fees (as a percent) | 0.43% | |
Total expenses (as a percent) | 6.40% | 5.85% |
Net investment loss (as a percent) | (4.23%) | (4.54%) |
Class B | ||
Per Unit Performance (for unit outstanding throughout the entire period): | ||
Net asset value per unit at beginning of period (in dollars per unit) | $ 732.01 | $ 773.14 |
Income (loss) from operations: | ||
Net realized and change in unrealized gain (loss) from trading (in dollars per unit) | 78.76 | (46.60) |
Net increase from payments by General Partner | 0.60 | 3.82 |
Net investment loss (in dollars per unit) | (12.51) | (9.97) |
Total income (loss) from operations (in dollars per unit) | 66.85 | (52.75) |
Net asset value per unit at end of period (in dollars per unit) | $ 798.86 | $ 720.39 |
Total return (as a percent) | 9.13% | (6.82%) |
Total return before General Partner contribution (as a percent) | 9.13% | (7.31%) |
Ratios as a percentage of average net assets: | ||
Expenses prior to incentive fees (as a percent) | 6.73% | 6.56% |
Incentive fees (as a percent) | 0.40% | |
Total expenses (as a percent) | 7.13% | 6.56% |
Net investment loss (as a percent) | (4.97%) | (5.24%) |
Legacy 1 Class | ||
Per Unit Performance (for unit outstanding throughout the entire period): | ||
Net asset value per unit at beginning of period (in dollars per unit) | $ 845.71 | $ 868.22 |
Income (loss) from operations: | ||
Net realized and change in unrealized gain (loss) from trading (in dollars per unit) | 91.04 | (52.67) |
Net increase from payments by General Partner | 0.69 | 4.27 |
Net investment loss (in dollars per unit) | (8.93) | (4.78) |
Total income (loss) from operations (in dollars per unit) | 82.80 | (53.18) |
Net asset value per unit at end of period (in dollars per unit) | $ 928.51 | $ 815.04 |
Total return (as a percent) | 9.79% | (6.12%) |
Total return before General Partner contribution (as a percent) | 9.78% | (6.62%) |
Ratios as a percentage of average net assets: | ||
Expenses prior to incentive fees (as a percent) | 3.62% | 3.55% |
Incentive fees (as a percent) | 0.54% | |
Total expenses (as a percent) | 4.16% | 3.55% |
Net investment loss (as a percent) | (1.88%) | (2.24%) |
Legacy 2 Class | ||
Per Unit Performance (for unit outstanding throughout the entire period): | ||
Net asset value per unit at beginning of period (in dollars per unit) | $ 813.75 | $ 837.46 |
Income (loss) from operations: | ||
Net realized and change in unrealized gain (loss) from trading (in dollars per unit) | 87.59 | (50.78) |
Net increase from payments by General Partner | 0.66 | 4.12 |
Net investment loss (in dollars per unit) | (9.03) | (5.13) |
Total income (loss) from operations (in dollars per unit) | 79.22 | (51.79) |
Net asset value per unit at end of period (in dollars per unit) | $ 892.97 | $ 785.67 |
Total return (as a percent) | 9.73% | (6.18%) |
Total return before General Partner contribution (as a percent) | 9.73% | (6.68%) |
Ratios as a percentage of average net assets: | ||
Expenses prior to incentive fees (as a percent) | 3.88% | 3.80% |
Incentive fees (as a percent) | 0.53% | |
Total expenses (as a percent) | 4.41% | 3.80% |
Net investment loss (as a percent) | (2.14%) | (2.48%) |
Global 1 Class | ||
Per Unit Performance (for unit outstanding throughout the entire period): | ||
Net asset value per unit at beginning of period (in dollars per unit) | $ 867.66 | $ 885.97 |
Income (loss) from operations: | ||
Net realized and change in unrealized gain (loss) from trading (in dollars per unit) | 93.53 | (53.79) |
Net increase from payments by General Partner | 0.71 | 4.37 |
Net investment loss (in dollars per unit) | (8.12) | (3.69) |
Total income (loss) from operations (in dollars per unit) | 86.12 | (53.11) |
Net asset value per unit at end of period (in dollars per unit) | $ 953.78 | $ 832.86 |
Total return (as a percent) | 9.93% | (5.99%) |
Total return before General Partner contribution (as a percent) | 9.92% | (6.49%) |
Ratios as a percentage of average net assets: | ||
Expenses prior to incentive fees (as a percent) | 3.08% | 3% |
Incentive fees (as a percent) | 0.56% | |
Total expenses (as a percent) | 3.64% | 3% |
Net investment loss (as a percent) | (1.33%) | (1.69%) |
Global 2 Class | ||
Per Unit Performance (for unit outstanding throughout the entire period): | ||
Net asset value per unit at beginning of period (in dollars per unit) | $ 838.70 | $ 858.49 |
Income (loss) from operations: | ||
Net realized and change in unrealized gain (loss) from trading (in dollars per unit) | 90.32 | (52.07) |
Net increase from payments by General Partner | 0.68 | 4.21 |
Net investment loss (in dollars per unit) | (8.31) | (4.11) |
Total income (loss) from operations (in dollars per unit) | 82.69 | (51.97) |
Net asset value per unit at end of period (in dollars per unit) | $ 921.39 | $ 806.52 |
Total return (as a percent) | 9.86% | (6.05%) |
Total return before General Partner contribution (as a percent) | 9.85% | (6.55%) |
Ratios as a percentage of average net assets: | ||
Expenses prior to incentive fees (as a percent) | 3.32% | 3.25% |
Incentive fees (as a percent) | 0.55% | |
Total expenses (as a percent) | 3.87% | 3.25% |
Net investment loss (as a percent) | (1.58%) | (1.94%) |
Trading Activities and Relate_2
Trading Activities and Related Risks (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Trading Activities and Related Risks | ||
Cash and cash equivalents | $ 4,970,507 | $ 6,110,343 |
FCMs, interbank market makers and swap counterparties | ||
Trading Activities and Related Risks | ||
Required margin and good faith deposits, low end of the range (as a percent) | 5% | |
Required margin and good faith deposits, high end of the range (as a percent) | 35% | |
Cash and cash equivalents | $ 4,970,507 | $ 6,110,343 |
Cash deposited with trading counterparties, percent of net asset value | 15.10% | 19.06% |
Derivative Instruments - Fair V
Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Values of Derivative Instruments | ||
Asset Derivatives | $ 2,202,872 | $ 2,048,498 |
Liability Derivatives | (720,923) | (1,162,797) |
Fair Value | 1,481,949 | 885,701 |
Futures Contracts | ||
Fair Values of Derivative Instruments | ||
Asset Derivatives | 2,202,872 | 2,048,498 |
Liability Derivatives | (720,923) | (1,162,797) |
Fair Value | 1,481,949 | 885,701 |
Futures Contracts | Agriculturals | ||
Fair Values of Derivative Instruments | ||
Asset Derivatives | 139,961 | 203,405 |
Liability Derivatives | (132,432) | (63,753) |
Fair Value | 7,529 | 139,652 |
Futures Contracts | Currencies | ||
Fair Values of Derivative Instruments | ||
Asset Derivatives | 501,650 | 205,979 |
Liability Derivatives | (86,432) | (82,298) |
Fair Value | 415,218 | 123,681 |
Futures Contracts | Energy | ||
Fair Values of Derivative Instruments | ||
Asset Derivatives | 302,043 | 130,062 |
Liability Derivatives | (139,508) | (273,062) |
Fair Value | 162,535 | (143,000) |
Futures Contracts | Interest rates | ||
Fair Values of Derivative Instruments | ||
Asset Derivatives | 89,804 | 492,331 |
Liability Derivatives | (140,773) | (284,205) |
Fair Value | (50,969) | 208,126 |
Futures Contracts | Meats | ||
Fair Values of Derivative Instruments | ||
Asset Derivatives | 22,497 | |
Liability Derivatives | (21,235) | (2,978) |
Fair Value | (21,235) | 19,519 |
Futures Contracts | Metals | ||
Fair Values of Derivative Instruments | ||
Asset Derivatives | 200,097 | 248,177 |
Liability Derivatives | (111,265) | (288,761) |
Fair Value | 88,832 | (40,584) |
Futures Contracts | Soft commodities | ||
Fair Values of Derivative Instruments | ||
Asset Derivatives | 524,501 | 438,070 |
Liability Derivatives | (38,793) | (38,812) |
Fair Value | 485,708 | 399,258 |
Futures Contracts | Stock indices | ||
Fair Values of Derivative Instruments | ||
Asset Derivatives | 444,816 | 307,977 |
Liability Derivatives | (50,485) | (128,928) |
Fair Value | $ 394,331 | $ 179,049 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Derivatives on Statement of Operations (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) instrument | Mar. 31, 2023 USD ($) instrument | |
Derivative Instruments | ||
Rarely exceeded margin-to-equity ratio (as a percent) | 25% | |
Futures Contracts | ||
Derivative Instruments | ||
Monthly average number of derivative instruments bought and sold | instrument | 5,890 | 4,919 |
Effect of Derivative Instruments on the Consolidated Statement of Operations | ||
Gains (losses) on derivatives instruments | $ 3,416,378 | $ (2,047,103) |
Futures Contracts | Agriculturals | ||
Effect of Derivative Instruments on the Consolidated Statement of Operations | ||
Gains (losses) on derivatives instruments | 835,746 | (1,608) |
Futures Contracts | Currencies | ||
Effect of Derivative Instruments on the Consolidated Statement of Operations | ||
Gains (losses) on derivatives instruments | 467,132 | 50,547 |
Futures Contracts | Energy | ||
Effect of Derivative Instruments on the Consolidated Statement of Operations | ||
Gains (losses) on derivatives instruments | 53,805 | (21,653) |
Futures Contracts | Interest rates | ||
Effect of Derivative Instruments on the Consolidated Statement of Operations | ||
Gains (losses) on derivatives instruments | (353,345) | (1,787,142) |
Futures Contracts | Meats | ||
Effect of Derivative Instruments on the Consolidated Statement of Operations | ||
Gains (losses) on derivatives instruments | 5,672 | 31,057 |
Futures Contracts | Metals | ||
Effect of Derivative Instruments on the Consolidated Statement of Operations | ||
Gains (losses) on derivatives instruments | (712,536) | (244,397) |
Futures Contracts | Soft commodities | ||
Effect of Derivative Instruments on the Consolidated Statement of Operations | ||
Gains (losses) on derivatives instruments | 1,342,626 | 208,633 |
Futures Contracts | Stock indices | ||
Effect of Derivative Instruments on the Consolidated Statement of Operations | ||
Gains (losses) on derivatives instruments | $ 1,777,278 | $ (282,540) |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives by Line Item in Statement of Operations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net gains (losses) from futures, forward currency, and swap trading | ||
Realized | $ 2,820,130 | $ (994,645) |
Change in unrealized | 596,248 | (1,052,458) |
Futures Contracts | ||
Net gains (losses) from futures, forward currency, and swap trading | ||
Realized | 2,820,130 | (994,645) |
Change in unrealized | 596,248 | (1,052,458) |
Total realized and changed in unrealized net gains (losses) | $ 3,416,378 | $ (2,047,103) |
Derivative Instruments - Offset
Derivative Instruments - Offsetting of Derivative Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Derivative Instruments | |||
Gross Amount of Recognized Assets | $ 2,202,872 | $ 2,048,498 | |
Gross Amounts Offset in the Consolidated Statement of Financial Condition | (720,923) | (1,162,797) | |
Net Amount of Unrealized Gains (Losses) Presented in the Consolidated Statement of Financial Condition | $ 1,481,949 | $ 885,701 | |
Investment type | Futures Contracts | Futures Contracts | Futures Contracts |
Derivative Instruments - Offs_2
Derivative Instruments - Offsetting of Derivative Liabilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Derivative Instruments | |||
Gross Amount of Recognized Liabilities | $ 720,923 | $ 1,162,797 | |
Gross Amounts Offset in the Consolidated Statement of Financial Condition | $ (720,923) | $ (1,162,797) | |
Investment type | Futures Contracts | Futures Contracts | Futures Contracts |
Derivative Instruments - Collat
Derivative Instruments - Collateral by Counterparty (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives Assets and Liabilities Collateral Received by Counterparty | ||
Net Amount of Unrealized Gain Presented in the Consolidated Statement of Financial Condition | $ 1,481,949 | $ 885,701 |
Net Amount | 1,481,949 | 885,701 |
ADM Investor Services, Inc. | ||
Derivatives Assets and Liabilities Collateral Received by Counterparty | ||
Net Amount of Unrealized Gain Presented in the Consolidated Statement of Financial Condition | 414,683 | 19,758 |
Net Amount | 414,683 | 19,758 |
R.J. O'Brien & Associates, LLC | ||
Derivatives Assets and Liabilities Collateral Received by Counterparty | ||
Net Amount of Unrealized Gain Presented in the Consolidated Statement of Financial Condition | 1,067,266 | |
Net Amount | $ 1,067,266 | |
Marex Capital Markets Inc. | ||
Derivatives Assets and Liabilities Collateral Received by Counterparty | ||
Net Amount of Unrealized Gain Presented in the Consolidated Statement of Financial Condition | 865,943 | |
Net Amount | $ 865,943 |