Thu, Mar 20, 3:07 PM (37 days ago)
### Summary of Ceres Orion L.P. 10-K **Company Overview:** - **Name:** Ceres Orion L.P. - **Ticker:** Not listed - **Business:** Speculative trading of a diversified portfolio of commodity interests, including futures, options, swaps, and forward contracts. - **Market Position:** The Partnership is a limited partnership organized under New York law, engaging in speculative trading across various sectors such as currencies, energy, grains, livestock, indices, interest rates, softs, and metals. **Financial Performance (2024):** - **Net Asset Value per Redeemable Unit:** - Class A: $3,236.88 (decrease of 3.3% from 2023) - Class Z: $1,366.17 (decrease of 2.5% from 2023) - **Net Trading Loss:** $8,792,019 before fees and expenses. - **Interest Income:** $10,985,437, a decrease from 2023 due to lower interest rates. - **Expenses:** Total expenses were $12,768,595, including clearing fees, management fees, and incentive fees. **Operational Highlights:** - **Trading Strategies:** The Partnership employs various trading strategies across different sectors, including currencies, energy, grains, livestock, metals, and indices. - **Advisors:** The Partnership allocates assets to multiple advisors, each with different trading programs and strategies. - **Risk Management:** The Partnership follows strict risk management policies, including margin limits and stop-loss points, to mitigate market risks. **Risk Factors:** - **Market Risk:** High volatility in commodity markets can lead to significant losses. - **Credit Risk:** Exposure to counterparties, particularly in OTC contracts. - **Operational Risk:** Dependence on technology and third-party service providers. **Financial Condition:** - **Capital Structure:** The Partnership's capital consists of contributions from partners, increased or decreased by net income or losses, and expenses. - **Liquidity:** The Partnership maintains liquidity through cash holdings and redemptions from the Funds. **Future Outlook:** - **Strategic Overview:** The Partnership continues to focus on speculative trading across various commodity sectors, aiming to achieve substantial capital appreciation. - **Market Position Changes:** The Partnership's market position is influenced by its investment in the Funds and the performance of its advisors. **Regulatory and Legal:** - **Compliance:** The Partnership adheres to regulatory requirements, including those from the CFTC and SEC. - **Legal Proceedings:** The Partnership is involved in various legal proceedings, primarily related to its trading activities and regulatory compliance. **Cybersecurity:** - **Risk Management:** The Partnership has implemented robust cybersecurity measures to protect against cyber threats and ensure the security of its operations. **Conclusion:** Ceres Orion L.P. operates in a highly volatile and risky market, focusing on speculative trading across various commodity sectors. The Partnership's financial performance in 2024 was impacted by market conditions and regulatory changes. The company continues to manage risks through diversified trading strategies and strict risk management policies. The future outlook remains dependent on market conditions and the performance of its advisors.