Thu, Mar 20, 2:55 PM (37 days ago)
### Summary of Ceres Tactical Commodity L.P. (CTCLP) 10-K **Ticker:** Not applicable **Full Name:** Ceres Tactical Commodity L.P. **Financial Performance (2024):** - **Revenue:** Not explicitly stated. - **Net Income:** -$5,110,654 - **Earnings per Share:** Not applicable (partnership structure). - **Operating Expenses:** $6,190,520 **Strategic Overview:** - **Investment Strategy:** Speculative trading in commodity interests on U.S. and international futures, options on futures, and forward markets. - **Primary Focus:** Energy and energy-related investments, though not the primary focus. - **Advisors:** Millburn, Ospraie, Drakewood, and Opus. - **Market Sectors:** Energy, grains, livestock, metals, and softs. **Future Outlook:** - **Market Risk:** High volatility and risk due to speculative nature. - **Advisors' Strategies:** Diversified approaches, including fundamental and technical analysis. - **Liquidity:** Low margin deposits may result in substantial losses. **Risk Factors:** - **Market Risk:** High due to speculative trading. - **Credit Risk:** Reduced through master netting agreements. - **Operational Risk:** Includes cybersecurity threats and regulatory changes. - **Geopolitical Risks:** Sanctions and conflicts affecting commodity prices. **Financial Condition:** - **Capitalization:** $123,195,247 as of December 31, 2024. - **Net Asset Value per Redeemable Unit:** Class A: $2,627.20, Class D: $2,083.28, Class Z: $2,187.95. - **Liquidity:** Adequate for current operations, but subject to market conditions. **Market Position Changes:** - **Advisor Allocations:** Changes in advisor allocations based on performance and market conditions. - **Investment in Funds:** Full redemption from NL Master, continued investment in Drakewood Master. **Key Financial Metrics (2024):** - **Interest Income:** $5,379,135 - **Clearing Fees:** $1,009,305 - **Management Fees:** $1,641,665 - **General Partner Fees:** $1,063,381 - **Incentive Fees:** $663,398 **Conclusion:** CTCLP operates in a high-risk, high-reward environment, focusing on speculative commodity trading. The partnership's financial health is influenced by market volatility, advisor performance, and regulatory changes. Investors should be aware of the significant risks associated with commodity trading and the potential for substantial losses. The partnership's strategic focus and risk management practices are crucial for navigating the volatile commodity markets.